CHICAGO, Oct. 17, 2017 /PRNewswire/ -- Old Republic
International Corporation (NYSE: ORI) today announced that it
will include pretax operating charges aggregating $150.0 million (or $97.5
million after tax and $0.33
per diluted share) in its consolidated financial statements for the
three and nine months ended September
30, 2017. These charges stem from: (a) estimated
General Insurance claim provisions ($20.0
million) associated with a current evaluation of exposures
from hurricanes Harvey and Irma, and (b) additional claim and
related expense provisions ($130.0
million) applicable to the final settlements and probable
dispositions of all known litigated and other claim costs incurred
by the Company's run-off Financial Indemnity business during the
Great Recession years and their aftermath.
Any additional information related to these charges will be
addressed as may be necessary in Old Republic's nine months'
earnings announcement scheduled for October
26, 2017.
About Old Republic
Chicago-based Old Republic
International Corporation is one of the nation's 50 largest
publicly held insurance organizations. Its most recent financial
statements reflect consolidated assets of approximately
$19.35 billion and common
shareholders' equity of $4.66
billion, or $17.85 per share.
Its current stock market valuation is approximately $5.17 billion, or $19.60 per share.
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 lines has devolved
to a run-off operating mode in recent years.
For the latest news releases and other
corporate documents on Old Republic, please write to:
Investor Relations
Old Republic International Corporation
307 North Michigan Avenue • Chicago, IL 60601
312-346-8100
or visit us at www.oldrepublic.com
Further Information Contacts:
AT OLD REPUBLIC:
A. C. Zucaro: Chairman & CEO
(312) 346-8100
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SOURCE Old Republic International Corporation