Old Republic Aligns Construction Insurance Subsidiaries : Old Republic International Corporation (NYSE: ORI) announces the alignment of Old Republic Contractors Insurance Group, Inc. (ORCIG), previously a stand-alone underwriting affiliate of Old Republic, into BITCO Corporation (BITCO), another wholly-owned subsidiary of Old Republic. As a result of this change, ORCIG’s name will be changed to BITCO Construction Group, Inc. reflecting this new affiliation, and its operations will report to Vince Lamb, President and Chief Executive Officer of BITCO.
Craig Smiddy, Old Republic International’s President and CEO noted, “Old Republic has participated in the construction insurance marketplace for many years. More recently, the construction classes have been a focus of both BITCO and ORCIG, each targeting similar types of risks in different geographies and through different distribution systems. ORCIG has historically concentrated on larger construction risks while BITCO’s focus has been more directed towards middle market risks. Both entities have developed significant levels of expertise in the operational disciplines required to be successful in this important sector of the U.S. insurance market. Bringing the businesses together creates significant opportunities for our collective agent and broker partners, our insured customers, as well as our associates.”
“We are bringing together two deep and talented organizations that can now approach the U.S. construction marketplace on a united front, with coast to coast capabilities to accommodate virtually all sizes of construction accounts. Combining these specialty units allows us to provide our comprehensive insurance solutions to a broader part of the U.S. construction marketplace. We look forward to aligning our construction business in the coming months. Working together with a continued focus on our customers and distribution partners as our chief priority, we believe this combination creates a top-tier construction insurer in the United States”, Smiddy added.
Old Republic Aligns Construction Insurance Subsidiaries
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