Old Republic International announced the creation of Old Republic Property, Inc., a new operating company that will underwrite specialized property insurance products through a national retail broker distribution network.
Patrick Hagerty, a Villanova University graduate with more than 20 years of property underwriting and leadership experience, will serve as President of the new entity.
The launch adds a seventh specialty operating company to Old Republic’s portfolio, expanding its footprint in the property insurance market and reinforcing its disciplined underwriting strategy across niche lines. It follows the company’s pattern of launching specialty units since 2021, including Old Republic Environmental, Inc. in September 2025.
In Q4 2025, Old Republic reported net income of $206.3 million and net operating income of $184.7 million, with consolidated net premiums and fees earned of $2.1 billion and a combined ratio of 96.0%. The company beat revenue expectations but missed EPS estimates, indicating strong revenue growth but margin pressure. The new subsidiary is expected to contribute to the company’s growth trajectory by tapping specialized property markets.
Craig R. Smiddy, President and CEO, said, "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."
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