Old Republic International Corporation, a specialty insurer operating in property & casualty and title insurance, has established Old Republic Property, Inc., to underwrite specialised property insurance products through a national retail broker distribution network.
The new firm is the seventh new specialty operating company that Old Republic has launched since 2021.
This move aims to add diversification, depth, and underwriting talent to the Old Republic Specialty Insurance Group.
The new entity will be led by Patrick Hagerty as President, who has over two decades of extensive property underwriting and leadership experience.
He also has a track record of building and leading underwriting teams grounded in technical expertise, portfolio management, and long-term profitability, explained the insurer.
Most recently, Hagerty spent over four years at Bermuda-based insurance and reinsurance company Everest, in the roles of Senior Vice President (SVP) and Head of US Retail Property, Chief Underwriting Officer for US Property, and VP of Corporate Underwriting Department.
Previously, he spent 17 years at global insurer American International Group, Inc. (AIG) in roles of increasing responsibility. Some of his most recent roles include Deputy Chief Underwriting Officer, Commercial Property Manager for Southeast and Atlanta, Commercial Property Underwriting Manager for Multinational Risk – Southeast Region, and Property Terrorism Underwriter.
Craig R. Smiddy, President and Chief Executive Officer, Old Republic International, commented, “Property insurance is a core line that aligns well with Old Republic’s long-standing strategy and focus on diversified growth in Specialty Insurance.
“Patrick’s leadership experience, underwriting discipline, and cultural fit, together with Old Republic’s brand, resources, and financial strength, position Old Republic Property to build a high-quality specialty franchise over time.”
