Company Overview - Old Republic International (ORI) is headquartered in Chicago and operates in the Finance sector, with a stock price change of 8.1% since the start of the year [3] - The company currently pays a dividend of $0.26 per share, resulting in a dividend yield of 3.34%, which is higher than the Insurance - Multi line industry's yield of 2.24% and the S&P 500's yield of 1.57% [3] Dividend Performance - The current annualized dividend of $1.06 represents an 8.2% increase from the previous year [4] - Over the last 5 years, ORI has increased its dividend 5 times, averaging an annual increase of 5.36% [4] - The company's payout ratio is currently 39%, indicating that it paid out 39% of its trailing 12-month EPS as dividends [4] Earnings Growth - The Zacks Consensus Estimate for ORI's earnings in 2024 is $2.73 per share, reflecting a year-over-year earnings growth rate of 3.80% [5] Investment Appeal - ORI is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 2 (Buy) [7]

Analysts don't randomly choose which stocks to cover. Their decision is typically driven by significant investor interest or promising prospects associated with a particular stock. An interesting observation is that when stocks receive new analyst coverage, they often experience gradual upward price movements compared to those already covered by analysts. The magnitude of this price movement is influenced by the recommendations made by the new analysts. Positive recommendations like "Buy" and "Strong Buy" t ...

Bottom Line Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout. High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks te ...

Core Points - Old Republic International Corporation declared a quarterly cash dividend of 26.5 cents per common share, payable on June 14, 2024, to shareholders of record on June 4, 2024 [1] - The total cash dividend for the year is projected to be $1.06 per share, representing an 8.2% increase from the $0.98 paid in 2023 [1] - 2024 marks the 43rd consecutive year of dividend increases and the 83rd year of uninterrupted dividend payments [2] Company Overview - Old Republic International Corporation is one of the 50 largest shareholder-owned insurance businesses in the United States and is listed in the Fortune 500 [3] - The company operates as an insurance holding company with subsidiaries that provide risk management services primarily in general and title insurance [3] - Old Republic's general insurance business ranks among the nation's 50 largest, while its title insurance business is the third largest in its industry [3]

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This part covers the company's consolidated financial statements, notes, management's analysis of financial position and operations, market risk disclosures, and internal controls [Consolidated Financial Statements](index=3&type=section&id=CONSOLIDATED%20FINANCIAL%20STATEMENTS) The consolidated financial statements for the quarter ended March 31, 2024, show a significant increase in net income to $316.7 million from $199.8 million in the prior-year quarter, driven by higher total revenues. Total assets grew to $27.06 billion from $26.50 billion at year-end 2023. However, comprehensive income decreased to $243.7 million from $339.7 million year-over-year, primarily due to unrealized losses on investments. Cash flow from operations remained stable, while financing activities saw a net inflow from a new debt issuance, partially offset by share repurchases and dividends Consolidated Balance Sheet Highlights ($ in Millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$27,064.3** | **$26,501.4** | | Total Investments | $16,324.5 | $15,867.7 | | Total Liabilities | $20,663.3 | $20,090.7 | | **Total Common Shareholders' Equity** | **$6,400.9** | **$6,410.7** | Consolidated Income Statement Highlights ($ in Millions, Except Share Data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $2,015.9 | $1,758.7 | | Net Premiums Earned | $1,574.6 | $1,496.2 | | Net Investment Income | $164.1 | $137.8 | | **Net Income** | **$316.7** | **$199.8** | | Diluted EPS | $1.15 | $0.68 | - Comprehensive income for Q1 2024 was **$243.7 million**, a decrease from **$339.7 million** in Q1 2023, primarily driven by a net unrealized loss on investments of **$73.0 million** in Q1 2024, compared to a net unrealized gain of **$139.8 million** in the prior-year period[10](index=10&type=chunk) Consolidated Cash Flow Highlights ($ in Millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $160.4 | $156.6 | | Net Cash from Investing Activities | ($355.2) | $49.3 | | Net Cash from Financing Activities | $128.4 | ($193.3) | [Notes to Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail the company's accounting policies and provide further information on key financial statement items. A significant event is the pending sale of the RMIC Companies, Inc. (RMICC) for approximately $140 million, which is now classified as held-for-sale. The investment portfolio remains concentrated in available-for-sale fixed income securities, with fair value changes impacting equity. Loss reserves saw favorable development, primarily from General Insurance. The company issued $400 million in new senior notes and was active in its share repurchase program, buying back $194.4 million in shares during the quarter - The company operates through two main segments: General Insurance (property and liability) and Title Insurance, with RFIG Run-off business results now included in the Corporate & Other category[15](index=15&type=chunk)[61](index=61&type=chunk) - A definitive agreement was reached on November 11, 2023, to sell RMIC Companies, Inc. (RMICC) to Arch Capital Group Ltd. for approximately **$140 million**, with the transaction expected to close in Q2 2024 and accounted for as held-for-sale[34](index=34&type=chunk)[35](index=35&type=chunk) - Favorable prior-year loss reserve development in Q1 2024 was primarily driven by workers' compensation and commercial auto lines in the General Insurance segment, and from the 2019-2021 years in the Title Insurance segment[49](index=49&type=chunk)[50](index=50&type=chunk) - In Q1 2024, the company issued **$400.0 million** of 5.750% Senior Notes due 2034, increasing total debt to **$1,987.6 million**[56](index=56&type=chunk) - Under its share repurchase programs, the company repurchased **6.6 million** shares for **$194.4 million** in Q1 2024, and a new **$1.1 billion** share repurchase program was authorized in March 2024[58](index=58&type=chunk)[59](index=59&type=chunk) [Management Analysis of Financial Position and Results of Operations](index=18&type=section&id=MANAGEMENT%20ANALYSIS%20OF%20FINANCIAL%20POSITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's analysis highlights a 3.9% increase in pretax operating income to $231.5 million, driven by strong performance in the General Insurance segment which offset a decline in Title Insurance. Consolidated net premiums and fees grew 5.6%, while the combined ratio increased to 94.3% from 92.7% year-over-year. Net investment income rose 19.1% due to higher yields. The financial position remains strong, with total assets increasing and a continued focus on high-quality investments. The company returned $264 million to shareholders through dividends and share repurchases during the quarter [Executive Summary](index=20&type=section&id=EXECUTIVE%20SUMMARY) This section provides an overview of the company's financial performance, highlighting key drivers such as increased pretax operating income, growth in premiums and investment income, and capital returns to shareholders Overall Results Summary ($ in Millions) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Pretax income excluding investment gains | $231.5 | $222.9 | 3.9% | | Net income excluding investment gains | $184.7 | $179.2 | 3.1% | | Net income per diluted share excluding investment gains | $0.67 | $0.61 | 9.8% | - Key performance drivers for Q1 2024 include a **5.6%** increase in consolidated net premiums and fees, a **19.1%** rise in net investment income, and a total of **$264 million** in capital returned to shareholders via dividends and buybacks[79](index=79&type=chunk) - Book value per share increased **2.2%** to **$23.83** at March 31, 2024, from **$23.31** at December 31, 2023[78](index=78&type=chunk) [Results of Operations](index=21&type=section&id=RESULTS%20OF%20OPERATIONS) This section details the company's consolidated income sources and combined ratio, showing segment-wise performance and factors influencing profitability Sources of Consolidated Income ($ in Millions) | Segment | Q1 2024 Pretax Operating Income | Q1 2023 Pretax Operating Income | % Change | | :--- | :--- | :--- | :--- | | General Insurance | $220.4 | $193.2 | 14.1% | | Title Insurance | $2.3 | $17.4 | (86.4)% | | Corporate & Other | $8.8 | $12.3 | (28.6)% | | **Consolidated** | **$231.5** | **$222.9** | **3.9%** | Consolidated Combined Ratio | Ratio Component | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Loss Ratio | 42.5% | 38.8% | | Expense Ratio | 51.8% | 53.9% | | **Combined Ratio** | **94.3%** | **92.7%** | - The consolidated loss ratio increased, primarily due to a change in business mix with a lower contribution from Title Insurance (which has a lower loss ratio) and less favorable prior year reserve development compared to Q1 2023[109](index=109&type=chunk)[110](index=110&type=chunk) [Segment Overview](index=33&type=section&id=Segment%20Overview) This section provides a detailed analysis of the performance of the General Insurance and Title Insurance segments, including their respective premiums, operating income, and combined ratios General Insurance Segment Highlights | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Premiums Earned | $1,091.6M | $965.1M | | Pretax Operating Income | $220.4M | $193.2M | | Combined Ratio | 90.3% | 89.3% | - General Insurance premium growth of **13.1%** was driven by rate increases, high retention, and new business, particularly in commercial auto, property, and general liability lines[86](index=86&type=chunk)[122](index=122&type=chunk) Title Insurance Segment Highlights | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Premiums & Fees Earned | $545.4M | $583.2M | | Pretax Operating Income | $2.3M | $17.4M | | Combined Ratio | 102.5% | 99.3% | - Title Insurance revenues declined **6.5%** due to a drop in mortgage originations from higher interest rates, leading to a significant decrease in profitability and an underwriting loss, as indicated by the **102.5%** combined ratio[91](index=91&type=chunk)[127](index=127&type=chunk) [Financial Position](index=36&type=section&id=FINANCIAL%20POSITION) This section describes the company's balance sheet, investment portfolio allocation, capitalization, debt-to-equity ratio, and dividend policy - The consolidated investment portfolio as of March 31, 2024, was allocated approximately **84%** to fixed income and short-term investments and **16%** to equity securities, with a focus on high-quality, marketable securities[98](index=98&type=chunk)[135](index=135&type=chunk) - Total capitalization stood at **$8.39 billion** at March 31, 2024, with a debt-to-equity ratio of **31.1%**, temporarily elevated due to a recent **$400 million** senior note issuance intended to retire maturing debt later in 2024[148](index=148&type=chunk)[149](index=149&type=chunk) - The company has paid a cash dividend for **83** consecutive years and has increased it for the past **43** years[150](index=150&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=37&type=section&id=QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURE%20ABOUT%20MARKET%20RISK) The company's primary market risks are interest rate risk from its fixed income portfolio and equity price risk from its equity investments. There have been no material changes in these market risk exposures since the 2023 Annual Report on Form 10-K - The company's main market risks are interest rate risk and equity price risk, with no material foreign exchange or commodity risk[166](index=166&type=chunk) - Market risk exposures as of March 31, 2024, have not changed materially from those disclosed in the 2023 Form 10-K[167](index=167&type=chunk) [Controls and Procedures](index=37&type=section&id=CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024. There were no material changes to the internal control over financial reporting during the first quarter - The principal executive and financial officers concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[168](index=168&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2024 that have materially affected, or are reasonably likely to materially affect, the company's internal controls[169](index=169&type=chunk) [PART II OTHER INFORMATION](index=38&type=section&id=PART%20II%20OTHER%20INFORMATION) This part addresses legal proceedings, risk factors, equity security sales, other disclosures, and a list of exhibits filed with the report [Legal Proceedings](index=38&type=section&id=ITEM%201%20-%20LEGAL%20PROCEEDINGS) The company reports no material non-claim related legal proceedings as of March 31, 2024. Legal proceedings that do arise are typically in the normal course of business and pertain to claim matters - As of March 31, 2024, the Company had no material non-claim litigation exposures in its consolidated business[60](index=60&type=chunk)[173](index=173&type=chunk) [Risk Factors](index=38&type=section&id=ITEM%201A%20-%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - No material changes have occurred with respect to the risk factors disclosed in the Company's 2023 Annual Report on Form 10-K[174](index=174&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=ITEM%202%20-%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During the first quarter of 2024, the company completed its $450 million share repurchase program and initiated a new $1.1 billion program. A total of 6.68 million shares were repurchased for approximately $192.5 million during the quarter Share Repurchase Activity for Q1 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | January 2024 | 234,397 | $28.05 | | February 2024 | 2,701,428 | $28.05 | | March 2024 | 3,742,043 | $29.46 | | **Total Q1 2024** | **6,677,868** | **$28.84** | - The company completed its **$450 million** share repurchase authorization from May 2023 and began a new **$1.1 billion** authorization announced on March 1, 2024[175](index=175&type=chunk) [Other Information](index=38&type=section&id=ITEM%205%20-%20OTHER%20INFORMATION) During the first quarter of 2024, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement for the purchase or sale of the company's securities - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended March 31, 2024[176](index=176&type=chunk) [Exhibits](index=39&type=section&id=ITEM%206%20-%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including supplemental indentures, forms of award agreements for the stock incentive plan, and officer certifications as required by the Sarbanes-Oxley Act - Exhibits filed with the report include an Eighth Supplemental Indenture, forms of award agreements under the 2022 Stock Incentive Plan, and CEO/CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906[177](index=177&type=chunk)[178](index=178&type=chunk)

Investors might want to bet on Old Republic International (ORI) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its ...

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NEWS RELEASE At Old Republic: At Financial Relations Board: Craig R. Smiddy, President and CEO Analysts/Investors: Joe Calabrese 212/827-3772 OLD REPUBLIC REPORTS RESULTS FOR THE FIRST QUARTER 2024 OVERALL RESULTS | | | | | Quarters Ended March 31, | | | --- | --- | --- | --- | --- | --- | | | 2024 | | | 2023 | % Change | | Net income | $ | 1.15 | $ | 0.68 | | | Net of tax investment gains | | 0.48 | | 0.07 | | | Net income excluding investment gains | $ | 0.67 | $ | 0.61 | 9.8 % | | SHAREHOLDERS' EQUITY (B ...

General Insurance Segment Performance - General Insurance segment revenues increased to $4,744.3 million in 2023, up 9.9% from $4,315.6 million in 2022[14] - General Insurance segment pretax income increased to $787.8 million in 2023, up 14.2% from $689.8 million in 2022[14] - General Insurance segment combined ratio improved to 90.2% in 2023 from 89.5% in 2022[20] - General Insurance net premiums earned increased by 8.2% in 2023, driven by premium rate increases, high renewal retention ratios, and new business production[35] - Commercial auto accounted for 41.0% of General Insurance's consolidated net premiums earned in 2023, while property lines grew to 11.5% of total premiums[34] - The reported loss ratio for General Insurance remained consistent at 62.0% in 2023, with favorable development in workers' compensation and commercial auto reserves[39] - Approximately 94% of General Insurance premiums are produced through independent agency or brokerage channels, with the remaining 6% obtained through direct production facilities[31] - General Insurance net premiums earned increased by 8.2% to $4,119.2 million in 2023, driven by premium rate increases, high renewal retention ratios, and new business production[204][205] - General Insurance net investment income rose by 29.3% to $462.7 million in 2023, driven by higher investment yields and a larger invested asset base[204][205] - Consolidated underwriting ratio for General Insurance improved to 90.2% in 2023, compared to 89.5% in 2022, reflecting strong profitability[205] - General Insurance segment pretax operating income increased by 14.2% to $787.8 million in 2023, driven by premium growth and investment income[205] - General Insurance loss ratio remained stable at 62.0% in 2023, with favorable development in workers' compensation and commercial auto offset by unfavorable trends in general liability[206] - General Insurance combined ratio target remains between 90% and 95% over a full underwriting cycle, reflecting the company's long-term profitability goals[207] Title Insurance Segment Performance - Title Insurance segment revenues decreased to $2,620.6 million in 2023, down 32.5% from $3,882.7 million in 2022[14] - Title Insurance segment pretax income decreased to $133.5 million in 2023, down 56.8% from $308.8 million in 2022[14] - Title Insurance segment combined ratio worsened to 97.1% in 2023 from 93.2% in 2022[20] - Title Insurance net premiums and fees earned decreased by 33.2% in 2023, driven by a drop in mortgage originations due to higher interest rates[63] - Commercial premiums represented 22% of Title Insurance premiums earned in 2023, with both direct and agency-produced revenues declining[63] - Title Insurance loss ratios remained low at 1.9% in 2023, with favorable trends in claims frequency and severity[65] - Title Insurance's premium and fee revenue is closely tied to real estate market activity, with seasonal fluctuations and impacts from mortgage interest rates[62] - 79.0% of Title Insurance premiums and fees in 2023 were accounted for by policies issued by independent title agents[88] - Title Insurance net premiums earned decreased by 33.2% to $2,562.8 million in 2023, reflecting a significant decline compared to 2022[204] - Title Insurance underwriting and related services income decreased by 71.1% to $75.4 million in 2023, reflecting significant challenges in this segment[204] - The Title Insurance segment generated $2.0 billion or 79.0% of its premium and fee income from independent title agents in 2023, making it vulnerable to shifts in agent preferences[153] - The Title Insurance segment faces risks from independent title agents' actions, including potential policy issuance beyond contractual limits or failure to adhere to underwriting standards[154] - Florida accounted for approximately 24% of the Title Insurance segment's total consolidated premium and related fee income in 2023[157] - The Title Insurance segment's commercial policies may have exposure extending into the hundreds of millions of dollars, with no reinsurance obtained for large commercial policies[158] RFIG Run-off Segment Performance - RFIG Run-off segment revenues declined to $22.7 million in 2023, down 24.3% from $30.0 million in 2022[14] - RFIG Run-off mortgage insurance business had total statutory capital of $169.5 million, including a contingency reserve of $38.4 million as of December 31, 2023[72] - RFIG Run-off's reported loss ratio improved to (66.9)% in 2023 from (75.5)% in 2022 and (5.3)% in 2021, driven by favorable reserve development[79] - The RFIG Run-off segment's loss reserves are based on reported defaults and estimates, subject to significant uncertainty due to economic conditions[159][160][161] - The RFIG Run-off segment's actual losses could exceed established reserves, potentially requiring substantial increases in reserves[162] - The company reached a definitive agreement to sell the RFIG Run-off mortgage insurance business to Arch U.S. MI Holdings Inc., expected to close in the first half of 2024[163] Consolidated Financial Performance - Consolidated revenues decreased to $7,258.3 million in 2023, down 10.2% from $8,083.7 million in 2022[14] - Consolidated pretax income decreased to $747.4 million in 2023, down 12.8% from $857.4 million in 2022[14] - Consolidated net premiums and fees earned decreased by 12.6% to $6,707.7 million in 2023, driven by a decline in Title Insurance, partially offset by growth in General Insurance[200] - Net investment income increased by 25.8% to $578.3 million in 2023, driven by higher investment yields[200] - The consolidated combined ratio for 2023 was 92.6%, with favorable loss reserve development improving the ratio by 4.6 percentage points[200] - Total capital returned to shareholders in 2023 was $806 million, comprising $276 million in dividends and $530 million in share repurchases[200] - Book value per share grew by 15.3% to $23.31 in 2023, inclusive of dividends[200] - Pretax income excluding investment losses (pretax operating income) was $938.4 million in 2023, with Title Insurance pretax operating income declining and General Insurance pretax operating income increasing[199] - Net income excluding investment gains (losses) was $749.5 million in 2023, compared to $845.1 million in 2022[197] - Diluted net income per share excluding investment gains (losses) was $2.63 in 2023, a 5.7% decrease from $2.79 in 2022[203] - Total operating revenues decreased by 10.1% to $7,449.3 million in 2023, compared to $8,284.9 million in 2022[203] - Loss and loss adjustment expenses increased by 6.4% to $2,596.6 million in 2023, while sales and general expenses decreased by 18.6% to $3,843.6 million[203] - Consolidated net investment income increased by 25.8% to $578.3 million in 2023, driven by strong performance in General Insurance and Title Insurance[204] Investment Portfolio and Income - The company's investment portfolio is focused on investment grade, publicly traded, fixed income securities and dividend paying, large capitalization, highly liquid equity securities[91] - Net investment income for the years ended December 31, 2023, 2022, and 2021 was $578.3 million, $459.5 million, and $434.3 million, respectively[114] - The company's investment portfolio as of December 31, 2023, was allocated 83% to fixed income and short-term investments, and 17% to equity securities[114] - Old Republic's investment portfolio is subject to market-wide risks, including inflation, regulatory changes, and economic outlooks, which could impact future valuations[115] - The company's investment portfolio includes significant exposure to electric utilities and natural gas industries, which could be affected by climate change, leading to potential investment losses[141] Capital Management and Shareholder Returns - Dividends declared to the holding company by its subsidiaries for the fiscal years ended December 31, 2023, 2022, and 2021 amounted to $673.3 million, $614.6 million, and $566.7 million, respectively[121] - The company's insurance subsidiaries are generally prohibited from paying dividends to the holding company in excess of 10% of statutory surplus or a portion of statutory net income without prior regulatory approval[121] - The company repurchased 2,064,666 shares at an average price of $26.87 per share in Q4 2023, completing its $450 million share repurchase program[186] - The company's five-year total market return for common stock outperformed the S&P 500 and Peer Group, reaching $212.37 in 2023 from a $100 investment in 2018[183] Risk Management and Reserves - The Company's property and liability insurance subsidiaries establish loss reserves to cover reported claims, IBNR claims, and direct and indirect costs[42] - Old Republic's exposure to A&E claims is difficult to quantify due to long reporting delays and uncertainties in litigation history[51] - Old Republic's consolidated favorable development of reserves for losses and loss adjustment expenses was $305.8 million, $282.6 million, and $210.6 million for the years ended December 31, 2023, 2022, and 2021, respectively[111] - Old Republic's loss reserves are based on estimates and could be adversely affected if actual insured losses exceed these estimates[109] - The company depends on reinsurance to manage risks, but the availability and cost of reinsurance are subject to market conditions beyond its control[148][150] Regulatory and Compliance - The company is subject to evolving U.S. privacy and cybersecurity laws and regulations, including the NY DFS Cybersecurity Regulation amendments adopted in 2023[99] - The company is subject to extensive governmental regulations, and non-compliance could result in penalties, fines, or suspensions, adversely affecting its financial condition[135][137] Cybersecurity and Technology - Cybersecurity incidents and technology breaches could disrupt operations, result in financial losses, and expose the company to additional liabilities[123][124] - The company's cybersecurity strategy is overseen by a Chief Information Security Officer with 26 years of experience, supported by enterprise-wide monitoring and third-party assessments[168][172] - The company's reliance on IT systems is critical, and failure to keep pace with technological advancements could impair its competitive position and increase costs[134] Competitive Landscape - The company faces intense competition from specialty insurance companies, underwriting agencies, intermediaries, and larger financial services companies, which could reduce its market share and premium revenues[129] - The company's growth strategy includes investments in new underwriting subsidiaries, but these ventures may not meet growth and profitability targets, risking significant capital losses[130][132] Climate Change and Catastrophic Risks - Climate change could impact the company's liability insurance business, particularly in workers' compensation and vehicle liability, with potential long-term effects on pricing and underwriting[140] - The company's General Insurance segment is exposed to catastrophic losses from natural disasters and terrorism, with potential non-reinsured losses exceeding coverage limits[144][146] Life and Accident Insurance - The company's life and accident insurance business generated net premium revenues of $9.1 million in 2023, down from $9.6 million in 2022 and $11.0 million in 2021[81] - Term life insurance premiums earned were $3.8 million in 2023, compared to $3.9 million in 2022 and $4.8 million in 2021, with production terminated as of year-end 2004[81] Geographic Distribution of Premiums - Consolidated direct premiums written in the United States were distributed as follows in 2023: Northeast 11.3%, Southeast 22.2%, Western 14.6%, Southwest 13.0%, and foreign (principally Canada) 2.7%[85] Human Resources and Talent - The company has approximately 9,200 associates, with significant competition for talent in the insurance industry[102] Corporate Structure and Operations - The company's operations are divided into three segments: General Insurance, Title Insurance, and RFIG Run-off, with a small life and accident insurance business included in Corporate & Other[188] - The company's common stock is traded on the NYSE under the symbol "ORI," with 1,924 registered holders as of January 31, 2024[180]