CHICAGO, Dec. 13, 2018 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today reported that its ESSOP
had completed a previously announced purchase of ORI common shares
in open market transactions. A total of 2.38 million shares
were acquired at an average cost of $20.97 per share between May 8 and
December 12, 2018. Together with shares already owned, the
ESSOP's holdings now amount to approximately 5.2% of ORI common
stock currently outstanding.
The ownership of Old Republic's common stock held directly or
beneficially by directors, executive officers, and all employees as
a group through the ESSOP, pension, and other benefit plans and
related interests now amounts to approximately 7.8% of all ORI
common stock currently outstanding. As such the long-term
commitment and economic interests of these Old Republic
intellectual capital providers continue to be well aligned with the
economic interests of long-term investors in the Company's
shares.
About Old Republic
Chicago-based Old Republic
International Corporation is one of the nation's 50 largest
publicly held insurance organizations. It is a member of the
Fortune 500 listing of America's largest companies. Its most
recent financial statements reflect consolidated assets of
approximately $19.80 billion and
common shareholders' equity of $5.31
billion, or $17.76 per share.
Its current stock market valuation is approximately $6.55 billion, or $21.65 per share.
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. A long-term interest in
mortgage guaranty and consumer credit indemnity coverages has
devolved to a run-off operating mode in recent years. Old
Republic's general insurance business ranks among the nation's 50
largest, while its title insurance operations are the third largest
in its industry.
The nature of Old Republic's business requires that it be
managed for the long run. For the 10 years ended in 2017, the
Company's total market return, with dividends reinvested, has grown
at a compounded annual rate of 8.75% per share. For the same
period, the total market return, with dividends reinvested, for the
S&P 500 Index has grown at an 8.49% annual compound rate. For
the 50 years ended in 2017, these rates have been 12.30% and
10.13%, respectively.
According to the most recent edition of Mergent's Dividend
Achievers, Old Republic is one of just 100 qualifying
companies, out of thousands considered, that have posted at least
25 consecutive years of annual dividend growth. Moreover, Old
Republic has paid a cash dividend without interruption since the
World War II year of 1942 (77 years), and it has raised the annual
cash dividend pay-out for each of the past 37 years.
Further
Information Contacts:
|
AT OLD
REPUBLIC:
|
AT FINANCIAL
RELATIONS BOARD:
|
A. C. Zucaro:
Chairman & CEO
|
Analysts/Investors:
Marilynn Meek
|
(312)
346-8100
|
(212)
827-3773
|
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SOURCE Old Republic International Corporation