Credit: Wright Studio, Shutterstock.com.

Chicago-based Old Republic International has formed a new entity to offer commercial inland marine insurance solutions.

Dubbed Old Republic Inland Marine (ORIM), the new venture will deal with specialised inland marine products through retail as well as wholesale distribution channels.

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Old Republic plans to meet the capital requirements from internal capital reserves while operating infrastructure will be offered by the overall resources of its general insurance group subsidiaries. Matt Bisig will spearhead the new entity as president.

Commenting on the new venture, Old Republic International CEO Craig Smiddy said: “Old Republic Inland Marine is a natural extension and continuation of Old Republic’s long, successful history of providing specialised Commercial Insurance related products.

“Under Matt Bisig’s leadership, we are confident our solutions will meet and exceed stakeholders’ expectations.”

Organised as an insurance holding company, Old Republic International is said to be one of the 50 largest shareholder-owned insurance businesses in the US. Its subsidiaries market, underwrite, as well as offer risk management services for coverages primarily in the areas of general and title insurance.

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In April 2019, Aon created a dedicated global construction & inland marine unit by merging its construction & engineering and inland marine teams.

Called the Global Construction & Inland Marine practice group, the new unit was created to further enable the firm to properly resource the business and capitalise on best practices.