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) will hold a conference call on January 26, 2023, at 3:00 p.m. ET, to discuss its fourth quarter 2022 results. Investors can access the call live via Old Republic's website or by calling 1-888-510-2411 (passcode 4060501). A replay will be available until February 2, 2023, through a separate number or on the website. Old Republic is among America's largest insurance companies, with its title insurance business ranking third in the industry.
Old Republic International Corporation (NYSE: ORI) announced the appointment of Meyer Lehman as Executive Vice President of BITCO Insurance Companies, effective January 3, 2023. Reporting to Vince Lamb, BITCO's President and CEO, Lehman will oversee Underwriting, Claims, and Operations. With over 20 years of experience in general insurance and actuarial services, his leadership aims to enhance BITCO's growth strategy. This appointment is expected to strengthen BITCO's executive team and drive long-term, profitable growth.
Old Republic International Corporation (NYSE: ORI) announced the appointment of Mike Baumel as Senior Vice President – Claims and Chief Claims Officer of Old Republic General Insurance Group. With over 30 years of experience, Baumel will oversee claims initiatives, enhancing best practices within the organization. CEO Craig Smiddy praised Baumel's leadership and expertise in complex claims management. Old Republic is among the top 50 shareholder-owned insurance businesses in the U.S., with significant rankings in both general and title insurance.
Old Republic International Corporation (NYSE: ORI) has announced a quarterly cash dividend of 23 cents per share, payable on December 15, 2022, for shareholders on record by December 5, 2022. This brings the total annual dividend for 2022 to 92 cents, up from 88 cents in 2021. The announcement marks the 41st consecutive year of dividend increases and the 81st year of uninterrupted payments.
Old Republic International Corporation (NYSE: ORI) reported significant financial challenges for the third quarter ending September 30, 2022. The company experienced a net income loss of $91.7 million, compared to a profit of $88.7 million in the previous year. Key metrics include a 14.3% decline in net income, excluding investment gains/losses, and a 5.5% drop in consolidated net premiums and fees earned. The book value per share also decreased by 16.9% to $18.92. Despite a 7.1% growth in General Insurance, Title Insurance saw a steep decline in revenues due to rising mortgage interest rates.
Old Republic International Corporation (NYSE: ORI) announced a conference call scheduled for October 27, 2022, at 3:00 p.m. Eastern time to discuss its third-quarter 2022 results. Investors can access the call at www.oldrepublic.com or by calling 1-888-510-2411 (passcode 4060501). A replay will be available until November 3, 2022. Old Republic, based in Chicago, is among the top 50 shareholder-owned insurance companies in the U.S., excelling in general and title insurance services.
Old Republic Title has acquired the operating assets of Houston-based Veritas Title Partners, effective October 1, 2022. This strategic acquisition bolsters Old Republic Title's extensive network, which includes over 275 branch locations nationwide. Carolyn Monroe, President of Old Republic Title, emphasized the enhancement of their Houston operations through Veritas Title's experienced team. Veritas Title's leadership expressed pride in joining Old Republic Title, which promises to maintain high service standards while accessing advanced technology and resources.
Old Republic International Corporation (NYSE: ORI) announced a $450 million share repurchase program and a special one-time cash dividend of $1.00 per share, payable on September 15, 2022. Shareholders of record as of September 1, 2022 will benefit from this initiative, totaling approximately $760 million in returns. The share buyback may occur at management's discretion and is intended to enhance shareholder value. Old Republic has a strong history of dividend payments, having declared around $3.0 billion in cash dividends since December 2016.
Old Republic International Corporation (NYSE: ORI) announced a regular quarterly cash dividend of 23 cents per share, payable on September 15, 2022, to shareholders on record as of September 1, 2022. The annual dividend for 2022 is projected to be 92 cents per share, up from 88 cents in 2021, marking the 41st consecutive annual increase. This year also represents the 81st year of uninterrupted cash dividend payments, reflecting the company's strong commitment to returning value to shareholders.
Old Republic International Corporation (NYSE: ORI) reported a decline in net income for the second quarter of 2022, with a loss of $40.1 million compared to a profit of $316.4 million in the same period last year. Excluding investment gains, net income was $210.2 million, down 4.8%. The company's combined ratio was reported at 90.9%, consistent with strong underwriting in general insurance despite a decline in title insurance premiums. Shareholders' equity decreased to $6.39 billion, reflecting a 7.3% drop year-over-year, with book value per share at $20.99. Overall, the company continues to emphasize long-term financial strength.
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