Old Republic International Corporation announced that members of Everett Cash Mutual Insurance Co. approved the conversion of ECM from a mutual to a stock company and its acquisition by Old Republic. Old Republic also completed a subscription offering of its common stock to certain ECM members, employees, and non-employee directors, receiving subscriptions of approximately $25 million at $25.80 per share, a 35% discount to the volume-weighted average trading price of $39.70 for the 10-trading day period ending June 29, 2026. Upon the filing of amended articles on July 1, 2026, Old Republic will deliver up to approximately 956 thousand shares and finalize the acquisition of the ECM Group. President and CEO Craig R. Smiddy welcomed the ECM Group, highlighting its expertise in the commercial agricultural market and alignment with Old Republic's specialty strategy.
Old Republic International CorpOld Republic completes acquisition of ECM, expanding its specialty insurance business.
ECM members approved conversion and acquisition by Old Republic, with a subscription offering at a discount.