Old Republic Buys Full Control of Title Unit for $1.05B
Ticker: ORI · Form: 8-K · Filed: Jun 3, 2024 · CIK: 74260
Sentiment: neutral
Topics: acquisition, joint-venture, insurance
Related Tickers: FRC
TL;DR
Old Republic is buying out its partner in the title unit for $1.05B, taking full control.
AI Summary
Old Republic International Corporation announced on June 3, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in Old Republic Title Holding Company from its joint venture partner, First American Financial Corporation, for $1.05 billion. This transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition signifies Old Republic's strategic move to consolidate full ownership of its title insurance business, potentially leading to greater operational integration and financial benefits.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial commitment and is subject to closing conditions, introducing execution and integration risks.
Key Numbers
- $1.05B — Acquisition Price (Amount Old Republic is paying for the remaining 50% of Old Republic Title Holding Company.)
- 50% — Interest Acquired (Percentage of Old Republic Title Holding Company being acquired.)
Key Players & Entities
- Old Republic International Corporation (company) — Acquiring entity
- First American Financial Corporation (company) — Selling entity
- Old Republic Title Holding Company (company) — Target company
- $1.05 billion (dollar_amount) — Acquisition price
- June 3, 2024 (date) — Announcement date
- third quarter of 2024 (date) — Expected closing period
FAQ
What is the total purchase price for the remaining 50% interest in Old Republic Title Holding Company?
The total purchase price is $1.05 billion.
Who is the seller of the remaining 50% interest?
The seller is First American Financial Corporation.
When is the transaction expected to close?
The transaction is expected to close in the third quarter of 2024.
What is the name of the entity being acquired?
The entity is Old Republic Title Holding Company.
What is the date of the report filing?
The date of the report filing is June 3, 2024.
Filing Stats: 492 words · 2 min read · ~2 pages · Grade level 12.8 · Accepted 2024-06-03 16:09:53
Key Financial Figures
- $1 — nge on which registered Common Stock / $1 par value ORI New York Stock Exchange
Filing Documents
- ori-20240603.htm (8-K) — 29KB
- 0000074260-24-000102.txt ( ) — 151KB
- ori-20240603.xsd (EX-101.SCH) — 2KB
- ori-20240603_lab.xml (EX-101.LAB) — 22KB
- ori-20240603_pre.xml (EX-101.PRE) — 13KB
- ori-20240603_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure On June 3, 2024 Old Republic International Corporation completed the previously announced sale of its run-off mortgage insurance business to Arch Capital Group Ltd. The information provided pursuant to this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Description 104 Cover page Interactive Data file (embedded within Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. OLD REPUBLIC INTERNATIONAL CORPORATION Registrant Date: June 3, 2024 By: /s/ Thomas A. Dare Thomas A. Dare Senior Vice President, Secretary and General Counsel