Old Republic Plunges as Insurer Halts Mortgage-Unit Spinoff
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Old Republic International Corp. plunged the most since 2009 in New York trading after the insurer withdrew a plan to spin off the mortgage-guaranty operation that ran short of capital.
The halt is a response to “objections raised by certain stakeholders that RFIG’s separation from Old Republic would be disadvantageous to their interests and expectations,” the Chicago-based insurer said today in a statement, referring to its Republic Financial Indemnity Group subsidiary. Old Republic didn’t identify the stakeholders in the statement or return a call seeking comment.