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ROCK ISLAND, Ill.,
Jan. 16, 2013 /PRNewswire/ -- The
Bituminous Insurance Companies ("Bitco"), wholly-owned general insurance subsidiaries of
Old Republic International Corporation (NYSE: ORI), today announced that
Vincent C. Lamb (50), President, has been appointed to the additional position of Chief Executive Officer. He succeeds
R. Greg Ator (60) who has retired following a thirty-eight year career with Bitco.
Vince Lamb joined Bitco as president in 2011 on the heels of a successful 20-year insurance production and underwriting career with ORI's Great West Casualty Company and affiliated insurance agencies. He is a graduate of the
University of Iowa and holds the Chartered Property & Casualty Underwriter ("CPCU") designation. As President and Chief Executive Officer he will lead Bitco as the senior member of its Office of the Chief Executive Officer.
Bitco's Insurance Companies are expected to continue growing nationally as specialty insurers focused on both middle market and larger commercial enterprises. Their current production and underwriting competence are oriented toward the oil and gas, construction, and forest products industries. Certain additions to current product offerings and new niche markets are being considered as the companies aim to accelerate their growth as specialized insurance underwriters.
About Bitco and Old Republic
Bitco's Bituminous Insurance Companies trace their beginnings to the 1920's and became ORI subsidiaries through a 1985 merger.
Chicago-based Old Republic International Corporation, which also traces its origins to the 1920's, is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages, principally in the property and liability, and title insurance fields. A long term interest in mortgage guaranty and consumer credit indemnity lines has devolved to a run-off operating mode in recent times.
One of the nation's 50 largest publicly owned insurance organizations, Old Republic has consolidated assets of approximately
$16.18 billion and common shareholders' equity of
$3.69 billion (
$14.40 per share). Its current stock market valuation is approximately
$2.93 billion, (
$11.44 per share).
For the latest news releases and other corporate documents on Old Republic International visit www.oldrepublic.com
SOURCE Old Republic International Corporation