Old Republic Launches New Cyber Underwriting Subsidiary
Old Republic's New Venture into Cyber Insurance
Old Republic International Corporation (NYSE: ORI) has unveiled its exciting plans to form a new underwriting subsidiary focused on a growing niche in the insurance market—Cyber and Technology Errors and Omission (E&O) insurance. The new entity, named Old Republic Cyber, Inc., aims to provide specialized coverage that caters to the unique risks associated with digital technology and cyber threats.
Leadership Team with Extensive Experience
This venture will be spearheaded by seasoned professionals in the industry, CJ Pruzinsky and Kevin McGowan. CJ Pruzinsky, who holds a degree from William Paterson University, brings a wealth of experience with 18 years in cyber underwriting, having worked with notable firms such as AIG and Beazley. Kevin McGowan, a Miami University graduate, adds 15 years of cyber underwriting expertise, previously serving at Ace and Resilience. Their leadership will be crucial for establishing Old Republic's presence in this specialized market.
Strategic Expansion in Insurance Offerings
As Old Republic Cyber steps into the market, it will become the seventh new specialty company launched by Old Republic in the last nine years. This expansion is a strategic move aimed at diversifying their portfolio, enhancing their product depth, and leveraging talents within the Old Republic General Insurance Group. According to Craig R. Smiddy, the President and CEO of Old Republic, this initiative aligns with their specialty strategy and commitment to underwriting excellence.
About Old Republic International Corporation
Based in Chicago, Old Republic International Corporation is among the top 50 largest shareholder-owned insurance companies in the United States. The company operates as an insurance holding entity, with subsidiaries that market, underwrite, and offer risk management services across various insurance types. Old Republic holds a notable position in both general insurance and title insurance markets, ranking among the most substantial players in the industry.
Exploring Old Republic's Service Offerings
Old Republic provides a wide array of insurance products ranging from general liability to specialized coverages. The company's evolution over time has allowed it to adapt to changing market needs, and the formation of Old Republic Cyber represents another step in keeping pace with modern risks.
Future Outlook for Old Republic Cyber
The establishment of Old Republic Cyber is timely, as businesses increasingly recognize the importance of cyber risk management. By providing tailored insurance solutions, Old Republic aims to not only protect clients but also to build trust and confidence as they navigate through today's complex technology landscape.
Frequently Asked Questions
What is Old Republic Cyber?
Old Republic Cyber is a new subsidiary of Old Republic International Corporation that focuses on providing Cyber and Technology Errors and Omission insurance products.
Who leads Old Republic Cyber?
The subsidiary will be led by CJ Pruzinsky as President and Kevin McGowan as Executive Vice President and Chief Underwriting Officer.
Why is the formation of Old Republic Cyber significant?
This formation is significant as it marks Old Republic's strategic expansion into the cyber insurance market, addressing the growing need for specialized insurance solutions.
What kind of experience does the leadership team have?
CJ Pruzinsky has 18 years of cyber underwriting experience, while Kevin McGowan has 15 years, with both having worked for leading insurance firms.
How does Old Republic intend to leverage its resources?
Old Republic plans to utilize its established brand, resources, and financial strength to enhance its underwriter expertise in the cyber insurance space.
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