Welcome to our dedicated page for Old Republic International Corporation news (Ticker: ORI), a resource for investors and traders seeking the latest updates and insights on Old Republic International Corporation stock.
Old Republic International Corporation (NYSE: ORI) is a prominent insurance holding company based in Chicago, tracing its origins back to 1923. As one of the nation's 50 largest shareholder-owned insurance enterprises, it is a member of the esteemed Fortune 500 list of America’s largest companies. The company operates through a decentralized model, emphasizing specialization by type of insurance coverage, industry, and economic sector.
Core Business Segments
- General Insurance: This segment includes a diverse range of products such as Automobile Extended Warranty Insurance, Aviation, Commercial Automobile Insurance, Inland Marine, Travel Accident, Workers' Compensation, and Financial Indemnity among others. It is one of the top 50 largest general insurance businesses in the United States.
- Title Insurance: Old Republic's Title Insurance segment is the third largest in its field. This business primarily issues policies to real estate purchasers and investors based on search results of public records concerning property interests.
- Republic Financial Indemnity Group (RFIG) Run-off: This segment involves the financial indemnity business that is in run-off mode.
Recent Achievements and Developments
In response to market demands, Old Republic recently announced the formation of a new underwriting subsidiary, Old Republic Accident & Health, Inc., focusing on specialized coverages like employers stop loss. This move aligns with the company’s specialized approach and focus on underwriting excellence.
Financial Performance
Old Republic has consistently demonstrated robust financial health. For the third quarter of 2023, the company's general insurance pretax operating income rose by 28.6%, driven by solid underwriting income and higher net investment income. Despite challenges in the title insurance segment due to higher mortgage interest rates, the general insurance segment’s performance has been strong, reflecting a 10.6% growth in net premiums earned for the quarter.
Investor Relations
Old Republic remains committed to delivering value to its shareholders. In recent years, the company has returned substantial capital to shareholders through dividends and share repurchases. In 2023, Old Republic executed approximately $684 million in capital returns, highlighting its strong balance sheet and confidence in future growth.
Partnerships and Expansion
Old Republic continues to strategically expand its portfolio by launching new subsidiaries and entering new market segments. The establishment of Old Republic Accident & Health, Inc. marks the sixth new company launched in the past eight years, further diversifying its risk portfolio and enhancing its market position.
Conclusion
With a history of nearly a century, Old Republic International Corporation is a solid pillar in the insurance industry, offering a wide range of specialized insurance products. The company's dedication to prudent risk management, long-term focus, and entrepreneurial spirit positions it well for sustained growth and stability. Investors and stakeholders can access further information and updates on the company's website or through regular financial disclosures.
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.
Old Republic International Corporation (NYSE: ORI) appointed J. Eric Smith to its Board of Directors on March 17, 2023. Smith, aged 65, brings extensive experience from leadership roles including President and CEO of Swiss Re Americas. He will serve on the Compensation and Governance Committees, as well as the Directorship of ORI's regulated insurance subsidiaries. This addition expands ORI's Board diversity, having welcomed seven new members over five years, while five departed. ORI ranks among the top 50 largest shareholder-owned insurance businesses in the U.S., highlighting its significant market position.
Old Republic International Corporation (NYSE: ORI) announced a quarterly cash dividend of 24.5 cents per share, payable on March 15, 2023. Shareholders of record as of March 6, 2023 will receive this dividend. The annual dividend for 2023 is projected to total 98 cents per share, up from 92 cents in 2022, marking the 42nd consecutive year of increases. This year also commemorates 82 years of uninterrupted cash dividends. Old Republic is a prominent insurance holding company, recognized among the top 50 in the nation.
Old Republic International Corporation (NYSE: ORI) reported financial results for Q4 and FY 2022, highlighting a 10.3% decline in pretax income, excluding investment gains, to $300.6 million for the quarter and $1,058.6 million for the year. The net income fell 18.3% year-over-year, totaling $512.1 million in Q4. Title Insurance net premiums dropped 29.4% in Q4, affected by high mortgage rates, while General Insurance premiums grew 6.5%. The combined ratio improved to 89.6% for the quarter. Despite challenges, the company returned $243.7 million to shareholders through dividends and share repurchases.
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