Chicago-based Old Republic International Corp has announced the formation of a new venture, Old Republic Inland Marine (ORIM) to provide commercial Inland Marine insurance solutions.
Old Republic said that the new company would focus its operations on specialized Inland Marine products through retail and wholesale distribution channels.
The new venture will be led by Matt Bisig as President. Bisig joins from Everest National Insurance Co, where he had been Vice President II. He will remain based in the Greater Chicago area.
ORIM represents an expansion of Old Republic’s general insurance and related services. Capital requirements will be provided from internally available capital funds. The operating infrastructure will be provided by the overall resources of Old Republic’s General Insurance Group subsidiaries.
Old Republic president and CEO said that “Old Republic Inland Marine is a natural extension and continuation of Old Republic’s long, successful history of providing specialized Commercial Insurance related products. Under Matt Bisig’s leadership, we are confident our solutions will meet and exceed stakeholders’ expectations.”