Old Republic (ORI) Sells 20.6% Interest in RFIG Subsidiary

Old Republic International Corporation (NYSE: ORI) announced that its wholly owned subsidiary, Republic Financial Indemnity Group, Inc. (RFIG) has sold a 20.6% common equity interest to a group of investors in a partial leveraged buyout (LBO). The transaction has taken place in conjunction with Old Republic's decision to spin-off substantially all of its RFIG common stock holdings as a taxable dividend in-kind to ORI's shareholders. The spin-off will establish RFIG as a separate publicly held company. A Registration and Information Statement ("Registration Statement") describing RFIG's business and its common shares will be filed with the Securities and Exchange Commission (SEC) in the next few days. As soon as the Registration Statement clears SEC review, it will be sent to ORI shareholders of record, at which point the freely tradable RFIG common stock will be distributed.

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