#USA #Chicago #Old Republic #Specialty Insurance #Patrick Hagerty

Old Republic Launches New Property Insurance Company

Old Republic International Corporation, listed on the New York Stock Exchange under the ticker ORI, has recently made headlines by announcing the formation of a new operating entity: Old Republic Property, Inc. This strategic move comes as part of the company's ongoing commitment to expand its portfolio of specialty insurance offerings.

The new company will focus on underwriting specialized property insurance products that will be distributed through a national retail broker network, offering innovative solutions tailored to meet the specific needs of clients across the United States. Leading this initiative will be Patrick Hagerty, who has been appointed as President of Old Republic Property. Having graduated from Villanova University, Mr. Hagerty brings over two decades of experience in property underwriting and leadership to the table. His proven track record in leading underwriting teams with a strong emphasis on technical expertise, portfolio management, and profitability forecasts makes him a valuable asset for this new endeavor.

In a statement regarding the launch, Craig R. Smiddy, the President and CEO of Old Republic International, highlighted the importance of property insurance within the company’s overall strategy. He stated, “Property insurance is a core line that aligns well with Old Republic's long-standing strategy and focus on diversified growth in Specialty Insurance.” He further emphasized that Patrick’s leadership style, underwriting expertise, and cultural alignment with Old Republic will significantly bolster the company’s efforts to build a high-quality specialty franchise.

Old Republic Property marks the seventh specialty operating company that Old Republic has launched since 2021, reaffirming the firm’s commitment to diversify and strengthen its offerings within the Specialty Insurance Group. This new addition will not only enhance their existing portfolio but also provide depth and bring aboard exceptional underwriting talent. By continually adapting to the changing market landscape, Old Republic aims to secure its position as a leading insurer in specialized property and casualty insurance.

Founded in 1923, Old Republic is a renowned specialty insurer operating a diverse group of property casualty and title insurance companies. With a long-standing presence in the insurance market, the corporation has earned its place as a Fortune 500 leader. The firm is recognized for its comprehensive underwriting and risk management services tailored for business partners located throughout the United States and Canada. Old Republic’s specialized operating companies are experts in their respective fields, allowing them to provide customized solutions that distinguish the company from its competitors.

For more information on the offerings of Old Republic Property, visit their website at www.oldrepublic.com. With the establishment of Old Republic Property, the company anticipates enhancing its service quality and expanding its client reach while staying true to its mission of delivering tailored insurance solutions for its partners across the nation.

In conclusion, the formation of Old Republic Property, Inc. highlights Old Republic International’s unwavering dedication to enhancing its specialty insurance capabilities. With a robust leadership team and a commitment to excellence, the future seems poised for growth and success in the nuanced field of property insurance.

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