Old Republic redomiciles to Florida

One of the largest and oldest title insurance underwriters in America has made Florida its new company home.

Old Republic National Title Insurance Company, currently based in Minneapolis, Minnesota, already writes more title insurance policies in Florida than any other company.

The Florida Office of Insurance Regulation said that changes in reserving requirements for title underwriters, created by passage of 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.

“Old Republic has been a reliable, steadfast company since it was first licensed in Florida in 1941 and we are delighted to have them join a growing number of insurance companies domesticating here in Florida,” said Kevin McCarty, Florida Insurance Commissioner. “It is important that our insurance market is competitive and thriving, and that our Florida consumers can get the products they need at appropriate rates.”

Rande Yeager, Old Republic’s chairman and chief executive officer, added: “The timing was right for the Company to redomicile in Florida, as it is a very important state to us. 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.”