Old Republic announces $750 million buyback program
By Ashish Tiwari
Aug 19 - (The Insurer) - Old Republic International on Tuesday said its board authorized a new $750 million share repurchase program, which will begin once the insurer completes the roughly $162 million remaining under its existing $1.1 billion plan announced in March last year.
The buybacks may be carried out via open market purchases, private deals or pre-arranged trading plans, Old Republic said. The program has no set expiry and could be modified or suspended at any time, it stated.
“Today’s announcement continues a long history of prudent capital management,” said Craig R. Smiddy, president and CEO. He added that the Chicago-based insurer had retired more than 20% of its shares in the past three years.
The board’s decision factored in the company’s current and foreseeable liquidity and capital needs of the parent-holding company and its insurance company subsidiary.
Craig Smiddy-led Old Republic has returned over $4.2 billion to shareholders since the end of 2020 through dividends and buybacks.
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