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Old Republic National Title Insurance Company Celebrates 100th Anniversary
CHICAGO, Aug. 1 /PRNewswire-FirstCall/ -- Old Republic International Corporation (NYSE: ORI), today announced that Old Republic National Title Insurance Company, the flagship insurer of its Title Insurance Group ("ORTIG"), will celebrate its 100th year anniversary on August 20, 2007. For 100 years, this Company has sold title insurance and settlement services with the highest level of technical skill, client service and professional integrity to the real estate and mortgage lending communities. ORTIG's title insurance subsidiaries have consistently earned the highest financial strength ratings in the title insurance industry, and have a national footprint and reputation as a most trusted name.
"Not many organizations can claim 100 years of history and success," said Rande Yeager, president and chief executive officer of the Old Republic Title Companies. "We are very proud of our Title Insurance Group's history of service, quality and dependability, as demonstrated by its ratings and long term relationships with agents and customers. We look forward to celebrating this milestone with our most important assets-our agents, customers and employees."
A Brief History of ORTIG
In August 1907, a team of Minnesota businessmen founded the Real Estate Title Insurance Company, a Company committed to protecting home and property owners from title disputes. For 22 years, Real Estate Title Insurance Company flourished, and in 1929, re-branded itself as Title Insurance Company of Minnesota, better known in the industry as Minnesota Title. Over the span of the next 62 years, Minnesota Title expanded into a national organization while keeping its focus on providing technical expertise to its agents and customers. In 1993, Minnesota Title changed its name to Old Republic National Title Insurance Company, in order to strategically align with its parent company, Old Republic International Corporation.
Today, ORTIG is comprised of numerous subsidiaries and affiliated companies and four underwriters: Old Republic National Title Insurance Company (Minneapolis, MN), American Guaranty Title Insurance Company (Oklahoma City, OK), Mississippi Valley Title Insurance Company (Jackson, MS), and Old Republic General Title Insurance Corporation (Oakland, CA). ORTIG employs approximately 3,200 employees nationally, and has over 2,000 title insurance agents who deliver title insurance policies and real estate and mortgage related products and services to individuals, businesses and government entities.
Since financial ratings have been issued for title insurance companies, no competitor has equaled ORTIG's consistently high AA rating from Standard & Poor's, A1 rating from Moody's Investors Services, AA- from Fitch Ratings, and A+ rating from A.M. Best. These ratings are based on ORTIG's consolidated operating performance, excellent capitalization, superior liquidity, sound investment strategy, reserve adequacy, market position, operating performance and strategic relationship with its parent company, Old Republic International Corporation.
For more information about the Old Republic Title Insurance Group visit: http://www.oldrepublictitle.com.
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 & liability, mortgage guaranty, and title insurance fields. One of the nation's 50 largest publicly owned insurance organizations, Old Republic has assets of approximately $12.7 billion and shareholders' equity of $4.5 billion or $19.51 per share. Its current stock market valuation is approximately $4.2 billion, or $18.34 per share.
The nature of Old Republic's business demands that it be managed for the long run. For the 25 years ended in 2006, the Company's total market return, with dividends reinvested, has grown at a compounded annual rate of 15.8 percent per share. For the same period, the total market return, with dividends reinvested, for the S&P 500 Index has grown at a 13.3 percent annual compound rate. During those years, Old Republic's shareholders' equity account, inclusive of cash dividends, has risen at an average annual rate of 14.1 percent per share, and the regular cash dividend has grown at a 10.1 percent annual compound rate. According to the Summer 2007 edition of Mergent's Dividend Achievers, Old Republic is one of just 117 companies, out of 10,000-plus publicly held corporations, that have posted at least 25 consecutive years of annual dividend growth.
For more information about the Old Republic International Corporation visit: http://www.oldrepublic.com.
SOURCE: Old Republic International Corporation
CONTACT: A.C. Zucaro, Chairman & CEO Old Republic International
312-346-8100; or Rande Yeager, President & CEO of Old Republic Title,
612-371-1111; or Analysts-Investors, Leslie Loyet of Financial Relations
Board, 312-640-6672, firstname.lastname@example.org, for Old Republic International