Old Republic International Corp., the Chicago-based specialty insurer, announced it has entered into a definitive a
greement to acquire Everett Cash Mutual Insurance Co. and its affiliated companies (ECM), following its conversion t
o a stock company in a sponsored demutualization transaction.
Financial details of the deal were not disclosed.
ECM is a leading insurer of small farmowners and select commercial agricultural operations. Headquarte
red in Everett, Pennsylvania and operating in 48 states and the District of Columbia, ECM wrote $237 million of direct written pre
mium in 2024. ECM ended the year with consolidated statutory policyholders’ surplus of $126 million and has a long-term track record of profitable growth.
Following an expected closing in 2026, ORI expects this transaction to be accretive to book value per sh
are and operating income per share. The acquisition is subject to regulatory and policyholder approval
“With ECM’s ‘narrow & deep’ expertise in the farmowners and commercial agricultural market and their commitment to underwriting excellence, there is a s
trong strategic and cultural fit with ORI’s portfolio of specialty compan
ies,” commented Old Republic President & CEO Craig R. Smiddy, in a statement. “We welcome Randy Shaw, his team
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, and his customers to Old Republic and look forward to sustained profitable growth.”
“After 112 years, ECM has found a partner in Old Republic that shares our culture of underwriting excellence. W
ith the combined financial and operational resources available to
us, we can continue to pursue our mission of becoming the preeminent farmowners carrier in the country,” according to Randy Shaw, ECM’s president & CEO.
Griffin Financial Group LLC served as ORI’s financial adviser and Troutman Pepper Locke LLP served as ORI’s legal adviser in this transaction. Philo Smith Ca
pital Corp served as ECM’s financial adviser and Mette, Evans & Woodside
served as ECM’s legal adviser. Feldman Financial Advisors, Inc. has provided a fairness opinion to the Board of Directors of ECM.
About Old Republic
Founded in 1923 and a member of the Fortune 500, Old Republic is a leading specialty insurer that operates
diverse property/casualty and title insurance companies.