CHICAGO - Old Republic International Corporation (NYSE:ORI) has authorized a new share repurchase program of $1.10 billion, following the completion of its prior $450 million buyback plan.
The company's board has given the green light for stock repurchases through various means, including open market transactions and private negotiations, contingent on market evaluations and other conditions.
The insurance holding company has not set an expiration date for the repurchase program and has stated that the initiative may be adjusted or halted at any time without notice. The decision by the board was influenced by an assessment of the parent company's liquidity needs and those of its insurance subsidiaries.
Craig R. Smiddy, President and CEO of Old Republic, stated that the authorization to return $1.1 billion to shareholders is a testament to the company's solid financial position and optimism for the future growth of its diversified specialty insurance portfolio.
Old Republic has a history of returning value to its shareholders, having distributed over $3.5 billion since December 31, 2018, through dividends and share repurchases. The company also recently announced an 8.2% increase in its regular cash dividend rate to $1.06 per share, marking 43 consecutive years of dividend increases and 83 years of continuous payouts.
Old Republic is among the top 50 largest publicly owned insurance organizations in the United States and is listed on the Fortune 500. The company's operations span general and title insurance, with its general insurance segment ranking within the top 50 nationwide and its title insurance business holding the third-largest market position in the industry.
This development is based on a press release statement from Old Republic International Corporation.
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