Old Republic International Corporation (NYSE: ORI), our parent Company, today announced that it has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire Everett Cash Mutual Insurance Co. and affiliated companies ("ECM") following its conversion to a stock company in a sponsored demutualization transaction.
ECM is a leading insurer of small farmowners and select commercial agricultural operations. Headquartered in Everett, PA and operating in 48 states and the District of Columbia, ECM wrote $237 million of direct written premium in 2024, 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 share and operating income per share.
Commenting on the transaction, Old Republic President & CEO, Craig R. Smiddy, said, "With ECM's 'narrow & deep' expertise in the farmowners and commercial agricultural market and their commitment to underwriting excellence, there is a strong strategic and cultural fit with ORI's portfolio of specialty companies. We welcome Randy Shaw, his team, and his customers to Old Republic and look forward to sustained profitable growth."
Randy Shaw, ECM's President & CEO noted, "After 112 years, ECM has found a partner in Old Republic that shares our culture of underwriting excellence. With 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."
Griffin Financial Group, LLC served as ORI's financial advisor and Troutman Pepper Locke LLP served as ORI's legal advisor in this transaction. Philo Smith Capital Corp served as ECM's financial advisor and Mette, Evans & Woodside served as ECM's legal advisor. Feldman Financial Advisors, Inc. has provided a fairness opinion to the Board of Directors of ECM.
For more information, review the 10/23/25 news release from ORI.
