Old Republic International Corporation has formed a new operating company, Old Republic Property, to underwrite specialized property insurance products through a national retail broker distribution network.
The company will be led by Patrick Hagerty (pictured) as president.
Hagerty brings more than 20 years of 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.
Announcing the move, Craig Smiddy, Old Republic International's 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.”
Old Republic Property is the seventh new specialty operating company Old Republic has launched since 2021.
The new property platform extends a multi-year build-out of Old Republic’s specialty franchise. Since 2021, the group has rolled out several focused underwriting units - including inland marine, excess and surplus, lawyers’ professional, accident and health, and cyber - as it has rebranded its former general insurance segment into “specialty insurance” and organized around niche businesses rather than broad commercial lines.
Specialty insurance is now the company’s largest segment, providing property and liability coverage primarily to commercial clients, and accounts for a growing share of group premium and earnings. The segment has delivered strong premium growth and mid-90s combined ratios in recent years, underscoring its role as a key profit engine for the group.
Historically, Old Republic has maintained relatively low direct property catastrophe exposure, relying on reinsurance to limit volatility and leaning more heavily on casualty lines such as commercial auto, workers’ compensation, and general liability. The creation of Old Republic Property signals a more deliberate move to build a specialized property portfolio, while retaining a stated focus on disciplined aggregate and catastrophe management.
The launch comes as the commercial property market moves off the peak of the recent hard cycle and into a more competitive phase, especially for better-quality risks.
Market data from major brokers show US commercial property rates moderating after several years of steep increases, with rate reductions emerging for non‑catastrophe‑exposed, well-performing accounts, even as catastrophe‑exposed schedules remain under pressure. At the same time, global insured catastrophe losses have stayed elevated, keeping underwriters focused on accumulation control, pricing adequacy, and reinsurance costs.
In that environment, brokers and buyers continue to look for stable, long-term capacity partners that are willing to deploy meaningful line sizes but are not chasing short-term market swings. A new property carrier backed by Old Republic’s balance sheet and framed around “technical expertise, portfolio management, and long-term profitability” is likely to attract interest from retail brokers building out towers for mid-market and national accounts.
Old Republic has consistently emphasized a “managing for the long run” strategy, pointing to a conservative investment profile and a multi-decade record of uninterrupted regular dividends and regular dividend increases. At the same time, it has used targeted start-ups rather than large acquisitions to expand its specialty footprint.
Old Republic Property will distribute through a national network of retail brokers, positioning it squarely in the mainstream commercial property market rather than as a delegated-authority or niche program writer. That should enable the new company to compete for accounts that are actively reshaping their property placements as capacity returns and pricing diverges between catastrophe and non‑catastrophe business.
