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OLD REPUBLIC TO ACQUIRE EVERETT CASH MUTUAL

  • Old Republic International Corporation (NYSE: ORI) announced a definitive agreement to acquire Everett Cash Mutual Insurance Co. (ECM) & affiliated companies pending regulatory & policyholder approval.
  • The transaction involves ECM's conversion to a stock company via a sponsored demutualization.
  • ECM specializes in small farmowners & select commercial agricultural operations, is headquartered in Everett, PA, & operates in 48 states & the District of Columbia.
  • ECM reported $237 million in direct written premiums in 2024 & ended the year with $126 million in consolidated statutory policyholders' surplus.
  • The deal is expected to close in 2026 & is projected to be accretive to Old Republic's book value per share & operating income per share.
  • Old Republic President & CEO Craig R. Smiddy cited ECM's "narrow & deep" expertise & underwriting excellence as a strong strategic fit.
  • ECM President & CEO Randy Shaw stated the partnership aligns with their culture of underwriting excellence & supports their mission to become the preeminent farmowners carrier.
  • Griffin Financial Group served as Old Republic's financial advisor & Troutman Pepper Locke LLP as its legal advisor.
  • Philo Smith Capital Corp served as ECM's financial advisor, Mette, Evans & Woodside as its legal advisor, & Feldman Financial Advisors provided a fairness opinion to ECM's Board.