Old Republic International Announces New $750 Million Share Buyback Program

Old Republic International Corporation, a prominent player in the insurance sector, recently revealed that its Board of Directors has sanctioned an impressive share repurchase program amounting to $750 million. This fresh initiative signifies the company’s strategic move to reward its shareholders and enhance shareholder value amidst its ongoing focus on prudent capital management.

The new repurchase program will initiate as soon as the remaining $162 million from the previous authorization of $1.10 billion is completed. This highlights Old Republic's commitment to strategically managing its capital through share buybacks while ensuring a balanced approach towards shareholder returns. The purchasing strategy allows the company to selectively buy back shares at its discretion through open market transactions, private negotiations, or alternative methods that align with current market valuations and conditions.

Craig R. Smiddy, President and CEO of Old Republic, emphasized the company's robust financial position and continued confidence in its growth trajectory. He noted, "Today's announcement authorizing the return of up to an additional $750 million to shareholders continues a long history of prudent capital management that includes retiring over 20% of our shares in the last three years."

This recent development adds to the substantial shareholder returns that Old Republic has accomplished in recent years, exceeding $4.2 billion through regular dividends and share buybacks since December 2020. With an annualized cash dividend rate of $1.16 per share, the company marks its 44th straight year of increasing its regular cash dividend, further solidifying its dedication to returning capital to shareholders.

The board's decision to authorize the new buyback program was made after thorough consideration of the insurance company's current and predicted liquidity needs, ensuring that the initiative aligns with the financial health and operational stability of the organization. The program remains flexible, adhering to Rule 10b-18, and lacks an expiration date, allowing adjustments based on evolving market conditions.

Old Republic’s proactive approach to capital management has positioned it favorably within a competitive insurance landscape. The company continues to excel in underwriting and risk management for business partners across North America. Founded in 1923 and celebrating its rich history, Old Republic retains its status as a leading specialty insurer, dedicated to providing reliable and tailored insurance solutions.

In conclusion, Old Republic International Corporation’s recent share repurchase authorization exemplifies its strong capital position and commitment to delivering value to its shareholders. As the company continues to implement strategic measures in its operational model, it reassures stakeholders of its consistent growth and enduring financial stability. Investors and market analysts alike should keep a close watch on Old Republic's activities, as its remarkable strategies shape its future in the insurance sector.