Old Republic Reports Moderately Lower Third Quarter and Year-to-Date Operating Earnings

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October 26, 2004 at 9:04 AM EDT

Old Republic Reports Moderately Lower Third Quarter and Year-to-Date Operating Earnings

 Earnings Benefit From Higher Profits in General Insurance but Are Offset by
             Lower Profitability in Mortgage and Title Insurance

    CHICAGO, Oct. 26 /PRNewswire-FirstCall/ --


                             Financial Highlights
            (unaudited; amounts in millions except share data and
      percentages; all  per-share amounts are stated on a diluted basis)

                             Quarters Ended          Nine Months Ended
                              September 30,             September 30,
                        2004      2003    Change  2004      2003     Change

     Total Revenues    $880.3    $866.4    1.6% $2,569.8  $2,420.1    6.2%
     Net Operating
      Income           $107.6    $116.9  - 7.9%   $320.1    $339.0  - 5.6%
     Net Income        $109.1    $119.9  - 9.0%   $334.5    $345.8  - 3.3%
     Diluted Earnings
      Per Share(*):
       Net Operating
        Income          $0.58     $0.64  - 9.4%    $1.73     $1.85  - 6.5%
       Net Income       $0.59     $0.65  - 9.2%    $1.81     $1.89  - 4.2%

     (*)  2003 per share data reflect retroactive adjustment for the 50% stock
          dividend issued in December 2003.

Old Republic International Corporation (NYSE: ORI) reported moderately lower earnings for the third quarter and first nine months of 2004. Net income in this year's third quarter totaled $109.1 million, or 59 cents per share, versus $119.9 million, or 65 cents per share, for the year-ago quarter. Net operating income, which excludes realized investment gains or losses, was $107.6 million, or 58 cents per share in the quarter compared to $116.9 million, or 64 cents per share, in the same year-ago period.

Net Income And Net Operating Income

For the first nine months of 2004, net income was $334.5 million, or $1.81 per share, versus $345.8 million, or $1.89 per share, for the same period of 2003, whereas net operating income was $320.1 million, or $1.73 per share, compared to $339.0 million, or $1.85 per share, for the respective periods of 2004 and 2003.

Consolidated pretax earnings for the first nine months of 2004 were affected adversely by the expensing of stock option benefits of $7.8 million, (or 3 cents per share after tax) of which $5.6 million represented a charge for a non-recurring vesting acceleration of stock option costs recorded in this year's first quarter. Stock option expense charges reduced earnings per share by less than 1 cent per share in the third quarter and first nine months of 2003.

To aid in investment analysis of Company results, both net operating income and net income figures are given as they highlight the impact of certain accounting rules or securities market-driven considerations that affect the recording of investment gains or losses and lead to lessened period-to-period comparability. The realization of investment gains or losses can be highly discretionary and arbitrary due to such factors as the timing of individual securities sales, losses from write-downs of impaired securities, tax-planning considerations, and changes in investment management judgments relative to the direction of securities markets or the future prospects of individual investees or industry sectors. In particular, write-downs of securities deemed other than temporarily impaired are affected by some of these factors as well as industry or issuer-specific developments that can call for the recognition of a permanent loss of market value or non-recoverability of asset cost.

The major components of pretax operating income cited herein, and consolidated GAAP net income were as follows for the periods shown:


                                     ($ in Millions)
                          Quarters Ended          Nine Months Ended
                           September 30,            September 30,
                                             %                          %
                         2004      2003     Chg.   2004      2003      Chg.
     Pretax operating
      income (loss):
       General          $87.3     $64.8    34.6%  $245.0    $186.7    31.3%
       Mortgage
        Guaranty         53.7      69.1   -22.2    170.7     214.9   -20.6
       Title             21.1      43.0   -50.8     65.6     105.2   -37.7
       Corporate and
        other            (2.0)     (3.6)            (6.1)     (6.1)
         Sub-total      160.2     173.3    -7.6    475.2     500.7    -5.1

     Realized investment
      gains (losses):
       From sales         2.2      11.5             22.7      27.0
       From impairments     -      (6.9)               -     (16.4)
         Sub-total        2.2       4.5             22.7      10.5
     Consolidated pretax
      income            162.4     177.9    -8.7    498.0     511.3    -2.6
       Income taxes      53.2      57.9    -8.0    163.1     165.2    -1.2
     Net income        $109.1    $119.9    -9.0%  $334.5    $345.8    -3.3%


    Consolidated Revenues

Consolidated operating revenues for this year's third quarter amounted to $878.0 million, up 1.9 percent when compared to $861.8 million posted in the same quarter of 2003. Net premiums and fees were $796.3 million in 2004's third quarter versus $778.1 million in the same period one year ago. Consolidated net investment income of $72.8 million for the third quarter of 2004 was 5.3 percent higher when compared to the same quarter of 2003.

For the first nine months of 2004, consolidated operating revenues rose 5.7 percent to $2.54 billion, from $2.40 billion for the first nine months of 2003. Net premiums and fees for the first nine months of 2004 were $2.30 billion compared to $2.15 billion in the same year-ago period. Consolidated net investment income for the year-to-date period in 2004 was $214.6 million, slightly higher than the $208.6 million recorded in the first nine months of 2003. While the Company's invested asset base has continued to grow as a result of stronger operating cash flows, a general downtrend in interest rates in the past several years has inhibited a corresponding growth in investment income.

General Insurance Group

Old Republic's property and liability insurance business registered pretax operating income of $87.3 million in this year's third quarter, which compares to $64.8 million earned in the same period of 2003. Net premium revenues in the latest quarterly period rose by 17.4 percent to $421.3 million, compared to $359.0 million one year ago. The composite underwriting ratio for this year's third quarter was 89.7 percent versus 92.9 percent in the same quarter one year ago.

For the first nine months of 2004, pretax operating income rose by 31.3 percent to $245.0 million when compared to $186.7 million posted in the like period of 2003. Net premiums earned were $1.19 billion versus $1.01 billion a year ago, for an increase of 18.0 percent. The composite underwriting ratio was 90.5 percent compared to 93.6 percent in the same period last year.

Earned premiums in the General Insurance Group increased as a result of positive pricing and risk selection changes effected during the past few years, as well as additional business produced in an environment marked by a more restrictive marketing stance on the part of many competitors. Underwriting results in the latest quarter and year-to-date period continued to benefit from lower claims ratios, and from reasonably firm production and administrative expense control. The composite underwriting ratio represents the most widely accepted indicator of underwriting performance in the industry, and Old Republic has now registered a composite ratio below 100 percent for ten consecutive quarters. The ratio reached a high of 118.8 percent in the third quarter of 1999 and has dropped fairly consistently to the most recent lower levels.

Mortgage Guaranty Group

Mortgage Guaranty pretax operating income dropped 22.2 percent to $53.7 million in this year's third quarter when compared to the $69.1 million posted in the same quarter of last year. Net premiums earned benefited from improved persistency in the traditional primary business and increased 2.2 percent to $102.3 million from $100.1 million earned in the same period of 2003. The composite underwriting ratio rose to 64.0 percent compared to 47.2 percent in last year's third quarter, mostly as a result of an increase in the claims component to 41.4 percent from 23.3 percent in 2003.

For the nine months ended September 30, 2004, pretax operating income for the segment reflected a decline of 20.6 percent to $170.7 million from the $214.9 million reported in the same period of 2003. Year to date, net premiums earned grew by 0.8 percent to $301.5 million from $298.9 million earned in the first nine months of last year. The year to date composite ratio was 60.1 percent compared to 44.5 percent in 2003 with the majority of the increase also attributable to the claim ratio component.

The higher loss ratios for 2004 periods resulted from greater loss provisions caused by an increase in paid losses and net reserve additions that reflect moderately higher expectations of estimated claim frequency and severity. The expense ratio for the third quarter and first nine months of this year reflects reductions of 2.1 percent and 0.7 percent, respectively, from recovery of certain prior years' litigation costs.

Title Insurance Group

Comparative operating results for the Company's Title Insurance Group declined in both the third quarter and year-to-date periods of 2004. Premium and fee revenues totaled $256.9 million in the third quarter of 2004, down 16.7 percent from $308.4 million a year ago. Pretax operating income dropped to $21.1 million from $43.0 million in last year's third quarter. Claim costs remained in line with premium and fee revenue trends, while other expenses were down 10.5 percent. In combination, these factors produced a composite ratio of 94.3 percent, compared to 90.7 percent in the second quarter of 2004, and 88.1 percent in last year's third quarter.

For the first nine months of 2004, premium and fee revenues were $759.8 million, down 6.1 percent from $809.3 million in 2003. Pretax operating income for the first nine months of 2004 totaled $65.6 million, a 37.7 percent decline from $105.2 million in 2003. A composite ratio of 93.9 percent was posted for the year-to-date period, compared to 89.3 percent in 2003.

The decline in 2004 operating results is primarily attributable to a substantial reduction in mortgage refinancing revenues which reached a peak in the third quarter of 2003, without a corresponding decline in certain relatively fixed operating expenses.

Corporate and Other Operations

Combined results for Old Republic's small life and health insurance business and net corporate expenses reflected pretax net operating deficits of $6.1 million and $2.0 million in the first nine months and third quarter of 2004, respectively. For the same periods of 2003, the comparable operating deficits amounted to $6.1 million and $3.6 million, respectively. These results are reflective of holding company expenses and debt service costs, investment income on temporary investment holdings, and moderately higher earnings from Old Republic's combined book of term life and accident and health business.

Cash, Invested Assets and Shareholders' Equity

Cash and invested assets at September 30, 2004, totaled $7.31 billion, or $40.12 per share, versus $6.84 billion, or $37.71 per share, at December 31, 2003, and $6.79 billion, or $37.47 per share, at September 30, 2003. Consolidated operating cash flow grew by 13.9 percent to $627.8 million for the first nine months of 2004, with substantially all of this growth stemming from Old Republic's General Insurance segment.

Old Republic's high quality investment portfolio reflects a current allocation of approximately 87 percent in fixed-income investments and 7 percent in equities. As has been the case for many years, it contains little or no exposure to real estate investments, mortgage-backed securities, derivatives, junk bonds, private placements or mortgage loans.

Common shareholders' equity grew by 6.7 percent to $3.79 billion at September 30, 2004, compared to the equivalent balance of $3.55 billion posted as of December 31, 2003, and $3.57 billion at September 30, 2003. Book value per share was $20.79 at the end of this year's third quarter, versus $19.57 at year-end 2003, and $19.70 at September 30, 2003.

Conference Call Information

Old Republic has scheduled a conference call today at 2:00 p.m. Central Time to discuss its third quarter 2004 performance and related trends in its business. To access this call, log on to http://www.oldrepublic.com 15 minutes before the call to download the necessary software. Replays will be available through this website for 30 days.

About Old Republic

Chicago-based Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages primarily in the property and liability, mortgage guaranty, and title insurance fields. One of the nation's 50 largest publicly owned insurance organizations, Old Republic has assets of nearly $10.4 billion and capitalization of $3.9 billion. Its current stock market valuation is approximately $4.4 billion.

Safe Harbor Statement

Historical data pertaining to the operating performance, liquidity, and other financial indicators applicable to an insurance enterprise {uch 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 claims can have a bearing on period-to-period comparisons and future operating results.

Some of the statements made in this News Release and Company published reports, as well as oral statements or commentaries made by the Company's management in conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements, commentaries, or inferences, of necessity, involve assumptions, uncertainties, and risks that may affect the Company's future performance. With regard to Old Republic's General Insurance segment, its results can be affected in particular by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors, the levels of interest and inflation rates, and periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, work-related injuries, and unanticipated external events. Mortgage Guaranty and Title insurance results can be impacted by similar factors and, most particularly, by changes in national and regional housing demand and values, the availability and cost of mortgage loans, employment trends, and default rates on mortgage loans; additionally, mortgage guaranty results, may also be impacted by various risk-sharing arrangements with business producers as well as the risk management and pricing policies of government sponsored enterprises. Life and health insurance earnings can be affected by the levels of employment and consumer spending, variations in mortality and health trends, and changes in policy lapsation rates. At the parent company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income on temporary holdings of short-term investments, and period-to-period variations in the costs of administering the Company's widespread operations.

Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.

For the latest news releases and other corporate documents on Old Republic International visit: http://www.oldrepublic.com .


                    Old Republic International Corporation
                           FINANCIAL HIGHLIGHTS (*)

                                                 Quarters Ended
                                                  September 30,          %
                                               2004          2003      Change
    NET INCOME:
          Total                            $109,135,465  $119,929,448   -9.0%

          Per Share:  Basic                       $0.60         $0.66   -9.1%

                      Diluted                     $0.59         $0.65   -9.2%

    Average number of common and
          equivalent shares outstanding
                      Basic                 182,327,380   181,287,134

                      Diluted               184,417,471   183,452,643

    COMPOSITION OF EARNINGS PER SHARE:
    Basic Earnings:
          Net income, before items below          $0.59         $0.65   -9.2%
          Realized investment gains                0.01          0.01
              Net income                          $0.60         $0.66   -9.1%
    Diluted Earnings:
          Net income, before items below          $0.58         $0.64   -9.4%
          Realized investment gains                0.01          0.01
              Net income                          $0.59         $0.65   -9.2%

    BOOK VALUE PER SHARE (End of
     periods)(a):
          As Reported
          Cost Basis

    FINANCIAL SUMMARY ($ in Millions) :
    Operating Revenues:
          General                                $471.1        $407.0   15.8%
          Mortgage Guaranty                       123.7         125.8   -1.6%
          Title                                   263.6         314.5  -16.2%
          Corporate & Other                        19.5          14.4
              Consolidated Operating
               Revenues                           878.0         861.8    1.9%
    Realized Investment Gains                       2.2           4.5
          Total Revenues                         $880.3        $866.4    1.6%

    Pretax Operating Income (Loss):
          General                                 $87.3         $64.8   34.6%
          Mortgage Guaranty                        53.7          69.1  -22.2%
          Title                                    21.1          43.0  -50.8%
          Corporate & Other                        (2.0)         (3.6)
              Total                               160.2         173.3   -7.6%
    Realized Investment Gains                       2.2           4.5
              Revenues, Net of Expenses           162.4         177.9   -8.7%
    Income Taxes                                   53.2          57.9   -8.0%
          Net Income                             $109.1        $119.9   -9.0%


     (*) September 30, 2003 per share data reflect adjustments for the
         50% stock dividend issued in December 2003.
     (a) "As Reported" in financial statements with all securities carried at
          market value.  "Cost Basis" calculation includes all investment
          securities at their currently amortized original cost.


                    Old Republic International Corporation
                           FINANCIAL HIGHLIGHTS (*)

                                                Nine Months Ended
                                                  September 30,          %
                                               2004          2003      Change
    NET INCOME:
          Total                            $334,564,559  $345,888,134   -3.3%

          Per Share:  Basic                       $1.84         $1.91   -3.7%

                      Diluted                     $1.81         $1.89   -4.2%

    Average number of common and
          equivalent shares outstanding
                      Basic                 182,317,511   181,273,961

                      Diluted               184,474,671   182,867,660

    COMPOSITION OF EARNINGS PER SHARE:
    Basic Earnings:
          Net income, before items below          $1.76         $1.87   -5.9%
          Realized investment gains                0.08          0.04
              Net income                          $1.84         $1.91   -3.7%
    Diluted Earnings:
          Net income, before items below          $1.73         $1.85   -6.5%
          Realized investment gains                0.08          0.04
              Net income                          $1.81         $1.89   -4.2%

    BOOK VALUE PER SHARE (End of
     periods)(a):
          As Reported                            $20.79        $19.70    5.5%
          Cost Basis                             $19.80        $18.41    7.5%

    FINANCIAL SUMMARY ($ in Millions) :
    Operating Revenues:
          General                              $1,341.7      $1,157.1   16.0%
          Mortgage Guaranty                       366.6         375.1   -2.3%
          Title                                   779.7         827.4   -5.8%
          Corporate & Other                        58.8          49.8
              Consolidated Operating
               Revenues                         2,547.0       2,409.5    5.7%
    Realized Investment Gains                      22.7          10.5
          Total Revenues                       $2,569.8      $2,420.1    6.2%

    Pretax Operating Income (Loss):
          General                                $245.0        $186.7   31.3%
          Mortgage Guaranty                       170.7         214.9  -20.6%
          Title                                    65.6         105.2  -37.7%
          Corporate & Other                        (6.1)         (6.1)
              Total                               475.2         500.7   -5.1%
    Realized Investment Gains                      22.7          10.5
              Revenues, Net of Expenses           498.0         511.3   -2.6%
    Income Taxes                                  163.1         165.2   -1.2%
          Net Income                             $334.5        $345.8   -3.3%


     (*) September 30, 2003 per share data reflect adjustments for the
         50% stock dividend issued in December 2003.
     (a) "As Reported" in financial statements with all securities carried at
          market value.  "Cost Basis" calculation includes all investment
          securities at their currently amortized original cost.



                    Old Republic International Corporation
                         SEGMENTED OPERATING SUMMARY
                               ($ in Millions)

                                    Net      Net
                                  Premiums  Invest-
                                   & Fees    ment   Other Operating  Benefits
        Segment                    Earned   Income Income  Revenues  & Claims

    Quarter Ended September 30,
     2004
        General                     $421.3   $45.7   $4.0    $471.1    $278.4
        Mortgage                     102.3    16.9    4.4     123.7      42.3
        Title                        256.9     6.4    0.1     263.6      14.8
        Other                         15.6     3.7    0.2      19.5       8.9
          Consolidated              $796.3   $72.8   $8.9    $878.0    $344.5

    Quarter Ended September 30,
     2003
        General                     $359.0   $43.1   $4.8    $407.0    $242.3
        Mortgage                     100.1    16.2    9.4     125.8      23.2
        Title                        308.4     5.9    0.1     314.5      17.2
        Other                         10.4     3.8    0.1      14.4       6.5
          Consolidated              $778.1   $69.1  $14.5    $861.8    $289.4


    Nine Months Ended
     September 30, 2004
        General                   $1,194.2  $135.2  $12.3  $1,341.7    $787.8
        Mortgage                     301.5    50.2   14.8     366.6     103.6
        Title                        759.8    18.9    0.8     779.7      44.1
        Other                         48.1    10.1    0.6      58.8      27.1
          Consolidated            $2,303.7  $214.6  $28.6  $2,547.0    $962.7

    Nine Months Ended
     September 30, 2003
        General                   $1,012.0  $131.0  $14.0  $1,157.1    $690.7
        Mortgage                     298.9    49.0   27.2     375.1      58.3
        Title                        809.3    17.6    0.4     827.4      45.0
        Other                         38.6    10.9    0.3      49.8      19.3
          Consolidated            $2,158.9  $208.6  $42.0  $2,409.5    $813.3


    Fiscal Twelve Months Ended
     September 30, 2004
        General                   $1,561.7  $179.2  $16.4  $1,757.4  $1,030.0
        Mortgage                     403.4    66.9   19.7     490.1     136.2
        Title                      1,054.4    24.9    0.9   1,080.3      62.8
        Other                         61.1    14.1    0.7      76.0      33.0
          Consolidated            $3,080.8  $285.2  $37.9  $3,404.0  $1,262.2

    Fiscal Twelve Months Ended
     September 30, 2003
        General                   $1,337.5  $174.0  $18.8  $1,530.4    $920.3
        Mortgage                     396.5    65.6   35.2     497.4      76.0
        Title                      1,048.6    23.3    0.5   1,072.5      58.0
        Other                         49.3    14.5    0.3      64.3      25.3
          Consolidated            $2,832.2  $277.6  $55.0  $3,164.8  $1,079.8


                    Old Republic International Corporation
                         SEGMENTED OPERATING SUMMARY
                               ($ in Millions)

                                                                        Compo-
                                                                 Pretax  site
                                                                  Oper- Under-
                                              Sales               ating  writ-
                                             & Other    Total    Income  ing
         Segment                             Expenses  Expenses  (Loss) Ratios

    Quarter Ended September 30, 2004
         General                              $105.4    $383.8   $87.3  89.7%
         Mortgage                               27.6      70.0    53.7  64.0%
         Title                                 227.6     242.4    21.1  94.3%
         Other                                  12.5      21.5    (2.0)  ---
           Consolidated                       $373.2    $717.8  $160.2  88.4%

    Quarter Ended September 30, 2003
         General                               $99.7    $342.1   $64.8  92.9%
         Mortgage                               33.4      56.7    69.1  47.2%
         Title                                 254.2     271.4    43.0  88.1%
         Other                                  11.5      18.1    (3.6)  ---
           Consolidated                       $399.0    $688.4  $173.3  86.0%


    Nine Months Ended September 30, 2004
         General                              $308.8  $1,096.7  $245.0  90.5%
         Mortgage                               92.3     195.9   170.7  60.1%
         Title                                 670.0     714.1    65.6  93.9%
         Other                                  37.9      65.0    (6.1)  ---
           Consolidated                     $1,109.0  $2,071.8  $475.2  88.0%

    Nine Months Ended September 30, 2003
         General                              $279.7    $970.4  $186.7  93.6%
         Mortgage                              101.9     160.2   214.9  44.5%
         Title                                 677.0     722.1   105.2  89.3%
         Other                                  36.7      56.0    (6.1)  ---
           Consolidated                     $1,095.4  $1,908.7  $500.7  85.8%


    Fiscal Twelve Months Ended
     September 30, 2004
         General                              $409.9  $1,440.0  $317.4  91.0%
         Mortgage                              121.7     258.0   232.1  59.1%
         Title                                 927.3     990.1    90.1  93.9%
         Other                                  47.5      80.5    (4.5)  ---
           Consolidated                     $1,506.5  $2,768.7  $635.2  88.0%

    Fiscal Twelve Months Ended
     September 30, 2003
         General                              $373.3  $1,293.6  $236.7  94.4%
         Mortgage                              151.3     227.4   269.9  48.5%
         Title                                 879.9     937.9   134.6  89.4%
         Other                                  45.3      70.6    (6.2)  ---
           Consolidated                     $1,449.9  $2,529.8  $635.0  86.7%


                    Old Republic International Corporation
                        SEGMENTED OPERATING STATISTICS
                               ($ in Millions)

                                        Quarters Ended      Nine Months Ended
                                         September 30,        September 30,
                                       2004       2003       2004       2003

    General Insurance:
          Benefits and claims ratio    66.0%      67.1%      66.1%      68.4%
          Expense ratio                23.7%      25.8%      24.4%      25.2%
             Composite ratio           89.7%      92.9%      90.5%      93.6%

          Paid loss ratio              50.5%      55.0%      50.9%      54.4%


    Mortgage Guaranty:
          New insurance written:
           Traditional Primary      $5,998.0  $11,123.8  $19,080.7  $29,506.0
              Bulk                   1,804.9      965.5    3,136.1    4,069.3
              Other                    360.0    1,511.3    6,801.1    4,907.5
              Total                 $8,163.0  $13,600.6  $29,018.0  $38,482.8

          Net risk in force:
           Traditional Primary                           $15,474.4  $15,060.8
              Bulk                                           813.9      752.9
              Other                                          576.1      491.7
              Total                                      $16,864.4  $16,305.4

          Earned premiums: Direct     $122.4     $117.5     $360.8     $348.6
                           Net        $102.3     $100.1     $301.5     $298.9

          Persistency/Traditional
           Primary                                           62.8%      43.0%

          Delinquency ratio:
           Traditional Primary                               3.90%      3.78%
              Bulk                                           4.84%      4.98%

          Claims ratio                 41.4%      23.3%      34.4%      19.5%
          Expense ratio                22.6%      23.9%      25.7%      25.0%
             Composite ratio           64.0%      47.2%      60.1%      44.5%

          Paid loss ratio              34.7%      26.9%      30.0%      21.3%


    Title Insurance:
          Direct orders opened        99,248    119,839    315,186    430,884
          Direct orders closed        82,166    126,320    261,464    365,339

          Claims ratio                  5.8%       5.6%       5.8%       5.6%
          Expense ratio                88.5%      82.5%      88.1%      83.7%
             Composite ratio           94.3%      88.1%      93.9%      89.3%

          Paid loss ratio               2.9%       3.1%       3.5%       2.8%
SOURCE Old Republic International Corporation

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