Old Republic International (ORI) has agreed to acquire Everett Cash Mutual Insurance (ECM) subject to the completion of ECM’s transition to a stock company through a sponsored demutualisation.  

ECM, headquartered in Everett, Pennsylvania, provides insurance services to small farm owners and commercial agricultural businesses across 48 US states and the District of Columbia.  

In 2024, ECM’s direct written premium (DWP) reached $237m and the company concluded the year with a consolidated statutory policyholders’ surplus of $126m. 

ECM CEO and president Randy Shaw said: “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 pre-eminent farm owners carrier in the country.” 

The acquisition is due to be completed in 2026, pending necessary regulatory and policyholder approvals. 

It is projected to contribute positively to ORI’s book value per share and operating income per share.  

In the transaction, Griffin Financial Group acted as financial advisor to ORI, with Troutman Pepper Locke as legal advisor.  

ECM’s financial advisory was provided by Philo Smith Capital, and legal advice by Mette, Evans & Woodside. Feldman Financial Advisors also offered a fairness opinion to ECM’s Board of Directors. 

Old Republic CEO and president Craig Smiddy stated: “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.” 

Earlier this year, ORI established Old Republic Cyber, an underwriting subsidiary focused on cyber and technology errors and omission insurance products targeting the cyber and technology sectors.