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Old Republic Announces Regular First Quarter Dividend Of 15 Cents; Board Approves 6.7% Increase Starting In Second Quarter
CHICAGO, Feb. 22 /PRNewswire-FirstCall/ -- Old Republic International Corporation (NYSE: ORI) announced today that its Board of Directors approved the payment of the regular quarterly cash dividend of 15 cents per common share. The dividend is payable on March 15, 2007 to shareholders of record on March 6, 2007.
The Directors also approved a quarterly cash dividend rate of 16 cents per share beginning with the second quarter 2007 dividend, which represents a 6.7 percent increase from the current quarterly rate of 15 cents per share. This increase marks the twenty-sixth consecutive year that Old Republic has boosted its cash dividend rate, and 2007 marks the 66th year of uninterrupted cash dividend payments.
"On an annualized basis, the new dividend rate falls within Old Republic's policy of paying out approximately 20 percent to 30 percent of average recurring earnings for the latest five year periods," said Chairman and Chief Executive Officer A.C. Zucaro. "Our ability to affect these recurring increases in cash dividends reflects our confidence in the prospects of our business as a solid investment with good long-term earnings sustainability."
About Old Republic
Chicago-based Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages primarily in the property and liability, mortgage guaranty, and title insurance fields. One of the nation's 50 largest publicly owned insurance organizations, Old Republic has assets of approximately $12.6 billion and shareholders' equity of $4.3 billion or $18.91 per share. Its current stock market valuation is approximately $5.3 billion, or $23.16 per share.
For the latest news releases and other corporate documents on Old Republic International, visit http://www.oldrepublic.com .SOURCE Old Republic International Corporation
CONTACT: A.C. Zucaro, Chairman & CEO, of Old Republic, +1-312-346-8100, or Analysts-Investors, Leslie Loyet, +1-312-640-6672, or firstname.lastname@example.org , or Media, Tim Grace, +1-312-640-6667, or email@example.com , both of Financial Relations Board