CHICAGO, Aug. 19,
2022 /PRNewswire/ -- Old Republic International
Corporation (NYSE: ORI) – today announced its Board of
Directors has authorized a $450
million share repurchase program and a special, one-time
cash dividend of $1.00 per share.
This special dividend is payable on September 15, 2022 to shareholders of record on
September 1, 2022. With 309 million
shares outstanding at June 30, 2022,
the return of capital authorized by the Board through these actions
totals approximately $760
million.
Under the share repurchase program, Old Republic may purchase
shares on a discretionary basis from time to time through open
market purchases, private negotiated transactions or other means.
The timing and amount of any transactions will be conducted subject
to the discretion of Old Republic based upon valuation, market
conditions and other considerations. Old Republic may also from
time to time repurchase shares pursuant to written, pre-arranged
Rule 10b5-1 plans, which will be established and conducted in
accordance with applicable regulations. The repurchase program is
intended to comply with Rule 10b-18
and has no expiration date, does not require the purchase of any
minimum number of shares and may be suspended, modified or
discontinued at any time without prior notice.
In reaching its decision to authorize the share repurchase
program and the special cash 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,
a testament to our talented associates executing on our specialty,
diversified business strategy. Today's announcement by our
Board continues a long history of prudent capital management and
reflects our Board's confidence in the strength of our earnings and
cash flow."
Since December 31, 2016, Old
Republic will now have declared regular and special cash dividends
of approximately $3.0 billion. The
current annualized regular dividend rate of 92 cents per share marks the 41st consecutive
year that Old Republic has boosted this rate, and 2022 becomes the
81st 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
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Alternatively,
please write or call: Investor Relations
Old Republic
International Corporation
307 North Michigan
Avenue, Chicago, IL 60601
(312)
346-8100
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At Old
Republic:
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At Financial
Relations Board:
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Craig R. Smiddy:
President and CEO
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Analysts/Investors: Joe
Calabrese 212/827-3772
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SOURCE Old Republic International Corporation