Major insurer Old Republic International Corporation (ORI) is expanding its specialty division with the launch of a new underwriting organisation dedicated to environmental insurance products. The new subsidiary, Old Republic Environmental, Inc., provides customised primary and excess liability solutions to businesses of varying scales and complexities. The products are distributed through a curated network of wholesale and retail brokers. George Holderied joins the new venture as President. Holderied brings 22 years of environmental underwriting experience to the role, having most recently worked at AIG. The move aligns with ORI's strategy of focusing on specialty risks, a segment of the market that often intersects with captive programmes looking to secure hard-to-place coverages such as pollution liability. Craig R. Smiddy, ORI’s president and chief executive officer, comments that the new company is a strategic fit for the larger group. Smiddy states: “Environmental insurance is a specialty product that aligns with our strategy and focus on underwriting excellence.” He adds that Holderied’s “deep background in environmental sciences and underwriting leadership along with Old Republic’s brand, resources and financial strength will allow us to leverage and grow another specialty insurance segment.” Old Republic Environmental is the seventh new specialty company Old Republic has launched in the last eight years, adding further diversification to the Old Republic Specialty Insurance Group.
