Old Republic International announced that it has signed a definitive agreement to acquire Everett Cash Mutual Insurance (ECM) and its affiliated companies, following ECM’s planned conversion from a mutual insurance company to a stock company through a sponsored demutualization transaction. The acquisition remains subject to regulatory and policyholder approval and is expected to close in 2026.
Headquartered in Everett, Pennsylvania, ECM is a prominent insurer specializing in small farmowners and select commercial agricultural operations. Operating across 48 states and the District of Columbia, ECM reported $237 million in direct written premiums in 2024 and maintained a consolidated statutory policyholders’ surplus of $126 million. The company has a longstanding history of profitable growth and a reputation for disciplined underwriting in agricultural insurance.
Upon closing, Old Republic expects the acquisition to be accretive to both book value per share and operating income per share. The transaction reinforces Old Republic’s strategy of expanding its presence in niche specialty markets. It aligns with the company’s focus on partnering with firms that demonstrate strong underwriting performance and cultural alignment.
Old Republic, a Fortune 500 specialty insurer founded in 1923, operates across the property and casualty and title insurance sectors throughout the United States and Canada. Its subsidiaries provide customized underwriting and risk management solutions tailored to various industries, backed by nearly a century of financial stability and operational excellence.
The acquisition will bring ECM’s team and expertise into Old Republic’s portfolio, strengthening its presence in the agricultural insurance sector. ECM’s leadership, including President and CEO Randy Shaw, will continue to advance the company’s mission within the Old Republic family, leveraging expanded financial and operational resources to support growth.
Support/counsel: Griffin Financial Group served as financial advisor and Troutman Pepper Locke acted as legal counsel for Old Republic. ECM was advised by Philo Smith Capital as financial advisor and Mette, Evans & Woodside as legal counsel. Feldman Financial Advisors provided a fairness opinion to ECM’s Board of Directors.
KEY QUOTES:
“With ECM’s ‘narrow & deep’ expertise in the farmowners and commercial agricultural market and their commitment to underwriting excellence, there is a strong strategic and cultural fit with ORI’s portfolio of specialty companies. We welcome Randy Shaw, his team, and his customers to Old Republic and look forward to sustained profitable growth.”
Craig R. Smiddy, President & CEO, Old Republic International Corporation
“After 112 years, ECM has found a partner in Old Republic that shares our culture of underwriting excellence. With the combined financial and operational resources available to us, we can continue to pursue our mission of becoming the preeminent farmowners carrier in the country.”
Randy Shaw, President & CEO, Everett Cash Mutual Insurance Co.
