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Old Republic Completes Acquisition of Contractors Insurance Business
CHICAGO, Nov. 30 /PRNewswire-FirstCall/ -- Old Republic International Corporation (NYSE: ORI), today confirmed that its subsidiary, Old Republic Insurance Company, has completed its previously announced acquisition of a casualty insurance underwriting division of Aon Corporation ("Aon"). Old Republic is acquiring policy renewal rights and related assets for a total purchase price of $85 million, and is assuming certain liabilities associated with Aon's Construction Program Group ("CPG"). With current annual premium volume of approximately $260 million, CPG provides specialized casualty insurance coverages and services to trade contractors, general contractors, and large commercial construction projects. Renamed Old Republic Construction Program Group, Inc., the acquired business has been organized as a joint underwriting venture between Old Republic and certain principals associated with Aon's CPG division.
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 $12.1 billion and shareholders' equity of $4.3 billion or $18.71 per share. Its current stock market valuation is approximately $5.2 billion, or $22.67 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, firstname.lastname@example.org , or Media Inquiries, Tim Grace, +1-312-640-6667, email@example.com , both of Financial Relations Board