Most recently, despite ongoing and repeated requests from a number of shareholders, Old Republic has once again failed to address any material concerns in its latest proxy filing aside from announcing the retirement of one Director well over the Company's retirement age threshold. Simply Wall St->. Old Republic is one of the nation's 50 largest shareholder-owned insurance businesses. 307 North Michigan Avenue, Chicago, IL 60601 (312) 346-8100 . These symbols will be available throughout the site during your session. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Old Republic General Insurance Group (ORGIG) is our largest segment. Chicago, IL 60601 ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________, Old Republic International Corporation 1-25 26-50 51-75 76-100 101-125 126-150 151-153. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. For example, Old Republic earned an effective ~3% yield on fair value of assets last year and that capital would have been more effective if utilized to repurchase shares yielding over 5% for a meaningful portion of 2020, We struggle to understand how the Company, which prides itself in its safe and sizeable equity portfolio, does not see the value in repurchasing its own conservatively capitalized and dividend-paying shares at an enormous discount to intrinsic value. from 8 AM - 9 PM ET. Despite our efforts, however, Old Republic has continued to display a disappointing unwillingness to explore new and independent proposals brought forth by Owl Creek, a shareholder invested in the long-term success of the business. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken. The stock had gained 49% in the past year through . The decision ends a highly successful 40-year career that began in public accounting, with the last 17 years dedicated to ORI's business. Many institutions measure their performance against an index that approximates the local market. Old Republic has a distinguished history of shareholder value creation through both book value and share price appreciation. . By providing your email address below, you are providing consent to Old Republic International Corporation to send you the requested Investor Email Alert updates. MAC N9173-010 Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. But ultimately it is the future, not the past, that will determine how well the owners of this business will do. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Shares are valued at a discount to nearly all publicly traded commercial lines insurers in the U.S. on most relevant consolidated valuation metrics despite negligible business interruption exposure and attractive lines, On a sum-of-the-parts basis, we believe shares are even more undervalued as the market does not appear to give any credit for Old Republics title business, We believe the Companys general insurance business alone is worth more than the value attributed to the entire Company, implying that the market is ascribing negative value to the 3rd largest title business in the country, General insurance is a traditional balance-sheet-intensive insurance operation, while title is better described as a fee-based business, Despite the Companys consistent messaging on the benefits of this strategic diversification, we believe shareholders are unduly punished, not rewarded, for this combination, We believe the title insurance industry is undergoing a technological revolution that aims to make the process much more efficient and convenient at each underwriting step, While Old Republic is currently competitive and executing well, we are concerned it could fall behind without increased investment going forward, We believe that a separation of the title business would come with minimal incremental costs given the preexisting decentralized operating structure, They have even raised concerns regarding the governance and nominating committees duty to shareholders, which further emphasizes that change must come from within the Board, As evident in recent elections, no Director has received close to 80% of the vote in uncontested elections and there is consistent shareholder opposition of nominated Directors, We believe this reputation is unacceptable and a clear impediment to shareholder value creation, Old Republics current Board has no diverse representation and includes just one female Director a trend the Company has displayed for nearly 100 years since its founding in 1923, Additionally, half of the Board is over the 75-year retirement threshold stated in the Companys Board governance documents and the Lead Independent Director has served for 47 years, bringing to question the independent perspectives brought to Board discussions, Only exacerbating these troubling facts is the Companys unwillingness to declassify its entrenched Board, which makes it nearly impossible for the Company to introduce new Directors and for shareholders to constructively engage at the Board level, Discourage the involvement of both existing and new investors, Lack accountability, particularly with enforcing its existing Director retirement policy and allowing for productive Board churn, Ultimately withhold sound leadership from a truly independent Lead Independent Director and Chairman who could bring fresh perspectives. . 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. Selected peer set includes Chubb (CB), Markel (MKL), Travelers (TRV) and W.R. Berkeley (WRB). About A dedicated, resourceful and trustworthy investor relations professional with close to 10 years of experience in the banking sector. Mendota Heights, MN 55120-4100, Old Republic International Corporation We believe that a share repurchase program, as outlined above, would help reduce this unnecessary tax leakage on Old Republics returns, helping to improve long-term value creation for shareholders and ultimately creating a more investor friendly and attractive company. Attn: Investor Relations At Old Republic International Corporation, we promise to treat your data with respect and will not share your . 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. 307 North Michigan Avenue If you do not want us and our partners to use cookies and personal data for these additional purposes, click 'Reject all'. CHICAGO, May 14, 2021 /PRNewswire/ --Old Republic International Corporation (NYSE: ORI) today announced the following changes in its Accounting and Finance Executive Group. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Old Republic's non GAAP information is not necessarily from 8 AM - 9 PM ET. At Old Republic: Old Mutual plc Find all the information relating to Old Mutual plc here. Published Nov 30, 2021 7:21AM EST Every investor in Old Republic International Corporation (NYSE:ORI) should be aware of the most powerful shareholder groups. Alternatively, please write or call: Investor Relations Old Republic International Corporation 307 North Michigan Avenue, Chicago, IL 60601 (312) 346-8100. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Here's a summary of recent years' total book and market returns, which includes the addition and reinvestment of cash dividend payments, in comparison with the financial performance of three selected indices similarly developed. April 6, 2021. Investor Contacts CONTACT INFORMATION (312) 346 - 8100 Old Republic International Corporation Attn: Investor Relations 307 North Michigan Avenue Chicago, IL 60601 CONTACT INFORMATION - EQ Shareowner Services 1-800-468-9716 While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. In recognition of Old Republic's stability and financial strength, its key insurance subsidiaries are consistently assigned high financial condition or claims-paying ability ratings. It operates through the following segments: General Insurance, Title Insurance, and . Alternatively, please write or call: Investor Relations Old Republic International Corporation 307 North Michigan Avenue, Chicago, IL 60601 (312) 346-8100. We understand that other shareholders have similar concerns and have brought up a number of these points before on public conference calls only to be completely disregarded by management. 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.". , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, OLD REPUBLIC REPORTS RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2023, OLD REPUBLIC INTERNATIONAL ANNOUNCES SECOND QUARTER 2023 CONFERENCE CALL. EQ Shareowner Services Disclosing objective performance criteria for executive bonuses and incentives. Copy and paste multiple symbols separated by spaces. Our mission is to provide quality insurance security and related services to businesses, individuals and public institutions, and be a dependable long-term steward of the trust that policyholders, shareholders and other important stakeholders place in us. Partnership & Service. Chicago, IL 60601. This quarterly report represents an earnings surprise of 23.94%. Mercury Insurance Extends Giveback Program through July. So it is worth checking the past earnings trajectory of Old Republic International, (below). , . On a tax-adjusted basis, total shareholder returns paint a very different story versus peers, and we believe these taxes are an unnecessary form of leakage for long-term shareholders.
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