CHICAGO, June 22, 2012 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) today reported that it has withdrawn the previously announced spin-off of its Republic Financial Indemnity Group, Inc. ("RFIG") subsidiary stock to ORI shareholders. Concurrently the financial effect of the partial RFIG leveraged buy-out has been reversed.
These decisions respond to objections raised by certain stakeholders that RFIG's separation from Old Republic would be disadvantageous to their interests and expectations.
As a result of these decisions the RFIG registration statement filed with the Securities and Exchange Commission for the spin-off has now been withdrawn.
About Old Republic
Chicago-based Old Republic International Corporation is one of the nation's 50 largest publicly held insurance organizations. Its most recent financial statements reflect consolidated assets of approximately $16.0 billion and common shareholders' equity of $3.77 billion, or $14.74 per share. Its currently quoted stock market valuation is approximately $2.8 billion, or $10.76 per share.
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