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buying property abroad
News and Information Article
CHICAGO, Nov. 30 /-FirstCall/ -- Old Republic International
Corporation (NYSE: ORI), today confirmed that its subsidiary, Old Republic
Insurance Company, has completed its previously announced acquisition of a
casualty insurance underwriting division of Aon Corporation ("Aon"). Old
Republic is acquiring policy renewal rights and related assets for a total
purchase price of $85 million, and is assuming certain liabilities
associated with Aons Construction Program Group ("CPG"). With current
annual premium volume of approximately $260 million, CPG provides
specialized casualty insurance coverages and services to trade contractors,
general contractors, and large commercial construction projects. Renamed
Old Republic Construction Program Group, Inc., the acquired business has
been organized as a joint underwriting venture between Old Republic and
certain principals associated with Aons CPG division.
About Old Republic
Chicago-based Old Republic International Corporation is an insurance
holding company whose subsidiaries market, underwrite and provide risk
management services for a wide variety of coverages primarily in the
property and liability, mortgage guaranty, and title insurance fields. One
of the nations 50 largest publicly owned insurance organizations, Old
Republic has assets of approximately $12.1 billion and shareholders equity
of $4.3 billion or $18.71 per share. Its current stock market valuation is
approximately $5.2 billion, or $22.67 per share.
For the latest news releases and other corporate documents on Old
Republic International visit http://www.oldrepublic.com .
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