Old Republic launches environmental insurance subsidiary

Old Republic International Corporation (NYSE: ORI) announced the formation of Old Republic Environmental, Inc., a new underwriting subsidiary focused on environmental insurance products. The Chicago-based company said the new unit will provide primary and excess liability solutions to businesses through wholesale and retail broker networks.

George Holderied will serve as president of the new subsidiary. Holderied, a Rutgers University graduate, brings 22 years of environmental underwriting experience, most recently from AIG.

"Environmental insurance is a specialty product that aligns with our strategy and focus on underwriting excellence," said Craig R. Smiddy, Old Republic's president and chief executive officer, according to the company's press release. "George's deep background in environmental sciences and underwriting leadership along with Old Republic's brand, resources and financial strength will allow us to leverage and grow another specialty insurance segment."

The environmental insurance company represents Old Republic's seventh new specialty company launch in the past eight years. The additions are part of the company's strategy to expand the Old Republic Specialty Insurance Group with additional diversification and specialized talent.

Old Republic, founded in 1923, operates property and casualty and title insurance companies across the United States and Canada. The Fortune 500 company provides underwriting and risk management services through specialized operating companies.

You May Also Be Interested In

• Anthropic plans IPO potentially exceeding SpaceX's $86B record - Bloomberg
• Anthropic plans to change enterprise data retention policy - Reuters
• Cascades to redeem $100M of senior notes due 2028