OLD REPUBLIC ANNOUNCES SPECIAL DIVIDEND

Rhea-AI Summary

Old Republic International (NYSE: ORI) has declared a special cash dividend of $2.00 per share, payable on January 15, 2025, to shareholders of record on January 3, 2025, returning approximately $500 million to shareholders. The company has purchased $174 million under a $1.1 billion share repurchase program, with $240 million remaining available.

Since December 31, 2019, ORI has returned over $4 billion to shareholders through share repurchases and dividends. The company's current annualized regular cash dividend rate of $1.06 per share represents an 8.2% increase from 2023, marking the 43rd consecutive year of dividend increases and 83rd year of uninterrupted regular dividend payments.

Positive

• Special dividend of $2.00 per share announced, returning $500M to shareholders
• Active share repurchase program with $240M still available
• 43rd consecutive year of dividend increases
• 83 years of uninterrupted dividend payments
• Over $4B returned to shareholders since December 2019
• 20% reduction in shares outstanding over past 2.5 years
• 8.2% increase in regular dividend rate to $1.06 per share

Negative

• None.

CHICAGO, Dec. 13, 2024 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today announced its Board of Directors has declared a special cash dividend of $2.00 per share. This special dividend is payable on January 15, 2025 to shareholders of record on January 3, 2025 and will return approximately $500 million to shareholders.

In the fourth quarter to date, Old Republic has purchased $174 million under a $1.1 billion share repurchase authorization approved by the Board on February 29, 2024, of which approximately $240 million remains available. Under the share repurchase program, Old Republic may continue to purchase shares on a discretionary basis from time to time through open market purchases, private negotiated transactions or other means.

In reaching its decision to declare the special dividend, the Board of Directors evaluated such factors as the current and foreseeable liquidity and capital needs of the parent holding company and its insurance company subsidiaries.

Craig R. Smiddy, President and CEO, commented, "Old Republic continues to perform at a high level, generating excess capital that can be returned to shareholders. Today's announcement of a $2.00 special dividend complements our ongoing share repurchase programs that in the last two and a half years have returned over $1.7 billion to shareholders and reduced shares outstanding by over 20%. These actions reflect the strength of our balance sheet and continued confidence in the growth and earnings potential of our diversified portfolio of specialty insurance businesses."

Since December 31, 2019, Old Republic has returned over $4 billion to shareholders through share repurchases and regular and special cash dividends. Its current annualized regular cash dividend rate of $1.06 per share represents an 8.2% increase from 2023, marks the 43rd consecutive year that Old Republic has increased its regular cash dividend, and the 83rd year of uninterrupted regular cash dividend payments.

About Old Republic

Chicago-based Old Republic International Corporation is one of the nation's 50 largest shareholder-owned insurance businesses. It is a member of the Fortune 500 listing of America's largest companies. The Company is organized as an insurance holding company whose subsidiaries actively market, underwrite, and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. Old Republic's general insurance business ranks among the nation's 50 largest, while its title insurance business is the third largest in its industry.

For Old Republic's latest news releases and other corporate documents: Please visit us at www.oldrepublic.com

Alternatively, please write or call: Investor Relations Old Republic International Corporation 307 North Michigan Avenue, Chicago, IL 60601 (312) 346-8100

 

	At Old Republic:		At Financial Relations Board:
	Craig R. Smiddy: President and Chief Executive Officer		Analysts/Investors: Joe Calabrese 212/827-377

 

View original content:https://www.prnewswire.com/news-releases/old-republic-announces-special-dividend-302330863.html

SOURCE Old Republic International Corporation

FAQ

When will Old Republic (ORI) pay its $2.00 special dividend?

Old Republic will pay the $2.00 special dividend on January 15, 2025, to shareholders of record on January 3, 2025.

How much money remains in ORI's share repurchase program?

Approximately $240 million remains available in Old Republic's $1.1 billion share repurchase program.

How much has ORI returned to shareholders since December 2019?

Old Republic has returned over $4 billion to shareholders through share repurchases and regular and special cash dividends since December 31, 2019.

What is Old Republic's current annual regular dividend rate?

Old Republic's current annualized regular cash dividend rate is $1.06 per share, representing an 8.2% increase from 2023.

How many consecutive years has ORI increased its regular dividend?

Old Republic has increased its regular cash dividend for 43 consecutive years.

How much has ORI reduced its shares outstanding in recent years?

Old Republic has reduced its shares outstanding by over 20% in the last two and a half years through share repurchases.