US based Insurance firm, Old Republic International has proclaimed the integration of its Consumer Credit Indemnity (CCI) division with its Mortgage Guaranty (MI) segment.
With the merger of the two entities, the Old Republic Mortgage Guaranty Group (ORMGG) has been re-named the Republic Financial Indemnity Group (RFIG).
RFIG will comprise a credit indemnity insurer, three existing mortgage insurers, and four related services entities, all of which will be separately held.
The company said that it has decided to combine the firms to safeguard policyholders’ interests in its general (property and liability), title, and life & health insurance subsidiaries by maintaining long-established protective barriers around the companies and protect economic values inuring to the Company’s debt holders and shareholders.
The integration process will need certain regulatory approvals, such as the authorization of various inter-company general insurance agreements for the CCI line, and the transfer of a small general insurance subsidiary to RFIG.
Old Republic International owns assets of nearly $16bn and common shareholders’ equity of $3.77bn, or $14.76 per share.