AM Best Affirms Credit Ratings of Subsidiaries of Old Republic International Corporation; Upgrades Credit Ratings of Old Republic Life Insurance Company
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and Long-Term Issuer Credit Ratings of 'aa-' for Old Republic Insurance Companies and Old Republic Title Insurance Group. The outlook remains stable for these ratings.
Additionally, AM Best has upgraded Old Republic Life Insurance Company's (ORL) ratings, with FSR improving to A- (Excellent) from B++ (Good) and Long-Term ICR to 'a-' from 'bbb+', with a stable outlook. The upgrade reflects ORL's sustained favorable operating performance and positive underwriting results.
The ratings reflect Old Republic's strongest balance sheet strength, strong operating performance, favorable business profile, and appropriate enterprise risk management. As one of the top 50 property/casualty insurers in the United States, the group specializes in commercial auto and workers' compensation, with expanding product capabilities.
AM Best ha confermato il Rating di Solidità Finanziaria (FSR) di A+ (Superiore) e i Rating di Credito a Lungo Termine di 'aa-' per le Old Republic Insurance Companies e il Old Republic Title Insurance Group. Le prospettive rimangono stabili per questi rating.
Inoltre, AM Best ha aggiornato i rating della Old Republic Life Insurance Company (ORL), con il FSR che migliora a A- (Eccellente) da B++ (Buono) e l'ICR a Lungo Termine a 'a-' da 'bbb+', con una prospettiva stabile. L'upgrade riflette le performance operative favorevoli e i risultati di sottoscrizione positivi di ORL.
I rating riflettono la forza del bilancio più solida di Old Republic, una forte performance operativa, un profilo aziendale favorevole e una gestione del rischio d'impresa appropriata. Come uno dei primi 50 assicuratori di proprietà/casualità negli Stati Uniti, il gruppo si specializza in auto commerciali e compensazione dei lavoratori, con capacità di prodotto in espansione.
AM Best ha afirmado el Rating de Solidez Financiera (FSR) de A+ (Superior) y los Ratings de Crédito a Largo Plazo de 'aa-' para Old Republic Insurance Companies y Old Republic Title Insurance Group. La perspectiva se mantiene estable para estas calificaciones.
Además, AM Best ha mejorado las calificaciones de Old Republic Life Insurance Company (ORL), con el FSR mejorando a A- (Excelente) desde B++ (Bueno) y el ICR a Largo Plazo a 'a-' desde 'bbb+', con una perspectiva estable. La mejora refleja el rendimiento operativo favorable sostenido de ORL y resultados positivos en la suscripción.
Las calificaciones reflejan la mayor solidez del balance de Old Republic, un fuerte rendimiento operativo, un perfil empresarial favorable y una gestión de riesgos empresariales adecuada. Como uno de los 50 principales aseguradores de propiedad/casualidad en los Estados Unidos, el grupo se especializa en automóviles comerciales y compensación de trabajadores, con capacidades de producto en expansión.
AM Best는 Old Republic Insurance Companies와 Old Republic Title Insurance Group에 대해 A+ (우수)의 재무 건전성 등급 (FSR)과 'aa-'의 장기 발행자 신용 등급을 확인했습니다. 이 등급의 전망은 안정적으로 유지됩니다.
추가로, AM Best는 Old Republic Life Insurance Company (ORL)의 등급을 상향 조정했습니다, FSR이 B++ (양호)에서 A- (우수)로 개선되었고, 장기 ICR이 'bbb+'에서 'a-'로 상승했으며, 전망은 안정적입니다. 이 등급 상향은 ORL의 지속적인 우수한 운영 성과와 긍정적인 인수 결과를 반영합니다.
이 등급은 Old Republic의 가장 강력한 재무 건전성, 강력한 운영 성과, 유리한 비즈니스 프로필 및 적절한 기업 위험 관리 등을 반영합니다. 미국의 50대 재산/사고 보험사 중 하나로서, 이 그룹은 상업용 자동차 및 근로자 보상에 전문화되어 있으며, 제품 능력을 확장하고 있습니다.
AM Best a confirmé la Note de Solidité Financière (FSR) de A+ (Supérieur) et les Notes de Crédit à Long Terme de 'aa-' pour Old Republic Insurance Companies et Old Republic Title Insurance Group. Les perspectives restent stables pour ces notes.
De plus, AM Best a amélioré les notes de Old Republic Life Insurance Company (ORL), le FSR passant de B++ (Bon) à A- (Excellent) et l'ICR à Long Terme de 'bbb+' à 'a-', avec une perspective stable. Cette amélioration reflète la performance opérationnelle favorable et les résultats positifs de souscription d'ORL.
Les notes reflètent la plus grande solidité du bilan d'Old Republic, une forte performance opérationnelle, un profil commercial favorable et une gestion des risques d'entreprise appropriée. En tant que l'un des 50 principaux assureurs de biens et de responsabilité aux États-Unis, le groupe se spécialise dans les automobiles commerciales et l'indemnisation des travailleurs, avec des capacités de produits en expansion.
AM Best hat die Finanzstärke-Bewertung (FSR) von A+ (Überdurchschnittlich) und die langfristigen Emittenten-Kreditratings von 'aa-' für die Old Republic Insurance Companies und die Old Republic Title Insurance Group bestätigt. Der Ausblick für diese Ratings bleibt stabil.
Zusätzlich hat AM Best die Ratings der Old Republic Life Insurance Company (ORL) angehoben, wobei der FSR von B++ (Gut) auf A- (Ausgezeichnet) und der langfristige ICR von 'bbb+' auf 'a-' verbessert wurde, mit einem stabilen Ausblick. Die Anhebung spiegelt die anhaltend positive Betriebsleistung und die positiven Ergebnisse bei der Zeichnung von ORL wider.
Die Ratings spiegeln die stärkste Bilanzkraft von Old Republic, eine starke Betriebsleistung, ein günstiges Geschäftprofil und ein angemessenes Unternehmensrisikomanagement wider. Als eines der 50 größten Versicherungsunternehmen für Sach- und Unfallversicherung in den Vereinigten Staaten spezialisiert sich die Gruppe auf gewerbliche Autos und Arbeiterentschädigung, mit erweiterten Produktfähigkeiten.
- AM Best affirmed A+ (Superior) rating for main subsidiaries
- Upgrade of Old Republic Life Insurance Company's ratings
- Strongest balance sheet strength assessment
- Strong operating performance and favorable business profile
- Sustained positive underwriting results
- Top 50 position in US property/casualty insurance market
- product offering in Canadian market
- Declining premiums in ORL's term life insurance segment
- Challenging market environment in Canada
Insights
AM Best's affirmation of A+ (Superior) ratings for Old Republic's main subsidiaries while upgrading Old Republic Life Insurance Company from B++ to A- represents meaningful positive news for ORI's financial profile. Credit ratings are fundamental metrics in the insurance industry that directly impact an insurer's cost of capital, regulatory standing, and ability to write new business.
The consistent "strongest" balance sheet strength assessment for the flagship property/casualty operations confirms ORI's robust capital position, which provides both financial flexibility and a solid foundation for underwriting activities. For the title insurance segment, maintaining superior ratings is particularly valuable as this business is sensitive to real estate market cycles.
Most significant is the life insurance subsidiary's upgrade, reflecting sustained favorable operating performance driven by positive underwriting results and increased investment income. This improvement transforms what was previously a relative weakness in ORI's portfolio into a more positive contributor.
For investors, these ratings collectively signal ORI's enterprise-wide financial resilience. The diversified business model spanning P&C, title, and life operations - each with strong individual ratings - creates an effective risk distribution mechanism that helps insulate the overall enterprise from segment-specific market pressures.
The ratings affirmation and upgrade across ORI's subsidiaries highlight the company's disciplined approach to maintaining underwriting standards while strategically positioning its business units. The flagship group's focus on commercial auto and workers' compensation, combined with its expertise in alternative risk transfer markets, has clearly contributed to the "strong operating performance" cited by AM Best.
What's particularly noteworthy is how the title insurance operations maintain the strongest level of risk-adjusted capitalization despite operating in a cyclical market. The variable expense structure through independent agent distribution provides crucial flexibility to navigate market fluctuations - a significant competitive advantage that limits fixed cost exposure during downturns.
The Old Republic Life subsidiary's upgrade reflects successful management of its unique business mix combining a closed block of term life with an active occupational accident line. This improvement transforms what was likely a capital allocation challenge into a more positive contributor to enterprise results.
From an operational perspective, AM Best's recognition of "appropriate enterprise risk management" across all subsidiaries indicates effective governance controls and risk mitigation frameworks spanning diverse insurance operations. This enterprise-wide risk discipline is increasingly valued in the insurance market where volatility management is as important as growth potential.
In addition, AM Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the Long-Term ICR to “a-” (Excellent) from “bbb+” (Good) of Old Republic Life Insurance Company (ORL) (
The ratings of Old Republic, which is considered the lead rating unit in the ORI enterprise, reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Old Republic is the flagship group for the Old Republic Insurance enterprise and one of the top 50 property/casualty insurers in
The ratings of ORTIG reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings of ORTIG also reflect the implicit support the group receives from its position in the Old Republic enterprise and its strategic role within the organization.
The ratings of ORTIG recognize its strong reserving practices and continued profitability. With a majority of ORTIG’s premiums and fees generated through independent agents, a significant portion of its expenses are variable. This enables ORTIG to manage down cycles better, as fixed costs generally are lower for that distribution channel. AM Best expects that ORTIG will continue to generate underwriting and operating results that are in line with its title insurance competitors. AM Best expects that ORTIG will remain a significant contributor to the overall profitability of the ORI enterprise, while maintaining the strongest level of risk-adjusted capitalization in the intermediate term, as measured by Best’s Capital Adequacy Ratio (BCAR). ORTIG continues to be integral to the overall organization, with common branding and talent synergies, as well as complementary ERM programs.
The ratings of Old Republic Canada reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings of Old Republic Canada also reflect its strategic importance within the Old Republic enterprise.
The ratings of Old Republic Canada recognize the synergies it gains as an affiliate of Great West Casualty Company, as well as its accident and sickness businesses. Partially offsetting these positive rating factors are the company’s limited product offering and the challenging market environment in
The ratings of ORL reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.
The ratings upgrade for ORL reflects the sustained favorable operating performance of the company, driven by positive underwriting results and increased net investment income in recent years. The ratings of ORL recognize its risk-adjusted capitalization, which is assessed at the strongest level, as measured by BCAR. Invested asset holdings are of good credit quality, as the portfolio is designed to minimize credit default risk rather than maximizing yield. The company’s business profile consists of a closed block of term life insurance and the actively marketed occupational accident line. Premiums have declined over the last several years, as closed term premiums run off and as occupational accident direct premiums have trended lower. Despite its modest size, ORL is important strategically to the Old Republic organization.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed, with stable outlooks, for the following members of the Old Republic Insurance Companies:
- BITCO General Insurance Corporation
- BITCO National Insurance Company
- Great West Casualty Company
- Manufacturers Alliance Insurance Company
- Old Republic General Insurance Corporation
- Old Republic Insurance Company
- Old Republic Surety Company
- Old Republic Union Insurance Company
- Pennsylvania Manufacturers Indemnity Company
- Pennsylvania Manufacturers’ Association Insurance Company
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
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Robert Valenta, CPCU
Senior Financial Analyst
+1 908 882 2407
robert.valenta@ambest.com
Doniella Pliss
Director
+1 908 882 2245
doniella.pliss@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source: AM Best
FAQ
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