Old Republic Forms New Property Insurance Company

The new subsidiary, Old Republic Property, Inc., will underwrite specialized property insurance products through a national retail broker network.

Apr. 6, 2026 at 11:37am

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Old Republic International Corporation, a leading specialty insurer, announced the formation of a new operating company called Old Republic Property, Inc. The new subsidiary will underwrite specialized property insurance products through a national retail broker distribution network and will be led by industry veteran Patrick Hagerty as President.

Why it matters

The launch of Old Republic Property aligns with the company's long-term strategy of diversified growth in the specialty insurance sector. It adds further diversification, depth, and underwriting talent to Old Republic's Specialty Insurance Group, which has seen seven new operating companies launched since 2021.

The details

Old Republic Property, Inc. will be led by President Patrick Hagerty, a Villanova University graduate with over 20 years of extensive property underwriting and leadership experience. Hagerty has a track record of building and leading underwriting teams focused on technical expertise, portfolio management, and long-term profitability.

  • Old Republic International Corporation announced the formation of Old Republic Property, Inc. on April 6, 2026.
  • Old Republic Property, Inc. is the seventh new specialty operating company that Old Republic has launched since 2021.

The players

Old Republic International Corporation

A leading specialty insurer that operates a diverse group of property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, the company is a leader in underwriting and risk management services for business partners across the United States and Canada.

Patrick Hagerty

The President of the newly formed Old Republic Property, Inc. Hagerty is a graduate of Villanova University and has over 20 years of extensive property underwriting and leadership experience, with a track record of building and leading underwriting teams grounded in technical expertise, portfolio management, and long-term profitability.

Craig R. Smiddy

The President and Chief Executive Officer of Old Republic International Corporation. Smiddy noted that property insurance is a core line that aligns well with Old Republic's long-standing strategy and focus on diversified growth in Specialty Insurance.

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What they’re saying

“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.”

— Craig R. Smiddy, President and Chief Executive Officer, Old Republic International Corporation

The takeaway

The launch of Old Republic Property, Inc. further strengthens Old Republic's position as a leading specialty insurer, adding diversification, depth, and underwriting talent to its Specialty Insurance Group. The new subsidiary's focus on specialized property insurance products and its experienced leadership team position it well to build a high-quality specialty franchise over time.