Old Republic Declares Third Quarter 2018 Cash Dividend; Reports On Corporate Governance Matters
Quarterly Dividend Increased for 37th Consecutive Year
The Board declared a quarterly cash dividend of
The higher dividend marks the 37th consecutive year that
Four Directors Confirmed and a New One Added
Four Class 1 nominees were confirmed as continuing Board members, after each received a plurality of votes at the Annual Meeting. In addition, the Board was pleased to appoint
Independent Public Accounting Firm Ratified
"Say on Pay" Advisory Resolution Approved
The shareholders' advisory vote approved the executive compensation policies, practices and procedures as set forth in the Company's proxy statement.
Climate Change Advisory Proposal Rejected
The shareholders rejected the advisory climate change proposal calling for more effective board oversight of the Company's policies and programs addressing the risks and opportunities posed by climate change and reporting to shareholders concerning steps taken or planned.
Proxy Access Bylaw Advisory Proposal Acknowledged
The shareholders' advisory vote approving a proposal for adopting a so-called proxy access bylaw was acknowledged. As discussed in ORI's proxy statements, the Board firmly believes in the combination of its longstanding governance structure which is tailored to the nature of its business, and in the proven management of the Company's operations for the long run. This has led to substantial value creation for: 1) long-term investors, 2) employees as consistent intellectual capital providers and, most importantly, 3) the policyholders who rely on its insurance subsidiaries' financial stability and operating continuity to secure long-term promises of financial indemnity.
The Board believes that the Company's governance policies and practices are, in the aggregate, appropriately designed and function effectively to promote and ensure that the business is managed according to ORI's stated long-term business strategy. There is no empirical evidence of the potential merits and values of adopting changes in specific governance and inherently related management policies or practices. As a result, the Board's business judgment is to keep the current comprehensive approach in place.
About
The Company is organized as a specialized insurance holding company whose subsidiaries actively market, underwrite, and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. A long-term interest in mortgage guaranty and consumer credit indemnity coverages has devolved to a run-off operating mode in recent years.
Safe Harbor Statement
Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as
Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Of necessity, any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance. With regard to
A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2017 Form 10-K Annual Report and Part II, Item 1A - Risk Factors, of the Company's recent Form 10-Q filings to the
Any forward-looking statements or commentaries speak only as of their dates.
For
Please visit us at www.oldrepublic.com
Alternatively, please write or call:
Investor Relations
312-346-8100
Further Information Contacts: |
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AT OLD REPUBLIC: |
AT FINANCIAL RELATIONS BOARD: |
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Analysts/Investors: |
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(312) 346-8100 |
(212) 827-3773 |
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