CHICAGO, April 22, 2021 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today reported the following
consolidated results (a):
OVERALL
RESULTS
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Quarters Ended March
31,
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2021
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2020
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% Change
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Pretax income
(loss)
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$
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630.6
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$
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(769.9)
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Pretax investment
gains (losses)
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375.4
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(944.1)
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Pretax income (loss)
excluding investment gains (losses)
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$
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255.1
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$
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174.2
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46.5
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%
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Net income
(loss)
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$
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502.1
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$
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(604.8)
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Net of tax investment
gains (losses)
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295.7
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(745.6)
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Net income (loss)
excluding investment gains (losses)
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$
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206.3
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$
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140.8
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46.5
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%
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PER DILUTED
SHARE
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Quarters Ended March
31,
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2021
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2020
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% Change
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Net income
(loss)
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$
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1.68
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$
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(2.01)
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Net of tax investment
gains (losses)
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.99
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(2.48)
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Net income (loss)
excluding investment gains (losses)
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$
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.69
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$
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.47
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46.8
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%
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SHAREHOLDERS'
EQUITY
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March 31,
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Dec. 31,
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2021
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2020
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% Change
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Shareholders' equity:
Total
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$
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6,451.8
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$
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6,186.6
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4.3
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%
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Per Common
Share
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$
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21.59
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$
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20.75
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4.0
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%
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________
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(a) All amounts in
this report are stated in millions except common stock data and
percentages.
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This year's first quarter consolidated pretax income, excluding
investment gains or losses continued to show strong growth in
profitability in the General Insurance and Title Insurance
businesses. Solid underwriting results produced a consolidated
combined ratio of 90.9%, compared to 95.1% in the first quarter of
2020. Total and per share net income reflect significant changes in
the fair value of equity securities, particularly by comparison to
2020's first quarter when equity markets were disrupted by the
onset of the COVID-19 pandemic.
In the first quarter the economy began to recover from the
effects of the pandemic as the widespread distribution of effective
vaccines commenced. General Insurance earned premiums increased
slightly compared to the first quarter of 2020 when the impact of
the pandemic was not yet reflected. Title Insurance continued to
experience robust growth in premium and fee revenues as low
interest rates and a favorable real estate market persisted. The
RFIG Run-off business produced a small underwriting profit as
delinquencies continued to decline from the elevated levels at the
height of the pandemic.
Net investment income decreased for the quarter as moderate
growth in the invested asset base was more than offset by lower
investment yields. As the equity market performance continued to
improve, the Company's common stock portfolio appreciated, however
was partially offset by declines in the fixed maturity portfolio.
This overall favorable investment valuation, along with higher
retained earnings contributed to an increased book value per share
of $21.59 as of March 31, 2021 from $20.75 at December 31,
2020.
As the economy emerges from the impacts of the pandemic, premium
and fee revenues in General Insurance could continue growing,
especially compared to the 2020 periods where exposure levels were
lower due to the effects of the pandemic on economic activity and
employment levels. Title Insurance premium and fee revenues could
remain strong as long as low interest rates and a favorable real
estate market continue. In the RFIG Run-off business, future claims
experience could depend upon the continued, mitigating effects of
loan forbearance programs mandated by the Federal government, and
the rate at which employment levels recover. Management believes
that the Company's strong financial condition will enable it to
thrive as the economy recovers.
Old Republic's business is managed for the long run. In this
context management's key objectives are to achieve highly
profitable operating results over the long term, and to ensure
balance sheet strength for the primary needs of the insurance
subsidiaries' underwriting and related services business. In this
view, the evaluation of periodic and long-term results excludes
consideration of all investment gains and (losses). Under Generally
Accepted Accounting Principles (GAAP), however, net income (loss),
which includes all specifically defined realized and unrealized
investment gains and (losses), is the measure of total
profitability.
In management's opinion, the focus on income (loss) excluding
all investment gains and losses provides a better way to
realistically analyze, evaluate, and establish accountability for
the results and benefits that arise from the basic operations of
the business. The inclusion of realized investment gains and
(losses) in net income (loss) can mask the reality and trends in
the fundamental operating results of the insurance business. That
is because their realization is, more often than not, highly
discretionary. It is usually affected by the timing of individual
securities sales, tax-planning considerations, and modifications of
investment management judgments about the direction of securities
markets or the prospects of individual investees or industry
sectors. Moreover, the inclusion of unrealized investment gains and
(losses) in equity securities can further distort such operating
results and trends therein and thus lead to even greater
period-to-period fluctuations in reported net income (loss). The
impact of the continuous volatility in stock market valuations is
most evident in its net of tax effect on net income (loss) for the
periods reported upon.
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FINANCIAL
HIGHLIGHTS
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Quarters Ended March
31,
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SUMMARY INCOME
STATEMENTS (a):
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2021
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2020
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% Change
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Revenues:
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Net premiums and fees
earned
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$
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1,838.9
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$
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1,559.3
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17.9
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%
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Net investment
income
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104.3
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114.1
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-8.6
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Other
income
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36.3
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34.6
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4.7
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Total operating
revenues
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1,979.6
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1,708.2
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15.9
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Investment gains
(losses):
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Realized from actual
transactions
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7.8
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18.5
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Unrealized from
changes in fair value of equity securities
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367.5
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(962.7)
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Total investment gains
(losses)
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375.4
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(944.1)
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Total
revenues
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2,355.0
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764.0
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Operating
expenses:
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Claim costs
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603.4
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622.6
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-3.1
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Sales and general
expenses
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1,110.3
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899.4
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23.4
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Interest and other
charges
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10.6
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11.9
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-10.6
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Total operating
expenses
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1,724.4
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1,534.0
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12.4
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%
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Pretax income
(loss)
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630.6
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(769.9)
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Income taxes
(credits)
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128.5
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(165.1)
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Net income
(loss)
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$
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502.1
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$
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(604.8)
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COMMON STOCK
STATISTICS:
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Components of net
income (loss) per share:
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Basic net
income (loss) excluding investment gains (losses)
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$
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0.69
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$
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0.47
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46.8
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%
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Net investment gains
(losses):
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Realized from actual
transactions
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0.02
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0.05
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Unrealized from
changes in fair value of equity securities
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0.97
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(2.53)
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Basic net income
(loss)
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$
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1.68
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$
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(2.01)
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Diluted net
income (loss) excluding investment gains (losses)
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$
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0.69
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$
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0.47
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46.8
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%
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Net investment gains
(losses):
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Realized from actual
transactions
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0.02
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0.05
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Unrealized from
changes in fair value of equity securities
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0.97
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(2.53)
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Diluted net income
(loss)
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$
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1.68
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$
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(2.01)
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Cash dividends on
common stock
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$
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0.22
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$
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0.21
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Book value per
share
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$
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21.59
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$
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17.29
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24.9
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%
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(a) Certain
reclassification adjustments were made to increase net premiums and
fees earned with a corresponding increase to sales and general
expenses in the quarter ended March 31, 2020 to conform the prior
period to the current presentation. See Note (a) in Title Insurance
Segment Results on page (5).
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Management believes the information in sections A to G and J of
the table on the following page highlight the most meaningful,
realistic indicators of ORI's segmented and consolidated financial
performance. The information underscores the necessity of reviewing
reported results by separating the inherent volatility of
securities markets and their above-noted impact on reported net
income (loss).
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Major Segmented
and Consolidated
Elements of Income (Loss)
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Quarters Ended March
31,
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2021
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2020
|
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% Change
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A. Net premiums,
fees, and other income (c):
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General
insurance
|
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$
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859.1
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$
|
852.8
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0.7
|
%
|
Title
insurance
|
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967.7
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690.7
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40.1
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Corporate and
other
|
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2.8
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3.1
|
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|
-9.4
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Other
income
|
|
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|
36.3
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|
34.6
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|
|
4.7
|
|
Subtotal
|
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|
1,866.0
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|
1,581.4
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|
|
18.0
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|
RFIG run-off
business
|
|
|
|
|
|
|
9.2
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|
|
12.6
|
|
|
-26.8
|
|
Consolidated
|
|
|
|
|
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|
$
|
1,875.2
|
|
|
$
|
1,594.0
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|
17.6
|
%
|
|
|
|
|
|
|
|
|
|
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|
B. Underwriting
and related services income (loss):
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|
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General
insurance
|
|
|
|
|
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|
$
|
71.9
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|
|
$
|
37.5
|
|
|
91.7
|
%
|
Title
insurance
|
|
|
|
|
|
|
93.8
|
|
|
33.3
|
|
|
181.1
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|
Corporate and
other
|
|
|
|
|
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|
(6.0)
|
|
|
(2.9)
|
|
|
-103.1
|
|
Subtotal
|
|
|
|
|
|
|
159.7
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|
|
67.9
|
|
|
135.2
|
|
RFIG run-off
business
|
|
|
|
|
|
|
1.7
|
|
|
4.0
|
|
|
-56.7
|
|
Consolidated
|
|
|
|
|
|
|
$
|
161.4
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|
$
|
71.9
|
|
|
124.4
|
%
|
C. Consolidated
underwriting ratio (d):
|
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|
|
|
|
|
|
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Claim ratio
|
|
|
|
|
|
|
32.8
|
%
|
|
39.9
|
%
|
|
|
Expense
ratio
|
|
|
|
|
|
|
58.1
|
|
|
55.2
|
|
|
|
Combined
ratio
|
|
|
|
|
|
|
90.9
|
%
|
|
95.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D. Net investment
income:
|
|
|
|
|
|
|
|
|
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|
|
General
insurance
|
|
|
|
|
|
|
$
|
84.8
|
|
|
$
|
90.6
|
|
|
-6.3
|
%
|
Title
insurance
|
|
|
|
|
|
|
10.5
|
|
|
10.8
|
|
|
-3.0
|
|
Corporate and
other
|
|
|
|
|
|
|
5.7
|
|
|
8.3
|
|
|
-31.2
|
|
Subtotal
|
|
|
|
|
|
|
101.1
|
|
|
109.8
|
|
|
-7.9
|
|
RFIG run-off
business
|
|
|
|
|
|
|
3.2
|
|
|
4.3
|
|
|
-26.4
|
|
Consolidated
|
|
|
|
|
|
|
$
|
104.3
|
|
|
$
|
114.1
|
|
|
-8.6
|
%
|
E. Interest and
other charges (credits):
|
|
|
|
|
|
|
|
|
|
|
|
General
insurance
|
|
|
|
|
|
|
$
|
16.0
|
|
|
$
|
18.0
|
|
|
|
Title
insurance
|
|
|
|
|
|
|
0.6
|
|
|
0.8
|
|
|
|
Corporate and other
(a)
|
|
|
|
|
|
|
(5.9)
|
|
|
(6.9)
|
|
|
|
Subtotal
|
|
|
|
|
|
|
10.6
|
|
|
11.9
|
|
|
|
RFIG run-off
business
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
Consolidated
|
|
|
|
|
|
|
$
|
10.6
|
|
|
$
|
11.9
|
|
|
-10.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
F. Segmented and
consolidated pretax income (loss)
|
|
|
|
|
|
|
|
|
excluding
investment gains (losses)(B+D-E):
|
|
|
|
|
|
|
|
|
General
insurance
|
|
|
|
|
|
|
$
|
140.8
|
|
|
$
|
110.1
|
|
|
27.9
|
%
|
Title
insurance
|
|
|
|
|
|
|
103.7
|
|
|
43.3
|
|
|
139.3
|
|
Corporate and
other
|
|
|
|
|
|
|
5.6
|
|
|
12.3
|
|
|
-54.0
|
|
Subtotal
|
|
|
|
|
|
|
250.1
|
|
|
165.7
|
|
|
50.9
|
|
RFIG run-off
business
|
|
|
|
|
|
|
4.9
|
|
|
8.4
|
|
|
-40.9
|
|
Consolidated
|
|
|
|
|
|
|
255.1
|
|
|
174.2
|
|
|
46.5
|
%
|
Income taxes
(credits) on above (b)
|
|
|
|
|
|
|
48.8
|
|
|
33.3
|
|
|
|
G. Net income
(loss) excluding
|
|
|
|
|
|
|
|
|
|
|
|
investment gains
(losses)
|
|
|
|
|
|
|
206.3
|
|
|
140.8
|
|
|
46.5
|
%
|
H. Consolidated
pretax investment
|
|
|
|
|
|
|
|
|
|
|
|
gains
(losses):
|
|
|
|
|
|
|
|
|
|
|
|
Realized from actual
transactions
|
|
|
|
|
|
|
|
|
|
|
|
and
impairments
|
|
|
|
|
|
|
7.8
|
|
|
18.5
|
|
|
|
Unrealized from
changes in
|
|
|
|
|
|
|
|
|
|
|
|
fair value of equity
securities
|
|
|
|
|
|
|
367.5
|
|
|
(962.7)
|
|
|
|
Total
|
|
|
|
|
|
|
375.4
|
|
|
(944.1)
|
|
|
|
Income taxes
(credits) on above
|
|
|
|
|
|
|
79.6
|
|
|
(198.5)
|
|
|
|
Net of tax
investment gains (losses)
|
|
|
|
|
|
|
295.7
|
|
|
(745.6)
|
|
|
|
I. Net
income (loss)
|
|
|
|
|
|
|
$
|
502.1
|
|
|
$
|
(604.8)
|
|
|
|
J. Consolidated
operating cash flow
|
|
|
|
|
|
|
$
|
296.0
|
|
|
$
|
216.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes
consolidation/elimination entries. (b) The effective tax rates
applicable to pretax income excluding investment gains and (losses)
were 19.1% and 19.2% for the first quarter 2021 and 2020,
respectively. (c) Certain reclassification adjustments were made to
increase net premiums and fees earned with a corresponding increase
to sales and general expenses in the quarter ended March 31, 2020
to conform the prior period to the current presentation. See Note
(a) in Title Insurance Segment results on page (5).
|
|
General Insurance
Segment Results
|
|
|
|
|
|
|
|
|
General
Insurance
|
|
|
|
|
|
|
|
Summary Operating
Results
|
|
|
|
Quarters Ended March
31,
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
% Change
|
Net premiums
written
|
|
|
|
|
|
|
$
|
871.2
|
|
|
$
|
860.7
|
|
|
1.2
|
%
|
Net premiums
earned
|
|
|
|
|
|
|
859.1
|
|
|
852.8
|
|
|
0.7
|
|
Net investment
income
|
|
|
|
|
|
|
84.8
|
|
|
90.6
|
|
|
-6.3
|
|
Other
income
|
|
|
|
|
|
|
36.0
|
|
|
34.5
|
|
|
4.4
|
|
Operating
revenues
|
|
|
|
|
|
|
980.0
|
|
|
978.0
|
|
|
0.2
|
|
Claim
costs
|
|
|
|
|
|
|
567.3
|
|
|
595.4
|
|
|
-4.7
|
|
Sales and general
expenses
|
|
|
|
|
|
|
255.8
|
|
|
254.4
|
|
|
0.5
|
|
Interest and other
charges
|
|
|
|
|
|
|
16.0
|
|
|
18.0
|
|
|
-11.1
|
|
Operating
expenses
|
|
|
|
|
|
|
839.2
|
|
|
867.9
|
|
|
-3.3
|
|
Segment pretax
operating income (loss)
|
|
|
|
|
|
|
$
|
140.8
|
|
|
$
|
110.1
|
|
|
27.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Claim
ratio
|
|
|
|
|
|
|
66.0
|
%
|
|
69.8
|
%
|
|
|
Expense
ratio
|
|
|
|
|
|
|
25.6
|
|
|
25.8
|
|
|
|
Combined
ratio
|
|
|
|
|
|
|
91.6
|
%
|
|
95.6
|
%
|
|
|
General Insurance net premiums earned were up slightly in the
first quarter by comparison to the first quarter of the prior year
which was largely unaffected by the pandemic. Strong premium rate
increases for most lines of coverage, and new business production
continued. Rising premiums in commercial auto, financial indemnity
and property coverages largely offset the decline in workers'
compensation and general liability premiums. Net investment income
decreased for the quarter as lower yields more than offset the
higher investment base.
The General Insurance reported claim ratio improved in the first
quarter, driven by favorable reserve development from prior
periods, and from lower current period claim provisions in workers'
compensation and commercial auto coverages. The expense ratio
remained relatively consistent with the prior year's first quarter,
and generally reflects the line of coverage mix, and the
variability of sales and general expenses among various lines of
coverage. Together, these factors produced significantly greater
pretax operating income for the first quarter.
The following table shows recent annual and interim periods'
claim ratios and the effects of claim development trends:
|
|
|
|
|
Effect of Prior
Periods'
|
|
|
|
|
|
|
|
|
|
(Favorable)/
|
|
Claim Ratio
Excluding
|
|
Reported
|
|
Unfavorable
Claim
|
|
Prior Periods'
Claim
|
|
Claim
Ratio
|
|
Reserves
Development
|
|
Reserves
Development
|
2016
|
|
73.0
|
%
|
|
|
|
0.3
|
%
|
|
|
|
72.7
|
%
|
|
2017
|
|
71.8
|
|
|
|
|
0.7
|
|
|
|
|
71.1
|
|
|
2018
|
|
72.2
|
|
|
|
|
—
|
|
|
|
|
72.2
|
|
|
2019
|
|
71.8
|
|
|
|
|
0.4
|
|
|
|
|
71.4
|
|
|
2020
|
|
69.9
|
%
|
|
|
|
(0.8)
|
%
|
|
|
|
70.7
|
%
|
|
1st Quarter
2020
|
|
69.8
|
%
|
|
|
|
(0.7)
|
%
|
|
|
|
70.5
|
%
|
|
1st Quarter
2021
|
|
66.0
|
%
|
|
|
|
(2.7)
|
%
|
|
|
|
68.7
|
%
|
|
Quarterly and annual claim ratios and trends may not be
particularly meaningful indicators of future outcomes for a
liability-oriented mix of business with relatively long claim
payment patterns. Assuming the current line of coverage mix,
management's targets are claim ratio averages in the high 60% to
low 70% range, expense ratio averages of 25% or below, and a
combined ratio between 90% and 95%.
|
Title Insurance
Segment Results
|
|
|
|
|
|
|
|
|
Title
Insurance
|
|
|
|
|
|
|
|
Summary Operating
Results
|
|
|
|
Quarters Ended March
31,
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
% Change
|
Net premiums and fees
earned (a)
|
|
|
|
|
|
|
$
|
967.7
|
|
|
$
|
690.7
|
|
|
40.1
|
%
|
Net investment
income
|
|
|
|
|
|
|
10.5
|
|
|
10.8
|
|
|
-3.0
|
|
Other
income
|
|
|
|
|
|
|
0.2
|
|
|
0.1
|
|
|
77.1
|
|
Operating
revenues
|
|
|
|
|
|
|
978.4
|
|
|
701.6
|
|
|
39.4
|
|
Claim
costs
|
|
|
|
|
|
|
29.2
|
|
|
21.5
|
|
|
35.8
|
|
Sales and general
expenses (a)
|
|
|
|
|
|
|
844.8
|
|
|
635.9
|
|
|
32.9
|
|
Interest and other
charges
|
|
|
|
|
|
|
0.6
|
|
|
0.8
|
|
|
-24.7
|
|
Operating
expenses
|
|
|
|
|
|
|
874.7
|
|
|
658.3
|
|
|
32.9
|
|
Segment pretax
operating income (loss)
|
|
|
|
|
|
|
$
|
103.7
|
|
|
$
|
43.3
|
|
|
139.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Claim
ratio
|
|
|
|
|
|
|
3.0
|
%
|
|
3.1
|
%
|
|
|
Expense
ratio
|
|
|
|
|
|
|
87.3
|
|
|
92.0
|
|
|
|
Combined
ratio
|
|
|
|
|
|
|
90.3
|
%
|
|
95.1
|
%
|
|
|
________
|
(a) Certain
reclassification adjustments were made to increase net premiums and
fees earned with a corresponding increase to sales and general
expenses of $62.5 in the quarter ended March 31, 2020. These
adjustments were made to conform the prior period to the current
presentation to reflect such revenues gross of applicable
commission expense and had no impact on segmented pretax operating
income (loss).
|
Title Insurance net premiums and fees earned increased by
approximately 40% over the first quarter of 2020, with strong
results generated from both agency and direct production channels.
This performance was driven by a continued low interest rate
environment and a robust real estate market, resulting in an
increase in both purchase transactions and refinance activity.
The Title Insurance reported claim ratio trended slightly lower
for the quarter, influenced by favorable reserve development from
prior periods. The expense ratio improved over the prior year's
first quarter from greater leverage of the expense structure on
significantly higher premium and fee volume.
The following table shows recent annual and interim periods'
claim ratios and the effects of claim development trends:
|
|
|
|
|
Effect of Prior
Periods'
|
|
|
|
|
|
|
|
|
|
(Favorable)/
|
|
Claim Ratio
Excluding
|
|
Reported
|
|
Unfavorable
Claim
|
|
Prior Periods'
Claim
|
|
Claim
Ratio
|
|
Reserves
Development
|
|
Reserves
Development
|
2016
|
|
3.5
|
%
|
|
|
|
(1.0)
|
%
|
|
|
|
4.5
|
%
|
|
2017
|
|
0.8
|
|
|
|
|
(3.0)
|
|
|
|
|
3.8
|
|
|
2018
|
|
1.9
|
|
|
|
|
(1.8)
|
|
|
|
|
3.7
|
|
|
2019
|
|
2.5
|
|
|
|
|
(1.2)
|
|
|
|
|
3.7
|
|
|
2020
|
|
2.3
|
%
|
|
|
|
(1.3)
|
%
|
|
|
|
3.6
|
%
|
|
1st Quarter
2020
|
|
3.1
|
%
|
|
|
|
(0.5)
|
%
|
|
|
|
3.6
|
%
|
|
1st Quarter
2021
|
|
3.0
|
%
|
|
|
|
(0.6)
|
%
|
|
|
|
3.6
|
%
|
|
|
RFIG Run-off
Segment Results
|
|
|
|
|
|
|
|
|
RFIG
Run-off
|
|
|
|
|
|
|
|
Summary Operating
Results
|
|
|
|
Quarters Ended March
31,
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
% Change
|
Mortgage Insurance
(MI)
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
|
|
|
|
|
|
$
|
9.2
|
|
|
$
|
12.6
|
|
|
-26.8
|
%
|
Net investment
income
|
|
|
|
|
|
|
3.2
|
|
|
4.3
|
|
|
-26.4
|
|
Claim
costs
|
|
|
|
|
|
|
4.3
|
|
|
4.7
|
|
|
-9.9
|
|
MI pretax operating
income (loss)
|
|
|
|
|
|
|
$
|
4.9
|
|
|
$
|
8.4
|
|
|
-40.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Claim
ratio
|
|
|
|
|
|
|
46.5
|
%
|
|
37.8
|
%
|
|
|
Expense
ratio
|
|
|
|
|
|
|
34.5
|
|
|
30.2
|
|
|
|
Combined
ratio
|
|
|
|
|
|
|
81.0
|
%
|
|
68.0
|
%
|
|
|
Pretax operating results of RFIG Run-off reflect the expected
continuing drop in net earned premiums from declining risk in
force, and claim costs affected by the economic impacts of the
pandemic. Whereas delinquency trends continued to improve in 2021's
first quarter, they remain elevated by comparison to pre-pandemic
levels. Investment income declined as a result of lower investment
yields and to a lesser extent a lower invested asset base.
Prior to the onset of the pandemic, as indicated in the far
right column of the following table, the RFIG Run-off claim ratios
had experienced a decline in recent periods largely due to a
combination of declining new loan defaults and stable-to-improving
cure rates for outstanding delinquent loans.
|
|
|
|
|
Effect of Prior
Periods'
|
|
|
|
|
|
|
|
|
|
(Favorable)/
|
|
Claim Ratio
Excluding
|
|
Reported
|
|
Unfavorable
Claim
|
|
Prior Periods'
Claim
|
|
Claim
Ratio
|
|
Reserves
Development
|
|
Reserves
Development
|
2016
|
|
34.1
|
%
|
|
|
|
(39.8)
|
%
|
|
|
|
73.9
|
%
|
|
2017
|
|
57.6
|
|
|
|
|
(38.3)
|
|
|
|
|
95.9
|
|
|
2018
|
|
43.2
|
|
|
|
|
(27.0)
|
|
|
|
|
70.2
|
|
|
2019
|
|
55.0
|
|
|
|
|
(12.5)
|
|
|
|
|
67.5
|
|
|
2020
|
|
81.7
|
%
|
|
|
|
(26.5)
|
%
|
|
|
|
108.2
|
%
|
|
1st Quarter
2020
|
|
37.8
|
%
|
|
|
|
(14.6)
|
%
|
|
|
|
52.4
|
%
|
|
1st Quarter
2021
|
|
46.5
|
%
|
|
|
|
(13.5)
|
%
|
|
|
|
60.0
|
%
|
|
|
Corporate and
Other Operating Results
|
|
|
|
|
|
|
|
|
|
Corporate and
Other
|
|
|
|
|
|
|
|
|
Summary Operating
Results
|
|
|
|
|
Quarters Ended March
31,
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
% Change
|
Net life and accident
premiums earned
|
|
|
|
|
|
|
|
$
|
2.8
|
|
|
$
|
3.1
|
|
|
-9.4
|
%
|
Net investment
income
|
|
|
|
|
|
|
|
5.7
|
|
|
8.3
|
|
|
-31.2
|
|
Other operating
income
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Operating
revenues
|
|
|
|
|
|
|
|
8.5
|
|
|
11.5
|
|
|
-25.3
|
|
Claim
costs
|
|
|
|
|
|
|
|
2.4
|
|
|
0.8
|
|
|
181.9
|
|
Insurance
expenses
|
|
|
|
|
|
|
|
0.8
|
|
|
1.2
|
|
|
-35.1
|
|
Corporate, interest
and other expenses - net
|
|
|
|
|
|
|
|
(0.3)
|
|
|
(2.9)
|
|
|
87.3
|
|
Operating
expenses
|
|
|
|
|
|
|
|
2.9
|
|
|
(0.8)
|
|
|
N/M
|
Corporate and other
pretax operating income (loss)
|
|
|
|
|
|
|
|
$
|
5.6
|
|
|
$
|
12.3
|
|
|
-54.0
|
%
|
This segment includes the combination of a small life and
accident insurance business and the net costs associated with the
parent holding company and its internal corporate services
subsidiaries. The segment tends to produce highly variable results
stemming from volatility inherent to the small scale of the life
and accident insurance line, net investment income, and net
interest charges (credits) pertaining to external and intra-system
financing arrangements.
|
Summary
Consolidated Balance Sheet
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
|
2021
|
|
2020
|
|
2020
|
Assets:
|
|
|
|
|
|
Cash and fixed
maturity securities
|
$
|
11,177.3
|
|
|
$
|
11,365.1
|
|
|
$
|
10,149.7
|
|
Equity
securities
|
4,271.3
|
|
|
4,054.8
|
|
|
3,214.9
|
|
Other invested
assets
|
116.1
|
|
|
115.3
|
|
|
114.7
|
|
Cash and invested
assets
|
15,564.7
|
|
|
15,535.3
|
|
|
13,479.4
|
|
Accounts and premiums
receivable
|
1,626.6
|
|
|
1,593.9
|
|
|
1,590.3
|
|
Federal income tax
recoverable: Deferred
|
—
|
|
|
—
|
|
|
130.1
|
|
Reinsurance balances
recoverable
|
4,477.2
|
|
|
4,362.8
|
|
|
3,884.1
|
|
Deferred policy
acquisition costs
|
334.9
|
|
|
328.0
|
|
|
323.3
|
|
Sundry
assets
|
1,045.6
|
|
|
995.0
|
|
|
944.8
|
|
Total
assets
|
$
|
23,049.3
|
|
|
$
|
22,815.2
|
|
|
$
|
20,352.2
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
Policy
liabilities
|
$
|
2,641.2
|
|
|
$
|
2,593.1
|
|
|
$
|
2,479.9
|
|
Claim
reserves
|
10,853.3
|
|
|
10,671.0
|
|
|
9,995.9
|
|
Federal income tax
payable: Current
|
36.9
|
|
|
4.2
|
|
|
27.9
|
|
Deferred
|
165.0
|
|
|
137.3
|
|
|
—
|
|
Reinsurance balances
and funds
|
793.5
|
|
|
725.4
|
|
|
727.9
|
|
Debt
|
947.2
|
|
|
966.4
|
|
|
967.8
|
|
Sundry
liabilities
|
1,160.1
|
|
|
1,530.8
|
|
|
1,009.7
|
|
Total
liabilities
|
16,597.4
|
|
|
16,628.5
|
|
|
15,209.3
|
|
Shareholders'
equity
|
6,451.8
|
|
|
6,186.6
|
|
|
5,142.9
|
|
Total liabilities and
shareholders' equity
|
$
|
23,049.3
|
|
|
$
|
22,815.2
|
|
|
$
|
20,352.2
|
|
|
Cash, Invested
Assets, and Shareholders' Equity
|
|
|
|
Cash, Invested
Assets, and Shareholders' Equity
|
|
|
|
|
|
|
|
|
% Change
|
|
|
March 31,
|
|
Dec. 31,
|
|
March 31,
|
|
March '21/
|
|
March '21/
|
|
|
2021
|
|
2020
|
|
2020
|
|
Dec. '20
|
|
March '20
|
Cash and invested
assets:
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity
securities, cash and other invested assets
|
$
|
11,293.4
|
|
|
$
|
11,480.4
|
|
|
$
|
10,264.5
|
|
|
-1.6
|
%
|
|
10.0
|
%
|
|
Equity
securities
|
4,271.3
|
|
|
4,054.8
|
|
|
3,214.9
|
|
|
5.3
|
|
|
32.9
|
|
|
Total per balance
sheet
|
$
|
15,564.7
|
|
|
$
|
15,535.3
|
|
|
$
|
13,479.4
|
|
|
0.2
|
%
|
|
15.5
|
%
|
|
Total at cost for
all
|
$
|
14,054.8
|
|
|
$
|
14,151.6
|
|
|
$
|
13,415.6
|
|
|
-0.7
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of
shareholders' equity per share:
|
|
|
|
|
|
|
|
|
|
|
Equity before items
below
|
$
|
18.22
|
|
|
$
|
17.73
|
|
|
$
|
17.58
|
|
|
2.8
|
%
|
|
3.6
|
%
|
|
Unrealized investment
gains (losses) and other
|
|
|
|
|
|
|
|
|
|
|
|
accumulated
comprehensive income (loss)
|
3.37
|
|
|
3.02
|
|
|
(0.29)
|
|
|
|
|
|
|
|
|
Total
|
$
|
21.59
|
|
|
$
|
20.75
|
|
|
$
|
17.29
|
|
|
4.0
|
%
|
|
24.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segmented
composition of
|
|
|
|
|
|
|
|
|
|
shareholders' equity per
share:
|
|
|
|
|
|
|
|
|
|
|
Excluding RFIG
run-off segment
|
$
|
20.13
|
|
|
$
|
19.25
|
|
|
$
|
15.89
|
|
|
4.6
|
%
|
|
26.7
|
%
|
|
RFIG run-off
segment
|
1.46
|
|
|
1.50
|
|
|
1.40
|
|
|
|
|
|
|
|
|
Consolidated
total
|
$
|
21.59
|
|
|
$
|
20.75
|
|
|
$
|
17.29
|
|
|
4.0
|
%
|
|
24.9
|
%
|
Old Republic's invested assets portfolio is directed in
consideration of enterprise-wide risk management objectives. Most
importantly, these are intended to ensure solid funding of the
insurance subsidiaries' long-term obligations to customers,
policyholders and their beneficiaries, as well as the long-term
stability of the subsidiaries' capital accounts. For these reasons,
the investment portfolio contains no significant insurance
risk-correlated asset exposures to real estate, mortgage-backed
securities, collateralized debt obligations (CDO's), derivatives,
hybrid securities, or illiquid private equity and hedge fund
investments. Moreover, the Company does not engage in hedging or
securities lending transactions, nor does it invest in securities
whose values are predicated on non-regulated financial instruments
exhibiting amorphous or unfunded counter-party risk attributes.
As of March 31, 2021, the
consolidated investment portfolio reflected an allocation of
approximately 72% to fixed-maturity (bonds and notes) and
short-term investments, and 28% to equity securities (common
stock). The fixed-maturity portfolio continues to be the anchor for
the insurance underwriting subsidiaries' obligations. The
maturities are stratified and conservatively matched to the
expected timing of paying those obligations in the future. The
quality of the investment portfolio has remained at high
levels.
In recent years, a significant portion of our investable funds
have been directed toward high-quality common stocks of U.S.
companies (currently limited to fewer than 100 issues). We favor
those with long-term records of reasonable earnings growth and
steadily increasing dividends. Pursuant to enterprise risk
management guidelines and controls, we perform regular stress tests
of the equities portfolio to gain reasonable assurance that
periodic downdrafts in market prices would not seriously undermine
our financial strength and the long-term continuity and prospects
of our insurance underwriting business.
Changes in shareholders' equity per share are reflected in the
following table. As shown, these resulted mostly from net income
excluding net investment gains (losses), realized and unrealized
investment gains or losses, and dividend payments to
shareholders.
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
Per
Share
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
2021
|
|
2020
|
Beginning
balance
|
|
|
|
|
$
|
20.75
|
|
|
$
|
19.98
|
|
Changes in
shareholders' equity:
|
|
|
|
|
|
|
|
Net income (loss)
excluding net investment gains (losses)
|
|
|
|
|
0.69
|
|
|
0.47
|
|
Net of tax realized
investment gains (losses)
|
|
|
|
|
0.02
|
|
|
0.05
|
|
Net of tax unrealized
investment gains (losses) on
|
|
|
|
|
|
|
|
securities
carried at fair value
|
|
|
|
|
0.33
|
|
|
(2.99)
|
|
Total net of tax
realized and unrealized
|
|
|
|
|
|
|
|
investment gains
(losses)
|
|
|
|
|
0.35
|
|
|
(2.94)
|
|
Cash
dividends
|
|
|
|
|
(0.22)
|
|
|
(0.21)
|
|
Other
|
|
|
|
|
0.02
|
|
|
(0.01)
|
|
Net change
|
|
|
|
|
0.84
|
|
|
(2.69)
|
|
Ending
balance
|
|
|
|
|
$
|
21.59
|
|
|
$
|
17.29
|
|
Percentage change for
the period
|
|
|
|
|
4.0
|
%
|
|
-13.5
|
%
|
|
Capitalization
|
|
|
Capitalization
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
|
2021
|
|
2020
|
|
2020
|
Debt:
|
|
|
|
|
|
4.875% Senior Notes
due 2024
|
$
|
398.0
|
|
|
$
|
397.9
|
|
|
$
|
397.5
|
|
3.875% Senior Notes
due 2026
|
546.9
|
|
|
546.8
|
|
|
546.4
|
|
Other miscellaneous
debt
|
2.2
|
|
|
21.7
|
|
|
23.9
|
|
Total debt
|
947.2
|
|
|
966.4
|
|
|
967.8
|
|
Common shareholders'
equity
|
6,451.8
|
|
|
6,186.6
|
|
|
5,142.9
|
|
Total
capitalization
|
$
|
7,399.0
|
|
|
$
|
7,153.1
|
|
|
$
|
6,110.7
|
|
|
|
|
|
|
|
Capitalization
ratios:
|
|
|
|
|
|
Debt
|
12.8
|
%
|
|
13.5
|
%
|
|
15.8
|
%
|
Common shareholders'
equity
|
87.2
|
|
|
86.5
|
|
|
84.2
|
|
Total
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Managing Old
Republic's Insurance Business for the Long-Run
|
The insurance business is distinguished from most others in that
the prices (premiums) charged for various insurance products are
set without certainty of the ultimate benefit and claim costs that
will emerge, often many years after issuance and expiration of a
policy. This basic fact casts Old Republic as a risk-taking
enterprise managed for the long run. Old Republic therefore
conducts the business with a primary focus on achieving favorable
underwriting results over cycles, and on the maintenance of
financial soundness in support of the insurance subsidiaries'
long-term obligations to policyholders and their beneficiaries.
In this light, the Company's affairs are managed for the long
run and without significant regard to quarterly or even annual
reporting periods that American industry must observe. In Old
Republic's view, such short reporting time frames do not comport
well with the long-term nature of much of its business. Management
therefore believes that the Company's operating results and
financial condition can best be evaluated by observing underwriting
and overall operating performance trends over succeeding five- or
preferably ten-year intervals. A ten-year period in particular can
likely encompass at least one economic and/or underwriting cycle
and thereby provide an appropriate time frame for such cycle to run
its course, and for premium rate changes and reserved claim costs
to be quantified and emerge in financial results with greater
finality and effect.
Accompanying Financial Data and Other Information:
- About Old Republic
- Conference Call Information
- Safe Harbor Statement
Financial Supplement:
- A financial supplement to this news release is available on the
Company's website: www.oldrepublic.com
About Old Republic
Chicago-based Old Republic
International Corporation is one of the nation's 50 largest
shareholder-owned insurance businesses. It is a member of the
Fortune 500 listing of America's largest companies. The
Company is organized as an insurance holding company whose
subsidiaries actively market, underwrite, and provide risk
management services for a wide variety of coverages mostly in the
general and title insurance fields. A long-term interest in
mortgage guaranty and consumer credit indemnity coverages has
devolved to a run-off operating mode in recent years. Old
Republic's general insurance business ranks among the nation's 50
largest, while its title insurance operations are the third largest
in its industry.
The nature of Old Republic's business requires that it
be managed for the long run. Its consistent and reliable cash
dividend policy reflects this long-term orientation. The current
annualized dividend rate of $0.88 per share marks the
40th consecutive year that Old Republic has boosted this
rate, and 2021 becomes the 80th year of uninterrupted regular cash
dividend payments. Here's a summary of recent years' total book and
market returns, which includes the addition and reinvestment of
cash dividend payments, in comparison with the financial
performance of three selected indices similarly developed.
|
ORI
|
Selected Indices'
Compounded
|
|
Annual
|
Annual
|
Total Annual
Returns
|
|
Book Value
|
Market
Value
|
Nominal
|
|
S & P
|
|
Compounded
|
Compounded
|
Gross
|
S & P
|
P&C
|
|
Total
|
Total
|
Domestic
|
500
|
Insurance
|
|
Return
|
Return
|
Product
|
Index
|
Index
|
|
|
|
|
|
|
Ten Years 2001 -
2010
|
8.0%
|
1.9%
|
3.9%
|
1.4%
|
1.0%
|
Ten Years 2011 -
2020
|
8.8%
|
9.9%
|
3.3%
|
13.9%
|
14.3%
|
Twenty Years 2001 -
2020
|
8.4%
|
5.8%
|
3.6%
|
7.5%
|
7.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2020 -
only
|
-12.4%
|
-31.1%
|
-0.9%
|
-19.6%
|
-20.6%
|
First Quarter 2021 -
only
|
5.1%
|
18.1%
|
6.0%*
|
6.2%
|
4.4%
|
|
|
|
|
|
|
According to the most recent edition of Mergent's
Dividend Achievers, Old Republic is listed in 58th
place among just 111 qualifying publicly held companies, out of
thousands considered, that have posted at least 25 consecutive
years of annual dividend growth.
Conference Call Information
Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m.
CT) today, to discuss its first quarter 2021 performance and
to review major operating trends and business developments. To
access this call live in listen-only mode:
Log on to the Company's website at
www.oldrepublic.com 15 minutes before the call to download the
necessary software, or, alternatively
the call can also be accessed by phone at
1-833-494-1487.
Interested parties may also listen to a replay of the call
through April 29, 2021 by dialing
1-800-585-8367, passcode 1786949, or by accessing it on Old
Republic International's website through May
21, 2021.
Safe Harbor Statement
Historical data pertaining to the operating results, liquidity,
and other performance indicators applicable to an insurance
enterprise such as Old Republic are not necessarily indicative of
results to be achieved in succeeding years. In addition to the
factors cited below, the long-term nature of the insurance
business, seasonal and annual patterns in premium production and
incidence of claims, changes in yields obtained on invested assets,
changes in government policies and free markets affecting inflation
rates and general economic conditions, and changes in legal
precedents or the application of law affecting the settlement of
disputed and other claims can have a bearing on period-to-period
comparisons and future operating results. It is possible that Old
Republic's operating results, business and financial condition
could be adversely affected in subsequent periods by future
economic disruptions caused by the COVID-19 pandemic and the
associated governmental responses.
Some of the oral or written statements made in the Company's
reports, press releases, and conference calls following earnings
releases, can constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Of
necessity, any such forward-looking statements involve assumptions,
uncertainties, and risks that may affect the Company's future
performance. With regard to Old Republic's General Insurance
segment, its results can be particularly affected by the level of
market competition, which is typically a function of available
capital and expected returns on such capital among competitors, the
levels of investment yields and inflation rates, and periodic
changes in claim frequency and severity patterns caused by natural
disasters, weather conditions, accidents, illnesses, work-related
injuries, and unanticipated external events. Title Insurance and
RFIG Run-off results can be affected by similar factors, and by
changes in national and regional housing demand and values, the
availability and cost of mortgage loans, employment trends, and
default rates on mortgage loans. Life and accident insurance
earnings can be affected by the levels of employment and consumer
spending, changes in mortality and health trends, and alterations
in policy lapsation rates. At the parent holding company level,
operating earnings or losses are generally reflective of the amount
of debt outstanding and its cost, interest income on temporary
holdings of short-term investments, and period-to-period variations
in the costs of administering the Company's widespread
operations.
The General Insurance, Title Insurance, Corporate and Other
Segments, and the RFIG Run-off business maintain customer
information and rely upon technology platforms to conduct their
business. As a result, each of them and the Company are exposed to
cyber risk. Many of the Company's operating subsidiaries maintain
separate IT systems which are deemed to reduce enterprise-wide
risks of potential cybersecurity incidents. However, given the
potential magnitude of a significant breach, the Company
continually evaluates on an enterprise-wide basis its IT hardware,
security infrastructure and business practices to respond to these
risks and to detect and remediate in a timely manner significant
cybersecurity incidents or business process interruptions.
A more detailed listing and discussion of the risks and other
factors which affect the Company's risk-taking insurance business
are included in Part I, Item 1A - Risk Factors, of the Company's
2020 Form 10-K Annual Report filing to the Securities and Exchange
Commission, which is specifically incorporated herein by
reference.
Any forward-looking statements or commentaries speak only as of
their dates. Old Republic undertakes no obligation to publicly
update or revise any and all such comments, whether as a result of
new information, future events or otherwise, and accordingly they
may not be unduly relied upon.
For Old Republic's
latest news releases and other corporate documents:
Please visit us at
www.oldrepublic.com
|
|
|
|
|
|
|
|
Alternatively,
please write or call:
|
|
|
Investor
Relations
|
|
Old Republic
International Corporation
|
307 North Michigan
Avenue, Chicago, IL 60601
|
(312)
346-8100
|
|
At Old Republic:
Craig R.
Smiddy, President and CEO
At Financial Relations Board:
Analysts/Investors: Joe Calabrese 212/827-3772
View original
content:http://www.prnewswire.com/news-releases/old-republic-reports-results-for-the-first-quarter-2021-301274473.html
SOURCE Old Republic International Corporation