Old Republic is set to acquire a major insurer of small farm owners and select commercial agricultural operations.
The specialty insurer bought Everett Cash Mutual Insurance Co. and affiliated companies for an undisclosed number, following its conversion to a stock company in a sponsored demutualization transaction.
"With ECM's 'narrow and deep' expertise in the farm owners 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," Old Republic President and CEO Craig Smiddy said in a press release Thursday.
The deal is expected to close in 2026 and be accretive to book value per share and operating income per share.
Everett Cash Mutual is headquartered in Everett, Pa. and operates in 48 states and the District of Columbia. It 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, the release said.
"After 112 years, ECM has found a partner in Old Republic that shares our culture of underwriting excellence," Everett Cash Mutual President and CEO Randy Shaw said in the release. "With the combined financial and operational resources available to us, we can continue to pursue our mission of becoming the preeminent farm owners carrier in the country."
Founded in 1923 and a member of the Fortune 500, Old Republic operates diverse property and casualty and
Old Republic also announced its third quarter earnings Thursday, which reported revenue of $2.32 billion, up 8.2% over the same period last year, and earnings per share of $1.11, down from $1.32 a year ago. Both marked significant jumps above estimates.
