Financial Performance - Old Republic's Market Cap/Stock Price (NYSE: ORI) is $1051 billion/$4247[13] - Shareholders' Equity/BVPS is $642 billion/$2619[13] - The company's annualized operating ROE is 144%[13] - Regular Dividend/Yield is $116/27%[13] - Q3 2025 operating EPS was $078, a 99% increase from $071 in Q3 2024[27] - Net premiums & fees earned reached $209 billion, an 81% increase from Q3 2024[27] Business Segments - Specialty Insurance generated $54 billion of operating revenue in 2024[31] - Title Insurance generated $27 billion of operating revenue in 2024[31] - Title Insurance holds a 144% market share, ranking 3rd in the industry[57] - Specialty Insurance accounted for 85% of 2024 pre-tax operating income, while Title Insurance accounted for 14%[33] Capital Management - $62 billion of dividends & share repurchases since 123116[11] - $912 million remains authorized for share repurchases[28,74] - $182 billion in share repurchases since 2022, representing just over 21% of shares outstanding[78]

Group 1 - Old Republic International (NYSE:ORI) reported better-than-expected third-quarter earnings and revenue [4] - The company achieved Q3 operating EPS of $0.78, surpassing the $0.76 average analyst estimate [4] - Net premiums and fees earned increased both quarter-over-quarter (Q/Q) and year-over-year (Y/Y) [4] Group 2 - The combined ratio for Old Republic International drifted up during the quarter [4] - The operating EPS fell from $0.83 in Q2 to $0.78 in Q3 [4]

Core Insights - Old Republic International (ORI) reported quarterly earnings of $1.11 per share, exceeding the Zacks Consensus Estimate of $0.73 per share, but down from $1.32 per share a year ago, representing an earnings surprise of +52.05% [1] - The company achieved revenues of $2.32 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.90% and up from $2.14 billion year-over-year [2] - Old Republic has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise of +52.05% indicates strong performance relative to expectations [1] - The company has shown a positive trend in earnings, with a previous quarter's earnings also exceeding expectations by +5.06% [1] Stock Performance - Old Republic shares have increased approximately 16% since the beginning of the year, outperforming the S&P 500's gain of 13.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it is expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.90 on revenues of $2.31 billion, and for the current fiscal year, it is $3.25 on revenues of $8.86 billion [7] - The outlook for the industry, particularly the Insurance - Multi line sector, is favorable, ranking in the top 32% of over 250 Zacks industries [8] Industry Context - The Insurance - Multi line industry has shown strong performance, with the top 50% of Zacks-ranked industries outperforming the bottom 50% by more than 2 to 1 [8] - CNO Financial, a competitor in the same industry, is expected to report a decline in earnings and revenues, indicating potential challenges within the sector [9][10]

Overall Results - Old Republic International Corporation reported a net income of $279.5 million for Q3 2025, down from $338.9 million in Q3 2024, representing a decrease of 17.5% [2][3] - Net income excluding investment gains was $196.7 million, an increase of 7.7% from $182.7 million in the previous year [2][3] - The consolidated combined ratio for Q3 2025 was 95.3%, slightly higher than 95.0% in Q3 2024 [2][3] Financial Highlights - Consolidated net premiums and fees earned reached $2.1 billion, an increase of 8.1% year-over-year [3][5] - Net investment income rose to $182.6 million, reflecting a 6.7% increase compared to the previous year [3][5] - Book value per share increased to $26.19, up 14.7% from $22.84 at year-end 2024 [2][3] Specialty Insurance Segment - Specialty Insurance net premiums earned increased by 8.1% for the quarter and 11.8% for the first nine months, driven by premium rate increases and high renewal retention ratios [9][10] - The current year loss ratio for Specialty Insurance was flat at 43.6%, while prior year loss reserve development contributed positively [11][12] - The combined ratio for Specialty Insurance was reported at 94.8%, indicating strong underwriting performance [12] Title Insurance Segment - Title Insurance net premiums earned showed an increase of 8.3% for the quarter, contributing to overall revenue growth [7][9] - The segment's performance was supported by favorable market conditions and effective underwriting strategies [9][10] Investment Performance - The increase in net investment income was attributed to higher investment yields and a larger asset base [10] - Total capital returned to shareholders amounted to $115 million, reflecting the company's commitment to shareholder value [3][5]

Core Insights - Old Republic International Corporation (ORI) has seen a share price increase of 24.9% over the past year, outperforming its industry and the broader market indices [1] - The company has a market capitalization of $10.77 billion and recently closed at $43.35, nearing its 52-week high of $43.56 [2] Valuation and Performance - ORI's stock is trading at a price-to-book value of 1.74X, which is lower than the industry average of 2.6X, the Finance sector's 4.34X, and the S&P 500 Composite's 8.8X, indicating an attractive valuation [3] - The stock is currently trading above its 50-day and 200-day simple moving averages of $39.37 and $37.65, respectively, suggesting strong upward momentum [4] Growth Projections - The Zacks Consensus Estimate projects a 7.2% year-over-year increase in ORI's earnings per share for 2025, with revenues expected to reach $8.86 billion, reflecting an 8.5% improvement [8] - ORI has consistently beaten earnings estimates in the last four quarters, with an average surprise of 34.73% [9] Analyst Insights - The average price target for ORI is $46 per share, indicating a potential upside of 7.3% from the last closing price [10] Financial Efficiency - ORI's return on equity (ROE) for the trailing 12 months stands at 20.9%, significantly higher than the industry's 14.8%, showcasing effective utilization of shareholder funds [11] - The return on invested capital (ROIC) has also improved, currently at 6.2%, compared to the industry average of 1.9% [14] Business Segments and Strategy - ORI has a diverse portfolio of specialty insurance products, with its General Insurance segment benefiting from better risk selection and analytics, maintaining a combined ratio below 96 for 14 years [15] - The Title business is expected to grow due to an expanding presence in the commercial real estate market [16] Long-term Strategy - The company is focused on long-term growth through investments in specialty underwriting subsidiaries and technology, while maintaining a lower exposure to catastrophe risks compared to peers [17] Dividend and Shareholder Returns - ORI has a strong dividend history, having increased dividends for 43 consecutive years, with a current yield of 3.1%, above the industry average of 2.5% [18]

Core Insights - Old Republic International Corporation has launched a new underwriting subsidiary, Old Republic Environmental, Inc., to provide environmental insurance products [1][2] - The new subsidiary aims to deliver customized primary and excess liability solutions to businesses through a network of brokers [1][2] - George Holderied, with 22 years of environmental underwriting experience, will lead the new company [1][2] Company Strategy - The launch of Old Republic Environmental aligns with the company's strategy focused on underwriting excellence and specialty products [2] - This new subsidiary marks the seventh specialty company launched by Old Republic in the last eight years, enhancing diversification and talent within the Old Republic Specialty Insurance Group [2] Company Background - Old Republic is a leading specialty insurer founded in 1923, operating in property & casualty and title insurance sectors [3] - The company is a member of the Fortune 500 and provides tailored underwriting and risk management services across the United States and Canada [3]

Core Points - Old Republic International Corporation has authorized a new $750 million share repurchase program, which will start after the completion of the remaining $162 million from the previous $1.10 billion program [1][2] - The share repurchase will be conducted at the company's discretion, considering market conditions and valuation, and may include pre-arranged Rule 10b5-1 plans [2][3] - The decision for the new repurchase program reflects the company's strong balance sheet and confidence in its growth potential, having returned over $4.2 billion to shareholders since December 31, 2020 [4] Financial Performance - The company has increased its annualized regular cash dividend rate to $1.16 per share, marking a 9.4% increase from 2024 and the 44th consecutive year of dividend increases [4] - Over the last three years, Old Republic has retired more than 20% of its shares, demonstrating a commitment to capital management [4] Company Overview - Old Republic is a leading specialty insurer, operating in property & casualty and title insurance sectors, and is a member of the Fortune 500 [5] - The company was founded in 1923 and is recognized for its expertise in underwriting and risk management services across the United States and Canada [5]

Dividend Announcement - Old Republic International Corporation declared a regular quarterly cash dividend of 29 cents per share, payable on September 15, 2025, to shareholders of record on September 5, 2025 [1] - The full year's cash dividend is projected to be $1.16 per share, representing a 9.4% increase from the $1.06 per share paid in 2024 [1] Dividend History - 2025 marks the 44th consecutive year that Old Republic has increased its regular cash dividend [2] - The company has maintained uninterrupted regular cash dividend payments for 84 years [2] Company Overview - Old Republic is a leading specialty insurer with diverse property & casualty and title insurance companies [3] - Founded in 1923 and a member of the Fortune 500, the company excels in underwriting and risk management services across the United States and Canada [3] - The specialized operating companies within Old Republic provide tailored solutions that distinguish the company in the market [3]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Presents Old Republic's unaudited consolidated financial statements and management's discussion for Q2 and 6M 2025 [ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201%20-%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Details Old Republic's unaudited consolidated financial statements for Q2 and 6M 2025, along with comprehensive accounting notes [CONSOLIDATED BALANCE SHEETS](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Old Republic's consolidated balance sheets, detailing assets, liabilities, and equity for June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Summary | Metric | June 30, 2025 ($ Millions) | December 31, 2024 ($ Millions) | | :-------------------------------- | :-------------------------- | :----------------------------- | | Total Assets | 29,255.7 | 27,843.1 | | Total Liabilities | 23,052.1 | 22,224.1 | | Total Equity | 6,203.5 | 5,618.9 | - Total assets increased by **$1,412.6 million (5.1%)** from December 31, 2024, to June 30, 2025, primarily driven by increases in investments and accounts and notes receivable[7](index=7&type=chunk) - Shareholders' equity increased by **$566.7 million (10.1%)** from December 31, 2024, to June 30, 2025[7](index=7&type=chunk) [CONSOLIDATED STATEMENTS OF INCOME](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Presents Old Republic's consolidated statements of income for Q2 and 6M 2025 and 2024, detailing revenues, expenses, and net income Consolidated Statements of Income Summary | Metric | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | | :-------------------------------- | :------------------- | :------------------- | :------------------- | :------------------- | | Total Operating Revenues | 2,215.8 | 2,012.2 | 4,274.9 | 3,861.0 | | Total Net Investment Gains (Losses) | (7.3) | (140.5) | 47.7 | 26.6 | | Total Revenues | 2,208.5 | 1,871.7 | 4,322.6 | 3,887.6 | | Total Expenses | 1,948.3 | 1,758.3 | 3,754.6 | 3,375.5 | | Income Before Income Taxes | 260.1 | 113.3 | 567.9 | 512.1 | | Total Net Income | 208.4 | 91.8 | 454.5 | 408.6 | | Net Income to Shareholders | 204.4 | 91.8 | 449.5 | 408.6 | | Basic EPS | 0.83 | 0.35 | 1.84 | 1.53 | | Diluted EPS | 0.81 | 0.35 | 1.79 | 1.51 | - Net income to shareholders for Q2 2025 increased significantly to **$204.4 million** from **$91.8 million** in Q2 2024, primarily due to improved investment gains/losses[8](index=8&type=chunk) - Diluted EPS for Q2 2025 rose to **$0.81** from **$0.35** in Q2 2024[8](index=8&type=chunk) [CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Details Old Republic's consolidated statements of comprehensive income for Q2 and 6M 2025 and 2024 Consolidated Statements of Comprehensive Income Summary | Metric | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | | :-------------------------------- | :------------------- | :------------------- | :------------------- | :------------------- | | Total Net Income As Reported | 208.4 | 91.8 | 454.5 | 408.6 | | Net Unrealized Gains (Losses) on Investments | 71.6 | 9.5 | 183.3 | (58.0) | | Foreign Currency Translation Adjustment and Other | 9.2 | (0.7) | 10.8 | (6.1) | | Total Other Comprehensive Income (Loss) | 80.8 | 8.8 | 194.2 | (64.2) | | Total Comprehensive Income | 289.3 | 100.6 | 648.8 | 344.4 | | Comprehensive Income to Shareholders | 285.3 | 100.6 | 643.7 | 344.4 | - Total comprehensive income to shareholders significantly increased to **$285.3 million** in Q2 2025 from **$100.6 million** in Q2 2024, largely driven by net unrealized gains on investments[10](index=10&type=chunk) [CONSOLIDATED STATEMENTS OF EQUITY](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20EQUITY) Presents Old Republic's consolidated statements of equity for June 30, 2025, and June 30, 2024, detailing changes in equity components Consolidated Statements of Equity Summary | Equity Component | June 30, 2025 ($ Millions) | June 30, 2024 ($ Millions) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Common Stock | 248.4 | 258.4 | | Additional Paid-in Capital | 32.1 | 105.1 | | Retained Earnings | 5,853.8 | 5,912.3 | | Accumulated Other Comprehensive Income (Loss) | 91.7 | (196.6) | | Unallocated 401(k) Plan Shares | (40.6) | (52.6) | | Total Shareholders' Equity | 6,185.6 | 5,618.9 | - Accumulated Other Comprehensive Income (Loss) shifted from a loss of **$(196.6) million** in Q2 2024 to a gain of **$91.7 million** in Q2 2025, primarily due to net unrealized gains on securities[12](index=12&type=chunk) - Retained earnings increased to **$5,853.8 million** by June 30, 2025, from **$5,519.7 million** at the beginning of the six-month period, reflecting net income partially offset by common share dividends[12](index=12&type=chunk) [CONSOLIDATED STATEMENTS OF CASH FLOWS](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Details Old Republic's consolidated statements of cash flows for 6M 2025 and 2024, categorizing activities into operating, investing, and financing Consolidated Statements of Cash Flows Summary | Cash Flow Activity | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | | :-------------------------------- | :------------------- | :------------------- | | Net Cash Provided by Operating Activities | 365.5 | 396.9 | | Net Cash Provided by (Used in) Investing Activities | 287.6 | (72.8) | | Net Cash Used in Financing Activities | (676.9) | (354.3) | | Increase (Decrease) in Cash | (23.7) | (30.2) | | Cash, End of Period | 178.1 | 169.2 | - Cash flows from investing activities significantly improved, moving from a net outflow of **$(72.8) million** in 6M 2024 to a net inflow of **$287.6 million** in 6M 2025, primarily due to changes in investment purchases and sales[13](index=13&type=chunk) - Cash used in financing activities increased to **$(676.9) million** in 6M 2025, largely due to higher dividends on common shares and common stock repurchases[13](index=13&type=chunk) [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](index=8&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Provides detailed explanations and disclosures supporting Old Republic's consolidated financial statements [Note 1 - Summary of Significant Accounting Policies](index=8&type=section&id=Note%201%20-%20Summary%20of%20Significant%20Accounting%20Policies) Outlines Old Republic's GAAP adherence, segment structure, and key accounting policies for investments, revenue, loss reserves, and pending FASB updates - The Company operates primarily through two segments: Specialty Insurance and Title Insurance; the RFIG Run-off business was sold on May 31, 2024, and its results are now reflected in Corporate & Other[15](index=15&type=chunk)[65](index=65&type=chunk) - Fixed income securities are classified as available for sale and reported at fair value, with changes reflected in shareholders' equity; equity securities are reported at fair value, with changes reflected as unrealized investment gains/losses in the income statement[21](index=21&type=chunk)[22](index=22&type=chunk) - Revenue recognition for Specialty Insurance premiums is on a pro-rata basis, while Title Insurance premiums and fees from direct operations are recognized at transaction closing; revenues from independent title agents are recognized upon receipt, which can have a lag[26](index=26&type=chunk)[27](index=27&type=chunk) - FASB ASU No. 2023-09 (Improvements to Income Tax Disclosures) is effective for fiscal years beginning after December 15, 2024, requiring further disaggregation of effective tax rate reconciliation and income taxes paid[18](index=18&type=chunk) - FASB ASU No. 2024-03 (Disaggregation of Income Statement Expenses) is effective for fiscal years beginning after December 15, 2026, requiring additional disclosure on the nature of expenses[19](index=19&type=chunk)[20](index=20&type=chunk) [Note 2 - Investments](index=10&type=section&id=Note%202%20-%20Investments) Details Old Republic's investment portfolio, including fair value measurements, net investment income, and gains/losses, with no impairment losses reported Fixed Income Securities by Type (June 30, 2025) | Fixed Income Securities by Type (June 30, 2025) | Amortized Cost ($ Millions) | Fair Value ($ Millions) | | :-------------------------------- | :-------------------------- | :---------------------- | | Government & Agency | 1,839.2 | 1,818.3 | | Municipal | 184.2 | 183.8 | | Corporate | 10,187.4 | 10,355.0 | | Total | 12,210.9 | 12,357.2 | Equity Securities (June 30, 2025) | Equity Securities (June 30, 2025) | Cost ($ Millions) | Fair Value ($ Millions) | | :-------------------------------- | :---------------- | :---------------------- | | Total Equity Securities | 1,422.8 | 2,567.8 | Net Investment Income | Metric | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | | :-------------------------------- | :------------------- | :------------------- | :------------------- | :------------------- | | Fixed income securities | 141.2 | 128.3 | 279.8 | 254.7 | | Equity securities | 20.9 | 19.2 | 41.7 | 40.0 | | Short-term investments | 11.8 | 19.6 | 23.8 | 36.8 | | Other investments | 2.8 | 7.8 | 7.6 | 14.9 | | Net investment income | 171.5 | 167.4 | 342.2 | 331.6 | - Net investment income increased by **2.4%** for Q2 2025 and **3.2%** for 6M 2025, primarily from fixed income securities[48](index=48&type=chunk) - Total net investment gains (losses) improved significantly from **$(140.5) million** in Q2 2024 to **$(7.3) million** in Q2 2025, and from **$26.6 million** in 6M 2024 to **$47.7 million** in 6M 2025[48](index=48&type=chunk) [Note 3 - Loss and Loss Adjustment Expenses](index=14&type=section&id=Note%203%20-%20Loss%20and%20Loss%20Adjustment%20Expenses) Details changes in aggregate reserves for loss and loss adjustment expenses, highlighting favorable prior year development for both segments Reserve Summary | Reserve Type | June 30, 2025 ($ Millions) | December 31, 2024 ($ Millions) | | :-------------------------------- | :-------------------------- | :----------------------------- | | Gross reserves at beginning of period | 13,727.7 | 12,538.2 | | Net reserves at beginning of period | 7,920.6 | 7,560.4 | | Total incurred loss and loss adjustment expenses | 1,599.3 | 1,428.1 | | Total payments | 1,399.5 | 1,287.6 | | Gross reserves at end of period | 14,356.4 | 12,957.6 | - For 6M 2025, Specialty Insurance experienced net favorable development from accident years 2011-2020, partially offset by unfavorable development in 2021-2023, predominantly in workers' compensation, property, and commercial auto[50](index=50&type=chunk) - Title Insurance experienced favorable development in 6M 2025 largely within the 2020-2022 years[50](index=50&type=chunk) [Note 4 - Income Taxes](index=15&type=section&id=Note%204%20-%20Income%20Taxes) Discusses Old Republic's income tax positions and the impact of recent tax reform legislation, which is not expected to be material - The 'One Big Beautiful Bill Act' enacted on July 4, 2025, includes permanent extensions for immediate deduction of qualified business property and domestic research and experimental expenditures[54](index=54&type=chunk) - The Company does not expect the new tax legislation to have a material impact on its results of operations[54](index=54&type=chunk) - The Company is not currently under audit by the IRS, and 2021 and subsequent tax years remain open[53](index=53&type=chunk) [Note 5 - Net Income Per Share](index=15&type=section&id=Note%205%20-%20Net%20Income%20Per%20Share) Provides a reconciliation of net income and shares for basic and diluted EPS calculations, showing increases for Q2 and 6M 2025 Net Income Per Share Summary | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Net income to shareholders ($ Millions) | 204.4 | 91.8 | 449.5 | 408.6 | | Basic weighted-average shares | 244,801,566 | 260,796,757 | 244,343,845 | 266,341,589 | | Diluted adjusted weighted-average shares | 251,075,011 | 265,549,655 | 250,456,276 | 270,538,608 | | Basic EPS | $0.83 | $0.35 | $1.84 | $1.53 | | Diluted EPS | $0.81 | $0.35 | $1.79 | $1.51 | - Basic EPS increased by **137%** in Q2 2025 and **20%** in 6M 2025 compared to the prior year periods[56](index=56&type=chunk) - Diluted EPS increased by **131%** in Q2 2025 and **18.5%** in 6M 2025 compared to the prior year periods[56](index=56&type=chunk) [Note 6 - Credit Losses](index=15&type=section&id=Note%206%20-%20Credit%20Losses) Details Old Republic's recognition of credit losses on financial assets, primarily reinsurance recoverables and accounts receivable, with stable allowances Credit Allowance Summary | Credit Allowance Component | June 30, 2025 ($ Millions) | December 31, 2024 ($ Millions) | | :-------------------------------- | :-------------------------- | :----------------------------- | | Reinsurance recoverables | 22.5 | 22.0 | | Accounts and notes receivable | 31.0 | 30.2 | - The Company's allowance for credit losses on available-for-sale fixed income securities was **$1.6 million** as of both June 30, 2025, and December 31, 2024[40](index=40&type=chunk) - The Company is not exposed to material concentrations of credit risks as to any one issuer of fixed income securities[61](index=61&type=chunk) [Note 7 - Debt](index=17&type=section&id=Note%207%20-%20Debt) Summarizes Old Republic's consolidated debt, consisting of Senior Notes with varying interest rates and maturity dates, and their fair values Senior Notes Summary | Senior Notes | Carrying Amount (June 30, 2025, $ Millions) | Fair Value (June 30, 2025, $ Millions) | | :-------------------------------- | :---------------------------------------- | :------------------------------------- | | 3.875% due 2026 | 549.3 | 546.3 | | 5.750% due 2034 | 396.4 | 412.4 | | 3.850% due 2051 | 643.5 | 463.9 | | Total Debt | 1,589.3 | 1,422.7 | - The total carrying amount of debt remained stable at **$1,589.3 million** as of June 30, 2025, compared to **$1,588.7 million** at December 31, 2024[62](index=62&type=chunk) [Note 8 - Common Stock Repurchases](index=17&type=section&id=Note%208%20-%20Common%20Stock%20Repurchases) Details Old Republic's share repurchase program, including shares repurchased and remaining authorization as of June 30, 2025 - The Board of Directors authorized a **$1.1 billion** share repurchase program on March 1, 2024[63](index=63&type=chunk) - For the first six months of 2025, **0.7 million shares** were repurchased for **$25.2 million** (average price of **$34.11**)[63](index=63&type=chunk) - As of July 31, 2025, **$188.1 million** remained under the current repurchase authorization[63](index=63&type=chunk) [Note 9 - Commitments and Contingent Liabilities](index=17&type=section&id=Note%209%20-%20Commitments%20and%20Contingent%20Liabilities) States that legal proceedings primarily arise from routine claim and related service matters, with no material non-claim litigation exposures - Legal proceedings against the Company are routine and pertain to claim and related service matters associated with insurance policies[64](index=64&type=chunk) - As of June 30, 2025, the Company had no material non-claim and related service litigation exposures[64](index=64&type=chunk) [Note 10 - Segment Information](index=17&type=section&id=Note%2010%20-%20Segment%20Information) Provides detailed financial information for Old Republic's Specialty Insurance and Title Insurance segments, including revenues, expenses, and combined ratios - The Company operates through two primary segments: Specialty Insurance and Title Insurance, managed separately due to differing customer, distribution, and economic perspectives[65](index=65&type=chunk) - Specialty Insurance's largest coverage is commercial auto (**41.7%** of net premiums earned in Q2 2025), followed by workers' compensation, property, and general liability[67](index=67&type=chunk)[143](index=143&type=chunk) - Management uses net operating income (net income excluding net investment gains/losses) as a non-GAAP measure to evaluate periodic and long-term results of insurance operations[71](index=71&type=chunk)[72](index=72&type=chunk) - The combined ratio is the primary performance measure for insurance operations within each segment, assessing overall profitability from underwriting activities[73](index=73&type=chunk) Segment Underwriting Income (Loss) | Segment Underwriting Income (Loss) | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | | :-------------------------------- | :------------------- | :------------------- | :------------------- | :------------------- | | Specialty Insurance | 119.9 | 85.1 | 246.1 | 190.9 | | Title Insurance | 6.9 | 30.2 | (5.2) | 16.7 | | Corporate & Other | (13.3) | (6.6) | (27.4) | (15.1) | | Consolidated | 113.6 | 108.6 | 213.4 | 192.5 | Segment Combined Ratio | Segment Combined Ratio | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Specialty Insurance | 90.7 % | 92.4 % | 90.2 % | 91.4 % | | Title Insurance | 99.0 % | 95.4 % | 100.4 % | 98.6 % | | Consolidated | 93.6 % | 93.5 % | 93.7 % | 93.8 % | [Note 11 - Subsequent Events](index=26&type=section&id=Note%2011%20-%20Subsequent%20Events) States that no subsequent events requiring adjustment or disclosure were identified through the financial statement issuance date - No subsequent events were identified that require adjustment or disclosure to the consolidated financial statements[86](index=86&type=chunk) [ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=27&type=section&id=ITEM%202%20-%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's discussion and analysis of Old Republic's financial condition and results for 6M 2025 and 2024, covering consolidated and segment performance, investments, and critical accounting estimates [OVERVIEW](index=27&type=section&id=OVERVIEW) Highlights Old Republic's operations through Specialty and Title Insurance segments, emphasizing a long-term management philosophy for underwriting results and financial stability - Old Republic operates primarily through Specialty Insurance and Title Insurance segments[89](index=89&type=chunk) - The Company's business is managed for the long run, with a primary focus on achieving favorable underwriting results over cycles and maintaining a sound financial condition[92](index=92&type=chunk)[94](index=94&type=chunk) - Investment management aims for stability of income from interest and dividends, capital protection, and sufficient liquidity, rather than securities trading or capital gains[93](index=93&type=chunk) [FINANCIAL HIGHLIGHTS](index=28&type=section&id=FINANCIAL%20HIGHLIGHTS) Presents key consolidated financial results for Q2 and 6M 2025, showing significant increases in net income, net operating income per diluted share, and book value per share Financial Highlights Summary | Metric | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | % Change (QoQ) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | % Change (YoY) | | :-------------------------------- | :------------------- | :------------------- | :--------------- | :------------------- | :------------------- | :--------------- | | Net income | 204.4 | 91.8 | 122.7% | 449.5 | 408.6 | 10.0% | | Net income excluding investment gains (losses) | 209.2 | 202.4 | 3.3% | 410.9 | 387.2 | 6.1% | | Net operating income per diluted share | 0.83 | 0.76 | 9.2% | 1.64 | 1.43 | 14.7% | | Consolidated net premiums and fees earned | 1,994.6 | 1,797.4 | 11.0% | 3,835.7 | 3,440.1 | 11.5% | | Net investment income | 171.5 | 167.4 | 2.4% | 342.2 | 331.6 | 3.2% | | Consolidated combined ratio | 93.6% | 93.5% | 0.1 ppt | 93.7% | 93.8% | -0.1 ppt | | Book value per share | 25.14 | 22.84 (Dec 31, 2024) | 10.1% | 25.14 | 23.59 (June 30, 2024) | 6.6% | - Book value per share increased by **12.6%** since year-end 2024, inclusive of cash dividends declared[99](index=99&type=chunk) - Total capital returned to shareholders during Q2 2025 was **$71.8 million** in dividends[99](index=99&type=chunk) [DETAILED MANAGEMENT DISCUSSION AND ANALYSIS](index=35&type=section&id=DETAILED%20MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) Provides an in-depth analysis of Old Republic's financial performance, breaking down results by consolidated operations and individual segments [Consolidated Overview](index=35&type=section&id=Consolidated%20Overview) Details Old Republic's consolidated financial performance, highlighting growth in premiums, investment income, and stable combined ratios [Premiums & Fees](index=35&type=section&id=Premiums%20%26%20Fees) Analyzes consolidated net premiums and fees earned, showing growth driven by Specialty Insurance and modest increases in Title Insurance Premiums & Fees by Segment | Segment | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | % Change (QoQ) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | % Change (YoY) | | :-------------------------------- | :------------------- | :------------------- | :--------------- | :------------------- | :------------------- | :--------------- | | Specialty Insurance | 1,294.5 | 1,129.6 | 14.6% | 2,528.1 | 2,221.3 | 13.8% | | Title Insurance | 697.8 | 663.4 | 5.2% | 1,302.9 | 1,208.8 | 7.8% | | Corporate & Other | 2.3 | 4.3 | (46.6)% | 4.6 | 9.9 | (53.5)% | | Consolidated | 1,994.6 | 1,797.4 | 11.0% | 3,835.7 | 3,440.1 | 11.5% | - Consolidated net premiums and fees earned increased by **11.0%** in Q2 2025 and **11.5%** in 6M 2025, driven by strong growth in Specialty Insurance and modest growth in Title Insurance[125](index=125&type=chunk) [Net Investment Income](index=35&type=section&id=Net%20Investment%20Income) Examines consolidated net investment income trends, showing increases driven by higher investment yields despite a lower invested asset base Net Investment Income by Segment | Segment | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | % Change (QoQ) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | % Change (YoY) | | :-------------------------------- | :------------------- | :------------------- | :--------------- | :------------------- | :------------------- | :--------------- | | Specialty Insurance | 149.9 | 132.9 | 12.8% | 299.9 | 264.0 | 13.6% | | Title Insurance | 17.3 | 15.5 | 11.8% | 34.0 | 31.2 | 9.2% | | Corporate & Other | 4.2 | 19.0 | (77.5)% | 8.2 | 36.4 | (77.4)% | | Consolidated | 171.5 | 167.4 | 2.4% | 342.2 | 331.6 | 3.2% | - Consolidated net investment income increased by **2.4%** in Q2 2025 and **3.2%** in 6M 2025, driven by higher investment yields, partially offset by a lower invested asset base due to capital returns[128](index=128&type=chunk) [Loss and Loss Adjustment Expenses](index=36&type=section&id=Loss%20and%20Loss%20Adjustment%20Expenses) Analyzes consolidated loss ratios, reflecting a stable trend and the impact of business mix shifts and prior year loss reserve development Consolidated Loss Ratios | Loss Ratio | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Specialty Insurance | 62.5% | 64.3% | 62.1% | 63.5% | | Title Insurance | 2.9% | 2.3% | 2.8% | 2.3% | | Consolidated loss ratio | 41.6% | 41.3% | 41.9% | 41.8% | | Provision for current year insured events | 43.7% | 43.5% | 44.2% | 44.1% | | Net favorable development (prior years) | (2.1)% | (2.2)% | (2.3)% | (2.3)% | - The consolidated loss ratio remained stable, reflecting a shift in business mix towards Specialty Insurance[131](index=131&type=chunk) - Net favorable prior year loss reserve development remained nearly flat in Q2 and 6M 2025 compared to 2024[131](index=131&type=chunk) [Underwriting, Acquisition, and Other Expenses](index=37&type=section&id=Underwriting%2C%20Acquisition%2C%20and%20Other%20Expenses) Examines consolidated expense ratios, reflecting the changing mix of coverages, business production costs, and investments in new initiatives Consolidated Expense Ratios | Expense Ratio | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Specialty Insurance | 28.2% | 28.1% | 28.1% | 27.9% | | Title Insurance | 96.1% | 93.1% | 97.6% | 96.3% | | Consolidated | 52.0% | 52.2% | 51.8% | 52.0% | - Consolidated expense ratios reflect the changing mix of coverages and costs associated with business production[133](index=133&type=chunk) - Expense ratios are in line with expectations, benefiting from scale due to earned premium growth, offset by start-up costs for new underwriting subsidiaries and IT investments[134](index=134&type=chunk) [Combined Ratios](index=38&type=section&id=Combined%20Ratios) Analyzes consolidated combined ratios, indicating consistent underwriting performance across Q2 and 6M 2025 and 2024 Consolidated Combined Ratios | Combined Ratio | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Specialty Insurance | 90.7% | 92.4% | 90.2% | 91.4% | | Title Insurance | 99.0% | 95.4% | 100.4% | 98.6% | | Consolidated | 93.6% | 93.5% | 93.7% | 93.8% | - The consolidated combined ratio remained stable at **93.6%** for Q2 2025 and **93.7%** for 6M 2025, indicating consistent underwriting performance[135](index=135&type=chunk) [Net Investment Gains (Losses)](index=38&type=section&id=Net%20Investment%20Gains%20(Losses)) Details consolidated net investment gains and losses, showing significant improvement in Q2 2025 compared to the prior year Net Investment Gains (Losses) Summary | Investment Gains (Losses) | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | | :-------------------------------- | :------------------- | :------------------- | :------------------- | :------------------- | | Realized from actual transactions | (2.4) | (51.7) | 34.9 | 131.7 | | Impairment losses | — | (2.4) | — | (5.4) | | Unrealized from changes in fair value of equity securities | (4.9) | (86.3) | 12.7 | (99.6) | | Total investment gains (losses) | (7.3) | (140.5) | 47.7 | 26.6 | - Total investment gains (losses) significantly improved from a loss of **$(140.5) million** in Q2 2024 to a loss of **$(7.3) million** in Q2 2025[138](index=138&type=chunk) - Realized gain/loss activity in 2025 was primarily related to funding capital returns (share repurchases and special dividends), while 2024 activity was driven by portfolio management and tax planning[138](index=138&type=chunk) [Income Taxes](index=38&type=section&id=Income%20Taxes) Examines the effective consolidated income tax rate, noting its stability due to varying proportions of pretax operating income from tax-preferred investment income Effective Consolidated Income Tax Rate | Effective Consolidated Income Tax Rate | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Effective Tax Rate | 19.9% | 19.0% | 20.0% | 20.2% | - The effective consolidated income tax rate remained stable, primarily reflecting varying proportions of pretax operating income from partially tax-preferred investment income[141](index=141&type=chunk) [Specialty Insurance](index=39&type=section&id=Specialty%20Insurance) Details the Specialty Insurance segment's strong growth and profitability, driven by premium rate increases, high renewal retention, and new underwriting subsidiaries [Summary Underwriting Results](index=39&type=section&id=Summary%20Underwriting%20Results) Presents key underwriting results for Specialty Insurance, showing increased income and an improved combined ratio for Q2 and 6M 2025 Specialty Insurance Underwriting Summary | Metric | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | % Change (QoQ) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | % Change (YoY) | | :-------------------------------- | :------------------- | :------------------- | :--------------- | :------------------- | :------------------- | :--------------- | | Net premiums written | 1,361.0 | 1,247.2 | 9.1% | 2,633.1 | 2,404.4 | 9.5% | | Net premiums earned | 1,294.5 | 1,129.6 | 14.6% | 2,528.1 | 2,221.3 | 13.8% | | Segment underwriting income | 119.9 | 85.1 | 40.9% | 246.1 | 190.9 | 28.9% | | Combined ratio | 90.7% | 92.4% | -1.7 ppt | 90.2% | 91.4% | -1.2 ppt | - Specialty Insurance's underwriting income increased by **40.9%** in Q2 2025 and **28.9%** in 6M 2025, reflecting successful specialty strategy and operational excellence[142](index=142&type=chunk) - The combined ratio improved to **90.7%** in Q2 2025 and **90.2%** in 6M 2025, nearing the targeted 90-95% range over a full underwriting cycle[109](index=109&type=chunk)[142](index=142&type=chunk) [Premiums & Fees](index=39&type=section&id=Premiums%20%26%20Fees) Analyzes Specialty Insurance's net premiums earned by coverage type, highlighting growth drivers and areas of decline Specialty Insurance Net Earned Premiums by Coverage Type | Coverage Type | Q2 2025 Net Earned Premiums | Q2 2024 Net Earned Premiums | 6M 2025 Net Earned Premiums | 6M 2024 Net Earned Premiums | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Commercial auto | 41.7% | 42.3% | 41.8% | 42.1% | | Workers' compensation | 17.5% | 18.7% | 17.5% | 18.3% | | Property | 13.2% | 12.3% | 13.3% | 12.3% | | General liability | 8.1% | 7.5% | 8.1% | 7.4% | | Financial indemnity | 7.5% | 6.5% | 7.4% | 7.1% | | Home and auto warranty | 6.1% | 6.6% | 6.4% | 6.7% | | Other coverages | 5.9% | 6.1% | 5.5% | 6.1% | - Net premiums earned increased by **14.6%** in Q2 2025 and **13.8%** in 6M 2025, driven by premium rate increases, high renewal retention, and new business production[144](index=144&type=chunk) - Premium growth was most pronounced in commercial auto, property, and general liability, while Canadian coverages, public D&O, and home warranty premiums declined[144](index=144&type=chunk) [Loss and Loss Adjustment Expenses](index=40&type=section&id=Loss%20and%20Loss%20Adjustment%20Expenses) Examines Specialty Insurance's loss ratios by coverage type, reflecting favorable prior year development and improved current year loss ratios Specialty Insurance Loss Ratios by Coverage Type | Coverage Type Loss Ratio | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Commercial auto | 70.3% | 72.3% | 70.3% | 72.1% | | Workers' compensation | 48.5% | 50.7% | 53.5% | 48.9% | | Property | 51.9% | 53.2% | 50.6% | 56.2% | | Financial indemnity | 56.4% | 56.2% | 54.0% | 52.2% | | General liability | 74.0% | 67.6% | 67.4% | 70.7% | | Home and auto warranty | 60.9% | 67.9% | 55.9% | 62.4% | | All coverages | 62.5% | 64.3% | 62.1% | 63.5% | - Overall loss ratios for Specialty Insurance in Q2 and 6M 2025 reflect slightly higher favorable prior year loss reserve development and improved current year loss ratios[146](index=146&type=chunk) - Favorable development came primarily from workers' compensation, commercial auto, and property, while general liability showed net unfavorable development[147](index=147&type=chunk)[149](index=149&type=chunk) [Sales and General Expenses](index=40&type=section&id=Sales%20and%20General%20Expenses) Discusses Specialty Insurance's expense ratios, noting alignment with expectations despite start-up costs and IT investments, offset by earned premium growth - Expense ratios are in line with expectations, including start-up costs for new underwriting subsidiaries and investments in information technology, offset by benefits from earned premium growth[148](index=148&type=chunk) - Specialty Insurance has launched four new underwriting subsidiaries in the last four years and is investing in modernizing core systems and AI initiatives[148](index=148&type=chunk) [Title Insurance](index=41&type=section&id=Title%20Insurance) Details the Title Insurance segment's premium growth but elevated combined ratios due to market conditions, lower favorable loss development, and increased expenses [Summary Underwriting Results](index=41&type=section&id=Summary%20Underwriting%20Results) Presents key underwriting results for Title Insurance, showing decreased income and an increased combined ratio for Q2 and 6M 2025 Title Insurance Underwriting Summary | Metric | Q2 2025 ($ Millions) | Q2 2024 ($ Millions) | % Change (QoQ) | 6M 2025 ($ Millions) | 6M 2024 ($ Millions) | % Change (YoY) | | :-------------------------------- | :------------------- | :------------------- | :--------------- | :------------------- | :------------------- | :--------------- | | Total premiums and fees | 697.8 | 663.4 | 5.2% | 1,302.9 | 1,208.8 | 7.8% | | Segment underwriting income (loss) | 6.9 | 30.2 | (77.2)% | (5.2) | 16.7 | (131.1)% | | Combined ratio | 99.0% | 95.4% | 3.6 ppt | 100.4% | 98.6% | 1.8 ppt | - Title Insurance's underwriting income decreased significantly, resulting in a loss for 6M 2025, and the combined ratio increased to **99.0%** in Q2 2025 and **100.4%** in 6M 2025[150](index=150&type=chunk) - The segment targets combined ratios between **90% to 95%** over a full underwriting cycle[113](index=113&type=chunk) [Premiums & Fees](index=41&type=section&id=Premiums%20%26%20Fees) Analyzes Title Insurance's net premiums and fees earned by production source, highlighting growth in agency-produced revenues and commercial premiums Title Insurance Premium & Fee Production by Source | Production Source | Q2 2025 Premium & Fee Production | Q2 2024 Premium & Fee Production | 6M 2025 Premium & Fee Production | 6M 2024 Premium & Fee Production | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Direct Operations | 22.8% | 24.2% | 22.5% | 23.6% | | Independent Title Agents | 77.2% | 75.8% | 77.5% | 76.3% | - Net premiums and fees earned increased by **5.2%** in Q2 2025 and **7.8%** in 6M 2025, with agency-produced revenues growing **7%** and directly produced revenues remaining relatively flat[152](index=152&type=chunk) - Commercial premiums represented **23%** of net premiums earned in Q2 2025, up from **21%** in Q2 2024[152](index=152&type=chunk) [Loss and Loss Adjustment Expenses](index=42&type=section&id=Loss%20and%20Loss%20Adjustment%20Expenses) Examines Title Insurance's loss ratios, noting stable low single-digit figures but a lower level of favorable prior year loss reserve development in 2025 - Title Insurance loss ratios remained in the low single digits, but Q2 and 6M 2025 reflect a lower level of favorable prior year loss reserve development compared to 2024[155](index=155&type=chunk) [Sales and General Expenses](index=42&type=section&id=Sales%20and%20General%20Expenses) Discusses Title Insurance's expense ratios, including the impact of litigation settlement expenses and higher agent commissions due to business mix shifts - Q2 and 6M 2025 expense ratios include approximately **$15 million** in litigation settlement expenses (**2.1 and 1.1 points**, respectively) and higher agent commissions due to a shift in business mix[112](index=112&type=chunk)[156](index=156&type=chunk) [FINANCIAL CONDITION](index=42&type=section&id=FINANCIAL%20CONDITION) Old Republic maintains a strong financial condition, supported by diverse specialty businesses, a conservatively managed balance sheet, and an A+ rating from A.M. Best - ORI's business model is resilient, supported by **17 diverse P&C subsidiary companies** within Specialty and Title Insurance, each specializing in niche markets[158](index=158&type=chunk) - The Company maintains a strong balance sheet, reflected by an **A+ rating** from A.M. Best[158](index=158&type=chunk) Balance Sheet Metrics | Balance Sheet Metric | June 30, 2025 ($ Millions) | December 31, 2024 ($ Millions) | | :-------------------------------- | :-------------------------- | :----------------------------- | | Total investments | 16,169.5 | 16,079.0 | | Total assets | 29,255.7 | 27,843.1 | | Long-term debt | 1,589.3 | 1,588.7 | | Shareholders' equity | 6,185.6 | 5,618.9 | | Book value per share | 25.14 | 22.84 | | Debt to equity ratio | 25.7% | 28.3% | - Total assets increased by **5.1%** since year-end 2024, and shareholders' equity increased by **10.1%**, resulting in an improved debt-to-equity ratio of **25.7%**[159](index=159&type=chunk) - Book value per share increased by **12.6%** during the first six months of 2025, inclusive of cash dividends declared, driven by strong net operating income and higher investment portfolio gains[159](index=159&type=chunk)[160](index=160&type=chunk) Drivers of Growth in Book Value Including Dividends | Drivers of Growth in Book Value Including Dividends | 6M 2025 | 6M 2024 | | :-------------------------------- | :------ | :------ | | Net operating income | 7.4% | 6.2% | | Realized investment gains | 0.5% | 1.6% | | Unrealized from changes in fair value of equity securities | 3.5% | (2.2)% | | Other | 1.3% | (2.1)% | | Total | 12.6% | 3.5% | - The Company has paid a regular cash dividend without interruption since 1942 and has raised the regular annual cash dividend for each of the past **44 years**[180](index=180&type=chunk) [Investment Portfolio](index=43&type=section&id=Investment%20Portfolio) Describes Old Republic's investment portfolio, primarily consisting of investment-grade, marketable securities, with conservative management practices - The investment portfolio primarily consists of investment-grade, marketable securities, with extremely limited exposure to high-risk or illiquid asset classes[164](index=164&type=chunk) - The Company does not use derivative financial instruments for hedging or enhancing returns, nor does it engage in options or securities lending[166](index=166&type=chunk) Fixed Income Securities Credit Quality | Fixed Income Securities Credit Quality | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Aaa | 1.8% | 18.0% | | Aa | 24.3% | 9.4% | | A | 41.1% | 40.5% | | Baa | 31.5% | 30.7% | | Total investment grade | 98.7% | 98.6% | | Non-investment grade or non-rated | 1.3% | 1.4% | | Total | 100.0% | 100.0% | - The shift in credit quality for fixed income securities is largely due to the downgrade of U.S. Treasury Notes by several major credit rating agencies[170](index=170&type=chunk) - The average maturity of fixed income securities was **4.6 years**, and the duration was **3.9 years** as of June 30, 2025[176](index=176&type=chunk)[177](index=177&type=chunk) [Other Assets](index=46&type=section&id=Other%20Assets) Discusses the Company's other assets, primarily current receivables and reinsurance recoverable balances deemed collectible - Substantially all of the Company's receivables are current[183](index=183&type=chunk) - Reinsurance recoverable balances are deemed recoverable from solvent reinsurers or have allowances for estimated credit losses[183](index=183&type=chunk) [Reinsurance Programs](index=46&type=section&id=Reinsurance%20Programs) Describes Old Republic's reinsurance programs, used to manage capacity and limit maximum losses by ceding premiums and liabilities to other insurers - Old Republic cedes a portion of its premiums and liabilities to other insurers and reinsurers to manage capacity and limit maximum losses, a common practice in the insurance industry[185](index=185&type=chunk) [CRITICAL ACCOUNTING ESTIMATES](index=46&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) Highlights the establishment of loss and loss adjustment expense reserves as the most critical accounting estimate, acknowledging potential differences between estimates and actual outcomes - The most critical accounting estimate relates to the establishment of reserves for losses and loss adjustment expenses, which is a complex and dynamic process[187](index=187&type=chunk)[188](index=188&type=chunk) - Actual experienced outcomes can differ from estimates, potentially affecting future reported revenues, expenses, net income or loss, and financial condition[187](index=187&type=chunk) - Management believes its overall reserving practices have consistently resulted in reasonable approximations of ultimate net costs, but no guarantee is made that ultimate losses will not differ significantly[132](index=132&type=chunk) [ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=48&type=section&id=ITEM%203%20-%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Identifies Old Republic's primary market risks as interest rate and equity price risk, noting no material changes from prior disclosures - Old Republic's primary market risks are interest rate risk (fixed income securities) and equity price risk (equity securities)[196](index=196&type=chunk) - The Company has no material foreign exchange or commodity risk[196](index=196&type=chunk) - Market risk exposures at June 30, 2025, have not materially changed from those identified in the 2024 Annual Report on Form 10-K[197](index=197&type=chunk) [ITEM 4 - CONTROLS AND PROCEDURES](index=48&type=section&id=ITEM%204%20-%20CONTROLS%20AND%20PROCEDURES) Confirms the effectiveness of Old Republic's disclosure controls and procedures as of June 30, 2025, with no material changes in internal control over financial reporting - The Company's disclosure controls and procedures were evaluated and concluded to be effective as of June 30, 2025[198](index=198&type=chunk) - No material changes in internal control over financial reporting occurred during the three months ended June 30, 2025[199](index=199&type=chunk) [PART II - OTHER INFORMATION](index=49&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Presents other required information, including legal proceedings, risk factors, equity sales, and exhibits [ITEM 1 - LEGAL PROCEEDINGS](index=49&type=section&id=ITEM%201%20-%20LEGAL%20PROCEEDINGS) Incorporates information on commitments and contingent liabilities from Note 9, indicating no material non-claim related litigation exposures - Information on legal proceedings is incorporated from Note 9, which states no material non-claim and related service litigation exposures existed as of June 30, 2025[64](index=64&type=chunk)[202](index=202&type=chunk) [ITEM 1A - RISK FACTORS](index=49&type=section&id=ITEM%201A%20-%20RISK%20FACTORS) States that there have been no material changes to the risk factors previously disclosed in Old Republic's 2024 Annual Report on Form 10-K - No material changes to the risk factors disclosed in the Company's 2024 Annual Report on Form 10-K have occurred[203](index=203&type=chunk) [ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=49&type=section&id=ITEM%202%20-%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) Summarizes share repurchase activity for Q2 2025, noting no repurchases during the quarter and remaining authorization under the program Share Repurchase Activity | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value of Shares That May Yet be Purchased ($ Millions) | | :-------------------------------- | :------------------------------- | :--------------------------- | :-------------------------------------------------------------------- | | April 1 - April 30, 2025 | — | — | 206.2 | | May 1 - May 31, 2025 | — | — | 206.2 | | June 1 - June 30, 2025 | — | — | 206.2 | | Total | — | — | 206.2 | - No shares were repurchased during the second quarter of 2025 under the **$1.1 billion** share repurchase program[204](index=204&type=chunk) [ITEM 5 - OTHER INFORMATION](index=49&type=section&id=ITEM%205%20-%20OTHER%20INFORMATION) States that no directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025[205](index=205&type=chunk) [ITEM 6 - EXHIBITS](index=50&type=section&id=ITEM%206%20-%20EXHIBITS) Lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL-related documents - Exhibits include certifications by the CEO and CFO (Craig R. Smiddy and Frank J. Sodaro) pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[206](index=206&type=chunk) - XBRL Instance Document, Taxonomy Extension Schema, Calculation Linkbase, Definition Linkbase, and Presentation Linkbase are also filed as exhibits[206](index=206&type=chunk) [SIGNATURE](index=51&type=section&id=SIGNATURE) Contains the signature of Frank J. Sodaro, Senior Vice President, Chief Financial Officer, and Principal Accounting Officer, certifying the report - The report is signed by Frank J. Sodaro, Senior Vice President, Chief Financial Officer, and Principal Accounting Officer, on August 1, 2025[209](index=209&type=chunk) [EXHIBIT INDEX](index=52&type=section&id=EXHIBIT%20INDEX) Provides a detailed index of all exhibits included in the Form 10-Q, reiterating certifications and XBRL documents - The exhibit index lists certifications by the CEO and CFO (Exhibits 31.1, 31.2, 32.1, 32.2) and various XBRL taxonomy files (Exhibits 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE)[211](index=211&type=chunk)

Core Viewpoint - Old Republic International (ORI) has received a Zacks Rank 2 (Buy) upgrade due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to buying or selling actions that influence stock prices [4]. Company Performance and Outlook - Rising earnings estimates for Old Republic suggest an improvement in the company's underlying business, which could lead to increased stock prices as investors respond positively [5]. - For the fiscal year ending December 2025, Old Republic is expected to earn $3.25 per share, with a 1.6% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The upgrade of Old Republic to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].