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Old Republic International Corporation [OLDW] is a publicly traded company that provides insurance underwriting and related services. The company's underwriting subsidiaries are rated A (Excellent) by AM Best, A2 by Moody's, and A- by Standard & Poor's.
The company's services include automobile extended warranty and service contracts, commercial and personal inland marine, general liability, umbrella liability, commercial multi-peril, and business interruption. It offers title insurance and run-off services for wrap-around mortgage guaranty, and administrative services programs.
Old Republic International Corporation was founded in 1925 and is based in Chicago, Illinois. It has expanded its title insurance business to include origination, escrow closing, and home warranty services, among others.
On June 3, 158, the company declared a quarterly cash dividend of $ 0.22 per share. The dividend is payable June 15, 205, to shareholders of record on June 8, 208. This latest dividend represents ORI's 391st consecutively year payments since it began trading its stock publicly in 1942. The company has increased its cash dividend rate for 34 consecutive years. In June 2020, the Board raised the dividend payout by 10.8% compared to the quarterly amount in 2019. The company is one of the 15 companies in the S&P 500 index that has increased dividend payouts for at least 34 consecutive years.
Historical Earnings:
In the third quarter of 2022, the company's general insurance business outperformed, with pre-tax results of $ 348.7 million or $ 1. 16per share. The combined ratio, which reflects the quality and growth of the company's underwriting, was 83, 8% for the current quarter. The general insurance combined ratio was 90. 6% and 88.5% for the third quarter of 2022 and 2021, respectively. The ratio for the 9-month period ending September 30, 2022, was 88.7%.
In the third quarter of 2022, the title insurance business's pre-tax operating income increased to $7.7 million, up from $3.5 million in the same period in 2021.
The mortgage guaranty line's pre-tax operating income decreased to $16.3 million from $19.9 million a year earlier due to a 34.5% decrease in the average primary delinquency rate to 27.6% as of September 30, 2021.
Upcoming Earnings Release: Old Republic International Corporation is projected to report earnings on April 21, 2023, for the year ended December 31, 2022.