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Old Republic's board approves of special dividend of USD0.19 per share for quarter.

M2 EQUITYBITES-February 24, 2017-Old Republic's board approves of special dividend of USD0.19 per share for quarter

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Old Republic International Corporation (NYSE:ORI) revealed on Thursday that its board of directors at its regular meeting approved an increased quarterly cash dividend of USD0.19 per share on the company's common stock, as well as other actions.

This is the company's 36th consecutive year of dividend increase and will be paid on 15 March 2017 to shareholders of record date as on 6 March 2017. Subject to the board's approval of each quarter's new rate, the full year's cash dividend will amount to USD0.76 per share compared to USD0.75 paid in 2016. Also, the company said that 2017 becomes the 76th year of uninterrupted cash dividend payments.

Additionally at the meeting, the board authorised an extension of the company's shareholder rights plan of June 1987, which as now amended, reflects certain technical updates and extends the rights through 26 June 2027. Further, the board's size was increased to twelve with the election of Steven J Bateman as a new independent director. A recently retired audit partner of PricewaterhouseCoopers LLP, Bateman has wide knowledge and over 37 years of audit and business advisory experience.

Based in Chicago, Old Republic is an insurance holding company with subsidiaries that actively market, underwrite and provide risk management services. It has consolidated assets of about USD18.5bn and common shareholders' equity of USD4.4bn or USD17.20 per share, as per its most recent financial statements. Its current stock market valuation is an estimated USD5.4bn or USD21.02 per share.

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Publication:M2 EquityBites (EQB)
Date:Feb 24, 2017
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