Old Republic International has spun out Lodestar Claims & Risk Services as a standalone operating company, giving its TPA business its own brand for the first time in more than 30 years.
The move extends a five-year restructuring that has now produced eight independent entities within the group.
Lodestar Claims previously operated as a division of PMA Companies, Old Republic's carrier subsidiary. Under the new structure, it will function as a separate entity while remaining within the parent organization. Operations, leadership, and the service model will stay unchanged.
The rebrand is the latest step in a deliberate buildout that began in 2021. Since then, Old Republic has launched seven specialty underwriting companies spanning inland marine, excess and surplus, lawyers' professional, accident and health, cyber, and property.
The group had already renamed its general insurance segment to "Specialty Insurance" at year-end 2024, reflecting a shift toward niche-focused underwriting across 18 subsidiaries.
Old Republic has pursued this expansion through targeted start-ups rather than acquisitions, distinguishing its approach from the private equity-backed roll-up strategies common elsewhere in the specialty market.
Lodestar Claims is a top 10 national TPA, providing claims administration and risk services to middle-market and large employers, national carriers, and distribution partners across all 50 states.
PMA Companies has previously said its TPA division achieved double-digit year-over-year growth, a trajectory that may have outgrown the division's profile within a carrier subsidiary.
The broader TPA market provides favorable tailwinds. Mordor Intelligence values the global insurance TPA market at $592.52 billion in 2026, projecting 7.36% annual growth through 2031. SkyQuest estimates that North America accounts for roughly 60% of that market.
Research from The Insight Partners notes that TPAs are increasingly viewed as strategic partners for insurers seeking operational efficiency, a trend that benefits standalone brands competing against established players such as Sedgwick and Gallagher Bassett.
For full-year 2025, Old Republic posted net income of $935.4 million, up from $852.7 million the prior year. Consolidated net premiums and fees earned rose 9.8% to $2.13 billion in the fourth quarter, while book value per share reached $24.21, a 22% increase over year-end 2024.
Management noted that expense ratios during 2025 were elevated partly due to start-up costs tied to its new operating companies.
Craig Smiddy (pictured above), CEO of Old Republic, said establishing Lodestar as a standalone brand "strengthens its ability to grow as a national TPA while continuing to deliver consistent, high-quality service to clients."
Michael MacAulay, president of Lodestar Claims, said operating independently allows the business to define its market role more clearly, building on more than three decades of experience.
