ORI

Old Republic International came into this Q3 2026 report with a stock that had quietly crept higher over the past month, only to slip about 0.1% to US$40.08 in the first full trading session after the release. That muted move sits awkwardly against a headline where net operating income for the quarter reached US$181 million and the consolidated combined ratio landed at 96.1%, still within management's long stated profitability zone for a property and casualty insurer. For a business long viewed as a steady compounder, the real story today is an earnings engine that looks solid while the share price barely reacts. Love Old Republic International's steady underwriting results but concerned that the muted share move signals limited upside in this one ticker? Check out our list of solid balance sheet and fundamentals stocks (26 results) to compare ORI against peers that also pair underwriting discipline with robust fundamentals. - Total Revenue (Q3 2026 vs. Q3 2025): US$2,425.6 million vs. US$2,424.3 million (broadly flat year on year) - Net Income, Excl. Extra Items (Q3 2026 vs. Q3 2025): US$243.2 million vs. US$279.5 million (declined 13.0%) - Basic EPS (Earnings Per Share) (Q3 2026 vs. Q3 2025): US$0.73 vs. US$0.78 on a net operating basis (fell 6.4% based on earnings call figures) - Consolidated Combined Ratio (Q3 2026 vs. Q3 2025): 96.1% vs. 95.3% (higher, indicating slightly weaker underwriting profitability) Earnings grab the headlines, but investors who care about what a stock is really worth often focus first on the cash moving through the business. For Old Republic International, looking at those cash flows alone, the stock could be a dramatic 49% undervalued. The bullish pitch hangs on heavy investment today translating into a tighter underwriting machine tomorrow. "Ongoing investments in digitalization, data analytics and artificial intelligence, including higher IT spending in Specialty and AI enabled Qualia systems in Title that are already reducing labor hours, are expected to streamline underwriting and claims workflows and support higher net margins as the cost base scales over time." Old Republic International is clearly spending, with higher Specialty expenses and a Title systems rollout. Yet group and Specialty combined ratios edged higher to 96.1% and 96.0%. Title's ratio improved only modestly. Efficiency gains are starting to show in pockets, but margin lift is not yet visible at the consolidated level. The bearish view argues rising expenses and heavy payouts could choke earnings before growth kicks in. "Old Republic International continues to face slower net premium growth and higher expenses tied to technology projects and Specialty expansion, which have already compressed pretax profit margins and contributed to earnings per share growth lagging revenue growth." Q3 results keep that worry alive. Net operating income and EPS both fell while revenue stayed broadly flat, and the consolidated combined ratio moved further above the 90% to 95% ambition. At the same time, Old Republic International returned US$190m in Q3 plus US$60m after quarter end. Capital return remains aggressive while profitability progress is incremental. That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for. Old Republic International shows how steady earnings can coincide with little immediate share reaction. The real opportunity is studying companies that may be undervalued before any gap between price and fundamentals potentially narrows. - Company 1 - 49% below our estimate - builds large defense and infrastructure contracts as a mega project backlog converts into active work. - Company 2 - 23% below our estimate - scales production and access for cardiometabolic therapies while pipeline oncology and neuroscience drugs form new treatment franchises. - Company 3 - 50% below our estimate - shifts its lending mix toward fee-heavy services as partnerships and acquisitions reshape earnings toward recurring revenue streams. Three companies from the same screener. Open all 29 potentially undervalued companies → This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ORI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

- Old Republic International reported third quarter 2026 revenue of US$2,550.5 million and net income of US$243.2 million, with nine month revenue at US$7,453.8 million and net income at US$895.6 million, all compared with the same periods a year earlier. - The mix of higher year to date revenue and net income alongside a quarter where profit trailed the prior year highlights how the timing of claims, expenses and investment results can pull reported earnings in different directions, even when Old Republic International's broader operations are adding volume. - Attention now turns to how Old Republic International's investment narrative reflects a quarter of higher revenue but lower quarterly profit. Spot opportunities across insurers and other financially resilient businesses by scanning the hand picked 30 resilient stocks with low risk scores that share Old Republic International's focus on steady premiums and balance sheet strength. To own Old Republic International, you need to be comfortable with an insurance story built on steady underwriting, technology projects and disciplined capital returns rather than rapid expansion. The latest quarter showed higher revenue but lower profit, which keeps the focus on expense discipline in Specialty Insurance and the pay off from recent IT spend. The near term swing factor is whether underwriting margins in Specialty and Title hold up while claims and reserve activity move around. The key short term risk is that slower premium growth and higher operating costs persist, which could keep group profitability under strain even with solid nine month earnings. The third quarter and nine month 2026 earnings release is the key reference point right now. Old Republic International reported revenue of US$2,550.5 million and net income of US$243.2 million for the quarter, alongside nine month revenue of US$7,453.8 million and net income of US$895.6 million, all compared with the same periods a year earlier. Those figures tie directly back to the main catalysts and concerns investors are weighing. Ongoing spending on digitalization and new specialty platforms, plus sizable capital returns, all rely on earnings staying resilient enough to support them. This quarter's mix of higher revenue and softer quarterly profit keeps execution risk on underwriting, expenses and investment income very much in focus. Old Republic International's narrative projects US$11.0 billion revenue and US$674.8 million earnings by 2029. This reflects analysts' assumption of 4.1% yearly revenue growth and an earnings decline of about US$425 million from US$1.1 billion today. Uncover how Old Republic International's fair value indicates a 9% potential upside to its current price before the market closes the gap. Two fair value estimates from the Simply Wall St Community cluster between about US$43.5 and US$78.7, which already shows how far retail opinions on Old Republic International can stretch. Set that beside the recent mix of higher revenue and a weaker quarterly profit to see why there is real debate on underwriting resilience and expense control. Use this spread in views to stress test your own thesis and explore more of the Community's alternative takes before deciding where you sit. Explore another Old Republic International fair value estimate, including one that suggests it could be worth just $43.50. Disagree with existing narratives? 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The Simply Wall St Screener can surface a range of different profiles so you can cross check your thesis and spot alternatives that line up with your own risk and income preferences. - If you prefer companies where balance sheets help absorb shocks and support consistent operations over time, then scan a list of solid balance sheet and fundamentals (26 results) that can help you filter for that kind of resilience. - If you want to focus on opportunities where quality and valuation both matter, use the 30 high quality undervalued stocks to see which candidates currently combine strong fundamentals with what may be more modest pricing. - For readers building a portfolio around income, a 6 dividend fortresses can point you toward stocks offering higher yields alongside an emphasis on durability. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ORI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Image source: The Motley Fool. Oct. 22, 2026 - President and CEO - Craig Smiddy - Chief Financial Officer - Frank Sodaro - President and CEO of Old Republic's National Title Insurance Group - Carolyn Monroe Operator: Hello, everyone. Thank you for joining us, and welcome to Old Republic International Third Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the call over to Joe Calabrese with the Financial Relations Board. Please go ahead. Joe Calabrese: Thank you. Good afternoon, everyone, and thank you for joining us for the Old Republic conference call to discuss third quarter 2026 results. This morning, we distributed a copy of the press release and posted a separate financial supplement. Both of the documents are available on Old Republic's website at oldrepublic.com. Please be advised that this call may involve forward-looking statements as discussed in the press release dated October 22, 2026. Assumptions, uncertainties and risks exist that may cause results to differ materially from those set forth in these forward-looking statements. For more information on these assumptions, uncertainties and risks, please refer to the forward-looking statements discussion in the press release and the company's other recent SEC filings and the risk factors discussed in the company's most recent Form 10-K and other recent SEC filings. We may also include references to net income, excluding net investment gains or net operating income, a non-GAAP financial measure, in our remarks or in responses to questions. GAAP reconciliations are included in the press release. Presenting on today's conference call will be Craig Smiddy, President and CEO; Frank Sodaro, Chief Financial Officer; and Carolyn Monroe, President and CEO of Old Republic's National Title Insurance Group. Management will make some opening remarks, and then we'll open the line for your questions. At this time, I'd like to turn the call over to Craig. Please go ahead, sir. Craig Smiddy: Okay. Joe, thank you, and good afternoon, everyone, and welcome again to Old Republic's third quarter earnings call. During the quarter, we produced $227 million of consolidated pretax operating income, and that compares to $248 million. And our consolidated combined ratio was 96.1% and that compares to 95.3%. Our annualized operating return on beginning equity continues to stand at 12.1%. That's identical to last quarter. And for the first 9 months of the year, growth in book value per share, including dividends, stands at 5.7%. We continue to benefit from favorable prior year reserve development, both in Specialty Insurance and Title Insurance. And we think this continues to reflect our underwriting and reserving discipline. And as usual, Frank will provide more detail on reserve development in a few minutes. Specialty Insurance net premiums earned were 9.7% higher compared to the third quarter of '25. But later in the call, when I discuss specialty, I'll provide a little more context around that premium growth for you. Specialty produced $204 million of pretax operating income, and that compares to $208 million with a combined ratio of 96%, which compares to 94.8%. For specialty, competition remains active across much of the marketplace, although conditions do vary by line of coverage and legal system abuse continues to put pressure on severity loss trends on our liability lines of coverage. And frankly, those trends are more relevant to us than the competitive environment. In title, title net premiums and fees earned were 7.3% higher compared to the third quarter of '25. And title produced $50 million of pretax operating income compared to $46 million with a combined ratio of 96.1% compared to 96.4%. So while title continued to produce solid results, the recent increase in mortgage interest rates does create some uncertainty regarding transaction volumes as we go forward. But we think our title business has demonstrated over many decades an ability to remain profitable and adapt through a variety of housing and mortgage rate environments. And of course, Carolyn will provide additional perspective on the market and title's operating results later in the call. So with that, Frank, I think I'll turn the discussion over to you, and then you can turn it back to me to discuss specialty, and we'll follow that with Carolyn, who'll discuss title. So Frank, over to you. Francis Sodaro: Thank you, Craig, and good afternoon, everyone. This morning, we reported net operating income of $181 million for the quarter compared to $197 million last year. On a per share basis, comparable quarter-over-quarter results were $0.73 compared to $0.78. Starting with investments. Net investment income increased 1.5% in the quarter. However, if you exclude a few unique investment charges, net investment income would have increased by about 4%. The increase was due to a larger investment base, partially from the timing of our debt refinancing and to a lesser extent, higher bond yields. Our average rate on corporate bonds acquired during the quarter was 5.4% compared to the average yield rolling off of about 4.4%. The total bond portfolio book yield ended the quarter at nearly 4.9%, up about 10 basis points from year-end. Turning now to loss reserves. Overall, the consolidated combined ratio in the quarter benefited 1.1 points from favorable development compared to 2.5 points of benefit last year. This was a result of higher favorable development from Title Insurance and a lower level of favorable development from Specialty Insurance. Now while the level of favorable development from Specialty Insurance was lower than we experienced in recent years, it is within the range of our expectations relative to our long-term target. Now digging into specialty coverages. Property continued to have significant favorable development that was higher than prior year. Workers' comp had a solid level of favorable development, but was significantly lower than what was experienced last year. Commercial auto had favorable development that was in line with last year, while general liability and financial indemnity had elevated levels of unfavorable development. We ended the quarter with book value per share of $24.65, which inclusive of regular dividends represents an increase of 5.7% since year-end. This increase resulted primarily from solid operating earnings and the impact of the bargain purchase gain on the ECM acquisition, and that was partially offset by lower bond valuations related to the current interest rate environment. In the quarter, we paid $76 million in dividends and repurchased $114 million worth of our shares. Since the end of the quarter, we repurchased another $60 million worth of our shares, and that leaves us with about $460 million remaining in our current repurchase program. I'll now turn the call back over to Craig for a discussion of Specialty Insurance. Craig Smiddy: Okay. Thanks, Frank. So Specialty Insurance net premiums written were up 10.5% in the quarter. However, as I indicated earlier, to give you a little more color around that, that figure includes ECM for the first time and also strong growth in our auto warranty business. So if we exclude ECM and we exclude the write-up portion of our auto warranty business, net premiums written were up 4.4% in the quarter. So we think that's a growth rate that aligns with where we're at in the P&C underwriting cycle today. We saw strong rate increases on commercial auto and general liability, and I'll talk about both of those lines individually in a moment. And our overall retention ratios came in as expected and in line with the second quarter. So to provide some more color around our auto warranty business, I just want to remind everybody that Old Republic participated in this market for many decades through vehicle service contract programs with auto dealers and administrators. And recently, we made a strategic decision to increase our presence in that market by partnering with market-leading administrators with capabilities that align well with Old Republic's capabilities. Frankly, we view this business as an attractive source of growth and diversification because its performance is less driven by the P&C underwriting cycle that we see and more by the quality of our partnerships with administrators and the quality of their underlying programs. As mentioned in my opening remarks, in the quarter, specialty pretax operating income was $204 million, while the combined ratio was 96%. The loss ratio for the quarter was 64%, which included 0.8 percentage points of favorable prior year loss reserve development, and that compares to 63.5% in the third quarter last year when we included 3.4 percentage points of favorable development. The expense ratio for the quarter was 32% compared with 31.3% in the third quarter last year. As you saw in the release, we began to provide an additional combined ratio analysis, excluding the impact from the retail write-up portion of our auto warranty business. We did this because we reached an inflection point where the impact on the expense and loss ratios from this portion of our auto warranty business started to become more material due to the significant growth in those programs. So with this exclusion, as you can see in that supplemental exhibit, the expense ratio was 29.9% compared to 30.2% in the third quarter of last year. However, there's also some additional items here to note, and that is that there was a $20 million credit charge in the quarter that increased the expense ratio by 1.4 percentage points, while a change in mix decreased the expense ratio somewhat in the quarter. And if you're comparing to the third quarter of '25, as a reminder, there was a true-up of ceding commission in that third quarter of '25 that increased our third quarter '25 expense ratio by 0.9 percentage points. So some moving pieces there. Turning to commercial auto. Our commercial auto net premiums written were up 5.7% in the quarter, while the loss ratio came in at 71% compared to 68.3% in the third quarter last year. Auto liability severity loss trend continues to be impacted by legal system abuse. And as we continue to closely monitor this trend as we have for many years now, we also continue to maintain our risk selection and pricing discipline when it comes to commercial auto. During the quarter, we achieved rate increases for commercial auto in the mid-teens, which remain above our view of observed and anticipated loss trends. At the same time, retention ratios remained stable, near 80%. So we think these results reflect the market that is rational and generally supportive of our pricing actions. As we continue to benefit from favorable prior year reserve development in commercial auto, I'll point out that we've had at least 16 consecutive quarters of favorable prior year reserve development in commercial auto. And we think that provides some evidence that our historical underwriting and reserving practices have remained appropriately cautious. In the commercial transportation market, economic factors continue to vary. Conditions are probably most favorable for large fleet operators, while small operators, particularly those operating 1 to 5 units face greater economic pressures. Because we serve the full spectrum of commercial transportation market, we're able to observe these conditions across a broad range of operators and adjust our pricing and growth strategies accordingly. Now turning to workers' compensation. Our workers' compensation net premiums written were up 7% in the quarter, while the loss ratio came in at 62.7% compared to 63.8% in the third quarter last year. In the quarter, we gave up rate in the low single-digit range on workers' comp because as severity trends remained constant, frequency trends continued to decline and wages continued to increase. So bottom line here is we think our rates remain adequate relative to the loss and exposure trends that we're observing. Moving on, generally speaking, we're very pleased to have successfully closed the ECM transaction this quarter, which, as we noted in the release, was accretive to book value per share and earnings per share. And our newer start-up operating companies continue to make good progress, although these businesses are still relatively small, if you look at it in the context of Old Republic, collectively, they have grown approximately 40% year-to-date. So to us, that's evidence that the investments we've made over the past several years are gaining traction and will continue to contribute more meaningfully as we go forward. So overall, we continue to see a competitive P&C marketplace, and we remain focused on cycle management and risk-adequate pricing that will continue to produce profitable combined ratios. So with that, I'll now turn the discussion over to Carolyn to report on Title Insurance. Carolyn Monroe: Thank you, Craig. Title reported premium and fee revenue of $823 million for the quarter, an increase of $7 million (sic) [ 7% ] compared to the third quarter of '25. Interest rates remain elevated throughout the period and moved modestly higher following the Federal Reserve's September rate increase. Despite the higher rate environment, our title operations delivered solid growth driven by continued strength in the agency channel, where revenues increased 9% compared to third quarter of 2025. Revenue from our direct operations was flat compared to the prior year period. Commercial premiums represented 24% of premiums earned during the quarter compared to 26% in the previous year period. We continue to see a strong pipeline of commercial transactions with a diverse mix across many segments of the commercial real estate market. Agency-generated premiums represented 81% of title revenues during the quarter compared to 80% in the third quarter of last year. Our loss ratio improved by 60 basis points this quarter compared to last year, driven by higher levels of prior year favorable development, reflecting our consistent and conservative reserving practices. Our expense ratio of 94% was up slightly over the 93.7% we achieved in the third quarter of '25. The growth in our agency business increased our agent commissions and contributed an additional 1.7 percentage points to the expense ratio as agency revenues represented a larger share of our title revenues. This increase was substantially offset by a 1.4 percentage point improvement from our continued focus on operational efficiency and disciplined expense management, resulting in a quarterly combined ratio of 96.1%. Year-to-date, our combined ratio has improved to 96.9%, reflecting continued progress toward our long-term objective of achieving a combined ratio below 95%. Investment income increased marginally in the quarter. All these items produced pretax operating income for the quarter of $50 million, up from $46 million in the third quarter of last year. As we move into the final quarter of 2026, we remain focused on improving operational efficiency and expanding our margins. A key part of that effort is our partnership with Qualia and the continued rollout of our new operating system. Implementation began earlier this year and will continue through the end of next year, strengthening our foundation for long-term success. Thank you, and I'll now turn it back to Craig. Craig Smiddy: All right. Thanks, Carolyn. So the fundamentals in Specialty Insurance remain strong as we navigate a competitive P&C marketplace. And our focus continues to be on cycle management and rate adequacy to achieve combined ratios within our target range. And in title, similar story. Title continues to carefully manage expenses to bring the combined ratio within our target range as we navigate the headwinds of higher mortgage interest rates. So with that, we'll now be happy to take any questions, and either I'll answer your question or I'll ask Frank or Carolyn for some help. Operator: [Operator Instructions] Your first question is from the line of Gregory Peters with Raymond James. Charles Peters: I will focus my first question on the Specialty Insurance segment in the top line. And you called out the effect of ECM and also the auto warranty business as it relates to the third quarter. I'm curious what your expectations are for those 2 components for the next couple of quarters? Are we going to expect a continuing lift to the underlying organic revenue growth of your organization as we go through the next couple of quarters? Or are those onetime deals? Craig Smiddy: Thank you for the question, Greg. And the short answer is yes. You can expect a continued lift from here on out. The growth within the auto warranty business is going to continue at a robust pace. And ECM will continue to contribute to top line and bottom line as we go through the subsequent quarters. And you may recall one of the reasons that our acquisition of ECM came to being is they have done a lot to prepare themselves for future growth, and they were somewhat capital constrained. And this acquisition provides them with the necessary capital to move forward with their strategic initiatives on several fronts. So we expect some growth. And part of that capital constraint on ECM was their need to have a quota share in place. So we no longer have that quota share in place. So that too will add to the net top line and bottom line as well. So we should see, again, good continued growth in both of those areas and with respect to how that changes the top line for specialty and how it influences the loss ratio and expense ratios, we'll continue to provide the supplemental information so you can see things with and without. Charles Peters: Okay. The other very important area to cover would be the language that you included around the expense ratio in the third quarter. You call out a bunch of moving parts. And so I was just looking for more detail. First of all, the credit loss is kind of a surprise. And curious if there's anything -- there's some underlying issues that you're growing concerned about there. And then when you talk about the tech spend and all that, just curious how this expense ratio should look over the next several quarters? Craig Smiddy: Sure. So with respect to the credit loss, it was a loss that needed to be recognized under expense under the GAAP accounting rules. So these are highly infrequent types of events for us. We, as you know, manage collateral very conservatively. And in this case, there was one unique program that had a very poor performance. And as a consequence, it was in a collateral deficit position that we have, as of so far, been able to -- been unable to rectify. So we took the conservative position and put up what we believe to be the ultimate loss for that program, assuming no recoverables beyond the collateral that we have. And so we don't expect that to have any further developments. And we don't see this as a systemic type of situation at all. So that's a little bit about the credit. With regard to the overall expenses, I'll probably begin to focus a little bit more on what our expenses are after we exclude the auto warranty write-up to retail because it -- as I said in my opening comments, it's just hit an inflection point where it's material to the reported expense ratio and having a level set on where things would -- what things would look like if we weren't growing that business, I think, is at least how we look at things here. So if you look at the expense ratio for the first 9 months without that retail write-up business, you're below 30% and right at about the 30% for the quarter. So I think the -- if you take away some of those other things like the credit loss, I think the 9 months year-to-date expense ratios after excluding the auto warranty write-up are more in line with where things hopefully will be as we move forward. So I think I've said we are working very hard to try to keep that below 30%, and we will continue to do so. Operator: [Operator Instructions] Your next question is from the line of Paul Newsome with Piper Sandler. Jon Paul Newsome: The ECM and the mortgage business, is it fair to assume that those businesses had an improvement or deficit on the combined ratio? Are they having an impact on the bottom line for the combined ratio? Or is it just a rejiggering of loss versus expenses? Craig Smiddy: The ECM is producing results that are right in line with our target results. So you can make the assumption that, that will be the case going forward. So far this year, they have produced combined ratios right within that range. And we've had limited weather activity, as you know, they are exposed a little bit more to weather than usual within our portfolios, but they've had very good weather results. And as such, are having a very, very good year, and we expect them to continue down that path. Jon Paul Newsome: I was hoping to ask maybe a bigger-picture question where we could kind of maybe step back, Craig, and think about sort of the company within the overall property and casualty cycle and probably we're talking about specialty commercial, obviously, not title. And where you are from a profitability perspective and how you think that profitability will evolve over the next couple of years with the current pricing soft market? I mean because we're -- the combined ratio sort of even if we pull out the, call it, excess expenses related to the efforts to have a whole bunch of new businesses, which are great for the future. It looks like we're kind of top of the range from a combined ratio perspective. If the goal is to get back to some place in between the goal, how does that work out from a cycle perspective, do you think? Do you think we got to be a little patient, maybe to go above the range for a bit before we can get into kind of a normal position? Or do you think there's some other things that could happen along the way, given we are from a big picture perspective. And I'd like to not ask about the quarter per se, really the years? Craig Smiddy: Sure, sure. I appreciate the question, and I understand it. Yes, I think where we'll end the year, hopefully, we'll be within our range for the year. We've done a very good job looking back over the prior years of producing some very decent combined ratios over the last several years. And our overall philosophy is to, again, be between that 90% and 95%, depending on where we're at in the cycle. Right now, it would appear we're at the top end of that. And we're going to work very hard to not exceed the top end as we persevere through a softer market in the next few years. And we're currently in the process of planning with each of our operating companies, 21 different operating companies and putting together plans and making realistic assumptions about rate pressure. So our view is we would not expect to exceed that range as we move through the next few years of a soft market. That's what we're going to work hard to do. The big variable to all of that is top line. And as I mentioned, as we try to maintain pricing discipline, top line could suffer. And that's really the wildcard here is if top line would fall off during the softer years in the cycle, it could push that combined ratio up a bit driven by the expense ratio. But we're keeping an eye on expenses. We're doing everything to maintain a profitable loss ratio. And we're sticking with our top-end target that in the softest part of the cycle, we want to be at a 95% or below. So that's how we're thinking about it. And as I indicated in my earlier remarks, what we're focused on more than competition and trying to be price competitive is selling our value proposition. That's why we're diversified and decentralized into the specialty niches that are an inch-wide mile deep. We hope that our distribution partners and our customers are viewing us as a value buy as opposed to a price buy. And to the extent that we can sell our specialization and the services that come along with that, we think we will come out the other end stronger. But at the end of the day, we're going to stay focused on bottom line and the top line could suffer so far, as I indicated, even if you look at commercial auto, it appears the market is rational. We're able to get rate increases in the mid-teens on commercial auto, rate increases in the mid-teens on general liability. And that's going to be our focus is rate adequate pricing, and we'll see what happens with the top line. But so far, we've been able to do okay on the top line. And as I also mentioned, our new start-ups are starting to produce some meaningful premium that will give us a bit of a tailwind on growth. Right now, those start-ups are driving up the combined ratio because of the lack of premium relative to their expenses. So the more that comes into balance and the premium growth continues to move along in those start-up entities, that should help with, again, some tailwind on top line even if our -- some of our other businesses might have to shrink a little bit. So hopefully, that answers your question. Operator: [Operator Instructions] Your next question is from the line of Gregory Peters with Raymond James. Charles Peters: Craig, can we go back -- if I look at the supplement for the Specialty Insurance segment, and I'm focused on the home and auto warranty portion. And you give the net written premium, and I'm looking at year-to-date numbers of like $545.9 million, which is up materially from the $350 million a year ago. What does this book look like? Is it a $750 million to $800 million book? Is that where we're headed? Or is it going even further than that? Craig Smiddy: Well, you asked a tough question. Things are progressing very well on the -- let me clarify first that it is driven by auto warranty, even though we do put those 2 together. But auto warranty on a gross basis is growing significantly. And even on a net basis, you can see the growth you pointed out. We expect that to continue at a very meaningful clip. So looking at it on a net basis, $600 million, $700 million in the next few years isn't out of the question and even higher. Charles Peters: So $600 million, $700 million of annual premium or annual new premium? Craig Smiddy: Annual premium. Charles Peters: Okay. And then I guess, just go to the title business for a second. With rates moving up a little bit, it doesn't feel good for the real estate market and it feels like there's pressure on forecast going forward. I'm just curious if you have any different views on that view on that position relative to how you see your book of business performing? Craig Smiddy: I would underscore a point Carolyn made, and that is that commercial is still coming in very strong. And the pipeline looks robust. So fortunately, we have the commercial tailwinds that are helping to offset some of the residential headwinds. So I know I've said many times over the last 2 or 3 years that it felt like there was pent-up demand in the residential market and that if interest rates had a 5% in front of them instead of 6% that it could be a major turning point for us. And now we're talking about having a 7% in front of 30-year mortgage rates instead of 6%. So as I pointed out in my comments, as Carolyn pointed out, it does give us pause about where things might be heading. But we do have the commercial that is holding up very well, and we continue to play a very significant role on that business. And the only other thing I would point out that I'm sure Carolyn would echo is that what we're seeing right now, we have a footprint in title on agency business that spans the entire country. And we're seeing some very big differences geographically. So even if you look at our direct, there are certain points in time where direct might be a leading indicator of where residential is going. I would -- we would not say that right now. We would not say that it's a good leading indicator because we're seeing too big of a delta between geographies and we're very limited in our geography on direct. So it's -- residential is driven by our agency and depending on which marketplace you're talking about, some look pretty decent and others not so much. So it's a very diverse landscape right now on residential. And certainly, the higher 30-year mortgage rates are not helpful. But hopefully, by the time commercial winds down a little bit, we'll be hopefully back into the 6s and residential will pick up again. And I would point out, too, refi is not a big part of our portfolio. So to the extent that higher interest rates are depressing refis, that's not going to move the needle one way or another for us very much. Operator: There are no further questions at this time. I will now turn the call back to management for closing remarks. Craig Smiddy: Okay. Well, we very much appreciate all of your attention and participation in today's call. And we're looking forward to our call next quarter where we'll be able to report our year-end results, and we remain optimistic that given all the things we've discussed today that we'll have some good news to report for year-end and final quarter. So thank you very much, and appreciate your involvement again. Thank you. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Old Republic (ORI) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Old Republic International (ORI) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $0.77 per share. This compares to earnings of $1.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5.20%. A quarter ago, it was expected that this insurance underwriter would post earnings of $0.77 per share when it actually produced earnings of $0.76, delivering a surprise of -1.3%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Old Republic, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $2.51 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 0.54%. This compares to year-ago revenues of $2.32 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Old Republic shares have lost about 12.1% since the beginning of the year versus the S&P 500's gain of 13.3%. While Old Republic has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Old Republic was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.77 on $2.54 billion in revenues for the coming quarter and $2.91 on $9.56 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Markel Group (MKL), another stock in the same industry, has yet to report results for the quarter ended September 2026. This insurer is expected to post quarterly earnings of $30.10 per share in its upcoming report, which represents a year-over-year change of -2.6%. The consensus EPS estimate for the quarter has been revised 0.7% higher over the last 30 days to the current level. Markel Group's revenues are expected to be $4.01 billion, up 1.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old Republic International Corporation (ORI) : Free Stock Analysis Report Markel Group Inc. (MKL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

- Interested in Old Republic International Corporation? Here are five stocks we like better. - Q3 operating results weakened modestly: Net operating income fell to $181 million, or $0.73 per share, from $197 million a year earlier, while the consolidated combined ratio increased to 96.1% from 95.3%. Annualized operating return on beginning equity remained 12.1%. - Specialty Insurance delivered premium growth but faced higher costs: Net premiums earned rose 9.7%, supported by acquisitions and auto warranty growth, while the combined ratio increased to 96.0%. Management cited a $20 million credit loss charge and continued pressure on commercial auto claims severity. - Capital returns and Title Insurance performance remained supportive: Old Republic paid $76 million in dividends and repurchased $114 million of shares during the quarter, plus another $60 million afterward. Title Insurance income increased to $50 million, helped by 9% agency-channel revenue growth and an improved 96.1% combined ratio. - 3 Analyst-Backed Stocks the Market Is Getting Totally Wrong Old Republic International (NYSE:ORI) reported third-quarter 2026 net operating income of $181 million, or $0.73 per share, compared with $197 million, or $0.78 per share, a year earlier. Consolidated pre-tax operating income was $227 million, down from $248 million, while the company's combined ratio rose to 96.1% from 95.3%. President and Chief Executive Officer Craig Smiddy said annualized operating return on beginning equity held at 12.1%, unchanged from the prior quarter. Book value per share ended the quarter at $24.65 and, including regular dividends, increased 5.7% from year-end. → Aurora Rejects Curaleaf's Higher Bid, But the Takeover Fight Isn't Over The insurer continued to benefit from favorable prior-year reserve development in both its Specialty Insurance and Title Insurance businesses, though the consolidated benefit was smaller than in the prior-year period. Chief Financial Officer Frank Sodaro said net investment income increased 1.5% during the quarter. Excluding several unique investment charges, net investment income would have risen about 4%, driven primarily by a larger investment base and, to a lesser degree, higher bond yields. → Could Quantinuum's Breakthrough Make Its Sell-Off a Bargain? The average rate on corporate bonds acquired during the quarter was 5.4%, compared with an approximately 4.4% average yield on bonds rolling off the portfolio. The total bond portfolio book yield reached nearly 4.9% at quarter-end, up about 10 basis points from year-end. Favorable prior-year reserve development improved the consolidated combined ratio by 1.1 percentage points, compared with a 2.5-point benefit a year earlier. Sodaro attributed the lower overall benefit to reduced favorable development in Specialty Insurance, partly offset by greater favorable development in Title Insurance. → IonQ's Bold Expansion Could Leave Shareholders Paying the Price During the quarter, Old Republic paid $76 million in dividends and repurchased $114 million of its shares. Since quarter-end, it repurchased an additional $60 million of stock, leaving approximately $460 million available under its current repurchase authorization. Specialty Insurance generated $204 million in pre-tax operating income, compared with $208 million a year earlier. Its combined ratio increased to 96.0% from 94.8%, while net premiums earned rose 9.7% year over year. Specialty net premiums written increased 10.5%, although Smiddy said that figure included the first contribution from ECM and strong growth in the company's auto warranty operation. Excluding ECM and the retail write-up portion of the auto warranty business, net premiums written rose 4.4%. Smiddy said Old Republic expects both ECM and auto warranty operations to provide continued growth in subsequent quarters. He said ECM had been constrained by capital needs before its acquisition, and Old Republic's ownership also eliminated the need for ECM to maintain a quota-share arrangement. The Specialty loss ratio was 64.0%, including 0.8 percentage points of favorable prior-year reserve development, compared with 63.5% a year earlier, when the business received a 3.4-point favorable reserve-development benefit. The expense ratio rose to 32.0% from 31.3%. The company began reporting a combined-ratio measure excluding the retail write-up portion of auto warranty business because the rapidly growing programs had become more material to reported loss and expense ratios. On that basis, the Specialty expense ratio was 29.9%, compared with 30.2% in the prior-year quarter. Management also identified a $20 million credit loss charge that added 1.4 percentage points to the quarter's expense ratio. Smiddy described the loss as related to one poorly performing program with a collateral deficit and said the company does not view it as a systemic issue. - Commercial auto net premiums written increased 5.7%, with mid-teens rate increases and retention near 80%. - Commercial auto's loss ratio was 71.0%, compared with 68.3% a year earlier, as auto liability severity continued to be affected by legal system abuse. - Workers' compensation net premiums written increased 7.0%, while its loss ratio improved to 62.7% from 63.8%. Smiddy said Old Republic accepted low-single-digit rate reductions in workers' compensation as frequency trends declined and wages increased, while maintaining that pricing remained adequate relative to loss and exposure trends. Looking beyond the quarter, Smiddy said the company aims to remain within its long-term Specialty combined-ratio range of 90% to 95%, even through a softer underwriting market. He said top-line growth could be the main variable, as pricing discipline may result in reduced premium volume in some businesses. The company's newer startup operations collectively grew about 40% year to date, according to management. Title Insurance reported $50 million in pre-tax operating income, up from $46 million in the third quarter of 2025. Net premiums and fees earned increased 7.3% year over year, while Title premium and fee revenue totaled $823 million, an increase of $7 million from the prior-year period. Carolyn Monroe, president and CEO of Old Republic National Title Holding Company, said agency-channel revenue rose 9%, while direct-operation revenue was flat. Agency-generated premiums accounted for 81% of Title revenue, compared with 80% a year earlier. Commercial premiums represented 24% of premiums earned, down from 26% in the prior-year quarter. Monroe said the company continued to see a strong pipeline of commercial transactions across a diverse range of commercial real estate segments. The Title combined ratio improved to 96.1% from 96.4%. Its loss ratio benefited from higher favorable prior-year reserve development, while the expense ratio increased modestly to 94.0% from 93.7%. Higher agent commissions added 1.7 percentage points to the expense ratio because agency revenue represented a larger portion of the business, largely offset by a 1.4-point improvement tied to operational efficiency and expense management. Monroe said the year-to-date Title combined ratio improved to 96.9%, moving toward the company's long-term objective of a ratio below 95%. The business is also continuing its rollout of a new operating system through its partnership with Qualia, with implementation expected to continue through the end of next year. Management said rising mortgage rates create uncertainty for residential transaction volumes, although commercial activity has remained supportive. Smiddy said residential conditions vary substantially by geography and that refinancing is not a significant part of Old Republic's Title portfolio. Old Republic International Corporation (NYSE: ORI) is an insurance holding company that provides a range of commercial and personal insurance products and related services in the United States and Canada. Founded in 1887, the company operates through businesses focused primarily on general insurance and title insurance. Old Republic's general insurance operations offer coverage for commercial property, workers' compensation, commercial automobile, general liability, inland marine, aviation, and other specialty risks. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Old Republic International Q3 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Old Republic International (ORI) reported $2.51 billion in revenue for the quarter ended September 2026, representing a year-over-year increase of 8%. EPS of $0.73 for the same period compares to $1.11 a year ago. The reported revenue represents a surprise of +0.54% over the Zacks Consensus Estimate of $2.49 billion. With the consensus EPS estimate being $0.77, the EPS surprise was -5.2%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Old Republic performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: - Specialty Insurance Segment - Loss Ratio: 64% compared to the 65.7% average estimate based on two analysts. - Specialty Insurance Segment - Expense Ratio: 32% compared to the 32.3% average estimate based on two analysts. - Title Insurance Segment - Combined Ratio: 96.1% compared to the 97.1% average estimate based on two analysts. - Title Insurance Segment - Loss Ratio: 2.1% versus 3.5% estimated by two analysts on average. - Operating Revenue- Specialty Insurance Segment- Net premiums earned: $1.44 billion versus the two-analyst average estimate of $1.42 billion. The reported number represents a year-over-year change of +9.7%. - Operating Revenue- Specialty Insurance Segment- Net investment income: $162.3 million versus $162.15 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +5% change. - Operating Revenue- Specialty Insurance Segment- Other income: $50.4 million versus $52.07 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -0.4% change. - Operating Revenue- Corporate & Other: $6.5 million compared to the $9.18 million average estimate based on two analysts. The reported number represents a change of -48% year over year. - Operating Revenue- Title Insurance Segment- Net investment income: $17.9 million versus $18.74 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +1.7% change. - Operating Revenue- Specialty Insurance Segment: $1.66 billion versus $1.63 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +8.9% change. - Operating Revenue- Title Insurance Segment: $841.4 million compared to the $852.52 million average estimate based on two analysts. The reported number represents a change of +7.2% year over year. - Operating Revenue- Title Insurance Segment- Net premiums earned: $823.3 million compared to the $834.18 million average estimate based on two analysts. The reported number represents a change of +7.3% year over year. View all Key Company Metrics for Old Republic here>>> Shares of Old Republic have returned +4.9% over the past month versus the Zacks S&P 500 composite's no change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old Republic International Corporation (ORI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CHICAGO, Oct. 22, 2026 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today reported the following results for the third quarter 2026: - Net income of $243.2 million, compared to $279.5 million last year. - Net operating income1 of $181.4 million, compared to $196.7 million last year. - Net operating income per diluted share of $0.73, compared to $0.78 last year. - Consolidated net premiums and fees earned of nearly $2.3 billion, compared to nearly $2.1 billion last year. - Net investment income of $185.4 million, compared to $182.6 million last year. - Consolidated combined ratio of 96.1%, compared to 95.3% last year. - Favorable loss reserve development of 1.1 points, compared to 2.5 points last year. - Book value per share of $24.65, inclusive of dividends declared up 5.7% since year-end 2025. - Annualized operating return on equity of 12.1%. - Total capital returned to shareholders of $190.2 million, including $113.8 million in share repurchases. Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated. | | | | | | | | | | | | OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS | | | | | | Quarters Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change Net income | | $ 243.2 | | $ 279.5 | | | | $ 895.6 | | $ 729.0 | | Net realized investment gains (losses) | | (63.2) | | 82.7 | | | | 232.5 | | 121.3 | | Bargain purchase gain | | 124.9 | | — | | | | 124.9 | | — | | Net operating income | | $ 181.4 | | $ 196.7 | | (7.8) % | | $ 538.1 | | $ 607.7 | | (11.5) % | | | | | | | | | | | | Combined ratio | | 96.1 % | | 95.3 % | | | | 96.0 % | | 94.2 % | | | | | | | | | | | | | | PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS | | | | | | | | | | | | | | Quarters Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change Net income | | $ 0.99 | | $ 1.11 | | | | $ 3.62 | | $ 2.91 | | Net realized investment gains (losses) | | (0.25) | | 0.33 | | | | 0.95 | | 0.49 | | Bargain purchase gain | | 0.51 | | — | | | | 0.50 | | — | | Net operating income | | $ 0.73 | | $ 0.78 | | (6.0) % | | $ 2.17 | | $ 2.42 | | (10.3) % | | | | | | | | | | | | SHAREHOLDERS' EQUITY (BOOK VALUE) | | | | | | | | | | | | | | | | Sep. 30, | | Dec. 31, | | | | | | | | | | 2026 | | 2025 | | % Change | | | | Total | | | | $5,875.3 | | $5,914.0 | | (0.7) % | | | | Per common share | | | | $24.65 | | $24.21 | | 1.8 % | | | | 1 Non-GAAP financial measure. See "Use of Non-GAAP financial measures" for additional information. Use of Non-GAAP financial measures Old Republic's business is managed for the long run. In this context, management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net operating income, a non-GAAP financial measure defined as net income excluding net investment gains (losses) and bargain purchase gain, in its evaluation of periodic and long-term results. In management's opinion, excluding these gains and losses from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because sales are often highly discretionary, and changes in the value of equity securities can cause significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability. | FINANCIAL HIGHLIGHTS | | Quarters Ended September 30, | | Nine Months Ended September 30, | SUMMARY INCOME STATEMENTS: | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change | Revenues: | | | | | | | | | | | | Net premiums and fees earned | $ 2,269.3 | | $ 2,086.2 | | 8.8 % | | $ 6,339.4 | | $ 5,922.0 | | 7.0 % | Net investment income | 185.4 | | 182.6 | | 1.5 | | 545.5 | | 524.9 | | 3.9 | Other income | 50.6 | | 50.7 | | (0.2) | | 149.4 | | 147.5 | | 1.3 | Total operating revenues | 2,505.4 | | 2,319.6 | | 8.0 | | 7,034.4 | | 6,594.5 | | 6.7 | Pretax realized investment gains (losses) | (79.9) | | 104.7 | | | | 294.3 | | 152.4 | | | Bargain purchase gain | 124.9 | | — | | | | 124.9 | | — | | | Total revenues | 2,550.5 | | 2,424.3 | | | | 7,453.8 | | 6,746.9 | | | Operating expenses: | | | | | | | | | | | | Loss and loss adjustment expenses | 943.9 | | 856.9 | | 10.2 | | 2,681.0 | | 2,465.3 | | 8.8 | Underwriting, acquisition, and other expenses | 1,308.6 | | 1,197.0 | | 9.3 | | 3,606.9 | | 3,307.8 | | 9.0 | Interest and other charges | 25.5 | | 17.3 | | 47.2 | | 69.9 | | 52.9 | | 32.2 | Total expenses | 2,278.2 | | 2,071.3 | | 10.0 % | | 6,357.8 | | 5,826.0 | | 9.1 % | Pretax income | 272.2 | | 352.9 | | | | 1,095.9 | | 920.9 | | | Income taxes | 27.8 | | 72.8 | | | | 197.4 | | 186.1 | | | Total net income | 244.4 | | 280.1 | | | | 898.4 | | 734.7 | | | Net income attributable to | | | | | | | | | | | | noncontrolling interests | 1.2 | | 0.5 | | | | 2.7 | | 5.6 | | | Net income attributable to shareholders | $ 243.2 | | $ 279.5 | | | | $ 895.6 | | $ 729.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | COMMON STOCK STATISTICS: | | | | | | | | | | | | Components of net income per share: | | | | | | | | | | | | | | | | | | | | | | | | Basic net operating income | $ 0.75 | | $ 0.80 | | (5.7) % | | $ 2.23 | | $ 2.48 | | (10.1) % | Net realized investment gains (losses) | (0.26) | | 0.34 | | | | 0.96 | | 0.50 | | | Bargain purchase gain | 0.52 | | — | | | | 0.52 | | — | | | Basic net income | $ 1.01 | | $ 1.14 | | | | $ 3.71 | | $ 2.98 | | | | | | | | | | | | | | | Diluted net operating income | $ 0.73 | | $ 0.78 | | (6.0) % | | $ 2.17 | | $ 2.42 | | (10.3) % | Net realized investment gains (losses) | (0.25) | | 0.33 | | | | 0.95 | | 0.49 | | | Bargain purchase gain | 0.51 | | — | | | | 0.50 | | — | | | Diluted net income | $ 0.99 | | $ 1.11 | | | | $ 3.62 | | $ 2.91 | | | | | | | | | | | | | | | Dividends declared on common stock | $ 0.315 | | $ 0.290 | | 8.6 % | | $ 0.945 | | $ 0.870 | | 8.6 % | | | | | | | | | | | | | | | | | | | | | | | | The information presented in the following table highlights the most meaningful indicators of Old Republic's segmented and consolidated financial performance. The information underscores the performance of its operating companies, as well as the sound investment of their capital and underwriting cash flows. Sources of Consolidated Income | | Quarters Ended September 30, | | Nine Months Ended September 30, | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change Net premiums and fees earned: | | | | | | | | | | Specialty Insurance | $ 1,444.6 | | $ 1,316.8 | | 9.7 % | | $ 4,060.3 | | $ 3,845.0 | | 5.6 % Title Insurance | 823.3 | | 767.0 | | 7.3 | | 2,273.9 | | 2,070.0 | | 9.8 Corporate & Other | 1.4 | | 2.3 | | (39.4) | | 5.1 | | 6.9 | | (25.9) Consolidated | $ 2,269.3 | | $ 2,086.2 | | 8.8 % | | $ 6,339.4 | | $ 5,922.0 | | 7.0 % | | | | | | | | | | | Underwriting income (loss):2 | | | | | | | | Specialty Insurance | $ 58.5 | | $ 69.2 | | (15.4) % | | $ 185.1 | | $ 315.3 | | (41.3) % Title Insurance | 32.3 | | 27.8 | | 15.9 | | 69.3 | | 22.5 | | 207.0 Corporate & Other | (23.4) | | (14.0) | | (66.6) | | (53.6) | | (41.4) | | (29.2) Consolidated | $ 67.4 | | $ 83.0 | | (18.8) % | | $ 200.9 | | $ 296.4 | | (32.2) % | | | | | | | | | | | Net investment income: | | | | | | | | | | | Specialty Insurance | $ 162.3 | | $ 154.6 | | 4.9 % | | $ 479.9 | | $ 454.6 | | 5.6 % Title Insurance | 17.9 | | 17.6 | | 1.7 | | 53.7 | | 51.7 | | 3.9 Corporate & Other | 5.2 | | 10.3 | | (49.5) | | 11.8 | | 18.5 | | (36.2) Consolidated | $ 185.4 | | $ 182.6 | | 1.5 % | | $ 545.5 | | $ 524.9 | | 3.9 % | | | | | | | | | | | Interest and other charges (income): | | | | | | | | | | | Specialty Insurance | $ 17.0 | | $ 16.1 | | | | $ 53.5 | | $ 48.3 | | Title Insurance | (0.1) | | (0.2) | | | | — | | (0.1) | | Corporate & Other3 | 8.7 | | 1.5 | | | | 16.4 | | 4.7 | | Consolidated | $ 25.5 | | $ 17.3 | | 47.2 % | | $ 69.9 | | $ 52.9 | | 32.2 % | | | | | | | | | | | Pretax operating income (loss): | | | | | | | | Specialty Insurance | $ 203.9 | | $ 207.7 | | (1.8) % | | $ 611.6 | | $ 721.7 | | (15.3) % Title Insurance | 50.4 | | 45.7 | | 10.1 | | 123.1 | | 74.4 | | 65.5 Corporate & Other | (27.0) | | (5.2) | | N/M | | (58.2) | | (27.6) | | N/M Consolidated | 227.2 | | 248.2 | | (8.5) % | | 676.5 | | 768.4 | | (12.0) % Income taxes | 44.5 | | 50.8 | | | | 135.6 | | 155.0 | | Net operating income | 182.6 | | 197.3 | | (7.4) % | | 540.9 | | 613.4 | | (11.8) % Consolidated pretax realized investment | | | | | | | | | | | gains (losses) | (79.9) | | 104.7 | | | | 294.3 | | 152.4 | | Income taxes (credits) | (16.7) | | 21.9 | | | | 61.8 | | 31.1 | | Net realized investment gains (losses) | (63.2) | | 82.7 | | | | 232.5 | | 121.3 | | Bargain purchase gain | 124.9 | | — | | | | 124.9 | | — | | Total net income | 244.4 | | 280.1 | | | | 898.4 | | 734.7 | | Net income attributable to | | | | | | | | | | | noncontrolling interests | 1.2 | | 0.5 | | | | 2.7 | | 5.6 | | Net income attributable to shareholders | $ 243.2 | | $ 279.5 | | | | $ 895.6 | | $ 729.0 | | | | | | | | | | | | | | | | | | | | | | | | 2 Includes related services.3 Includes consolidation/elimination entries. Specialty Insurance Segment Operating Results | Quarters Ended September 30, | | Nine Months Ended September 30, | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change Revenues: | | | | | | | | | | | Net premiums written | $ 1,636.3 | | $ 1,481.1 | | 10.5 % | | $ 4,458.9 | | $ 4,114.3 | | 8.4 % Net premiums earned | 1,444.6 | | 1,316.8 | | 9.7 | | 4,060.3 | | 3,845.0 | | 5.6 Other income | 50.4 | | 50.6 | | (0.3) | | 148.9 | | 147.1 | | 1.2 Expenses: | | | | | | | | | | | Loss and loss adjustment expenses | 924.1 | | 835.9 | | 10.6 | | 2,618.9 | | 2,406.7 | | 8.8 Underwriting, acquisition, and other expenses | 512.3 | | 462.2 | | 10.8 | | 1,405.2 | | 1,270.0 | | 10.6 Segment underwriting income | 58.5 | | 69.2 | | (15.4) | | 185.1 | | 315.3 | | (41.3) Add: Net investment income | 162.3 | | 154.6 | | 4.9 | | 479.9 | | 454.6 | | 5.6 Less: Interest and other charges | 17.0 | | 16.1 | | 5.1 | | 53.5 | | 48.3 | | 10.9 Segment pretax operating income | $ 203.9 | | $ 207.7 | | (1.8) % | | $ 611.6 | | $ 721.7 | | (15.3) % | | | | | | | | | | | Loss ratio: | | | | | | | | | | | Current year | 64.8 % | | 66.9 % | | | | 65.2 % | | 65.8 % | | Prior years | (0.8) | | (3.4) | | | | (0.7) | | (3.2) | | Total | 64.0 | | 63.5 | | | | 64.5 | | 62.6 | | Expense ratio | 32.0 | | 31.3 | | | | 30.9 | | 29.2 | | Combined ratio | 96.0 % | | 94.8 % | | | | 95.4 % | | 91.8 % | | | | | | | | | | | | | Combined Ratio Analysis - Excluding Auto Warranty Write-Up to Retail Loss ratio: | | | | | | | | | | | Current year | 66.8 % | | 68.0 % | | | | 66.5 % | | 66.6 % | | Prior years | (0.8) | | (3.5) | | | | (0.7) | | (3.2) | | Total | 66.0 | | 64.5 | | | | 65.8 | | 63.4 | | Expense ratio | 29.9 | | 30.2 | | | | 29.6 | | 28.3 | | Combined ratio | 95.9 % | | 94.7 % | | | | 95.4 % | | 91.7 % | | Specialty Insurance net premiums written continues to reflect significant growth in auto warranty programs which require net premiums written to include the retail selling price of service contracts. Excluding the write-up to retail pricing, Specialty Insurance net premiums written increased 7.1% and 4.0% for the quarter and first nine months, respectively, and net premiums earned increased 8.0% and 4.9% for the same periods. Growth in net premiums earned for the quarter was driven by a combination of premium rate increases and new business production (including an increasing contribution from start-up operating companies) and the acquisition of ECM Insurance Group. Earned premium growth was most pronounced within commercial auto, accident & health, property, and auto warranty coverages, while Canadian travel accident and trucking continued to decline. The increase in net investment income was primarily driven by a higher invested asset base. Specialty Insurance underwriting ratios reflect the impact of the write-up to retail pricing on certain auto warranty programs. Under these programs, as the retail premiums are earned a corresponding commission expense is recognized. The combined ratio analysis above illustrates the resulting increase in the expense ratios and corresponding decrease in the loss ratios. Excluding the auto warranty write-up to retail, Specialty Insurance loss ratios increased due to a lower level of favorable prior year loss reserve development, partially offset by an improvement in the current year loss ratios. Favorable development was recognized in property, commercial auto, and workers' compensation, partially offset by unfavorable development in general liability and financial indemnity. The expense ratio for the third quarter 2026 includes a $20 credit loss (1.4 points) from a guaranteed asset protection account. This was offset by lower acquisition costs from changes in mix, and the impact of a third quarter 2025 true-up of ceding commissions (0.9 points). In addition, the expense ratios continue to reflect investments in start-up operating companies which are not at scale, information technology modernization, data and analytics, and artificial intelligence, including the additional personnel costs to manage all of these key initiatives. Several of the information technology modernization efforts are entering a phase in which costs are being amortized while the systems being replaced are not yet decommissioned. Specialty Insurance Segment Operating Results (continued) Old Republic's acquisition of ECM Insurance Group following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. Specialty Insurance recognized a gain on the acquisition of $124.9 and ECM Insurance Group's current period results were accretive to this quarter's operating earnings. Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first nine months. For Specialty Insurance, combined ratios between 90% and 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly with long-tailed lines of coverage. Title Insurance Segment Operating Results | Quarters Ended September 30, | | Nine Months Ended September 30, | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change Revenues: | | | | | | | | | | | Net premiums earned | $ 756.0 | | $ 699.5 | | 8.1 % | | $ 2,074.3 | | $ 1,876.3 | | 10.6 % Title, escrow, and other fees | 67.2 | | 67.5 | | (0.5) | | 199.5 | | 193.6 | | 3.0 Net premiums and fees earned | 823.3 | | 767.0 | | 7.3 | | 2,273.9 | | 2,070.0 | | 9.8 Other income | 0.2 | | 0.1 | | 25.4 | | 0.5 | | 0.4 | | 22.5 Expenses: | | | | | | | | | | | Loss and loss adjustment expenses | 17.0 | | 20.3 | | (16.3) | | 57.9 | | 56.7 | | 2.1 Underwriting, acquisition, and other expenses | 774.2 | | 719.0 | | 7.7 | | 2,147.1 | | 1,991.1 | | 7.8 Segment underwriting income | 32.3 | | 27.8 | | 15.9 | | 69.3 | | 22.5 | | 207.0 Add: Net investment income | 17.9 | | 17.6 | | 1.7 | | 53.7 | | 51.7 | | 3.9 Less: Interest and other charges (income) | (0.1) | | (0.2) | | 31.2 | | — | | (0.1) | | 55.0 Segment pretax operating income | $ 50.4 | | $ 45.7 | | 10.1 % | | $ 123.1 | | $ 74.4 | | 65.5 % | | | | | | | | | | | Loss ratio: | | | | | | | | | | | Current year | 3.7 % | | 3.5 % | | | | 3.7 % | | 3.5 % | | Prior years | (1.6) | | (0.8) | | | | (1.2) | | (0.8) | | Total | 2.1 | | 2.7 | | | | 2.5 | | 2.7 | | Expense ratio | 94.0 | | 93.7 | | | | 94.4 | | 96.2 | | Combined ratio | 96.1 % | | 96.4 % | | | | 96.9 % | | 98.9 % | | Title Insurance net premiums and fees earned increased 7.3% for the quarter and 9.8% for the first nine months. Agency premiums, which are reported on a lag relative to direct premiums, experienced strong growth, while directly produced premiums were relatively flat as a result of the interest rate environment. Commercial premiums represented 23.6% of net premiums earned compared to 26.4% in the third quarter of last year. Net investment income increased marginally in the quarter. The Title Insurance loss ratios improved slightly compared to last year, primarily from a higher level of favorable prior year loss reserve development. The expense ratio for the quarter increased slightly due to commissions on a higher level of agency business, partially offset by continued expense management and scale. In addition, the expense ratio for the first nine months of 2025 included approximately $15 (0.7 points) in litigation settlement expenses; excluding this impact, the expense ratio improved 1.1 points for the first nine months. Together, these factors produced higher pretax operating income for the quarter and first nine months. For Title Insurance, combined ratios between 90% to 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range. Although Title Insurance has been navigating a difficult real estate environment over the last few years resulting in ratios in excess of this range, Title Insurance continues to strive to come into range in the near term. Corporate & Other Operating Results | | Quarters Ended September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | % Change | | 2026 | | 2025 | | % Change Net premiums earned | | $ 1.4 | | $ 2.3 | | (39.4) % | | $ 5.1 | | $ 6.9 | | (25.9) % Net investment income4 | | 5.2 | | 10.3 | | (49.5) | | 11.8 | | 18.5 | | (36.2) Operating revenues | | 6.5 | | 12.5 | | (47.6) | | 16.8 | | 25.4 | | (33.6) Operating expenses | | 33.6 | | 17.8 | | 88.6 % | | 75.0 | | 53.1 | | 41.4 % Corporate & Other pretax operating loss | | $ (27.0) | | $ (5.2) | | N/M | | $ (58.2) | | $ (27.6) | | N/M Corporate & Other includes a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries. Net investment income was impacted by a lower invested asset base due to the return of capital to shareholders and a higher allocation to short-term investments. Additionally, the Company's $550 Senior Notes matured in August 2026 and were repaid with proceeds from the $700 Senior Notes issued in May 2026. Operating expenses in 2026 include the increased interest costs associated with the May 2026 debt issuance and transaction costs associated with the closing of the ECM Insurance Group acquisition. Consolidated Balance Sheets | September 30, | | December 31, | 2026 | | 2025 Assets: | | | Fixed income securities (at fair value) | $ 12,136.2 | | $ 12,709.8 Equity securities (at fair value) | 2,252.3 | | 2,487.7 Short-term investments (at fair value which approximates cost) | 2,258.5 | | 1,613.6 Other investments | 19.3 | | 27.7 Cash | 336.0 | | 263.2 Accrued investment income | 133.8 | | 141.1 Accounts and notes receivable | 3,153.1 | | 2,782.2 Reinsurance balances and funds held | 410.0 | | 404.5 Reinsurance recoverable | 8,702.8 | | 7,740.2 Deferred policy acquisition costs | 893.3 | | 636.2 Other assets | 1,175.8 | | 1,055.9 Total assets | $ 31,471.7 | | $ 29,862.7 | | | Liabilities and Equity: | | | Loss and loss adjustment expense reserves | $ 15,820.9 | | $ 14,775.7 Unearned premiums | 4,815.1 | | 3,982.5 Other policyholders' benefits and funds held | 185.2 | | 177.8 Commissions, expenses, fees, and taxes | 585.5 | | 601.8 Reinsurance balances and funds held | 1,581.8 | | 1,428.0 Federal income tax: Deferred | 123.5 | | 219.3 Debt | 1,749.7 | | 1,589.9 Other liabilities | 718.8 | | 1,158.7 Total liabilities | 25,580.8 | | 23,934.2 Total shareholders' equity | 5,875.3 | | 5,914.0 Noncontrolling interests | 15.4 | | 14.4 Total equity | 5,890.8 | | 5,928.4 Total liabilities and equity | $ 31,471.7 | | $ 29,862.7 | 4 Net of elimination entries. Investments As of September 30, 2026, the consolidated investment portfolio reflected an allocation of approximately 86% to fixed income securities (bonds and notes) and short-term investments, and 14% to equity securities (common and preferred stocks). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the operating companies. The equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends. The investment portfolio has extremely limited exposure to high risk or illiquid asset classes such as limited partnerships, derivatives, hedge funds or private equity investments. In addition, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities with values predicated on non-regulated financial instruments with unfunded counterparty risk attributes. Shareholders' Equity Per Share Changes in shareholders' equity per share are reflected in the following table. These changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividends to shareholders declared during the year. Both 2026 periods are also impacted by the bargain purchase gain realized by the Company as a result of its July 1, 2026 acquisition of ECM Insurance Group. | Quarter | | | | | | Year | | Ended | | | | | | Ended | | Sep. 30, | | Nine Months Ended Sep. 30, | | Dec. 31, | | 2026 | | 2026 | | 2025 | | 2025 | Beginning balance | $ 25.33 | | $ 24.21 | | $ 22.84 | | $ 22.84 | Changes in shareholders' equity: | | | | | | | | Net operating income | 0.75 | | 2.23 | | 2.48 | | 3.23 | Net realized investment gains (losses) | (0.26) | | 0.96 | | 0.50 | | 0.59 | Net unrealized investment gains (losses) on | | | | | | | | fixed income securities | (1.29) | | (1.90) | | 1.01 | | 1.02 | Total net realized and unrealized investment gains (losses) | (1.55) | | (0.94) | | 1.51 | | 1.61 | Bargain purchase gain | 0.52 | | 0.52 | | — | | — | Dividends declared | (0.315) | | (0.945) | | (0.870) | | (3.660) | Other – net | (0.08) | | (0.43) | | 0.23 | | 0.19 | Net change | (0.68) | | 0.44 | | 3.35 | | 1.37 | Ending balance | $ 24.65 | | $ 24.65 | | $ 26.19 | | $ 24.21 | Change for the period | (2.7) % | | 1.8 % | | 14.7 % | | 6.0 % | Change for the period, inclusive of dividends declared | (1.4) % | | 5.7 % | | 18.5 % | | 22.0 % | Total capital returned to shareholders during the quarter was $190.2, comprised of $76.3 in dividends and $113.8 in share repurchases. For the first nine months, total capital returned was $565.2, comprised of $229.7 in dividends and $335.4 in share repurchases. Financial Supplement A financial supplement to this news release is available on the Company's website: www.oldrepublic.com Conference Call Information Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m. CT) today to discuss its third quarter 2026 performance and to review major operating trends and business developments. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 833-461-5787, passcode 419723846. Interested parties may also listen to a replay of the call through October 29, 2026 by dialing 833-309-1852, passcode 419723846, or by accessing it on Old Republic's website. About Old Republic Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, Old Republic is a leader in underwriting and risk management services for business partners across the United States and Canada. Old Republic's specialized operating companies are experts in their fields, enabling them to provide tailored solutions that set them apart. For more information, please visit www.oldrepublic.com. Forward-Looking Statements Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as "expect," "predict," "estimate," "will," "should," "anticipate," "believe," and similar expressions. Any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance. Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results. Old Republic's Specialty Insurance segment results can be affected by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors; general economic considerations, including the levels of investment yields, inflation rates, and the impacts of tariffs; periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, and work-related injuries; claims development and the impact on loss reserves; adequacy and availability of reinsurance; uncertainties in underwriting and pricing risks; and unanticipated external events. Old Republic's Title Insurance segment results can be affected by similar factors, and by changes in national and regional housing demand and values, the availability and cost of mortgage loans, and employment trends. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income, the levels of investments held, and period-to-period variations in the costs of administering the Company's widespread operations. In addition, results could be particularly affected by technology and security breaches or failures, including cybersecurity incidents. A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2025 Form 10-K, and the various risks, uncertainties, and other factors that are included from time to time in other Securities and Exchange Commission filings. Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon. | | At Old Republic: | At Financial Relations Board: | Craig R. Smiddy, President and Chief Executive Officer | Analysts/Investors: Joe Calabrese/[email protected] | | View original content:https://www.prnewswire.com/news-releases/old-republic-reports-results-for-the-third-quarter-and-first-nine-months-of-2026-302916268.html

Analysts on Wall Street project that Old Republic International (ORI) will announce quarterly earnings of $0.77 per share in its forthcoming report, representing a decline of 30.6% year over year. Revenues are projected to reach $2.49 billion, increasing 7.4% from the same quarter last year. The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock. While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights. Bearing this in mind, let's now explore the average estimates of specific Old Republic metrics that are commonly monitored and projected by Wall Street analysts. Analysts forecast 'Operating Revenue- Specialty Insurance Segment- Net premiums earned' to reach $1.42 billion. The estimate indicates a change of +7.5% from the prior-year quarter. Analysts expect 'Operating Revenue- Specialty Insurance Segment- Net investment income' to come in at $162.15 million. The estimate suggests a change of +4.9% year over year. The consensus estimate for 'Operating Revenue- Specialty Insurance Segment- Other income' stands at $52.07 million. The estimate points to a change of +2.9% from the year-ago quarter. The consensus among analysts is that 'Operating Revenue- Corporate & Other' will reach $9.18 million. The estimate indicates a change of -26.6% from the prior-year quarter. It is projected by analysts that the 'Operating Revenue- Title Insurance Segment- Net investment income' will reach $18.74 million. The estimate points to a change of +6.5% from the year-ago quarter. The average prediction of analysts places 'Operating Revenue- Specialty Insurance Segment' at $1.63 billion. The estimate indicates a change of +7.1% from the prior-year quarter. Based on the collective assessment of analysts, 'Operating Revenue- Title Insurance Segment' should arrive at $852.52 million. The estimate suggests a change of +8.6% year over year. The collective assessment of analysts points to an estimated 'Specialty Insurance Segment - Loss Ratio' of 65.7%. Compared to the present estimate, the company reported 63.5% in the same quarter last year. The combined assessment of analysts suggests that 'Specialty Insurance Segment - Expense Ratio' will likely reach 32.3%. The estimate compares to the year-ago value of 31.3%. Analysts predict that the 'Title Insurance Segment - Combined Ratio' will reach 97.1%. Compared to the current estimate, the company reported 96.4% in the same quarter of the previous year. According to the collective judgment of analysts, 'Title Insurance Segment - Expense Ratio' should come in at 93.6%. Compared to the current estimate, the company reported 93.7% in the same quarter of the previous year. Analysts' assessment points toward 'Specialty Insurance Segment - Combined Ratio' reaching 98.0%. Compared to the present estimate, the company reported 94.8% in the same quarter last year. View all Key Company Metrics for Old Republic here>>> Old Republic shares have witnessed a change of +0.1% in the past month, in contrast to the Zacks S&P 500 composite's +0.7% move. With a Zacks Rank #3 (Hold), ORI is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> . Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old Republic International Corporation (ORI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research