Old Republic sells run-off mortgage business to Arch Capital for ~$140M

OLD REPUBLIC INTERNATIONAL CORP

Total consideration ~$140M; ORI also expects $25M final Q4 dividend from subsidiary.
Transaction involves sale of RMIC Companies, Inc. to Arch U.S. MI Holdings Inc.
Deal subject to regulatory approval; expected to close in first half 2024.
ORI placed this business in run-off in 2011; received over $398M in dividends over past 5 years from subsidiaries.
Insurance Advisory Partners and Kirkland & Ellis advised ORI.

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