Old Republic National Title Moving Domicile to Florida from Minnesota

One of the largest title insurance underwriters in America has decided to make Florida its new company home. Old Republic National Title Insurance Co., currently based in Minneapolis, Minnesota, already writes more title insurance policies in Florida than any other company.

Florida Insurance Commissioner Kevin M. McCarty said changes in reserving requirements for title underwriters, created by passage of legislation (HB 805) this past spring by the Florida Legislature, are making Florida a more attractive place for title companies. Prior to its passage, Florida had one of the highest statutory premium reserve requirements among states in which major title insurers are domiciled. The bill also eliminated accounting duplications and exempted title insurers from paying premium tax on the portion of premiums retained by agents and agencies.

“The timing was right for the company to redomicile in Florida, as it is a very important state to us,” said Rande Yeager, Old Republic chairman and CEO in the announcement. “We look forward to continued growth, and to building a long-standing association and reputation as a strong corporate citizen that Florida is proud to call one of its own.”

Florida is the company’s number one market, with nearly 14 percent of its two million policies written in the state. Old Republic employs 1,436 people nationwide, including 251 in Florida, and its facilities include a policyholder relations office in Tampa. It has an “A2” rating by Moody’s, the highest rating awarded to title insurers, and has a total surplus of $413 million. It is the lead underwriter in the Old Republic Title Insurance Group of companies.

Old Republic is the 82^nd insurance entity this year to start or expand its business offerings in Florida, according to the OIR’s list of new entries on its website.

Source: OIR

Topics Florida Minnesota