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Old Republic International Corporation reports developments across its specialty insurance, property and casualty, and title insurance operations. The company’s updates commonly cover underwriting results, net investment income, combined ratio trends, loss reserve development, book value, dividends, share repurchases, and rating-agency actions affecting its insurance subsidiaries.
Old Republic also announces operating-company actions within its decentralized insurance group, including brand changes, the Lodestar Claims & Risk Services third-party administrator business, specialized property insurance expansion, and leadership changes at units such as BITCO Insurance Companies and Old Republic Professional. Its business serves commercial clients and other partners in the United States and Canada through specialized underwriting, claims administration, risk services, and title insurance capabilities.
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Old Republic International Corporation (NYSE: ORI) reported Q1 2023 results with a net income of $199.8 million, down from $306.3 million in Q1 2022. Pretax income excluding investment gains fell by 6.1% to $222.9 million. Combined ratio improved slightly to 92.7% as General Insurance pretax income increased 35.6%. However, Title Insurance revenues plummeted 41.6% due to elevated mortgage rates, leading to a substantial decrease in premiums earned. Net investment income rose 29.7% year-over-year, which helped mitigate some losses. The company returned approximately $204 million to shareholders through dividends and share repurchases, increasing book value per share to $21.91, a 4% rise since the end of 2022. Despite the challenges in the Title Insurance segment, Old Republic maintains a strong focus on long-term profitability.
Old Republic International Corporation (NYSE: ORI) has announced it will report its financial results for the first quarter of 2023 on April 27, before the market opens. A conference call is scheduled for 3:00 p.m. Eastern time on the same day to discuss these results. Investors can access the call live via the company's website or by dialing 1-888-510-2411, using the passcode 4060501. A replay of the call will be available until May 4, 2023. Old Republic is a major player in the insurance industry, ranking among the largest in general and title insurance, and is listed in the Fortune 500.
Old Republic International Corporation (NYSE: ORI) announced the appointment of Kivin Jones as the new Senior Vice President – Chief Human Resource Officer. This role aims to enhance the company's human capital strategy, with a focus on diversity, equity, and inclusion initiatives. Mr. Jones brings over 22 years of HR leadership experience, previously serving at the NBA, USAA, Marsh, and CNA Insurance. Craig Smiddy, ORI's President and CEO, expressed optimism about Mr. Jones’s contributions to organizational success. Old Republic is one of the largest shareholder-owned insurance firms in the U.S.
Old Republic International Corporation (NYSE: ORI) announced the formation of a new underwriting subsidiary, Old Republic Lawyers Specialty Insurance, Inc. (ORLSI), aimed at providing professional liability coverage specifically for lawyers. The subsidiary will be led by Michael Furlong, an experienced lawyer with over 30 years in the industry. Craig R. Smiddy, ORI's CEO, expressed confidence that this new venture represents a natural extension of ORI's successful history in specialized insurance, emphasizing its potential to deliver long-term value for shareholders.