Old Republic International Corporation, a specialty insurance company operating property, casualty and title insurance, has formed Old Republic Property, Inc. to underwrite specialty property insurance products through a national distribution network of retail brokers.
The new company is Old Republic’s seventh new specialty operating company since 2021.
The move is designed to add diversity, depth and underwriting talent to Old Republic Specialty Insurance Group.
The new entity will be chaired by Patrick Hagerty, who brings more than two decades of extensive property underwriting and leadership experience as president.
He also has a track record of building and leading underwriting teams built on technical expertise, portfolio management and long-term profitability, the insurer explained.
Most recently, Hagerty spent more than four years with Everest, a Bermuda-based insurance and reinsurance company, where he served as senior vice president (SVP) and head of U.S. retail property, chief U.S. property underwriting officer and vice president of corporate underwriting.
Previously, he spent 17 years at global insurance company American International Group (AIG), where he held roles of increasing responsibility. Some of his most recent roles include Deputy Chief Underwriting Officer, Southeast and Atlanta Commercial Property Manager, Southeast Regional Multinational Risk Commercial Property Underwriting Manager, and Property Terrorism Underwriter.
Craig R. Smiddy, President and Chief Executive Officer of Old Republic International, commented: “Casualty insurance is a core business that fits well with Old Republic’s long-term strategy and is focused on diversified growth in specialty insurance.
“Patrick’s leadership experience, underwriting discipline and cultural fit, combined with Old Republic’s brand, resources and financial strength, position Old Republic Property to build high-quality specialty franchises over time.”
