CHICAGO, Aug. 25, 2016 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today announced the
following decisions taken by the Board of Directors at its
regularly scheduled third quarter meeting.
The Board approved the election of Messrs. Dew, Dixon, and Van
Mieghem as Class 2 directors for a three-year term.
Each of these directors received a majority and/or plurality of all
the votes cast at this year's meeting of the shareholders.
The Board considered the result of the shareholder proposal on
proxy access in this year's Proxy Statement. The Board also
gave consideration to Old Republic's current system of corporate
governance which has been in place throughout the decades of the
Company's existence as a publicly held financial institution
independently managed for the long run. The system has proven
itself most effective in assuring the long-term stability and
responsiveness of the Company to the best interests of its
shareholders, and to the similarly long-term interests and
commitments of its insurance subsidiaries as institutions vested
with the public interest. During the decades the system has
produced sustainable earnings progress and growth of both cash and
total market returns for serious long term investors. Based
on all of these considerations, the Board decided not to adopt
proxy access and to retain the Company's current system of
corporate governance.
At the meeting the Board confirmed the payment of a third
quarter cash dividend of $.1875 cents
per share. The payment is due on September 15, 2016 to shareholders of record on
September 2, 2016. Subject to
approval of each quarter's dividend, the full year's payment will
amount to 75 cents per share compared
to 74 cents paid in 2015. This
year's dividend increase marks the 35th consecutive year
that Old Republic has boosted its cash dividend rate, and 2016
becomes the 75th year of uninterrupted cash dividend
payments.
About Old Republic
Chicago-based Old Republic
International Corporation is one of the nation's 50 largest
publicly held insurance organizations. Its most recent financial
statements reflect consolidated assets of approximately
$17.9 billion and common
shareholders' equity of $4.3 billion,
or $16.89 per share. Its current
stock market valuation is approximately $4.97 billion, or $19.19 per share.
The Company is organized as an insurance holding company whose
subsidiaries actively market, underwrite, and provide risk
management services for a wide variety of coverages mostly in the
general and title insurance fields. A long-term interest in
mortgage guaranty and consumer credit indemnity lines has devolved
to a run-off operating mode in recent years.
For the latest news releases and other
corporate documents on Old Republic, please write to:
Investor Relations
Old Republic International Corporation
307 North Michigan Avenue • Chicago, IL 60601
312-346-8100
or visit us at www.oldrepublic.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/old-republic-reports-board-of-directors-actions-on-corporate-governance-and-quarterly-dividend-300318461.html
SOURCE Old Republic International Corporation