Old Republic International Corp. (ORI) announced it is combining its Consumer Credit Indemnity or CCI division with its Mortgage Guaranty or MI segment.
The two operations offer similar insurance coverages, share the same senior management leadership, and have been operating in run-off mode since 2008 and August 2011, respectively.
The company said that, with this action, the Old Republic Mortgage Guaranty Group or ORMGG has been re-named the Republic Financial Indemnity Group, Inc. or RFIG.
The company noted that RFIG will include a credit indemnity insurer, three existing mortgage insurers, and four related services entities, all of which will be separately held.
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