CHICAGO, May 14, 2021 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today announced the
following changes in its Accounting and Finance Executive Group.
The changes are occasioned by Karl
Mueller's decision to retire as ORI's Chief Financial
Officer, effective June 30, 2021. The
decision ends a highly successful 40-year career that began in
public accounting, with the last 17 years dedicated to ORI's
business. Karl has agreed to provide advisory services for a period
of time to ensure a seamless transition to his successor.
To succeed Karl, ORI named Deputy CFO Frank Sodaro (52) as its Chief Financial
Officer, effective July 1, 2021.
Frank, a CPA by profession, was most recently ORI's Deputy Chief
Financial Officer, and brings solid insurance accounting and
finance experience garnered during the past 26 years. He will
concurrently join the Company's Office of the Chief Executive
Officer.
ORI also named Chris
Lieser (61) as its Deputy Chief Financial Officer,
effective July 1, 2021. Chris, also a
CPA by profession, will be adding greater responsibilities to his
continued role as Chief Financial Officer of our Company's Title
Insurance business, to which he has dedicated 37 years of
service.
In making these announcements, Craig
Smiddy, Old Republic's President and Chief Executive
Officer, noted, "The appointments of Sodaro and Lieser reflect the
Board's confidence that they will continue to serve with
excellence, affirming the great tradition of professional and loyal
service that Karl Mueller
exemplified."
About Old Republic
Chicago-based Old Republic
International Corporation is one of the nation's 50 largest
shareholder-owned insurance businesses. It is a member of the
Fortune 500 listing of America's largest companies. 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 coverages has
devolved to a run-off operating mode in recent years. Old
Republic's general insurance business ranks among the nation's 50
largest, while its title insurance operations are the third largest
in its industry.
The nature of Old Republic's business requires that it
be managed for the long run. Its consistent and reliable cash
dividend policy reflects this long-term orientation. 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.
|
ORI
|
Selected Indices'
Compounded
|
|
Annual
|
Annual
|
Total Annual
Returns
|
|
Book Value
|
Market
Value
|
Nominal
|
|
S & P
|
|
Compounded
|
Compounded
|
Gross
|
S & P
|
P&C
|
|
Total
|
Total
|
Domestic
|
500
|
Insurance
|
|
Return
|
Return
|
Product
|
Index
|
Index
|
|
|
|
|
|
|
Ten Years 2001 -
2010
|
8.0%
|
1.9%
|
3.9%
|
1.4%
|
1.0%
|
Ten Years 2011 -
2020
|
8.8%
|
9.9%
|
3.3%
|
13.9%
|
14.3%
|
Twenty Years 2001 -
2020
|
8.4%
|
5.8%
|
3.6%
|
7.5%
|
7.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2020 -
only
|
-12.4%
|
-31.1%
|
-0.9%
|
-19.6%
|
-20.6%
|
First Quarter 2021 -
only
|
5.1%
|
18.1%
|
6.0%*
|
6.2%
|
4.4%
|
|
|
|
|
|
|
*Estimated
|
According to the most recent edition of Mergent's
Dividend Achievers, Old Republic is listed in 58th
place among just 111 qualifying publicly held companies, out of
thousands considered, that have posted at least 25 consecutive
years of annual dividend growth.
For Old Republic's latest news releases and
other corporate documents:
Please visit us at
www.oldrepublic.com
Alternatively, please write or call: Investor
Relations
Old Republic International Corporation
307 North Michigan Avenue, Chicago,
IL 60601
(312) 346-8100
At Old
Republic:
|
|
At Financial
Relations Board:
|
Craig R. Smiddy:
President and Chief Executive Officer
|
|
Analysts/Investors:
Joe Calabrese 212/827-3772
|
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SOURCE Old Republic International Corporation