Old Republic International Declares Special Dividend Payment for Shareholders

Old Republic International Announces Special Dividend

Old Republic International Corporation (NYSE: ORI), a significant player in the insurance industry, has made headlines with its recent announcement regarding a special cash dividend of $2.00 per share. This strategic move by the Board of Directors is poised to return an impressive total of about $500 million to its shareholders.

Scheduled for payment on January 15, 2025, the dividend will benefit shareholders registered by January 3, 2025. This decision reflects Old Republic's robust financial position and the confidence its leadership has in the company's ongoing growth and profitability.

Craig R. Smiddy, the President and CEO of Old Republic, emphasized the strong performance of the company during recent years. He noted that Old Republic has successfully generated excess capital, allowing for significant returns to shareholders through not only dividend payments but also their share repurchase programs. The company has spent a notable $174 million under a $1.1 billion share repurchase authorization, further demonstrating its commitment to enhancing shareholder value. As of now, approximately $240 million remains available under this program.

The special dividend announcement complements Old Republic's ongoing stock repurchase efforts, where it has returned over $1.7 billion to shareholders over the last two and a half years, reducing the total shares outstanding by more than 20%. This series of actions highlights the strength of Old Republic’s balance sheet and its commitment to shareholder returns.

Since December 31, 2019, the company has returned over $4 billion to shareholders through a combination of share repurchases and both regular and special cash dividends. The present annualized regular cash dividend rate stands at $1.06 per share, reflecting an 8.2% increase from 2023. This move marks the 43rd consecutive year Old Republic has raised its regular cash dividend, alongside celebrating 83 years of consistent regular cash dividend payments.

Old Republic International Corporation, headquartered in Chicago, is recognized as one of the largest shareholder-owned insurance firms nationwide and features on the Fortune 500 list. The company serves a wide array of insurance services, particularly in the general and title insurance arenas. Its general insurance segment ranks among the top 50 in the nation, and its title insurance division is the third largest in the industry.

In closing, the announcement of a special dividend from Old Republic International not only exemplifies the company's continued success but also reinforces the trust that the leadership has in the future. By prioritizing returns to its shareholders, Old Republic solidifies its standing as a leader within the competitive insurance market. As we approach 2025, shareholders can look forward to a gratifying return on their investments.