CHICAGO, April 11, 2022 /PRNewswire/ — International Society of the Old Republic (NYSE: ORI) today announced the formation of a new company to provide Excess & Surplus Lines trade insurance solutions. The new company, Old Republic Excess & Surplus, Inc. (ORES), will focus its business on Excess & Surplus Lines specialty products sourced primarily from the wholesale distribution channel. The new company will be led by Ralph Sabbagh as Chairman, an industry veteran with a strong underwriting background of 16 years of E&S experience.
By making this announcement, Craig R. SmiddyPresident and CEO of Old Republic International, said, “Old Republic Excess & Surplus is a natural extension and continuation of Old Republic’s long and successful history of providing specialty commercial insurance and related. With Ralph’s underwriting leadership and all of Old Republic’s resources, we are confident that our new company will deliver long-term value to our stakeholders.”
ORES will further develop the activities of Old Republic General Insurance Group (ORGIG) with its distribution partners and customers. Capital requirements will be expanded by Old Republic from internally available capital funds, and operating infrastructure will be provided by ORGIG subsidiaries.
About the Old Republic
ChicagoOld Republic International Corporation, based in New York, is one of the 50 largest shareholder-owned insurance companies in the country. He is a member of the fortune 500 list of the largest American 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, primarily in the areas of general insurance and title insurance. Old Republic’s general insurance business ranks among the 50 largest in the nation, while its title insurance business is third in its industry.
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SOURCE Old Republic International Corporation