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| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D. C. 20549 |
| |
| FORM | 10-Q |
| | | | | | | | |
| ☒ | Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 |
| for the quarterly period ended: | September 30, 2024 |
| or |
| ☐ | Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 |
| | | | | | | | |
| Commission File Number: | 001-10607 | |
| | |
| OLD REPUBLIC INTERNATIONAL CORPORATION |
| (Exact name of registrant as specified in its charter) |
| | | | | | | | |
| Delaware | | 36-2678171 |
| (State or other jurisdiction of | | (IRS Employer Identification No.) |
| incorporation or organization) | | |
| | | | | | | | | | | | | | |
| 307 North Michigan Avenue | Chicago | Illinois | | 60601 |
| (Address of principal executive office) | | (Zip Code) |
Registrant's telephone number, including area code: 312-346-8100
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock / $1 par value | | ORI | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒ No: ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes: ☒ No: ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).Yes: ☐ No: ☒
The number of shares of the Registrant's Common Stock outstanding at September 30, 2024 was 253,557,200.
There are 41 pages in this report
| | | | | | | | |
| OLD REPUBLIC INTERNATIONAL CORPORATION |
|
| Report on Form 10-Q / September 30, 2024 |
|
| INDEX |
| |
| |
| |
| PAGE NO. |
| |
PART I - FINANCIAL INFORMATION: | |
| | |
ITEM 1 - | CONSOLIDATED BALANCE SHEETS | 3 |
| | |
| CONSOLIDATED STATEMENTS OF INCOME | 4 |
| | |
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | 5 |
| | |
| CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON | |
| SHAREHOLDERS' EQUITY | 6 |
| | |
| CONSOLIDATED STATEMENTS OF CASH FLOWS | 7 |
| | |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | 8 - 17 |
| | |
ITEM 2 - | MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS | 18 - 36 |
| | |
ITEM 3 - | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | 37 |
| | |
ITEM 4 - | CONTROLS AND PROCEDURES | 37 |
| | |
PART II - OTHER INFORMATION: | |
| | |
ITEM 1 - | LEGAL PROCEEDINGS | 38 |
| | |
ITEM 1A - | RISK FACTORS | 38 |
| | |
ITEM 2 - | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 38 |
| |
ITEM 5 - | OTHER INFORMATION | 38 |
| |
ITEM 6 - | EXHIBITS | 39 |
| | |
| SIGNATURE | 40 |
| |
| EXHIBIT INDEX | 41 |
| | | | | | | | | | | | | | |
| Old Republic International Corporation and Subsidiaries |
| Consolidated Balance Sheets |
| ($ in Millions, Except Share Data) |
| | (Unaudited) | | |
| | September 30, | | December 31, |
| | 2024 | | 2023 |
| Assets | | | | |
| Investments: | | | | |
| Fixed income securities (at fair value) (amortized cost: $12,293.3 and $12,263.0) | $ | 12,476.5 | | | $ | 12,139.9 | |
| Short-term investments (at fair value which approximates cost) | 1,317.6 | | | 1,032.6 | |
| Equity securities (at fair value) (cost: $1,408.3 and $1,511.9) | 2,668.4 | | | 2,660.8 | |
| Other investments | 41.4 | | | 34.3 | |
Total investments | 16,504.1 | | | 15,867.7 | |
| Cash | 525.2 | | | 202.8 | |
| Accrued investment income | 123.5 | | | 117.0 | |
| Accounts and notes receivable | 2,640.2 | | | 2,201.4 | |
| Federal income tax recoverable: Current | 38.4 | | | 21.8 | |
| | | |
| | | |
| Reinsurance balances and funds held | 479.3 | | | 544.7 | |
| Reinsurance recoverable: Paid loss and loss adjustment expenses | 214.7 | | | 175.4 | |
| Loss and loss adjustment expense reserves | 5,702.2 | | | 4,977.7 | |
Unearned premium and policy reserves | 1,085.1 | | | 798.2 | |
| Deferred policy acquisition costs | 505.3 | | | 417.8 | |
| Assets held-for-sale | — | | | 194.8 | |
| Other assets | 1,025.1 | | | 981.5 | |
Total assets | $ | 28,843.8 | | | $ | 26,501.4 | |
| Liabilities, Preferred Stock, and Common Shareholders' Equity | | | |
| Liabilities: | | | |
| Policy liabilities: | | | |
| Loss and loss adjustment expense reserves | $ | 13,537.7 | | | $ | 12,538.2 | |
| Unearned premiums | 3,679.1 | | | 3,042.7 | |
| Other policyholders' benefits and funds held | 168.0 | | | 150.3 | |
| Total policy liabilities | 17,384.8 | | | 15,731.4 | |
| Commissions, expenses, fees, and taxes | 509.8 | | | 533.8 | |
| Reinsurance balances and funds held | 1,603.3 | | | 1,380.9 | |
| | | |
| Federal income tax: Deferred | 214.0 | | | 105.6 | |
| Debt | 1,988.4 | | | 1,591.2 | |
| Liabilities held-for-sale | — | | | 56.8 | |
| Other liabilities | 697.8 | | | 690.6 | |
Total liabilities | 22,398.4 | | | 20,090.7 | |
| Preferred Stock | ($0.01 par value; 75,000,000 shares authorized; none issued) | — | | | — | |
| Common Shareholders' Equity: | | | |
| Common stock ($1.00 par value; 500,000,000 shares authorized; 253,557,200 and 278,392,263 shares issued)(Class B - $1.00 par value; 100,000,000 shares authorized; none issued) | 253.5 | | | 278.3 | |
| Additional paid-in capital | — | | | 678.7 | |
| Retained earnings | 6,135.4 | | | 5,644.3 | |
Accumulated other comprehensive income (loss) | 106.2 | | | (132.4) | |
| Unallocated 401(k) plan shares (at cost) | (49.9) | | | (58.2) | |
Total common shareholders' equity | 6,445.3 | | | 6,410.7 | |
Total liabilities, preferred stock, and common shareholders' equity | $ | 28,843.8 | | | $ | 26,501.4 | |
See accompanying Notes to Consolidated Financial Statements.
3
| | | | | | | | | | | | | | | | | | | | | | | |
| Old Republic International Corporation and Subsidiaries |
Consolidated Statements of Income (Unaudited) |
| ($ in Millions, Except Share Data) |
| Quarters Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Revenues: | | | | | | | |
| | | | | | | |
| | | | | | | |
| Net premiums earned | $ | 1,854.2 | | | $ | 1,691.1 | | | $ | 5,154.8 | | | $ | 4,764.9 | |
| Title, escrow, and other fees | 74.9 | | | 69.0 | | | 214.4 | | | 199.2 | |
| Total premiums and fees | 1,929.2 | | | 1,760.1 | | | 5,369.3 | | | 4,964.1 | |
| Net investment income | 171.0 | | | 145.9 | | | 502.7 | | | 423.1 | |
| Other income | 43.7 | | | 40.9 | | | 133.0 | | | 121.0 | |
| Total operating revenues | 2,144.0 | | | 1,947.0 | | | 6,005.1 | | | 5,508.4 | |
| Net investment gains (losses): | | | | | | | |
| Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | 113.1 | | | (13.1) | |
| Unrealized from changes in fair value of | | | | | | | |
| equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | |
| Total net investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | |
| Total revenues | 2,341.7 | | | 1,760.1 | | | 6,229.4 | | | 5,317.2 | |
| | | | | | | |
| Expenses: | | | | | | | |
| Loss and loss adjustment expenses | 809.4 | | | 657.4 | | | 2,235.6 | | | 1,870.5 | |
| Dividends to policyholders | 6.5 | | | 5.9 | | | 19.4 | | | 14.6 | |
| Underwriting, acquisition, and other expenses | 1,077.4 | | | 1,016.3 | | | 2,975.2 | | | 2,867.9 | |
| Interest and other charges | 21.3 | | | 16.4 | | | 60.0 | | | 54.0 | |
| Total expenses | 1,914.8 | | | 1,696.2 | | | 5,290.4 | | | 4,807.2 | |
Income before income taxes | 426.9 | | | 63.9 | | | 939.0 | | | 510.0 | |
| | | | | | | |
| Income Taxes (Credits): | | | | | | | |
| Current | 40.6 | | | 46.6 | | | 146.0 | | | 145.2 | |
| Deferred | 47.3 | | | (35.3) | | | 45.4 | | | (43.2) | |
| Total | 88.0 | | | 11.3 | | | 191.4 | | | 102.0 | |
| | | | | | | |
Net Income | $ | 338.9 | | | $ | 52.6 | | | $ | 747.6 | | | $ | 408.0 | |
| | | | | | | |
Net Income Per Share: | | | | | | | |
| Basic | $ | 1.35 | | | $ | 0.19 | | | $ | 2.86 | | | $ | 1.43 | |
| Diluted | $ | 1.32 | | | $ | 0.19 | | | $ | 2.81 | | | $ | 1.42 | |
| | | | | | | |
| Average shares outstanding: Basic | 251,640,055 | | 277,010,690 | | 261,549,794 | | 285,447,448 |
| Diluted | 256,862,595 | | 279,924,410 | | 266,094,713 | | 287,978,197 |
See accompanying Notes to Consolidated Financial Statements.
4
| | | | | | | | | | | | | | | | | | | | | | | |
| Old Republic International Corporation and Subsidiaries |
Consolidated Statements of Comprehensive Income (Unaudited) |
| ($ in Millions) | | | | | | | |
| Quarters Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net Income As Reported | $ | 338.9 | | | $ | 52.6 | | | $ | 747.6 | | | $ | 408.0 | |
| | | | | | | |
| Other comprehensive income (loss): | | | | | | | |
Unrealized gains (losses) on investments: | | | | | | | |
| Unrealized gains (losses) before reclassifications | 368.1 | | | (181.5) | | | 226.6 | | | (164.3) | |
Amounts reclassified as realized investment | | | | | | | |
| losses in the statements of income | 13.1 | | | 81.1 | | | 81.1 | | | 118.9 | |
Pretax unrealized gains (losses) on investments | 381.2 | | | (100.4) | | | 307.7 | | | (45.3) | |
| Deferred income taxes (credits) | 80.4 | | | (21.5) | | | 65.0 | | | (9.7) | |
Net unrealized gains (losses) on investments | 300.7 | | | (78.8) | | | 242.6 | | | (35.6) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Foreign currency translation adjustment and other | 2.1 | | | (3.3) | | | (4.0) | | | 2.4 | |
| Total other comprehensive income (loss) | 302.8 | | | (82.1) | | | 238.6 | | | (33.2) | |
Comprehensive Income (Loss) | $ | 641.8 | | | $ | (29.5) | | | $ | 986.2 | | | $ | 374.7 | |
See accompanying Notes to Consolidated Financial Statements.
5
| | | | | | | | | | | | | | | | | | | | | | | |
| Old Republic International Corporation and Subsidiaries |
| Consolidated Statements of Preferred Stock |
and Common Shareholders' Equity (Unaudited) |
| ($ in Millions) | | | | | | | |
| Quarters Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Preferred Stock: | | | | | | | |
| Balance, beginning and end of period | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | |
| Common Stock: | | | | | | | |
| Balance, beginning of period | $ | 258.4 | | | $ | 284.6 | | | $ | 278.3 | | | $ | 296.9 | |
| Dividend reinvestment plan | — | | | — | | | — | | | — | |
| Stock-based compensation | 0.1 | | | 0.4 | | | 0.2 | | | 2.2 | |
| Treasury stock restored to unissued status | (5.0) | | | (4.7) | | | (25.1) | | | (18.8) | |
| Balance, end of period | $ | 253.5 | | | $ | 280.3 | | | $ | 253.5 | | | $ | 280.3 | |
| | | | | | | |
| Additional Paid-in Capital: | | | | | | | |
| Balance, beginning of period | $ | 105.1 | | | $ | 831.8 | | | $ | 678.7 | | | $ | 1,141.8 | |
| Dividend reinvestment plan | 0.3 | | | 0.3 | | | 0.9 | | | 0.9 | |
| | | | | | | |
| | | | | | | |
| Stock-based compensation | 4.9 | | | 13.9 | | | 16.2 | | | 41.3 | |
| 401(k) plan shares released | 2.2 | | | 1.2 | | | 5.6 | | | 3.1 | |
| Treasury stock restored to unissued status | (112.6) | | | (120.7) | | | (701.5) | | | (460.6) | |
| | | | | | | |
| Balance, end of period | $ | — | | | $ | 726.5 | | | $ | — | | | $ | 726.5 | |
| | | | | | | |
| Retained Earnings: | | | | | | | |
| Balance, beginning of period | $ | 5,912.3 | | | $ | 5,536.1 | | | $ | 5,644.3 | | | $ | 5,321.8 | |
| | | | | | | |
| | | | | | | |
Net income | 338.9 | | | 52.6 | | | 747.6 | | | 408.0 | |
Dividends on common shares | (66.9) | | | (67.8) | | | (207.6) | | | (208.9) | |
| Treasury stock restored to unissued status | (48.8) | | | — | | | (48.8) | | | — | |
| Balance, end of period | $ | 6,135.4 | | | $ | 5,520.9 | | | $ | 6,135.4 | | | $ | 5,520.9 | |
| | | | | | | |
| Accumulated Other Comprehensive Income (Loss): | | | | | | | |
| Balance, beginning of period | $ | (196.6) | | | $ | (468.9) | | | $ | (132.4) | | | $ | (517.8) | |
| | | | | | | |
| | | | | | | |
| Net unrealized gains (losses) on securities, net of tax | 300.7 | | | (78.8) | | | 242.6 | | | (35.6) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Foreign currency translation adjustment and other | 2.1 | | | (3.3) | | | (4.0) | | | 2.4 | |
| Balance, end of period | $ | 106.2 | | | $ | (551.1) | | | $ | 106.2 | | | $ | (551.1) | |
| | | | | | | |
| Unallocated 401(k) Plan Shares: | | | | | | | |
| Balance, beginning of period | $ | (52.6) | | | $ | (63.9) | | | $ | (58.2) | | | $ | (69.5) | |
| 401(k) plan shares released | 2.7 | | | 2.8 | | | 8.3 | | | 8.4 | |
| | | | | | | |
| Balance, end of period | $ | (49.9) | | | $ | (61.1) | | | $ | (49.9) | | | $ | (61.1) | |
| | | | | | | |
| Treasury Stock: | | | | | | | |
| Balance, beginning of period | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Common stock repurchases | (166.5) | | | (125.5) | | | (775.5) | | | (479.5) | |
| Restored to unissued status | 166.5 | | | 125.5 | | | 775.5 | | | 479.5 | |
| Balance, end of period | $ | — | | | $ | — | | | $ | — | | | $ | — | |
See accompanying Notes to Consolidated Financial Statements.
6
| | | | | | | | | | | | | | |
| Old Republic International Corporation and Subsidiaries |
Consolidated Statements of Cash Flows (Unaudited) |
| ($ in Millions) |
| | Nine Months Ended |
| | September 30, |
| | 2024 | | 2023 |
| Cash flows from operating activities: | | | | |
| Net income | | $ | 747.6 | | | $ | 408.0 | |
| Adjustments to reconcile net income to | | | | |
| net cash provided by operating activities: | | | | |
| Deferred policy acquisition costs | | (87.5) | | | (36.1) | |
| Accounts and notes receivable | | (438.8) | | | (428.8) | |
| Loss and loss adjustment expense reserves | | 269.7 | | | 69.1 | |
| Unearned premiums and other policyholders' liabilities | | 366.8 | | | 220.2 | |
| Federal income taxes | | 29.4 | | | (43.4) | |
| | | | |
| Reinsurance balances and funds held | | 248.5 | | | 143.0 | |
Realized investment (gains) losses from actual transactions and impairments | | (113.1) | | | 13.1 | |
Unrealized investment (gains) losses from changes in fair value | | | | |
| of equity securities | | (111.1) | | | 178.0 | |
Other - net | | (39.7) | | | 73.7 | |
| Total | | 871.7 | | | 597.0 | |
| | | | |
| Cash flows from investing activities: | | | | |
| Maturities and calls of fixed income securities | | 1,244.6 | | | 1,006.5 | |
| Sales of: | | | | |
| Fixed income securities | | 1,342.2 | | | 848.7 | |
| Equity securities | | 298.3 | | | 483.0 | |
| Other investments | | 6.4 | | | 7.5 | |
| | | | |
| Purchases of: | | | | |
| Fixed income securities | | (2,613.1) | | | (1,792.4) | |
| Equity securities | | — | | | (51.1) | |
| Other investments | | (68.7) | | | (78.5) | |
| Proceeds from sale of subsidiaries | | 136.6 | | | — | |
Net increase in short-term investments | | (303.4) | | | (284.6) | |
| Other - net | | (1.2) | | | 0.3 | |
| Total | | 41.7 | | | 139.4 | |
| | | | |
| Cash flows from financing activities: | | | | |
| Issuance of debentures and notes | | 395.9 | | | — | |
| Issuance of common shares | | 1.7 | | | 31.3 | |
| Redemption of debentures and notes | | — | | | (5.3) | |
| | | | |
| | | | |
| Dividends on common shares | | (207.0) | | | (208.6) | |
| Repurchase of common stock | | (767.8) | | | (479.5) | |
| Other - net | | (10.4) | | | (3.1) | |
| Total | | (587.7) | | | (665.3) | |
| | | | |
| Increase (decrease) in cash including balances classified as | | | | |
| held-for-sale: | | 325.7 | | | 71.1 | |
Increase (decrease) in cash balances classified as held-for-sale (a) | | (3.3) | | | — | |
| Cash, beginning of period | | 202.8 | | | 81.0 | |
| Cash, end of period | | $ | 525.2 | | | $ | 152.1 | |
| | | | |
| Supplemental cash flow information: | | | | |
| Cash paid during the period for: Interest | | $ | 64.8 | | | $ | 53.5 | |
| Income taxes | | $ | 161.8 | | | $ | 146.6 | |
_________
(a) The sale of the RFIG Run-off mortgage insurance business closed effective May 31, 2024. See Note 2 in the Notes to Consolidated Financial Statements for further discussion.
See accompanying Notes to Consolidated Financial Statements.
7
| | |
| OLD REPUBLIC INTERNATIONAL CORPORATION |
| NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) |
| ($ in Millions, Except Share Data) |
Old Republic International Corporation is a Chicago-based holding company engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into two segments: General Insurance (property and liability insurance) and Title Insurance. References herein to such segments apply to the Company's subsidiaries engaged in these respective segments of business. The results of the Republic Financial Indemnity Group (RFIG) Run-off business, previously a reportable segment, are deemed immaterial and reflected within the Corporate & Other caption of this report through the effective date of its sale of May 31, 2024, along with a small life and accident insurance business. Prior period amounts have been reclassified to reflect the change in reportable segments. "Old Republic" or "the Company" refers to Old Republic International Corporation and its subsidiaries as the context requires.
Note 1 - Summary of Significant Accounting Policies
Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2023 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.
Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Prior period amounts have been reclassified whenever appropriate to conform to the most current presentation.
Accounting Standards Pending Adoption – In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This guidance expands the breadth and frequency of segment disclosures, including additional disclosures about significant segment expenses. Among other requirements, the guidance:
•Introduces a new requirement to disclose certain significant segment expenses regularly provided to the chief operating decision maker (CODM),
•Extends certain annual disclosures to interim periods,
•Permits more than one measure of segment profit or loss to be reported under certain conditions, and
•Requires disclosure of the title and position of the CODM.
The ASU does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The requirements are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company plans to incorporate these disclosure-only requirements in its 2024 Annual Report on Form 10-K.
In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures which will require further disaggregation of existing disclosures for the effective tax rate reconciliation and income taxes paid. More specifically, the amendments will require entities to disclose:
•A tabular effective tax rate reconciliation, broken out into specific categories with certain reconciling items above a 5% threshold further broken out by nature and/or jurisdiction, and
•Income taxes paid (net of refunds received), broken out between federal, state and foreign, and net amounts paid to an individual jurisdiction that exceed 5% of the total.
The requirements are effective for fiscal years beginning after December 15, 2024. The Company continues to evaluate the requirements of this guidance.
Investments - The Company classifies its fixed income securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale, or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale.
Fixed income securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values are based on quoted market prices or estimates using values obtained from recognized independent pricing services.
The status and fair value changes of fixed income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company
intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).
Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At September 30, 2024, the Company and its subsidiaries did not have significant amounts of non-income producing securities.
Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at the date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold.
Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows:
Substantially all General Insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses.
Title Insurance premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly-owned agency subsidiaries) are generally recognized as income at the transaction closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining Title Insurance premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions.
Assets Held-for-Sale - The Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value, and certain other specific criteria are met. The business classified as held-for-sale is measured at the lower of the carrying value or estimated fair value, less costs to sell. If the carrying value of the business exceeds its estimated fair value, less costs to sell, a loss is recognized and reported in net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's consolidated balance sheet in the period in which the business is classified as held-for-sale. See Note 2 for further discussion.
Loss and Loss Adjustment Expenses - The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of: the opinions of a large number of persons; the application and interpretation of historical precedent and trends; expectations as to future developments; and management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.
All reserves are therefore based on estimates which are periodically reviewed and evaluated in light of emerging loss experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates.
The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 in the Notes to Consolidated Financial Statements included in Old Republic's 2023 Annual Report on Form 10-K.
Employee Benefit Plans - The Company has a closed pension plan (the Plan) for certain employees under which benefits were frozen as of December 31, 2013. The funded status of the Plan is recognized as a net pension asset or liability, as applicable, with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides short- and long-term incentive awards to certain employees.
Common Share Repurchases - Common shares acquired under share repurchase programs are retired, restoring them to authorized, unissued status. Repurchases of treasury stock above par value are first charged to additional paid-in capital, with any excess charged to retained earnings.
Note 2 - Disposition of RMIC Companies, Inc. (RMICC)
On November 11, 2023, a definitive agreement was reached to sell RMIC Companies, Inc. and its wholly-owned mortgage insurance subsidiaries (collectively, "RMICC") to Arch U.S. MI Holdings Inc., a subsidiary of Arch Capital Group Ltd. The sale closed effective May 31, 2024 with cash proceeds totaling $136.6.
As of December 31, 2023, the Company reported the assets and liabilities of RMICC as held-for-sale in the consolidated balance sheet with results reported in continuing operations in the consolidated statement of income, and for segment reporting purposes, within Corporate & Other. The Company determined that the transaction did not meet the criteria to be classified as a discontinued operation as it did not represent a strategic shift that had a major effect on the Company's operations and financial results. As a result of the sale, the Company realized a total loss of $51.0, of which $5.4 was recorded in net investment gains (losses) during the nine months ended September 30, 2024 to offset RMICC's operating income through May 31, 2024, given that the sale proceeds were based on its December 31, 2023 closing balance sheet.
The table below reflects the assets and liabilities transferred with the sale described above:
| | | | | |
| (Unaudited) |
| May 31, |
| 2024 |
Assets: | |
| Investments: | |
Fixed income securities (at fair value) | $ | 16.8 | |
| Short-term investments (at fair value which approximates cost) | 205.5 | |
| |
| |
| Total investments | 222.4 | |
| Cash | 4.1 | |
| Accrued investment income | 0.1 | |
| Accounts and notes receivable | 0.5 | |
| |
Federal income tax recoverable: Deferred | 0.2 | |
| |
| |
| |
| |
| |
Other assets | 0.8 | |
Total assets | $ | 228.3 | |
| |
| Liabilities: | |
Policy liabilities: | |
| Loss and loss adjustment expense reserves | $ | 49.6 | |
| Unearned premiums | — | |
| |
Total policy liabilities | 49.7 | |
| Commissions, expenses, fees, and taxes | 0.1 | |
| |
| Federal income tax payable: Current | 0.3 | |
| |
| |
| |
Other liabilities | 0.3 | |
Total liabilities | $ | 50.5 | |
Note 3 - Investments
The amortized cost and fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| | | | | | | | | | | | | | | | | | | | | | | |
| Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value |
| Fixed Income Securities by Type: | | | | | | | |
| September 30, 2024: | | | | | | | |
| Government & Agency | $ | 1,718.7 | | | $ | 18.1 | | | $ | 32.5 | | | $ | 1,704.4 | |
| Municipal | 635.2 | | | 0.1 | | | 3.4 | | | 631.9 | |
| Corporate | 9,939.3 | | | 252.2 | | | 51.4 | | | 10,140.1 | |
| $ | 12,293.3 | | | $ | 270.6 | | | $ | 87.4 | | | $ | 12,476.5 | |
| | | | | | | |
| December 31, 2023: | | | | | | | |
| Government & Agency | $ | 1,920.3 | | | $ | 3.2 | | | $ | 64.6 | | | $ | 1,858.9 | |
| Municipal | 774.5 | | | 0.2 | | | 7.1 | | | 767.6 | |
| Corporate | 9,568.1 | | | 135.5 | | | 190.3 | | | 9,513.3 | |
| $ | 12,263.0 | | | $ | 139.0 | | | $ | 262.0 | | | $ | 12,139.9 | |
| | | | | | | | | | | |
| Amortized
Cost | | Fair Value |
| Fixed Income Securities Stratified by Contractual Maturity at September 30, 2024: | | | |
| Due in one year or less | $ | 1,489.6 | | | $ | 1,481.4 | |
| Due after one year through five years | 6,053.6 | | | 6,081.3 | |
| Due after five years through ten years | 4,692.7 | | | 4,855.9 | |
| Due after ten years | 57.2 | | | 57.8 | |
| $ | 12,293.3 | | | $ | 12,476.5 | |
The following table reflects the Company's gross unrealized losses and fair value of fixed income securities, aggregated by category and length of time that individual securities have been in an unrealized loss position.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less than 12 Months | | 12 Months or Greater | | Total |
| Fair
Value | | Unrealized Losses | | Fair
Value | | Unrealized Losses | | Fair
Value | | Unrealized Losses |
| September 30, 2024: | | | | | | | | | | | |
| Fixed Income Securities: | | | | | | | | | | | |
| Government & Agency | $ | 118.1 | | | $ | 0.6 | | | $ | 745.4 | | | $ | 31.8 | | | $ | 863.6 | | | $ | 32.5 | |
| Municipal | 25.2 | | | — | | | 533.0 | | | 3.4 | | | 558.2 | | | 3.4 | |
| Corporate | 513.9 | | | 1.9 | | | 2,523.2 | | | 49.5 | | | 3,037.1 | | | 51.4 | |
| $ | 657.3 | | | $ | 2.6 | | | $ | 3,801.7 | | | $ | 84.8 | | | $ | 4,459.0 | | | $ | 87.4 | |
| | | | | | | | | | | |
| December 31, 2023: | | | | | | | | | | | |
| Fixed Income Securities: | | | | | | | | | | | |
| Government & Agency | $ | 461.0 | | | $ | 2.7 | | | $ | 1,179.3 | | | $ | 61.8 | | | $ | 1,640.4 | | | $ | 64.6 | |
| Municipal | 173.1 | | | 0.8 | | | 554.7 | | | 6.2 | | | 727.9 | | | 7.1 | |
| Corporate | 853.3 | | | 8.2 | | | 4,270.9 | | | 182.0 | | | 5,124.3 | | | 190.3 | |
| $ | 1,487.6 | | | $ | 11.8 | | | $ | 6,005.1 | | | $ | 250.2 | | | $ | 7,492.7 | | | $ | 262.0 | |
In the above tables, the unrealized losses on fixed income securities are deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. No investment impairment losses were recorded in the third quarter or the nine months ended September 30, 2024. Net realized investment gains (losses) in the nine months ended September 30, 2023 included impairment charges of $6.2 primarily related to the Company's intent to sell and subsequent disposal of fixed income securities to facilitate certain structural changes to a deferred compensation plan as well as a small credit loss. The Company's allowance for credit losses was $1.6 as of both September 30, 2024 and December 31, 2023.
The following table shows cost and fair value information for equity securities:
| | | | | | | | | | | | | | | | | | | | | | | |
| Equity Securities |
|
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value |
| September 30, 2024 | $ | 1,408.3 | | | $ | 1,268.5 | | | $ | 8.3 | | | $ | 2,668.4 | |
| December 31, 2023 | $ | 1,511.9 | | | $ | 1,164.7 | | | $ | 15.7 | | | $ | 2,660.8 | |
For the quarter, changes in the fair value of equity securities still held at September 30, 2024 and 2023 were $210.8 and $(100.2), respectively. For the first nine months, changes in the fair value of equity securities still held at September 30, 2024 and 2023 were $308.1 and $(69.9), respectively.
Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources (inputs) used to measure fair value into three broad levels:
•Level 1 inputs are based on quoted market prices in active markets;
•Level 2 observable inputs are based on corroboration with available market data; and
•Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions.
The following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value.
The Company uses quoted values and other data provided by nationally recognized independent pricing sources as inputs into its quarterly process for determining fair values of fixed income and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. Independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets and use their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value.
Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of September 30, 2024 and December 31, 2023.
The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value Measurements |
| As of September 30, 2024: | | Level 1 | | Level 2 | | Level 3 | | Total |
| Fixed income securities: | | | | | | | | |
| Government & Agency | | $ | 1,417.0 | | | $ | 287.3 | | | $ | — | | | $ | 1,704.4 | |
| Municipal | | — | | | 631.9 | | | — | | | 631.9 | |
| Corporate | | — | | | 10,120.5 | | | 19.5 | | | 10,140.1 | |
| Short-term investments | | 1,317.6 | | | — | | | — | | | 1,317.6 | |
| Equity securities | | $ | 2,666.3 | | | $ | — | | | $ | 2.0 | | | $ | 2,668.4 | |
| | | | | | | | |
| As of December 31, 2023: | | | | | | | | |
| Fixed income securities: | | | | | | | | |
| Government & Agency | | $ | 1,379.8 | | | $ | 479.1 | | | $ | — | | | $ | 1,858.9 | |
| Municipal | | — | | | 767.6 | | | — | | | 767.6 | |
| Corporate | | — | | | 9,493.7 | | | 19.5 | | | 9,513.3 | |
| Short-term investments | | 1,032.6 | | | — | | | — | | | 1,032.6 | |
| Equity securities | | $ | 2,653.8 | | | $ | — | | | $ | 7.0 | | | $ | 2,660.8 | |
There were no transfers between Levels 1, 2 or 3 during the quarter or nine months ended September 30, 2024.
The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net investment income: | | | | | | | |
| Fixed income securities | $ | 130.7 | | | $ | 109.9 | | | $ | 385.5 | | | $ | 319.7 | |
| Equity securities | 19.6 | | | 21.9 | | | 59.7 | | | 71.2 | |
| Short-term investments | 21.4 | | | 14.6 | | | 58.3 | | | 35.4 | |
Other investments (a) | 5.8 | | | 4.8 | | | 20.8 | | | 9.8 | |
| Gross investment income | 177.7 | | | 151.3 | | | 524.3 | | | 436.2 | |
Investment expenses (a) | 6.6 | | | 5.4 | | | 21.6 | | | 13.0 | |
| Net investment income | $ | 171.0 | | | $ | 145.9 | | | $ | 502.7 | | | $ | 423.1 | |
| | | | | | | |
| Net investment gains (losses): | | | | | | | |
| Realized from actual transactions: | | | | | | | |
| Fixed income securities: | | | | | | | |
| Gains | $ | — | | | $ | 0.1 | | | $ | 2.0 | | | $ | 1.1 | |
| Losses | (13.2) | | | (81.1) | | | (83.1) | | | (114.6) | |
| Net | (13.1) | | | (80.9) | | | (81.1) | | | (113.4) | |
| Equity securities: | | | | | | | |
| Gains | — | | | 73.0 | | | 199.7 | | | 152.2 | |
| Losses | — | | | (35.4) | | | — | | | (46.4) | |
| Net | — | | | 37.6 | | | 199.7 | | | 105.7 | |
| Other investments, net | — | | | (0.1) | | | — | | | 0.6 | |
| Total realized from actual transactions | (13.1) | | | (43.5) | | | 118.6 | | | (6.9) | |
From impairments (b) | — | | | — | | | (5.4) | | | (6.2) | |
| From unrealized changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | |
Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | |
Current and deferred income taxes | 41.5 | | | (39.2) | | | 46.7 | | | (40.1) | |
Net of tax realized and unrealized investment gains (losses) | $ | 156.1 | | | $ | (147.6) | | | $ | 177.6 | | | $ | (151.0) | |
| | | | | | | |
| Changes in unrealized investment gains (losses) | | | | | | | |
| reflected directly in shareholders' equity: | | | | | | | |
| Fixed income securities | $ | 380.1 | | | $ | (99.8) | | | $ | 306.2 | | | $ | (49.9) | |
Less: Deferred income taxes (credits) | 80.2 | | | (21.4) | | | 64.7 | | | (10.6) | |
| 299.8 | | | (78.4) | | | 241.4 | | | (39.2) | |
| | | | | | | |
| Other investments | 1.0 | | | (0.5) | | | 1.5 | | | 4.5 | |
Less: Deferred income taxes | 0.2 | | | (0.1) | | | 0.3 | | | 0.9 | |
| 0.8 | | | (0.4) | | | 1.2 | | | 3.5 | |
Net changes in unrealized investment gains (losses), | | | | | | | |
| net of tax | $ | 300.7 | | | $ | (78.8) | | | $ | 242.6 | | | $ | (35.6) | |
_________
(a) Includes interest on funds held.
(b) Includes additional loss on sale of RMICC as described in Note 2.
Note 4 - Loss and Loss Adjustment Expenses
The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:
| | | | | | | | | | | |
| Nine Months Ended |
| September 30, |
| 2024 (a) | | 2023 |
| Gross reserves at beginning of period | $ | 12,538.2 | | | $ | 12,221.5 | |
Less: Reinsurance losses recoverable | 4,977.7 | | | 4,699.5 | |
| Net reserves at beginning of period: | | | |
| General Insurance | 6,955.2 | | | 6,824.8 | |
| Title Insurance | 598.5 | | | 612.8 | |
| Other | 6.6 | | | 84.2 | |
Subtotal | 7,560.4 | | | 7,521.9 | |
| Incurred loss and loss adjustment expenses: | | | |
| Provisions for insured events of the current year: | | | |
| General Insurance | 2,263.2 | | | 2,006.6 | |
| Title Insurance | 66.3 | | | 72.1 | |
| Other | 5.4 | | | 16.4 | |
Subtotal | 2,335.1 | | | 2,095.2 | |
| Change in provision for insured events of prior years: | | | |
| General Insurance | (76.9) | | | (178.5) | |
| Title Insurance | (19.2) | | | (22.2) | |
| Other | (0.8) | | | (23.1) | |
Subtotal | (97.1) | | | (223.9) | |
| Total incurred loss and loss adjustment expenses | 2,238.0 | | | 1,871.2 | |
| Payments: | | | |
| Loss and loss adjustment expenses attributable to | | | |
| insured events of the current year: | | | |
| General Insurance | 670.4 | | | 606.0 | |
| Title Insurance | 5.5 | | | 5.4 | |
| Other | 2.2 | | | 3.9 | |
Subtotal | 678.1 | | | 615.4 | |
| Loss and loss adjustment expenses attributable to | | | |
| insured events of prior years: | | | |
| General Insurance | 1,239.3 | | | 1,137.0 | |
| Title Insurance | 43.4 | | | 38.7 | |
| Other | 2.0 | | | 11.0 | |
Subtotal | 1,284.7 | | | 1,186.7 | |
| Total payments | 1,962.9 | | | 1,802.1 | |
| Net reserves at end of period: | | | |
| General Insurance | 7,231.8 | | | 6,909.8 | |
| Title Insurance | 596.6 | | | 618.5 | |
| Other | 6.9 | | | 62.6 | |
Subtotal | 7,835.5 | | | 7,591.0 | |
| Reinsurance losses recoverable | 5,702.2 | | | 5,220.1 | |
Gross reserves at end of period | $ | 13,537.7 | | | $ | 12,811.2 | |
_________
(a) RFIG Run-off reserves were classified as held-for-sale as of December 31, 2023 in the consolidated balance sheet. As such, loss reserve activity for this business, which was immaterial for the nine months ended September 30, 2024, is excluded from the 2024 column of the table above. See Note 2 for further discussion.
The 2024 change in provision for insured events of prior years reflects favorable prior year loss reserve development for all groups shown. During the first nine months of 2024, General Insurance experienced favorable development from accident years 2011 through 2020. This was partially offset by unfavorable development in years prior to 2011 and in years 2021 through 2023, which are less developed years on which the company is less likely to act on early indications of favorable development. Net favorable development came predominantly from workers' compensation, commercial auto and property lines, partially offset by unfavorable development within general liability and transactional risk coverages (included within financial indemnity). For Title Insurance, favorable development experienced during the first nine months of 2024 occurred largely within the 2019-2021 years.
The 2023 change in provision for insured events from the prior years also reflects favorable prior year loss reserve development for all groups shown. During the first nine months of 2023, General Insurance experienced high levels of favorable development within accident years 2010 through 2019 and 2022. Net favorable development came predominantly from workers' compensation and commercial auto lines, partially offset by unfavorable development within general liability. For Title Insurance, favorable development experienced during the first nine months of 2023 occurred largely within the 2018-2021 years.
Note 5 - Income Taxes
Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. The Company classifies interest and penalties, if any, as income tax expense in the consolidated statements of income. The Company is not currently under audit by the Internal Revenue Service (IRS), and effective upon the filing of the Company's consolidated federal tax return in October 2024, 2021 and subsequent tax years remain open.
Note 6 - Net Income Per Share
Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing net income available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share is similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations.
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Numerator: | | | | | | | |
Net income | $ | 338.9 | | | $ | 52.6 | | | $ | 747.6 | | | $ | 408.0 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Denominator: | | | | | | | |
| Basic weighted-average shares (a) | 251,640,055 | | | 277,010,690 | | | 261,549,794 | | | 285,447,448 | |
Effect of dilutive securities - stock-based | | | | | | | |
| compensation awards | 5,222,540 | | | 2,913,720 | | | 4,544,919 | | | 2,530,749 | |
| Diluted adjusted weighted-average shares (a) | 256,862,595 | | | 279,924,410 | | | 266,094,713 | | | 287,978,197 | |
Earnings per share: Basic | $ | 1.35 | | | $ | 0.19 | | | $ | 2.86 | | | $ | 1.43 | |
Diluted | $ | 1.32 | | | $ | 0.19 | | | $ | 2.81 | | | $ | 1.42 | |
| | | | | | | |
| Anti-dilutive common stock equivalents | | | | | | | |
| excluded from earnings per share computations: | | | | | | | |
Stock-based compensation awards | — | | | 2,236,000 | | | 1,314,779 | | | 3,569,026 | |
__________
(a) In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.
Note 7 - Credit Losses
Credit losses on financial assets measured at amortized cost, primarily the Company's reinsurance recoverables and accounts and notes receivable, are recognized based on estimated losses expected to occur over the life of the asset. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented in the consolidated balance sheets.
The Company's credit allowance was comprised of $22.0 and $17.5 related to reinsurance recoverables as of September 30, 2024 and December 31, 2023, respectively, and $29.9 and $26.1 related to accounts and notes receivable as of September 30, 2024 and December 31, 2023, respectively.
The Company's evaluation of credit losses on available for sale securities is discussed further in Note 3. The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities.
Note 8 - Debt
Consolidated debt of Old Republic and its subsidiaries is summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value |
| Senior Notes: | | | | | | | | |
| 4.875% issued in 2014 and due 2024 | | $ | 400.0 | | | $ | 400.0 | | | $ | 399.5 | | | $ | 397.0 | |
| 3.875% issued in 2016 and due 2026 | | 548.9 | | | 544.7 | | | 548.5 | | | 530.4 | |
| 5.750% issued in 2024 and due 2034 | | 396.1 | | | 419.6 | | | — | | | — | |
| 3.850% issued in 2021 and due 2051 | | 643.3 | | | 495.9 | | | 643.1 | | | 472.7 | |
| | | | | | | | |
| Total debt | | $ | 1,988.4 | | | $ | 1,860.3 | | | $ | 1,591.2 | | | $ | 1,400.3 | |
On March 31, 2024, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 5.750% per year and mature on March 28, 2034. This issuance was completed in anticipation of the $400.0 of 4.875% senior notes maturing in October of this year, which were subsequently redeemed in cash on October 1, 2024.
Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations, to estimate the fair value of outstanding debt, all of which is classified within Level 2 of the fair value hierarchy described in Note 3.
Note 9 - Common Share Repurchases
On May 12, 2023, the Board of Directors authorized a $450.0 share repurchase program. This authorization was completed during the first quarter of 2024. On March 1, 2024, the Board of Directors authorized a $1.1 billion share repurchase program.
Total share repurchases, inclusive of taxes and fees, under these programs for the third quarter and first nine months of 2024 was 5.0 million shares for $166.5 (average price of $32.97) and 25.1 million shares for $775.5 (average price of $30.85), respectively. Following the close of the quarter and through October 31, 2024, the Company repurchased 1.4 million additional shares for $51.6 (average price of $35.52) leaving $355.9 remaining under the current authorization.
Note 10 - Commitments and Contingent Liabilities
Legal Proceedings - Legal proceedings against the Company and its subsidiaries routinely arise in the normal course of business and usually pertain to claim matters related to insurance policies and contracts issued by its insurance subsidiaries. At September 30, 2024, the Company had no material non-claim litigation exposures in its consolidated business.
Note 11 - Segment Information
The Company is engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into two segments: General Insurance (property and liability insurance) and Title Insurance. The results of the RFIG Run-off business, previously a reportable segment, are deemed immaterial and reflected within the Corporate & Other caption of this report through the effective date of its sale of May 31, 2024, along with the results of a small life and accident insurance business. Prior period amounts have been reclassified to reflect the change in reportable segments.
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 primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of net investment gains (losses). Under GAAP, however, net income, inclusive of net investment gains (losses), is the measure of total profitability.
In management's opinion, the focus on income excluding net investment gains (losses), also described herein as segment pretax operating 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 such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.
The contributions of Old Republic's reportable segments to consolidated totals are shown in the following table.
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| General Insurance: | | | | | | | |
| Net premiums earned | $ | 1,218.5 | | | $ | 1,069.6 | | | $ | 3,439.8 | | | $ | 3,027.7 | |
| Net investment income and other income | 183.7 | | | 158.5 | | | 536.5 | | | 458.5 | |
| Total revenues excluding investment gains | $ | 1,402.2 | | | $ | 1,228.2 | | | $ | 3,976.4 | | | $ | 3,486.2 | |
| Segment pretax operating income (a) | $ | 197.3 | | | $ | 215.5 | | | $ | 620.3 | | | $ | 593.0 | |
| | | | | | | |
| | | | | | | |
| Title Insurance: | | | | | | | |
| Net premiums earned | $ | 633.6 | | | $ | 615.3 | | | $ | 1,702.9 | | | $ | 1,718.1 | |
Title, escrow, and other fees | 74.9 | | | 69.0 | | | 214.4 | | | 199.2 | |
Subtotal | 708.5 | | | 684.4 | | | 1,917.4 | | | 1,917.3 | |
| Net investment income and other income | 15.9 | | | 14.4 | | | 47.6 | | | 42.7 | |
| Total revenues excluding investment gains | $ | 724.5 | | | $ | 698.8 | | | $ | 1,965.1 | | | $ | 1,960.0 | |
Segment pretax operating income | $ | 40.2 | | | $ | 37.4 | | | $ | 88.6 | | | $ | 89.6 | |
| | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Consolidated Revenues: | | | | | | | |
Total revenues of reportable segments | $ | 2,126.7 | | | $ | 1,927.0 | | | $ | 5,941.5 | | | $ | 5,446.2 | |
Corporate & Other (b) | 47.3 | | | 56.9 | | | 154.7 | | | 174.0 | |
| Consolidated investment gains (losses): | | | | | | | |
| Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | 113.1 | | | (13.1) | |
| Unrealized from changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | |
Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | |
| Consolidation elimination adjustments | (30.0) | | | (36.9) | | | (91.1) | | | (111.8) | |
| Consolidated revenues | $ | 2,341.7 | | | $ | 1,760.1 | | | $ | 6,229.4 | | | $ | 5,317.2 | |
| | | | | | | |
Consolidated Pretax Income: | | | | | | | |
| Total segment pretax operating income of | | | | | | | |
reportable segments | $ | 237.5 | | | $ | 253.0 | | | $ | 708.9 | | | $ | 682.7 | |
Corporate & Other (b) | (8.3) | | | (2.1) | | | 5.7 | | | 18.5 | |
| Consolidated investment gains (losses): | | | | | | | |
| Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | 113.1 | | | (13.1) | |
| Unrealized from changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | |
Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | |
| | | | | | | |
Consolidated income before income taxes | $ | 426.9 | | | $ | 63.9 | | | $ | 939.0 | | | $ | 510.0 | |
| | | | | | | |
| | | | | | | | | | | |
| September 30, | | December 31, |
| 2024 | | 2023 |
| Consolidated Assets: | | | |
| General Insurance | $ | 25,040.5 | | | $ | 22,710.5 | |
| Title Insurance | 1,960.2 | | | 1,948.2 | |
Total assets of reportable segments | 27,000.8 | | | 24,658.8 | |
Corporate & Other (b) | 1,999.2 | | | 2,145.8 | |
| Consolidation elimination adjustments | (156.2) | | | (303.2) | |
| Consolidated assets | $ | 28,843.8 | | | $ | 26,501.4 | |
| | | |
(a) General Insurance pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent of $15.6 and $48.0 compared to $19.9 and $59.1 for the quarters and nine months ended September 30, 2024 and 2023, respectively. The reduction in interest charges for both periods is generally due to note repayment activity.
(b) Includes amounts for a small life and accident insurance business, the RFIG Run-off business through the effective date of its sale of May 31, 2024, the parent holding company, and several internal corporate services subsidiaries.
Note 12 - Subsequent Event
The Company evaluated subsequent events through the date these consolidated financial statements were issued. No subsequent events were identified that require adjustment or disclosure to the consolidated financial statements, other than those discussed in Notes 8 and 9.
OLD REPUBLIC INTERNATIONAL CORPORATION
MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS
Nine Months Ended September 30, 2024 and 2023
($ in Millions, Except Share Data)
This management analysis of financial position and results of operations pertains to the consolidated accounts of Old Republic International Corporation ("Old Republic", "ORI", or "the Company"). The Company conducts its operations through a number of regulated insurance company subsidiaries organized into two segments: General Insurance (property and liability insurance) and Title Insurance. A small life and accident insurance business and Republic Financial Indemnity Group (RFIG) Run-off through the effective date of its sale of May 31, 2024 (see Note 2 in the Notes to Consolidated Financial Statements for further discussion), accounting for 0.3% of consolidated operating revenues for the nine months ended September 30, 2024 and 0.5% of consolidated assets as of that date, are included within the Corporate & Other caption of this report.
The consolidated accounts are presented in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). As a publicly held company, Old Republic utilizes GAAP to comply with the financial reporting requirements of the Securities and Exchange Commission (SEC). From time to time the FASB and the SEC issue various releases, most of which require additional financial statement disclosures and provide related application guidance. Recent guidance issued by the FASB is summarized further in the Notes to Consolidated Financial Statements where applicable.
As a state regulated financial institution vested with the public interest, however, business of the Company's insurance subsidiaries is managed pursuant to the laws, regulations, and accounting practices of the various states in the U.S. and those of a small number of other jurisdictions outside the U.S. in which they operate. In comparison with GAAP, the statutory accounting practices generally reflect greater conservatism and comparability among insurers and are intended to address the primary financial security interests of policyholders and their beneficiaries. Additionally, these practices also affect a significant number of important factors such as product pricing, risk bearing capacity and capital adequacy, the determination of Federal income taxes payable currently among ORI's tax-consolidated entities, and the upstreaming of dividends and payment of interest and principal on surplus notes by insurance subsidiaries to the parent holding company. The major differences between these statutory accounting practices and GAAP are summarized in Note 1 in the Notes to Consolidated Financial Statements included in Old Republic's 2023 Annual Report on Form 10-K.
The insurance business is distinguished from most others in that the prices (premiums) charged for most products are set without knowing what the ultimate loss costs will be. The Company also cannot know exactly when claims will be paid, which may be many years after a policy was issued or expired. This casts Old Republic as a risk-taking enterprise managed for the long run. Old Republic therefore conducts its business with a primary focus on achieving favorable underwriting results over cycles, and on maintaining a sound financial condition to support its subsidiaries' long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. In addition, management engages in an ongoing assessment of operating risks, such as cybersecurity risks, that could adversely affect the Company's business and reputation.
In addition to income arising from Old Republic's basic underwriting and related services functions, significant investment income is earned from invested funds generated by those functions and from capital required to support the risk of the underlying business. Investment management aims for stability of income from interest and dividends, protection of capital, and for sufficiency of liquidity to meet insurance underwriting and other obligations as they become payable in the future. Securities trading and the realization of capital gains are not primary objectives. The investment philosophy is therefore best characterized as emphasizing value, credit quality, and relatively long-term holding periods. The Company's ability to hold both fixed income and equity securities for long periods of time is enabled by the scheduling of maturities in contemplation of an appropriate matching of assets and liabilities, and by investments in dividend paying, publicly traded, large capitalization, highly liquid equity securities.
In light of the above factors, the Company is managed for the long run and with little regard for quarterly or even annual reporting periods. These time frames are too short. Management believes results are best evaluated by looking at underwriting and overall operating performance trends over 10-year intervals. These likely include one or two economic and/or underwriting cycles. This provides enough time for these cycles to run their course, for premium rate changes and subsequent underwriting results to be reflected in financial statements, and for reserved loss costs to be quantified with greater certainty.
This management analysis should be read in conjunction with the consolidated financial statements and the footnotes appended to them.
Old Republic International Corporation reported the following consolidated results:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| OVERALL RESULTS |
| | | | |
| | Quarters Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Pretax income | | $ | 426.9 | | | $ | 63.9 | | | | | $ | 939.0 | | | $ | 510.0 | | | |
| Pretax investment gains (losses) | | 197.7 | | | (186.9) | | | | | 224.3 | | | (191.1) | | | |
| Pretax income excluding investment gains (losses) | | $ | 229.2 | | | $ | 250.8 | | | (8.6) | % | | $ | 714.7 | | | $ | 701.2 | | | 1.9 | % |
| | | | | | | | | | | | |
| Net income | | $ | 338.9 | | | $ | 52.6 | | | | | $ | 747.6 | | | $ | 408.0 | | | |
| Net of tax investment gains (losses) | | 156.1 | | | (147.6) | | | | | 177.6 | | | (151.0) | | | |
| Net income excluding investment gains (losses) | | $ | 182.7 | | | $ | 200.2 | | | (8.7) | % | | $ | 570.0 | | | $ | 559.0 | | | 2.0 | % |
| | | | | | | | | | | | |
| Combined ratio | | 95.0 | % | | 91.9 | % | | | | 94.3 | % | | 92.4 | % | | |
| | | | | | | | | | | | |
| PER DILUTED SHARE |
| | | | | | | | | | | | |
| | Quarters Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Net income | | $ | 1.32 | | | $ | 0.19 | | | | | $ | 2.81 | | | $ | 1.42 | | | |
| Net of tax investment gains (losses) | | 0.61 | | | (0.53) | | | | | 0.67 | | | (0.53) | | | |
| Net income excluding investment gains (losses) | | $ | 0.71 | | | $ | 0.72 | | | (1.4) | % | | $ | 2.14 | | | $ | 1.95 | | | 9.7 | % |
| | | | | | | | | | | | |
| SHAREHOLDERS' EQUITY (BOOK VALUE) |
| | | | | | | | | | | | |
| | | | | | | | Sep. 30, | | Dec. 31, | | |
| | | | | | | | 2024 | | 2023 | | % Change |
| Total | | | | | | | | $ | 6,445.3 | | | $ | 6,410.7 | | | 0.5 | % |
| Per Common Share | | | | | | | | $ | 25.71 | | | $ | 23.31 | | | 10.3 | % |
The Company reported pretax income, excluding investment gains (losses) (pretax operating income), of $229.2 for the quarter and $714.7 for the first nine months. General Insurance pretax operating income declined 8.5% for the quarter and increased 4.6% for the first nine months. Title Insurance pretax operating income improved 7.5% for the quarter, bringing the first nine months essentially flat with the prior year.
Summarized results for the quarter follow:
•Net operating income per diluted share of $0.71, compared to $0.72 last year.
•Consolidated net premiums and fees earned increased 9.6%, from strong growth in General Insurance and moderate growth in Title Insurance.
•Net investment income increased 17.3%, driven by higher investment yields.
•Consolidated combined ratio of 95.0%, up 3.1 points over last year, reflecting lower levels of favorable loss reserve development.
•Favorable loss reserve development of 1.3 points, compared to last year's historically high level of 4.5 points.
•Total capital returned to shareholders during the quarter of $232, including repurchases of $165.
•Book value per share of $25.71 was up 13.7% since year-end 2023, inclusive of dividends, driven by operating income and increased investment valuations.
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 insurance underwriting subsidiaries' obligations. Therefore, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under Generally Accepted Accounting Principles (GAAP), however, net income, inclusive of investment gains (losses), is the measure of total profitability.
In management's opinion, the focus on income excluding investment gains (losses), also described herein as operating 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 such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FINANCIAL HIGHLIGHTS |
| Quarters Ended September 30, | | Nine Months Ended September 30, |
| SUMMARY INCOME STATEMENTS: | 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Revenues: | | | | | | | | | | | |
| Net premiums and fees earned | $ | 1,929.2 | | | $ | 1,760.1 | | | 9.6 | % | | $ | 5,369.3 | | | $ | 4,964.1 | | | 8.2 | % |
| Net investment income | 171.0 | | | 145.9 | | | 17.3 | | | 502.7 | | | 423.1 | | | 18.8 | |
| Other income | 43.7 | | | 40.9 | | | 6.9 | | | 133.0 | | | 121.0 | | | 9.9 | |
| Total operating revenues | 2,144.0 | | | 1,947.0 | | | 10.1 | | | 6,005.1 | | | 5,508.4 | | | 9.0 | |
| Investment gains (losses): | | | | | | | | | | | |
| Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | | | 113.1 | | | (13.1) | | | |
| | | | | | | | | | | |
| Unrealized from changes in fair value of equity securities | 210.8 | | | (143.3) | | | | | 111.1 | | | (178.0) | | | |
| Total investment gains (losses) | 197.7 | | | (186.9) | | | | | 224.3 | | | (191.1) | | | |
| Total revenues | 2,341.7 | | | 1,760.1 | | | | | 6,229.4 | | | 5,317.2 | | | |
| Operating expenses: | | | | | | | | | | | |
| Loss and loss adjustment expenses | 816.0 | | | 663.4 | | | 23.0 | | | 2,255.0 | | | 1,885.2 | | | 19.6 | |
| Sales and general expenses | 1,077.4 | | | 1,016.3 | | | 6.0 | | | 2,975.2 | | | 2,867.9 | | | 3.7 | |
| Interest and other expenses | 21.3 | | | 16.4 | | | 29.9 | | | 60.0 | | | 54.0 | | | 11.1 | |
| Total operating expenses | 1,914.8 | | | 1,696.2 | | | 12.9 | % | | 5,290.4 | | | 4,807.2 | | | 10.1 | % |
| Pretax income | 426.9 | | | 63.9 | | | | | 939.0 | | | 510.0 | | | |
| Income taxes | 88.0 | | | 11.3 | | | | | 191.4 | | | 102.0 | | | |
| Net income | $ | 338.9 | | | $ | 52.6 | | | | | $ | 747.6 | | | $ | 408.0 | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| COMMON STOCK STATISTICS: | | | | | | | | | | | |
| Components of net income per share: | | | | | | | | | | | |
| Basic net income excluding investment gains (losses) | $ | 0.73 | | | $ | 0.72 | | | 1.4 | % | | $ | 2.18 | | | $ | 1.96 | | | 11.2 | % |
| Net investment gains (losses): | | | | | | | | | | | |
| Realized investment gains (losses) | (0.04) | | | (0.12) | | | | | 0.34 | | | (0.04) | | | |
| Unrealized from changes in fair value of equity securities | 0.66 | | | (0.41) | | | | | 0.34 | | | (0.49) | | | |
| Basic net income | $ | 1.35 | | | $ | 0.19 | | | | | $ | 2.86 | | | $ | 1.43 | | | |
| | | | | | | | | | | |
| Diluted net income excluding investment gains (losses) | $ | 0.71 | | | $ | 0.72 | | | (1.4) | % | | $ | 2.14 | | | $ | 1.95 | | | 9.7 | % |
| Net investment gains (losses): | | | | | | | | | | | |
| Realized investment gains (losses) | (0.04) | | | (0.12) | | | | | 0.34 | | | (0.04) | | | |
| Unrealized from changes in fair value of equity securities | 0.65 | | | (0.41) | | | | | 0.33 | | | (0.49) | | | |
| Diluted net income | $ | 1.32 | | | $ | 0.19 | | | | | $ | 2.81 | | | $ | 1.42 | | | |
| | | | | | | | | | | |
| Cash dividends on common stock | $ | 0.265 | | | $ | 0.245 | | | | | $ | 0.795 | | | $ | 0.735 | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
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 the Company's insurance underwriting subsidiaries, as well as the sound investment of their capital and underwriting cash flows.
The results of the Republic Financial Indemnity Group (RFIG) Run-off business, previously a reportable segment, are deemed immaterial, and are included within Corporate & Other through the date of its sale of May 31, 2024. Prior period amounts have been reclassified to reflect this change in reportable segments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Sources of Consolidated Income | |
| Quarters Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Net premiums and fees earned: | | | | | | | | | | | |
| General Insurance | $ | 1,218.5 | | | $ | 1,069.6 | | | 13.9 | % | | $ | 3,439.8 | | | $ | 3,027.7 | | | 13.6 | % |
| Title Insurance | 708.5 | | | 684.4 | | | 3.5 | | | 1,917.4 | | | 1,917.3 | | | — | |
| Corporate & Other | 2.1 | | | 6.0 | | | (65.0) | | | 12.0 | | | 19.1 | | | (37.0) | |
| Consolidated | $ | 1,929.2 | | | $ | 1,760.1 | | | 9.6 | % | | $ | 5,369.3 | | | $ | 4,964.1 | | | 8.2 | % |
| | | | | | | | | | | |
| Underwriting and related services income (loss): | | | | | | | | |
| General Insurance | $ | 72.1 | | | $ | 117.5 | | | (38.6) | % | | $ | 263.1 | | | $ | 318.5 | | | (17.4) | % |
| Title Insurance | 23.8 | | | 22.9 | | | 4.0 | | | 40.6 | | | 46.7 | | | (13.1) | |
| Corporate & Other | (16.5) | | | (19.1) | | | 13.7 | | | (31.6) | | | (33.1) | | | 4.5 | |
| Consolidated | $ | 79.4 | | | $ | 121.3 | | | (34.5) | % | | $ | 272.0 | | | $ | 332.1 | | | (18.1) | % |
| | | | | | | | | | | |
| Consolidated combined ratio: | | | | | | | | | | | |
| Loss ratio: | | | | | | | | | | | |
| Current year | 43.6 | % | | 42.2 | % | | | | 43.9 | % | | 42.5 | % | | |
| Prior years | (1.3) | | | (4.5) | | | | | (1.9) | | | (4.5) | | | |
| Total | 42.3 | | | 37.7 | | | | | 42.0 | | | 38.0 | | | |
| Expense ratio | 52.7 | | | 54.2 | | | | | 52.3 | | | 54.4 | | | |
| Combined ratio | 95.0 | % | | 91.9 | % | | | | 94.3 | % | | 92.4 | % | | |
| | | | | | | | | | | |
| Net investment income: | | | | | | | | | | | |
| General Insurance | $ | 139.9 | | | $ | 117.9 | | | 18.7 | % | | $ | 403.9 | | | $ | 338.1 | | | 19.5 | % |
| Title Insurance | 15.9 | | | 14.1 | | | 12.6 | | | 47.1 | | | 42.1 | | | 12.0 | |
| Corporate & Other | 15.2 | | | 13.8 | | | 9.8 | | | 51.6 | | | 42.9 | | | 20.1 | |
| Consolidated | $ | 171.0 | | | $ | 145.9 | | | 17.3 | % | | $ | 502.7 | | | $ | 423.1 | | | 18.8 | % |
| | | | | | | | | | | |
| Interest and other expenses (income): | | | | | | | | | | | |
| General Insurance | $ | 14.7 | | | $ | 19.9 | | | | | $ | 46.7 | | | $ | 63.6 | | | |
| Title Insurance | (0.4) | | | (0.3) | | | | | (0.9) | | | (0.8) | | | |
| Corporate & Other (a) | 6.9 | | | (3.1) | | | | | 14.1 | | | (8.7) | | | |
| Consolidated | $ | 21.3 | | | $ | 16.4 | | | 29.9 | % | | $ | 60.0 | | | $ | 54.0 | | | 11.1 | % |
| | | | | | | | | | | |
| Pretax income excluding investment gains (losses): | | | | | | | | |
| | | | | | | | | | | |
| General Insurance | $ | 197.3 | | | $ | 215.5 | | | (8.5) | % | | $ | 620.3 | | | $ | 593.0 | | | 4.6 | % |
| Title Insurance | 40.2 | | | 37.4 | | | 7.5 | | | 88.6 | | | 89.6 | | | (1.1) | |
| Corporate & Other | (8.3) | | | (2.1) | | | N/M | | 5.7 | | | 18.5 | | | (68.9) | |
| Consolidated | 229.2 | | | 250.8 | | | (8.6) | % | | 714.7 | | | 701.2 | | | 1.9 | % |
| Income taxes | 46.4 | | | 50.6 | | | | | 144.7 | | | 142.1 | | | |
| Net income excluding investment | | | | | | | | | | | |
| gains (losses) | 182.7 | | | 200.2 | | | (8.7) | % | | 570.0 | | | 559.0 | | | 2.0 | % |
| Consolidated pretax investment gains (losses): |
| Realized from actual transactions | | | | | | | | | | | |
| and impairments | (13.1) | | | (43.5) | | | | | 113.1 | | | (13.1) | | | |
| Unrealized from changes in | | | | | | | | | | | |
| fair value of equity securities | 210.8 | | | (143.3) | | | | | 111.1 | | | (178.0) | | | |
| Total | 197.7 | | | (186.9) | | | | | 224.3 | | | (191.1) | | | |
| Income taxes (credits) | 41.5 | | | (39.2) | | | | | 46.7 | | | (40.1) | | | |
| Net of tax investment gains (losses) | 156.1 | | | (147.6) | | | | | 177.6 | | | (151.0) | | | |
| Net income | $ | 338.9 | | | $ | 52.6 | | | | | $ | 747.6 | | | $ | 408.0 | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
(a) Includes consolidation/elimination entries.
| | |
|
| General Insurance Segment Operating Results |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Net premiums written | $ | 1,386.1 | | | $ | 1,193.9 | | | 16.1 | % | | $ | 3,790.5 | | | $ | 3,289.0 | | | 15.2 | % |
| Net premiums earned | 1,218.5 | | | 1,069.6 | | | 13.9 | | | 3,439.8 | | | 3,027.7 | | | 13.6 | |
| Net investment income | 139.9 | | | 117.9 | | | 18.7 | | | 403.9 | | | 338.1 | | | 19.5 | |
| Other income | 43.7 | | | 40.6 | | | 7.6 | | | 132.5 | | | 120.3 | | | 10.1 | |
| Operating revenues | 1,402.2 | | | 1,228.2 | | | 14.2 | | | 3,976.4 | | | 3,486.2 | | | 14.1 | |
| Loss and loss adjustment expenses | 794.8 | | | 645.8 | | | 23.1 | | | 2,205.7 | | | 1,842.7 | | | 19.7 | |
| Sales and general expenses | 395.2 | | | 346.9 | | | 13.9 | | | 1,103.5 | | | 986.8 | | | 11.8 | |
| Interest and other expenses | 14.7 | | | 19.9 | | | (25.8) | | | 46.7 | | | 63.6 | | | (26.4) | |
| Operating expenses | 1,204.9 | | | 1,012.7 | | | 19.0 | | | 3,356.1 | | | 2,893.1 | | | 16.0 | |
| Segment pretax operating income | $ | 197.3 | | | $ | 215.5 | | | (8.5) | % | | $ | 620.3 | | | $ | 593.0 | | | 4.6 | % |
| | | | | | | | | | | |
| Loss ratio: | | | | | | | | | | | |
| Current year | 66.9 | % | | 66.5 | % | | | | 66.4 | % | | 66.8 | % | | |
| Prior years | (1.7) | | | (6.1) | | | | | (2.3) | | | (5.9) | | | |
| Total | 65.2 | | | 60.4 | | | | | 64.1 | | | 60.9 | | | |
| Expense ratio | 28.8 | | | 28.6 | | | | | 28.2 | | | 28.6 | | | |
| Combined ratio | 94.0 | % | | 89.0 | % | | | | 92.3 | % | | 89.5 | % | | |
General Insurance net premiums earned increased 13.9% for the quarter, and 13.6% for the first nine months, driven by a combination of premium rate increases, high renewal retention ratios, and new business production, including contributions from recently established insurance underwriting subsidiaries. Premium growth occurred across most lines of coverage, but was most pronounced within commercial auto, property, and general liability. Largely reflecting market conditions, there were declines in public D&O and transactional risk coverages (both included within financial indemnity) and to a lesser extent, home warranty. While commercial auto, general liability, and property continued to achieve strong rate increases, rate declines continued in public D&O and workers' compensation.
The net investment income increase for both periods was largely due to higher investment yields earned.
The 2024 loss ratios for General Insurance reflect lower levels of favorable prior year loss reserve development in workers' compensation and commercial auto when compared to the historically high levels experienced in 2023. Unfavorable development in transactional risk coverages and favorable development in property coverages were also contributors to prior year loss reserve development trends. The expense ratios continue to reflect a benefit from scale, and investments in new underwriting subsidiaries and information technology.
Together, these factors produced profitable combined ratios and strong pretax operating income for the quarter and the first nine months. For General Insurance, we target combined ratios between 90% and 95% over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly given the long claim payment patterns associated with the business.
| | |
|
| Title Insurance Segment Operating Results |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Net premiums and fees earned | $ | 708.5 | | | $ | 684.4 | | | 3.5 | % | | $ | 1,917.4 | | | $ | 1,917.3 | | | — | % |
| Net investment income | 15.9 | | | 14.1 | | | 12.6 | | | 47.1 | | | 42.1 | | | 12.0 | |
| Other income | — | | | 0.2 | | | N/M | | 0.5 | | | 0.6 | | | N/M |
| Operating revenues | 724.5 | | | 698.8 | | | 3.7 | | | 1,965.1 | | | 1,960.0 | | | 0.3 | |
| Loss and loss adjustment expenses | 19.6 | | | 18.2 | | | 7.6 | | | 47.0 | | | 49.8 | | | (5.7) | |
| Sales and general expenses | 665.1 | | | 643.4 | | | 3.4 | | | 1,830.2 | | | 1,821.3 | | | 0.5 | |
| Interest and other expenses (income) | (0.4) | | | (0.3) | | | N/M | | (0.9) | | | (0.8) | | | N/M |
| Operating expenses | 684.2 | | | 661.3 | | | 3.5 | | | 1,876.4 | | | 1,870.4 | | | 0.3 | |
| Segment pretax operating income | $ | 40.2 | | | $ | 37.4 | | | 7.5 | % | | $ | 88.6 | | | $ | 89.6 | | | (1.1) | % |
| | | | | | | | | | | |
| Loss ratio: | | | | | | | | | | | |
| Current year | 3.5 | % | | 3.8 | % | | | | 3.5 | % | | 3.8 | % | | |
| Prior years | (0.7) | | | (1.1) | | | | | (1.0) | | | (1.2) | | | |
| Total | 2.8 | | | 2.7 | | | | | 2.5 | | | 2.6 | | | |
| Expense ratio | 93.9 | | | 94.0 | | | | | 95.4 | | | 95.0 | | | |
| Combined ratio | 96.7 | % | | 96.7 | % | | | | 97.9 | % | | 97.6 | % | | |
Title Insurance net premiums and fees earned increased by 3.5% for the quarter and were flat for the first nine months. Directly produced revenues grew in both 2024 periods, whereas agency produced revenues, which are reported on a lag relative to direct revenues, increased for the quarter and declined for the first nine months. Commercial premiums decreased 6% and represent approximately 20% of net premiums earned in the third quarter of 2024 as compared to 22% in 2023.
Net investment income increased, reflecting higher investment yields earned, partially offset by a lower invested asset base.
The loss ratios for Title Insurance reflect slightly lower levels of favorable prior year loss reserve development and an improvement in the current year loss ratio driven by favorable claim trends.
Sales and general expenses for the first nine months of 2023 were impacted by the recovery of a $17.2 state sales tax assessment, which reduced the corresponding expense ratio by 0.9 points. Excluding the impact of the state sales tax assessment, the expense ratios for both 2024 periods improved as a result of expense management.
Together, these factors produced higher pretax operating income for the quarter and relatively flat pretax operating income for the first nine months.
| | |
|
| Corporate & Other Operating Results |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Quarters Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Net premiums earned | | $ | 2.1 | | | $ | 6.0 | | | (65.0) | % | | $ | 12.0 | | | $ | 19.1 | | | (37.0) | % |
| Net investment income | | 15.2 | | | 13.8 | | | 9.8 | | | 51.6 | | | 42.9 | | | 20.1 | |
| | | | | | | | | | | | |
| Operating revenues | | 17.3 | | | 19.9 | | | (13.2) | | | 63.6 | | | 62.1 | | | 2.3 | |
| Benefits, loss and loss adjustment expenses | | 1.5 | | | (0.5) | | | N/M | | 2.2 | | | (7.4) | | | 130.1 | |
| Insurance expenses | | 0.9 | | | 3.7 | | | (75.2) | | | 6.7 | | | 12.2 | | | (45.3) | |
| Corporate, interest, and other expenses - net | | 23.1 | | | 18.9 | | | 22.0 | | | 48.9 | | | 38.7 | | | 26.2 | |
| Operating expenses | | 25.6 | | | 22.1 | | | 15.8 | | 57.8 | | | 43.6 | | | 32.6 | |
| Corporate & Other pretax operating income (loss) | | $ | (8.3) | | | $ | (2.1) | | | N/M | | $ | 5.7 | | | $ | 18.5 | | | (68.9) | % |
Corporate & Other includes a small life and accident insurance business, the RFIG Run-off business through the date of its sale of May 31, 2024, the parent holding company, and several internal corporate services subsidiaries. Corporate & Other tends to produce highly variable results stemming from volatility inherent in the lack of scale. Net investment income increased in both periods due to higher investment yields earned, offset slightly by a declining invested asset base which was impacted by share repurchase activity and the issuance of $400 of senior notes in March 2024. Corporate expenses reflect an increase in interest costs associated with the new senior notes and less interest income from intercompany financing arrangements. This year's third quarter also reflects higher corporate personnel costs that included an incentive compensation plan true up, while the prior year third quarter included a one-time charge of $10.7 related to the restructuring of a benefit plan.
On October 1, 2024, $400 of senior notes issued in 2014 matured and were paid off in cash.
| | |
|
| Summary Consolidated Balance Sheet |
|
| | | | | | | | | | | |
| September 30, | | December 31, |
| 2024 | | 2023 |
| Assets: | | | |
| Fixed income securities (at fair value) | $ | 12,476.5 | | | $ | 12,139.9 | |
| Short-term investments (at fair value which approximates cost) | 1,317.6 | | | 1,032.6 | |
| Equity securities (at fair value) | 2,668.4 | | | 2,660.8 | |
| Other investments | 41.4 | | | 34.3 | |
| Cash | 525.2 | | | 202.8 | |
| Accrued investment income | 123.5 | | | 117.0 | |
| Accounts and notes receivable | 2,640.2 | | | 2,201.4 | |
| Federal income tax recoverable: Current | 38.4 | | | 21.8 | |
| | | |
| | | |
| Reinsurance balances and funds held | 479.3 | | | 544.7 | |
| Reinsurance recoverable | 7,002.2 | | | 5,951.4 | |
| Deferred policy acquisition costs | 505.3 | | | 417.8 | |
| Other assets | 1,025.1 | | | 1,176.4 | |
| Total assets | $ | 28,843.8 | | | $ | 26,501.4 | |
| | | |
| Liabilities and Shareholders' Equity: | | | |
| Loss and loss adjustment expense reserves | $ | 13,537.7 | | | $ | 12,538.2 | |
| Unearned premiums | 3,679.1 | | | 3,042.7 | |
| Other policyholders' benefits and funds held | 168.0 | | | 150.3 | |
| Commissions, expenses, fees, and taxes | 509.8 | | | 533.8 | |
| Reinsurance balances and funds held | 1,603.3 | | | 1,380.9 | |
| | | |
| Federal income tax: Deferred | 214.0 | | | 105.6 | |
| Debt | 1,988.4 | | | 1,591.2 | |
| Other liabilities | 697.8 | | | 747.5 | |
| Total liabilities | 22,398.4 | | | 20,090.7 | |
| Shareholders' equity | 6,445.3 | | | 6,410.7 | |
| Total liabilities and shareholders' equity | $ | 28,843.8 | | | $ | 26,501.4 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Composition of shareholders' equity per share: | | | | | |
| Equity before items below | $ | 21.34 | | | $ | 20.51 | | | |
| Unrealized investment gains (losses) and other | | | | | |
| | accumulated comprehensive income (loss) | 4.37 | | | 2.80 | | | |
| | | Total | $ | 25.71 | | | $ | 23.31 | | | |
As of September 30, 2024, the consolidated investment portfolio reflected an allocation of approximately 84% to fixed income securities (bonds and notes) and short-term investments, and 16% to equity securities (common stock). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the insurance underwriting subsidiaries. The realized investment gains recognized during the first nine months of 2024 are reflective of these initiatives, with realized losses occurring in the third quarter driven by both tax planning and interest rate environment considerations. The fixed income portfolio continues to be the anchor for the insurance underwriting subsidiaries' obligations. The maturities of the fixed income securities are matched to the expected liabilities for claim payment obligations to policyholders and their beneficiaries. 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.
Old Republic’s investment portfolio is focused on ensuring solid funding of the insurance underwriting subsidiaries' obligations to policyholders and their beneficiaries, as well as the long-term stability of the subsidiaries’ capital base. For these reasons, 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 counter-party risk attributes. Old Republic performs regular stress tests of the investment portfolio to gain reasonable assurance that periodic downdrafts in market prices do not undermine the Company's financial strength.
| | |
|
| Shareholders' Equity Per Share |
|
Changes in shareholders' equity per share are reflected in the following table. As shown, these changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividend payments to shareholders.
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarter | | | | | | Year | | |
| Ended | | | | Ended | | |
| Sep. 30, | | Nine Months Ended Sep. 30, | | Dec. 31, | | |
| 2024 | | 2024 | | 2023 | | 2023 | | |
| Beginning balance | $ | 23.59 | | | $ | 23.31 | | | $ | 21.07 | | | $ | 21.07 | | | |
| Changes in shareholders' equity: | | | | | | | | | |
| Net income excluding net investment gains (losses) | 0.73 | | | 2.18 | | | 1.96 | | | 2.65 | | | |
| Net of tax realized investment gains (losses) | (0.04) | | | 0.34 | | | (0.04) | | | (0.19) | | | |
| Net of tax unrealized investment gains (losses): | | | | | | | | | |
| Fixed income securities | 1.20 | | | 0.93 | | | (0.12) | | | 1.31 | | | |
| Equity securities | 0.66 | | | 0.34 | | | (0.49) | | | (0.34) | | | |
| Total net of tax realized and unrealized | | | | | | | | | |
| investment gains (losses) | 1.82 | | | 1.61 | | | (0.65) | | | 0.78 | | | |
| Cash dividends | (0.265) | | | (0.795) | | | (0.735) | | | (0.980) | | | |
| Other - net | (0.16) | | | (0.59) | | | (0.27) | | | (0.21) | | | |
| Net change | 2.12 | | | 2.40 | | | 0.30 | | | 2.24 | | | |
| Ending balance | $ | 25.71 | | | $ | 25.71 | | | $ | 21.37 | | | $ | 23.31 | | | |
| Change for the period | 9.0 | % | | 10.3 | % | | 1.4 | % | | 10.6 | % | | |
| Change for the period, inclusive of cash dividends | 10.1 | % | | 13.7 | % | | 4.9 | % | | 15.3 | % | | |
Total capital returned to shareholders during the quarter was $232, comprised of $67 in dividends, and $165 in share repurchases. For the first nine months, total capital returned was $975, comprised of $207 in dividends, and $768 in share repurchases.
| | |
| DETAILED MANAGEMENT ANALYSIS |
This section of the Management Analysis of Financial Position and Results of Operations is additive to and should be read in conjunction with the Executive Summary which precedes it.
The major sources of Old Republic's consolidated net earned premiums and fees for the periods shown were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Earned Premiums and Fees |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
General Insurance | $ | 1,218.5 | | | $ | 1,069.6 | | | $ | 3,439.8 | | | $ | 3,027.7 | | | $ | 4,119.2 | | | $ | 3,808.6 | | | $ | 3,555.5 | |
Title Insurance | 708.5 | | | 684.4 | | | 1,917.4 | | | 1,917.3 | | | 2,562.8 | | | 3,833.8 | | | 4,404.3 | |
Corporate & Other | 2.1 | | | 6.0 | | | 12.0 | | | 19.1 | | | 25.6 | | | 32.9 | | | 43.6 | |
Total | $ | 1,929.2 | | | $ | 1,760.1 | | | $ | 5,369.3 | | | $ | 4,964.1 | | | $ | 6,707.7 | | | $ | 7,675.3 | | | $ | 8,003.6 | |
Percentage change from prior period | 9.6 | % | | (9.4) | % | | 8.2 | % | | (15.1) | % | | (12.6) | % | | (4.1) | % | | 18.8 | % |
Consolidated net premiums and fees earned increased 9.6% and 8.2% for the third quarter and first nine months of 2024, respectively, resulting from strong growth in General Insurance, and moderate growth in Title Insurance. For the third quarter and first nine months of 2023, consolidated net premiums and fees earned were down 9.4% and 15.1%, respectively, as a result of lower revenues for Title Insurance in both direct and agency operations, while General Insurance grew by 10.6% for the quarter and 7.3% for the first nine months.
The following tables reflect the investment bases as of the indicated dates, the investment income earned, and resulting yields. Because the Company can exercise little control over fair values, management evaluates yields on the investment income earned in relation to the cost of the underlying invested assets.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments at Cost | | Fair
Value
Adjust-
ment | | Investments at Fair Value |
| General Insurance | | Title Insurance | | Corporate
& Other | | Total | |
| As of December 31: | | | | | | | | | | | |
| 2022 | $ | 11,825.2 | | | $ | 1,512.4 | | | $ | 1,841.7 | | | $ | 15,179.4 | | | $ | 680.4 | | | $ | 15,859.9 | |
| 2023 | 12,030.5 | | | 1,350.2 | | | 1,463.8 | | | 14,844.5 | | | 1,023.1 | | | 15,867.7 | |
| As of September 30: | | | | | | | | | | | |
| 2023 | 11,937.8 | | | 1,347.8 | | | 1,675.3 | | | 14,961.0 | | | 452.2 | | | 15,413.2 | |
| 2024 | $ | 12,421.8 | | | $ | 1,329.9 | | | $ | 1,310.2 | | | $ | 15,062.0 | | | $ | 1,442.0 | | | $ | 16,504.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Investment Income | | Yield at |
| General Insurance | | Title Insurance | | Corporate
& Other | | Total | | Cost | | Fair
Value |
| Years Ended | | | | | | | | | | | |
| December 31: | | | | | | | | | | | |
| 2021 | $ | 342.4 | | | $ | 43.8 | | | $ | 48.0 | | | $ | 434.3 | | | 3.02 | % | | 2.72 | % |
| 2022 | 358.0 | | | 47.9 | | | 53.5 | | | 459.5 | | | 3.07 | | | 2.83 | |
| 2023 | 462.7 | | | 57.0 | | | 58.5 | | | 578.3 | | | 3.82 | | | 3.62 | |
| Nine Months Ended | | | | | | | | | | | |
| September 30: | | | | | | | | | | | |
| 2023 | 338.1 | | | 42.1 | | | 42.9 | | | 423.1 | | | 3.74 | | | 3.61 | |
| 2024 | 403.9 | | | 47.1 | | | 51.6 | | | 502.7 | | | 4.45 | | | 4.11 | |
| Quarters Ended | | | | | | | | | | | |
| September 30: | | | | | | | | | | | |
| 2023 | 117.9 | | | 14.1 | | | 13.8 | | | 145.9 | | | 3.90 | | | 3.76 | |
| 2024 | $ | 139.9 | | | $ | 15.9 | | | $ | 15.2 | | | $ | 171.0 | | | 4.52 | % | | 4.21 | % |
Net investment income increased 17.3% and 18.8% for the third quarter and first nine months of 2024, respectively, driven by higher investment yields. During the third quarter and first nine months of 2024, the Company reinvested in corporate fixed income securities with an average yield of 4.5% and 4.8%, respectively, compared to an average book yield on disposals of 3.1% and 3.4%, respectively. Prior periods presented are also reflective of movements within the interest rate environment.
| | |
| Loss and Loss Adjustment Expenses |
Total loss costs are affected by the amount of paid claims and the adequacy of reserve estimates established for current and prior years' claim occurrences at each balance sheet date.
The following table shows a breakdown of gross and net of reinsurance loss reserve estimates for major types of insurance coverages as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Loss and Loss Adjustment Expense Reserves |
| | | | September 30, 2024 | | December 31, 2023 |
| | | | Gross | | Net | | Gross | | Net |
| | | | | | | |
| Workers' compensation | $ | 4,696.5 | | | $ | 2,657.6 | | | $ | 4,723.5 | | | $ | 2,725.3 | |
Commercial auto | 4,154.1 | | | 1,916.2 | | | 3,492.8 | | | 1,808.4 | |
| General liability | 1,718.2 | | | 782.7 | | | 1,518.8 | | | 705.5 | |
| Other coverages | 2,050.9 | | | 1,563.1 | | | 1,890.3 | | | 1,412.5 | |
| Unallocated loss adjustment expense reserves | 312.0 | | | 312.0 | | | 303.3 | | | 303.3 | |
| | Total General Insurance reserves | 12,932.0 | | | 7,231.8 | | | 11,928.9 | | | 6,955.2 | |
Title Insurance | 596.6 | | | 596.6 | | | 598.5 | | | 598.5 | |
| Life and accident | 9.0 | | | 6.9 | | | 10.7 | | | 6.6 | |
| | Total loss and loss adjustment expense reserves (a) | $ | 13,537.7 | | | $ | 7,835.5 | | | $ | 12,538.2 | | | $ | 7,560.4 | |
| Asbestosis and environmental loss reserves included | | | | | | | |
| in the above General Insurance reserves: | | | | | | | |
| | Amount | $ | 162.2 | | | $ | 107.1 | | | $ | 130.6 | | | $ | 87.5 | |
| | % of total General Insurance reserves | 1.3 | % | | 1.5 | % | | 1.1 | % | | 1.3 | % |
_________
(a) RFIG Run-off reserves were classified as held-for-sale as of December 31, 2023 in the consolidated balance sheet, and as such, that period presented in the above table excludes these reserves. See Note 2 of the Consolidated Financial Statements for further discussion.
A summary of changes in aggregate reserves for loss and loss adjustment expenses is included in Note 4 of the Consolidated Financial Statements.
Net loss and loss adjustment expenses incurred as a percentage of premiums and related fee revenues of the Company's two reportable operating segments and for consolidated operations were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
General Insurance | 65.2 | % | | 60.4 | % | | 64.1 | % | | 60.9 | % | | 62.0 | % | | 62.1 | % | | 64.8 | % |
Title Insurance | 2.8 | | | 2.7 | | | 2.5 | | | 2.6 | | | 1.9 | | | 2.3 | | | 2.6 | |
| Consolidated loss ratio | 42.3 | % | | 37.7 | % | | 42.0 | % | | 38.0 | % | | 38.7 | % | | 31.8 | % | | 30.2 | % |
| | | | | | | | | | | | | |
| Reconciliation of consolidated loss ratio: | | | | | | | | | | | | | |
| Provision for insured events of the current year | 43.6 | % | | 42.2 | % | | 43.9 | % | | 42.5 | % | | 43.3 | % | | 35.5 | % | | 32.9 | % |
| Change in provision for insured events of prior years: | | | | | | | | | | | | | |
Net favorable development | (1.3) | | | (4.5) | | | (1.9) | | | (4.5) | | | (4.6) | | | (3.7) | | | (2.7) | |
| Consolidated loss ratio | 42.3 | % | | 37.7 | % | | 42.0 | % | | 38.0 | % | | 38.7 | % | | 31.8 | % | | 30.2 | % |
The Company's reserve for loss and loss adjustment expenses represents the accumulation of estimates of ultimate losses payable, including incurred but not reported losses and loss adjustment expenses. The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. Consequently, reserves established are a reflection of: the opinions of a large number of persons; the application and interpretation of historical precedent and trends; expectations as to future developments; and management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs and the resulting changes in estimates are recorded in operations of the periods during which they are made.
The increases in the consolidated loss and loss adjustment expense ratios for the periods presented above are impacted by the shift in mix with General Insurance contributing more to the total in more recent periods. Additionally, the 2024 ratios were also affected by lower levels of favorable prior year loss reserve development for both General Insurance and Title Insurance, partially offset by improvement in the current year loss ratio for Title Insurance.
Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. Management maintains hold periods that vary primarily by line of business. However, reserves may be increased within a holding period when the initial expected loss ratio is believed to be inadequate. Conversely, in certain cases, reserves may be released within a holding period when the redundancies are expected to exceed the upper end of the actuarially determined range, or if an increase to an original pick within a hold period is subsequently deemed to be excessive. No representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates. In management's opinion, such changes in net losses and related costs are not likely to have a material effect on the Company's consolidated financial position, although they could materially affect the consolidated results of operations for any one annual or interim reporting period. See further discussion in the Company's 2023 Annual Report on Form 10-K under Item 1A - Risk Factors.
| | |
Underwriting, Acquisition, and Other Expenses |
The following table sets forth the expense ratios registered by each reportable segment and in consolidation for the periods shown:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
General Insurance | 28.8 | % | | 28.6 | % | | 28.2 | % | | 28.6 | % | | 28.2 | % | | 27.4 | % | | 26.5 | % |
Title Insurance | 93.9 | | | 94.0 | | | 95.4 | | | 95.0 | | | 95.2 | | | 90.9 | | | 86.7 | |
Consolidated | 52.7 | % | | 54.2 | % | | 52.3 | % | | 54.4 | % | | 53.9 | % | | 59.2 | % | | 59.7 | % |
Variations in the Company's consolidated expense ratios reflect a continually changing mix of coverages sold and costs of producing business. To a significant degree, expense ratios for both the General and Title Insurance segments are mostly reflective of variable costs, such as commissions or similar charges, that rise or decline along with corresponding changes in premium and fee income and can fluctuate with line of coverage mix. General operating expenses are routinely subject to timing as well as investments in business expansion and information technology.
The decreases in the consolidated expense ratios for the periods presented above are impacted by the shift in mix with General Insurance contributing more to the total. The consolidated expense ratios also benefitted from the additional scale, offset by investments being made in technology.
The combined ratios of net loss and loss adjustment expenses and underwriting expenses are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
General Insurance | 94.0 | % | | 89.0 | % | | 92.3 | % | | 89.5 | % | | 90.2 | % | | 89.5 | % | | 91.3 | % |
Title Insurance | 96.7 | | | 96.7 | | | 97.9 | | | 97.6 | | | 97.1 | | | 93.2 | | | 89.3 | |
Consolidated | 95.0 | % | | 91.9 | % | | 94.3 | % | | 92.4 | % | | 92.6 | % | | 91.0 | % | | 89.9 | % |
| | |
| Net Investment Gains (Losses) |
The Company's investment policies are designed to produce a stable source of income from interest and dividends, support the protection of capital, and provide sufficient liquidity to meet insurance underwriting and other obligations as they become payable in the future.
The following table reflects the composition of net investment gains or losses for the periods shown.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
Realized investment gains (losses) |
from actual transactions: |
| Fixed income | $ | (13.1) | | | $ | (80.9) | | | $ | (81.1) | | | $ | (113.4) | | | $ | (180.7) | | | $ | (187.6) | | | $ | 1.5 | |
| Equity securities and other | — | | | 37.4 | | | 199.7 | | | 106.4 | | | 165.5 | | | 373.3 | | | 5.3 | |
| Total | (13.1) | | | (43.5) | | | 118.6 | | | (6.9) | | | (15.2) | | | 185.7 | | | 6.9 | |
Impairment losses | — | | | — | | | (5.4) | | | (6.2) | | | (51.8) | | | (123.5) | | | — | |
| Unrealized gains (losses) from | | | | | | | | | | | | | |
changes in fair value of equity | | | | | | | | | | | | | |
| securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | | | (123.9) | | | (263.4) | | | 751.1 | |
| Total investment gains (losses) | $ | 197.7 | | | $ | (186.9) | | | $ | 224.3 | | | $ | (191.1) | | | $ | (190.9) | | | $ | (201.1) | | | $ | 758.0 | |
Dispositions of fixed income securities from scheduled maturities and early calls were 48.1% and 54.3% of total dispositions occurring in the first nine months of 2024 and 2023, respectively. Realized gain (loss) activity in 2024 was primarily the result of portfolio management, including the Company's monitoring of concentration limits at the individual legal entity levels, tax planning, and interest rate environment considerations. Sales activity within the fixed income portfolio allowed the Company to increase its book yield on that portfolio quicker than anticipated, taking full advantage of the current interest rate environment, in a tax efficient manner.
The 2023 full year impairment charge primarily reflects an estimated loss on the then pending sale of the RFIG Run-off mortgage insurance business, and to a lesser extent, impairment losses recorded on fixed income securities that the Company intended to and subsequently disposed of to facilitate certain structural changes to a deferred compensation plan, as well as a small credit loss.
During 2022, the Company rebalanced the investment portfolio by reducing equity security holdings and increasing fixed income holdings as reinvestment rates began to materially improve. Additionally, 2022 includes investment impairment charges of $123.5 on fixed income securities, which management intended to and subsequently disposed of during the year, driven primarily by tax planning considerations.
The effective consolidated income tax rate was 20.6% and 20.4% in the third quarter and first nine months of 2024, respectively, compared to 17.7% and 20.0% in the third quarter and first nine months of 2023, respectively. The rates for each period reflect primarily the varying proportions of pretax operating income derived from partially tax preferred investment income (principally tax-exempt interest and dividend income).
| | |
| Summary Operating Results |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Net premiums earned | $ | 1,218.5 | | | $ | 1,069.6 | | | 13.9 | % | | $ | 3,439.8 | | | $ | 3,027.7 | | | 13.6 | % |
| Loss and loss adjustment expenses | 794.8 | | | 645.8 | | | 23.1 | | | 2,205.7 | | | 1,842.7 | | | 19.7 | |
| Sales and general expenses | 395.2 | | | 346.9 | | | 13.9 | | | 1,103.5 | | | 986.8 | | | 11.8 | |
| Segment pretax operating income | $ | 197.3 | | | $ | 215.5 | | | (8.5) | % | | $ | 620.3 | | | $ | 593.0 | | | 4.6 | % |
| | | | | | | | | | | |
| Loss ratio: | | | | | | | | | | | |
| Current year | 66.9 | % | | 66.5 | % | | | | 66.4 | % | | 66.8 | % | | |
| Prior years | (1.7) | | | (6.1) | | | | | (2.3) | | | (5.9) | | | |
| Total | 65.2 | | | 60.4 | | | | | 64.1 | | | 60.9 | | | |
| Expense ratio | 28.8 | | | 28.6 | | | | | 28.2 | | | 28.6 | | | |
| Combined ratio | 94.0 | % | | 89.0 | % | | | | 92.3 | % | | 89.5 | % | | |
The percentage of net premiums earned for major insurance coverages in the General Insurance segment was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| General Insurance Net Earned Premiums by Type of Coverage |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
Commercial auto | 41.3 | % | | 40.8 | % | | 41.8 | % | | 40.7 | % | | 41.0 | % | | 39.5 | % | | 39.6 | % |
Workers' compensation | 17.6 | | | 19.0 | | | 18.1 | | | 19.7 | | | 19.5 | | | 21.3 | | | 21.9 | |
| Property | 13.2 | | | 12.0 | | | 12.6 | | | 11.4 | | | 11.5 | | | 9.8 | | | 9.7 | |
| Financial indemnity | 6.6 | | | 8.6 | | | 6.9 | | | 8.8 | | | 8.4 | | | 10.3 | | | 9.7 | |
General liability | 8.2 | | | 6.2 | | | 7.6 | | | 5.9 | | | 6.1 | | | 5.2 | | | 5.2 | |
| Home and auto warranty | 6.9 | | | 7.3 | | | 6.8 | | | 7.7 | | | 7.6 | | | 8.7 | | | 9.5 | |
Other coverages | 6.2 | | | 6.1 | | | 6.2 | | | 5.8 | | | 5.9 | | | 5.2 | | | 4.4 | |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
General Insurance net premiums earned increased 13.9% and 13.6% for the third quarter and first nine months of 2024, respectively, driven by a combination of premium rate increases, high renewal retention ratios, and new business production, including contributions from recently established underwriting subsidiaries. Premium growth occurred across most lines of coverage, but was most pronounced within commercial auto, property, and general liability. Largely reflecting market conditions, there were declines in public D&O and transactional risk coverages (both included within financial indemnity) and to a lesser extent, home warranty. The decline in home warranty coverages (included within Home and Auto Warranty) was more than offset in both 2024 periods by growth in a new auto warranty program. While commercial auto, general liability and property continued to achieve strong rate increases, rate declines continued in public D&O and workers' compensation. Investments in new underwriting subsidiaries have contributed, and are expected to continue to contribute, to the Company's production of lines outside of commercial auto and workers' compensation. Most of the business produced by the new underwriting subsidiaries is underwritten as excess and surplus (E&S) premiums. E&S gross premiums written increased 21% during the third quarter, with the majority of growth attributable to new underwriting subsidiaries, established since 2015.
| | |
| Loss and Loss Adjustment Expenses |
The percentage of net loss and loss adjustment expenses measured against premiums earned by major types of insurance coverage were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| General Insurance Loss Ratios by Type of Coverage |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
Commercial auto | 67.1 | % | | 66.3 | % | | 70.4 | % | | 69.0 | % | | 71.5 | % | | 66.6 | % | | 71.5 | % |
Workers' compensation | 58.8 | | | 33.2 | | | 52.3 | | | 41.1 | | | 41.4 | | | 45.9 | | | 58.9 | |
| Property | 51.2 | | | 60.5 | | | 54.3 | | | 61.3 | | | 61.0 | | | 65.4 | | | 59.3 | |
| Financial indemnity | 83.0 | | | 50.2 | | | 62.6 | | | 46.4 | | | 48.2 | | | 67.0 | | | 53.9 | |
General liability | 77.1 | | | 96.4 | | | 73.1 | | | 79.3 | | | 76.0 | | | 71.6 | | | 64.1 | |
| Home and auto warranty | 61.8 | | | 77.2 | | | 62.1 | | | 69.4 | | | 65.5 | | | 66.9 | | | 67.9 | |
Other coverages | 70.7 | | | 63.1 | | | 69.2 | | | 61.7 | | | 65.9 | | | 60.4 | | | 63.8 | |
| | | | | | | | | | | | | |
| All coverages | 65.2 | % | | 60.4 | % | | 64.1 | % | | 60.9 | % | | 62.0 | % | | 62.1 | % | | 64.8 | % |
Overall, the loss ratios for General Insurance in the third quarter and first nine months of 2024 were within expectations; however, the favorable loss reserve changes from the prior periods were lower when compared to the historically high levels experienced in 2023. Net favorable reserve development in the quarter came from several lines of coverage, including:
•workers’ compensation, albeit at a much lower level than 2023 (accident years 2011-2019 were favorable while years prior to 2011 and 2020 through 2023 developed unfavorably);
•commercial auto (accident years 2017-2022 were favorable while 2023 developed unfavorably); and
•property, which includes commercial multi-peril (accident years 2015, 2019 and 2023 were favorable).
Favorable development in the quarter was partially offset by net unfavorable development experienced within:
•general liability, which includes excess coverages, albeit at a lower level than 2023; and
•transactional risk (included within financial indemnity), which is a small component of the professional liability business (approximately $3.0 of premium in the quarter) and is a low frequency, high severity product.
| | |
| Sales and General Expenses |
The reported expense ratios for the current periods continue to reflect a benefit from scale, and investments in new underwriting subsidiaries and information technology. Higher personnel and information technology costs in 2023 contributed to those expense ratios.
| | |
| Summary Operating Results |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Quarters Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change |
| Net premiums and fees earned | $ | 708.5 | | | $ | 684.4 | | | 3.5 | % | | $ | 1,917.4 | | | $ | 1,917.3 | | | — | % |
| Loss and loss adjustment expenses | 19.6 | | | 18.2 | | | 7.6 | | | 47.0 | | | 49.8 | | | (5.7) | |
| Sales and general expenses | 665.1 | | | 643.4 | | | 3.4 | | | 1,830.2 | | | 1,821.3 | | | 0.5 | |
| Segment pretax operating income | $ | 40.2 | | | $ | 37.4 | | | 7.5 | % | | $ | 88.6 | | | $ | 89.6 | | | (1.1) | % |
| | | | | | | | | | | |
| Loss ratio: | | | | | | | | | | | |
| Current year | 3.5 | % | | 3.8 | % | | | | 3.5 | % | | 3.8 | % | | |
| Prior years | (0.7) | | | (1.1) | | | | | (1.0) | | | (1.2) | | | |
| Total | 2.8 | | | 2.7 | | | | | 2.5 | | | 2.6 | | | |
| Expense ratio | 93.9 | | | 94.0 | | | | | 95.4 | | | 95.0 | | | |
| Combined ratio | 96.7 | % | | 96.7 | % | | | | 97.9 | % | | 97.6 | % | | |
The following table shows the percentage distribution of Title Insurance premium and fee revenues by production sources:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Premium and Fee Production by Source |
| Quarters Ended | | Nine Months Ended | | | | | | |
| September 30, | | September 30, | | Years Ended December 31, |
| 2024 | | 2023 | | 2024 | | 2023 | | 2023 | | 2022 | | 2021 |
| Direct Operations | 21.9 | % | | 20.8 | % | | 23.0 | % | | 21.3 | % | | 21.0 | % | | 19.5 | % | | 22.0 | % |
| Independent Title Agents | 78.1 | % | | 79.2 | % | | 77.0 | % | | 78.7 | % | | 79.0 | % | | 80.5 | % | | 78.0 | % |
Title Insurance net premiums and fees earned increased by 3.5% for the third quarter of 2024 and were flat for the first nine months of 2024. Directly produced revenues grew in both 2024 periods, whereas agency produced revenues, which are reported on a lag relative to direct revenues, increased for the quarter and declined for the first nine months. Commercial premiums decreased 6% and represent approximately 20% of net premiums earned in the third quarter of 2024 as compared to 22% in 2023. Title Insurance net premiums and fees earned decreased 29.3% and 36.0% for the quarter and first nine months of 2023, respectively, as both directly produced and agency produced revenues declined.
| | |
| Loss and Loss Adjustment Expenses |
Title Insurance loss ratios have remained in the low single digits for a number of years due to a continuation of favorable trends in claims frequency and severity. The loss ratios for Title Insurance in the third quarter and first nine months of 2024 reflect slightly lower levels of favorable prior year loss reserve development and an improvement in the current year loss ratio driven by favorable claim trends.
| | |
| Sales and General Expenses |
Sales and general expenses for the first nine months of 2023 were impacted by the recovery of a $17.2 state sales tax assessment, which reduced the corresponding expense ratio by 0.9 points. Excluding the impact of the state sales tax assessment, the expense ratios for both 2024 periods improved as a result of expense management.
The Company's financial position at September 30, 2024 reflects increases in assets, liabilities, and shareholders' equity of 8.8%, 11.5%, and 0.5%, respectively, when compared to the immediately preceding year-end. Cash, investments, and accrued investment income represent 59.5% and 61.1% of consolidated assets as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, cash, investments, and accrued investment income increased by 6.0% to $17,152.9.
Old Republic continues to adhere to its long-term policy of investing primarily in investment grade, marketable securities. At both September 30, 2024 and December 31, 2023, nearly all of the Company's investments consisted of marketable securities. 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 counter-party risk attributes. At September 30, 2024, the Company had no fixed income investments in default as to principal and/or interest.
Short-term maturity investment positions reflect a large variety of factors including current operating needs, expected operating cash flows, debt maturities, and investment strategy considerations. Accordingly, the future level of short-term investments will vary and respond to the interplay of these factors and may, as a result, increase or decrease from current levels.
The Company does not own or utilize derivative financial instruments for the purpose of hedging, enhancing the overall return of its investment portfolio, or reducing the cost of its debt obligations. With regard to its equity portfolio, the Company does not own any options nor does it engage in any type of option writing. Traditional investment management tools and techniques are employed to address the yield and valuation exposures of the invested assets base. The fixed income investment portfolio is managed so as to limit various risks inherent in the bond market. Credit risk is addressed through asset diversification and the purchase of investment grade securities. Reinvestment rate risk is reduced by concentrating on non-callable issues, and by taking asset-liability matching considerations into account. Purchases of mortgage- and asset-backed securities, which have variable principal prepayment options, are generally avoided. Market value risk is limited through the purchase of bonds of intermediate maturity. The combination of these investment management practices is expected to produce a more stable fixed income investment portfolio that is not subject to extreme interest rate sensitivity and principal deterioration.
The fair value of the Company's fixed income investment portfolio is sensitive, however, to fluctuations in the level of interest rates, but not materially affected by changes in anticipated cash flows caused by any prepayments. The impact of interest rate movements on the fixed income investment portfolio generally affects net unrealized gains or losses. As a general rule, rising interest rates enhance currently available yields but typically lead to a reduction in the fair value of existing fixed income investments. By contrast, a decline in such rates reduces currently available yields but usually serves to increase the fair value of the existing fixed income investment portfolio. All such changes in fair value of securities are reflected, net of deferred income taxes, directly in the common shareholders' equity account, and as a separate component of the consolidated statements of comprehensive income. Given the Company's inability to forecast or control the movement of interest rates, Old Republic sets the maturity spectrum of its fixed income securities portfolio within parameters of estimated liability payouts, and focuses the overall portfolio on high quality investments. By so doing, Old Republic believes it is reasonably assured of its ability to hold securities to maturity as it may deem necessary in changing environments, and of ultimately recovering their aggregate cost.
Possible future declines in fair values for Old Republic's fixed income portfolio would negatively affect the common shareholders' equity account at any point in time, but would not necessarily result in the recognition of realized investment losses.
The following tables show certain information relating to the Company's fixed income and equity portfolios as of the dates shown.
| | | | | | | | | | | | | |
| Fixed Income Securities Stratified by Credit Quality (a): |
| | | |
| September 30, | | December 31, | | |
| 2024 | | 2023 | | |
| Aaa | 16.8 | % | | 18.8 | % | | |
| Aa | 9.2 | | | 9.5 | | | |
| A | 37.9 | | | 35.9 | | | |
| Baa | 34.9 | | | 34.7 | | | |
| Total investment grade | 98.8 | | | 98.9 | | | |
| Non-investment grade or non-rated issuers | 1.2 | | | 1.1 | | | |
| Total | 100.0 | % | | 100.0 | % | | |
__________
(a) Credit quality ratings referred to herein are a blend of those assigned by the major credit rating agencies for U.S. and Canadian Governments, Agencies, Corporates, and Municipal issuers.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Unrealized Gains and Losses Stratified by Industry Concentration for Fixed Income Securities |
| | | | | | | | | | |
| September 30, 2024 | | Amortized
Cost | | Gross Unrealized Gains | | Gross
Unrealized
Losses | | Fair Value |
| Non-Investment Grade Fixed Income Securities by Industry Concentration: | | | | |
| Consumer, Cyclical | | $ | 41.4 | | | $ | — | | | $ | 0.7 | | | $ | 40.7 | |
| Basic Materials | | 29.9 | | | 0.4 | | | 0.4 | | | 29.8 | |
| Energy | | 28.3 | | | 0.1 | | | 0.1 | | | 28.3 | |
| Industrial | | 22.6 | | | 0.2 | | | 0.5 | | | 22.2 | |
| Other (includes three industry groups) | | 27.6 | | | 0.2 | | | 0.2 | | | 27.5 | |
| | Total | | $ | 149.9 | | | $ | 1.0 | | | $ | 2.2 | | | $ | 148.7 | |
| | | | | | | | | | |
| Investment Grade Fixed Income Securities by Industry Concentration: | | | | |
| Government | | $ | 2,329.7 | | | $ | 18.3 | | | $ | 35.6 | | | $ | 2,312.4 | |
| Utilities | | 2,066.5 | | | 51.8 | | | 18.3 | | | 2,100.0 | |
| Consumer, Non-cyclical | | 1,913.5 | | | 52.0 | | | 6.5 | | | 1,958.9 | |
| Financial | | 1,528.5 | | | 40.9 | | | 5.3 | | | 1,564.1 | |
| Industrial | | 1,507.6 | | | 40.5 | | | 6.0 | | | 1,542.1 | |
| Consumer, Cyclical | | 978.1 | | | 25.7 | | | 3.1 | | | 1,000.6 | |
| Energy | | 746.8 | | | 12.5 | | | 6.1 | | | 753.3 | |
| Other (includes four industry groups) | | 1,072.3 | | | 27.6 | | | 4.0 | | | 1,096.0 | |
| | Total | | $ | 12,143.3 | | | $ | 269.6 | | | $ | 85.2 | | | $ | 12,327.7 | |
In the above tables, the unrealized gains and losses on fixed income securities are primarily deemed to reflect changes in the interest rate environment.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Unrealized Gains and Losses Stratified by Industry Concentration for Equity Securities |
| | | | | | | | | | |
| September 30, 2024 | |
Cost | | Gross Unrealized Gains | | Gross
Unrealized
Losses | | Fair Value |
| | | | | | | | |
| Equity Securities by Industry Concentration: | | | | | | | | |
| Consumer, Non-cyclical | | $ | 380.1 | | | $ | 280.2 | | | $ | 2.6 | | | $ | 657.8 | |
| Utilities | | 355.2 | | | 171.1 | | | 5.3 | | | 521.0 | |
| Industrial | | 259.4 | | | 376.3 | | | 0.3 | | | 635.4 | |
| Energy | | 137.7 | | | 93.7 | | | — | | | 231.4 | |
| Financial | | 73.8 | | | 88.3 | | | — | | | 162.1 | |
| Consumer, Cyclical | | 68.5 | | | 104.2 | | | — | | | 172.7 | |
| Other (includes five industry groups) | | 133.4 | | | 154.4 | | | — | | | 287.8 | |
| | Total | | $ | 1,408.3 | | | $ | 1,268.5 | | | $ | 8.3 | | | $ | 2,668.4 | |
The Company's equity portfolio consists predominantly of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Income Securities |
| | | | | | | | | |
| | | Amortized Cost | | Gross Unrealized Losses |
| September 30, 2024 | | All | | Non-
Investment
Grade Only | | All | | Non-
Investment
Grade Only |
| Maturity Ranges: | | | | | | | | |
| Due in one year or less | | $ | 1,257.0 | | | $ | 20.2 | | | $ | 8.7 | | | $ | — | |
| Due after one year through five years | | 2,667.9 | | | 50.8 | | | 55.9 | | | 1.5 | |
| Due after five years through ten years | | 603.5 | | | 17.8 | | | 22.3 | | | 0.5 | |
| Due after ten years | | 18.0 | | | — | | | 0.2 | | | — | |
| Total | | $ | 4,546.5 | | | $ | 88.9 | | | $ | 87.4 | | | $ | 2.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities |
| | | | | | | | | | | |
| | | | | Amount of Gross Unrealized Losses |
| September 30, 2024 | | Less than
20% of
Cost | | 20% to
50%
of Cost | | More than
50% of Cost | | Total Gross
Unrealized
Loss |
| Number of Months in Unrealized Loss Position: | | | | |
| Fixed Income Securities: | | | | | | | | |
| One to six months | | $ | 2.6 | | | $ | — | | | $ | — | | | $ | 2.6 | |
| Seven to twelve months | | — | | | — | | | — | | | — | |
| More than twelve months | | 84.8 | | | — | | | — | | | 84.8 | |
| | Total | | $ | 87.4 | | | $ | — | | | $ | — | | | $ | 87.4 | |
In the above tables, the unrealized losses on fixed income securities are primarily deemed to reflect changes in the interest rate environment.
| | | | | | | | | | | | | | | | | | | | |
| Age Distribution of Fixed Income Securities |
| | | | | | |
| | | | September 30, | | December 31, |
| | | | 2024 | | 2023 |
| Maturity Ranges: | | | |
| Due in one year or less | 12.1 | % | | 13.1 | % |
| Due after one year through five years | 49.2 | | | 49.9 | |
| Due after five years through ten years | 38.2 | | | 36.3 | |
| Due after ten years through fifteen years | 0.4 | | | 0.6 | |
| Due after fifteen years | 0.1 | | | 0.1 | |
| | Total | 100.0 | % | | 100.0 | % |
| | | | | | |
| Average Maturity in Years | 4.4 | | | 4.3 | |
| Duration | 3.8 | | | 3.7 | |
Duration is used as a measure of bond price sensitivity to interest rate changes. A duration of 3.8 as of September 30, 2024 implies that a 100 basis point parallel increase in interest rates from current levels would result in a decline in the fair value of the fixed income investment portfolio of approximately 3.8%.
| | |
| Liquidity and Capital Resources |
The parent holding company meets its liquidity and capital needs principally through dividends and interest on intercompany financing arrangements paid by its subsidiaries. The insurance subsidiaries' ability to pay cash dividends and interest to the parent holding company is generally restricted by law or subject to approval of the insurance regulatory authorities. Based on December 31, 2023 statutory balances, the Company can receive up to $854.5 in ordinary dividends from its subsidiaries in 2024 without the prior approval of regulatory authorities, of which $474.2 has been received through September 30, 2024. The liquidity achievable through such permitted dividend payments is sufficient to cover the parent holding company's currently expected regularly recurring cash outflows represented mostly by interest, anticipated cash dividend payments to shareholders, operating expenses, and the near-term capital needs of its operating company subsidiaries.
Old Republic's total capitalization of $8,433.8 at September 30, 2024 consisted of debt of $1,988.4 and common shareholders' equity of $6,445.3. Changes in the common shareholders' equity account reflect primarily net income excluding net investment gains (losses), realized and unrealized gains (losses), dividend payments to shareholders, and share repurchases for the period then ended. At September 30, 2024, the Company's consolidated debt to equity ratio was 30.9%. This ratio was temporarily elevated due to the issuance of $400.0 of senior notes, the proceeds of which were used to retire the senior notes that matured on October 1, 2024.
Old Republic has paid a cash dividend without interruption since 1942 (83 years), and it has raised the annual cash dividend payout for each of the past 43 years. The dividend rate is reviewed and approved by the Board of Directors on a quarterly basis each year. In establishing each year's cash dividend rate, the Company does not follow a strict formulaic approach. Rather, it favors a gradual rise in the annual dividend rate that is largely reflective of long-term consolidated operating earnings trends. Accordingly, each year's dividend rate is set judgmentally in consideration of such key factors as the dividend paying capacity of the Company's insurance subsidiaries, the trends in average annual earnings for the five to ten most recent calendar years, and management's long-term expectations for the Company's consolidated business and its individual operating subsidiaries.
During the quarter, the Company returned total capital to shareholders of approximately $232, comprised of $67 in dividends, and $165 of share repurchases (5.0 million shares at an average price of $32.97 per share). For the first nine months, this resulted in total capital returned of approximately $975, including $207 in dividends and nearly $768 of share repurchases (25.1 million shares at an average price of $30.85 per share). Following the close of the quarter and through October 31, 2024, the Company repurchased $51 of additional shares (1.4 million shares at an average price of $35.52 per share), leaving approximately $356 remaining under the most recent authorization approved by the Company's Board of Directors in March 2024.
Substantially all of the Company's receivables are current. Reinsurance recoverable balances on paid or estimated unpaid losses are deemed recoverable from solvent reinsurers or have otherwise been reduced by allowances for estimated credit losses. Deferred policy acquisition costs are estimated by taking into account the direct costs relating to the successful acquisition of new or renewal insurance contracts and evaluating their recoverability on the basis of recent trends in loss costs.
In order to maintain premium production within its capacity and limit maximum losses for which it might become liable under its policies, Old Republic, as is common practice in the insurance industry, may cede a portion or all of its premiums and related liabilities on certain classes of insurance, individual policies, or blocks of business to other insurers and reinsurers. Further discussion of the Company's reinsurance programs can be found in Part 1 of the Company's 2023 Annual Report on Form 10-K.
| | |
| CRITICAL ACCOUNTING ESTIMATES |
The Company's annual and interim financial statements incorporate a large number and types of estimates relative to matters which are highly uncertain at the time the estimates are made. The estimation process required of an insurance enterprise such as Old Republic is by its very nature highly dynamic inasmuch as it necessitates a continuous evaluation, analysis, and quantification of factual data as it becomes known to the Company. As a result, actual experienced outcomes can differ from the estimates made at any point in time and thus affect future periods' reported revenues, expenses, net income or loss, and financial condition.
Old Republic believes that its most critical accounting estimate relates to the establishment of reserves for losses and loss adjustment expenses. The major assumptions and methods used in setting this estimate are summarized in the Company's 2023 Annual Report on Form 10-K.
Reference is here made to "Segment Information" appearing elsewhere herein.
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.
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. With regard to Old Republic's General Insurance segment, its results can be particularly affected 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 investment yields and inflation rates, and periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, 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. Title Insurance 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 on temporary holdings of short-term investments, 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 2023 Annual Report on 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.
OLD REPUBLIC INTERNATIONAL CORPORATION
| | |
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|
Item 3 - Quantitative and Qualitative Disclosure About Market Risk |
Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments as a result of changes in interest rates, equity prices, foreign exchange rates, and commodity prices. Old Republic's primary market risks consist of interest rate risk associated with investments in fixed income and equity price risk associated with investments in equity securities. The Company has no material foreign exchange or commodity risk.
Old Republic's market risk exposures at September 30, 2024 have not materially changed from those identified in the Company's 2023 Annual Report on Form 10-K.
Item 4 - Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company's principal executive officer and its principal financial officer have evaluated the Company's disclosure controls and procedures as of the end of the period covered by this quarterly report. Based upon their evaluation, the principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective for the above referenced evaluation period.
Changes in Internal Control
During the three month period ended September 30, 2024, there were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
Management's Report on Internal Control Over Financial Reporting
The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
| | |
| OLD REPUBLIC INTERNATIONAL CORPORATION |
| FORM 10-Q |
| PART II - OTHER INFORMATION |
|
Item 1 - Legal Proceedings
The information contained in Note 10 "Commitments and Contingent Liabilities" of the Notes to Consolidated Financial Statements filed as Part 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.
Item 1A - Risk Factors
There have been no material changes with respect to the risk factors disclosed in the Company's 2023 Annual report on Form 10-K.
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Purchase of Equity Securities
The following table summarizes share repurchase activity for the three months ended September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period | | Total Number of Shares Purchased (1) | | Average Price Paid Per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plan | | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans ($ in Millions) |
| July 1 - July 31, 2024 | | 3,030,685 | | $ | 31.06 | | | 3,030,685 | | $ | 479.1 | |
| August 1 - August 31, 2024 | | 904,921 | | $ | 35.01 | | | 904,921 | | 447.1 | |
| September 1 - September 30, 2024 | | 1,116,036 | | $ | 35.06 | | | 1,116,036 | | 407.6 | |
| Total | | 5,051,642 | | $ | 32.65 | | | 5,051,642 | | $ | 407.6 | |
(1) On March 1, 2024, the Company announced a new share repurchase program authorizing the repurchase of up to $1.1 billion in shares of the Company's common stock. During the third quarter of 2024, the Company repurchased an additional 5.0 million shares for $164.9 (average price of $32.65) under this authorization. Following the close of the quarter and through October 31, 2024, the Company repurchased 1.4 million additional shares for $51.1 (average price of $35.17).
Item 5 - Other Information
During the quarter ended September 30, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (in each case, as defined in Item 408(a) of Regulation S-K) for the purchase or sale of the Company’s securities.
Item 6 - Exhibits
(a) Exhibits
| | | | | | | | | | | |
| 10.1 | * | ** | Old Republic International Corporation Nonqualified Deferred Compensation Plan (Exhibit 10.1 to Registrant's Form 8-K filed September 19, 2024). |
| | | |
| 31.1 | | | Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| | | |
| 31.2 | | | Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| | | |
| 32.1 | | | Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | | |
| 32.2 | | | Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | | |
| 101.INS | | | XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
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| | * | Exhibit incorporated herein by reference. |
| | ** | Denotes a management or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 601 of Regulation S-K. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | |
| | | Old Republic International Corporation |
| | | (Registrant) |
| Date: | November 1, 2024 | | |
| | | |
| | | /s/ Frank J. Sodaro |
| | | |
| | | Frank J. Sodaro
Senior Vice President,
Chief Financial Officer, and
Principal Accounting Officer |
EXHIBIT INDEX
| | | | | | | | | | | |
| Exhibit | | | |
| No. | | | Description |
| | | |
| * | ** | |
| | | |
| | | |
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| | | |
| | | |
| | * | Exhibit incorporated herein by reference. |
| | ** | Denotes a management or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 601 of Regulation S-K. |
Exhibit 31.1 Rule 13a-14(a)/15d-14(a) Certifications
CERTIFICATIONS
I, Craig R. Smiddy, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Old Republic International Corporation (“the registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based upon our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 29, 2024
/s/ Craig R. Smiddy
Craig R. Smiddy, President and
Chief Executive Officer
Exhibit 31.2 Rule 13a-14(a)/15d-14(a) Certifications
CERTIFICATIONS
I, Frank J. Sodaro, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Old Republic International Corporation (“the registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based upon our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 29, 2024
/s/ Frank J. Sodaro
Frank J. Sodaro
Senior Vice President,
Chief Financial Officer and
Principal Accounting Officer
Exhibit 32.1, 18 U.S.C. Section 1350 Certification
CERTIFICATION OF PERIODIC REPORT
I, Craig R. Smiddy, the President and Chief Executive Officer of Old Republic International Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1) the quarterly report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2) the information contained in the Report fairly presents the financial condition and results of operations of the Company.
Dated: October 29, 2024
/s/ Craig R. Smiddy
Craig R. Smiddy, President and
Chief Executive Officer
Exhibit 32.2, 18 U.S.C. Section 1350 Certification
CERTIFICATION OF PERIODIC REPORT
I, Frank J. Sodaro, the Senior Vice President and Chief Financial Officer of Old Republic International Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
(1)the quarterly report on Form 10-Q of the Company for the quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
(2)the information contained in the Report fairly presents the financial condition and results of operations of the Company.
Dated: October 29, 2024
/s/ Frank J. Sodaro
Frank J. Sodaro, Senior Vice President,
Chief Financial Officer and Principal Accounting Officer
v3.24.3
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v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Investments: |
|
|
|
| Fixed income securities (at fair value) (amortized cost: $12,293.3 and $12,263.0) |
|
$ 12,476.5
|
$ 12,139.9
|
| Short-term investments (at fair value which approximates cost) |
|
1,317.6
|
1,032.6
|
| Equity securities (at fair value) (cost: $1,408.3 and $1,511.9) |
|
2,668.4
|
2,660.8
|
| Other investments |
|
41.4
|
34.3
|
| Total investments |
|
16,504.1
|
15,867.7
|
| Cash |
|
525.2
|
202.8
|
| Accrued investment income |
|
123.5
|
117.0
|
| Accounts and notes receivable |
|
2,640.2
|
2,201.4
|
| Federal income tax recoverable: Current |
|
38.4
|
21.8
|
| Reinsurance balances and funds held |
|
479.3
|
544.7
|
| Reinsurance recoverable: Paid loss and loss adjustment expenses |
|
214.7
|
175.4
|
| Reinsurance recoverable for loss and loss adjustment expense reserves |
|
5,702.2
|
4,977.7
|
| Unearned premium and policy reserves |
|
1,085.1
|
798.2
|
| Deferred policy acquisition costs |
|
505.3
|
417.8
|
| Disposal Group, Including Discontinued Operation, Assets |
|
0.0
|
194.8
|
| Other assets |
|
1,025.1
|
981.5
|
| Total assets |
|
28,843.8
|
26,501.4
|
| Liabilities and Common Shareholders' Equity Liabilities: |
|
|
|
| Loss and loss adjustment expense reserves |
[1] |
13,537.7
|
12,538.2
|
| Unearned premiums |
|
3,679.1
|
3,042.7
|
| Other policyholders' benefits and funds held |
|
168.0
|
150.3
|
| Total policy liabilities |
|
17,384.8
|
15,731.4
|
| Commissions, expenses, fees, and taxes |
|
509.8
|
533.8
|
| Reinsurance balances and funds held |
|
1,603.3
|
1,380.9
|
| Deferred Income Tax Liabilities, Net |
|
214.0
|
105.6
|
| Debt |
|
1,988.4
|
1,591.2
|
| Disposal Group, Including Discontinued Operation, Liabilities |
|
0.0
|
56.8
|
| Other liabilities |
|
697.8
|
690.6
|
| Total liabilities |
|
22,398.4
|
20,090.7
|
| Preferred Stock |
|
0.0
|
0.0
|
| Common Shareholders' Equity: |
|
|
|
| Common stock |
|
253.5
|
278.3
|
| Additional paid-in capital |
|
0.0
|
678.7
|
| Retained earnings |
|
6,135.4
|
5,644.3
|
| Accumulated other comprehensive income (loss) |
|
106.2
|
(132.4)
|
| Unallocated 401(k) plan shares (at cost) |
|
(49.9)
|
(58.2)
|
| Total common shareholders' equity |
|
6,445.3
|
6,410.7
|
| Total liabilities, preferred stock, and common shareholders' equity |
|
$ 28,843.8
|
$ 26,501.4
|
|
|
| X |
- DefinitionThe total liability as of the balance sheet date of amounts due policy holders, excluding future claims, for unpaid policy dividends, retrospective refunds, undistributed earnings on participating business, and future policy benefits on life and health insurance policies.
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v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fixed income securities (amortized costs) |
$ 12,293.3
|
|
| Preferred Stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Preferred Stock, authorized shares (in shares) |
75,000,000
|
75,000,000
|
| Preferred Stock, outstanding shares (in shares) |
0
|
0
|
| Common Stock, par value (in dollars per share) |
$ 1.00
|
$ 1.00
|
| Common Stock, authorized shares (in shares) |
500,000,000
|
500,000,000
|
| Common Stock, issued shares (in shares) |
253,557,200
|
278,392,263
|
| Fixed Income Securities [Member] |
|
|
| Fixed income securities (amortized costs) |
$ 12,293.3
|
$ 12,263.0
|
| Equity Securities [Member] |
|
|
| Equity securities - cost |
$ 1,408.3
|
$ 1,511.9
|
| Common Class B [Member] |
|
|
| Common Stock, par value (in dollars per share) |
$ 1.00
|
$ 1.00
|
| Common Stock, authorized shares (in shares) |
100,000,000
|
100,000,000
|
| Common Stock, issued shares (in shares) |
0
|
0
|
| X |
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v3.24.3
Consolidated Statements of Income - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues: |
|
|
|
|
|
| Net premiums earned |
|
$ 1,854.2
|
$ 1,691.1
|
$ 5,154.8
|
$ 4,764.9
|
| Title, escrow, and other fees |
|
74.9
|
69.0
|
214.4
|
199.2
|
| Total premiums and fees |
|
1,929.2
|
1,760.1
|
5,369.3
|
4,964.1
|
| Net investment income |
|
171.0
|
145.9
|
502.7
|
423.1
|
| Other income |
|
43.7
|
40.9
|
133.0
|
121.0
|
| Total operating revenues |
|
2,144.0
|
1,947.0
|
6,005.1
|
5,508.4
|
| Net investment gains (losses): |
|
|
|
|
|
| Realized from actual transactions and impairments |
|
(13.1)
|
(43.5)
|
113.1
|
(13.1)
|
| Equity Securities, FV-NI, Unrealized Gain (Loss) |
|
210.8
|
(143.3)
|
111.1
|
(178.0)
|
| Total realized and unrealized investment gains (losses) |
|
197.7
|
(186.9)
|
224.3
|
(191.1)
|
| Total revenues |
|
2,341.7
|
1,760.1
|
6,229.4
|
5,317.2
|
| Expenses: |
|
|
|
|
|
| Loss and loss adjustment expenses |
|
809.4
|
657.4
|
2,235.6
|
1,870.5
|
| Dividends to policyholders |
|
6.5
|
5.9
|
19.4
|
14.6
|
| Underwriting, acquisition, and other expenses |
|
1,077.4
|
1,016.3
|
2,975.2
|
2,867.9
|
| Interest and other charges |
|
21.3
|
16.4
|
60.0
|
54.0
|
| Total expenses |
|
1,914.8
|
1,696.2
|
5,290.4
|
4,807.2
|
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest |
|
426.9
|
63.9
|
939.0
|
510.0
|
| Income Taxes (Credits): |
|
|
|
|
|
| Current |
|
40.6
|
46.6
|
146.0
|
145.2
|
| Deferred |
|
47.3
|
(35.3)
|
45.4
|
(43.2)
|
| Total |
|
88.0
|
11.3
|
191.4
|
102.0
|
| Net income |
|
$ 338.9
|
$ 52.6
|
$ 747.6
|
$ 408.0
|
| Net Income Per Share: |
|
|
|
|
|
| Net income (loss) per share: Basic (in dollars per share) |
|
$ 1.35
|
$ 0.19
|
$ 2.86
|
$ 1.43
|
| Net income (loss) per share: Diluted (in dollars per share) |
|
$ 1.32
|
$ 0.19
|
$ 2.81
|
$ 1.42
|
| Average shares outstanding: Basic (in shares) |
[1] |
251,640,055
|
277,010,690
|
261,549,794
|
285,447,448
|
| Weighted Average Number of Shares Outstanding, Diluted, Total |
[1] |
256,862,595
|
279,924,410
|
266,094,713
|
287,978,197
|
|
|
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v3.24.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net income (loss) |
$ 338.9
|
$ 52.6
|
$ 747.6
|
$ 408.0
|
| Unrealized gains (losses) on securities: |
|
|
|
|
| Unrealized gains (losses) on securities before reclassifications, not included in the statements of income |
368.1
|
(181.5)
|
226.6
|
(164.3)
|
| Amounts reclassified as realized investment gains from sales in the statements of income |
13.1
|
81.1
|
81.1
|
118.9
|
| Pretax unrealized gains (losses) on investments not included in the statements of income |
381.2
|
(100.4)
|
307.7
|
(45.3)
|
| OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax |
80.4
|
(21.5)
|
65.0
|
(9.7)
|
| Net unrealized gains (losses) on securities not included in the statements of income, net of tax |
300.7
|
(78.8)
|
242.6
|
(35.6)
|
| Foreign currency translation adjustment and other |
2.1
|
(3.3)
|
(4.0)
|
2.4
|
| Total other comprehensive income (loss) |
302.8
|
(82.1)
|
238.6
|
(33.2)
|
| Comprehensive Income (Loss) |
$ 641.8
|
$ (29.5)
|
$ 986.2
|
$ 374.7
|
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-Subparagraph (c)(3)
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
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-Section 45
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-Topic 220
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-SubTopic 10
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-Section 50
-Paragraph 9
-Subparagraph (d)
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v3.24.3
Consolidated Statements of Preferred Stock and Common Shareholders' Equity - USD ($)
$ in Millions |
Total |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
AOCI Attributable to Parent |
Unallocated ESSOP Shares |
Treasury Stock, Common |
| Balance at Dec. 31, 2022 |
|
$ 0.0
|
$ 296.9
|
$ 1,141.8
|
$ 5,321.8
|
$ (517.8)
|
$ (69.5)
|
$ 0.0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividend reinvestment plan |
|
|
0.0
|
0.9
|
|
|
|
|
| Net issuance of shares under stock based compensation plans |
|
|
2.2
|
|
|
|
|
|
| APIC, Share-based Payment Arrangement, Recognition and Exercise |
|
|
|
41.3
|
|
|
|
|
| ESSOP shares released |
|
|
|
3.1
|
|
|
8.4
|
|
| Net income |
$ 408.0
|
|
|
|
408.0
|
|
|
|
| Dividends on common stock |
|
|
|
|
(208.9)
|
|
|
|
| Net unrealized gains (losses) on securities, net of tax |
(35.6)
|
|
|
|
|
(35.6)
|
|
|
| Foreign currency translation adjustment and other |
2.4
|
|
|
|
|
2.4
|
|
|
| Treasury Stock, Value, Acquired, Cost Method |
|
|
|
|
|
|
|
(479.5)
|
| Treasury Stock, Retired, Cost Method, Amount |
|
|
(18.8)
|
(460.6)
|
0.0
|
|
|
(479.5)
|
| Balance at Sep. 30, 2023 |
|
0.0
|
280.3
|
726.5
|
5,520.9
|
(551.1)
|
(61.1)
|
0.0
|
| Balance at Jun. 30, 2023 |
|
0.0
|
284.6
|
831.8
|
5,536.1
|
(468.9)
|
(63.9)
|
0.0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividend reinvestment plan |
|
|
0.0
|
0.3
|
|
|
|
|
| Net issuance of shares under stock based compensation plans |
|
|
0.4
|
|
|
|
|
|
| APIC, Share-based Payment Arrangement, Recognition and Exercise |
|
|
|
13.9
|
|
|
|
|
| ESSOP shares released |
|
|
|
1.2
|
|
|
2.8
|
|
| Net income |
52.6
|
|
|
|
52.6
|
|
|
|
| Dividends on common stock |
|
|
|
|
(67.8)
|
|
|
|
| Net unrealized gains (losses) on securities, net of tax |
(78.8)
|
|
|
|
|
(78.8)
|
|
|
| Foreign currency translation adjustment and other |
(3.3)
|
|
|
|
|
(3.3)
|
|
|
| Treasury Stock, Value, Acquired, Cost Method |
|
|
|
|
|
|
|
(125.5)
|
| Treasury Stock, Retired, Cost Method, Amount |
|
|
(4.7)
|
(120.7)
|
0.0
|
|
|
(125.5)
|
| Balance at Sep. 30, 2023 |
|
0.0
|
280.3
|
726.5
|
5,520.9
|
(551.1)
|
(61.1)
|
0.0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Stockholders' Equity Attributable to Parent |
6,410.7
|
|
|
|
|
|
|
|
| Balance at Dec. 31, 2023 |
|
0.0
|
278.3
|
678.7
|
5,644.3
|
(132.4)
|
(58.2)
|
0.0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividend reinvestment plan |
|
|
0.0
|
0.9
|
|
|
|
|
| Net issuance of shares under stock based compensation plans |
|
|
0.2
|
|
|
|
|
|
| APIC, Share-based Payment Arrangement, Recognition and Exercise |
|
|
|
16.2
|
|
|
|
|
| ESSOP shares released |
|
|
|
5.6
|
|
|
8.3
|
|
| Net income |
747.6
|
|
|
|
747.6
|
|
|
|
| Dividends on common stock |
|
|
|
|
(207.6)
|
|
|
|
| Net unrealized gains (losses) on securities, net of tax |
242.6
|
|
|
|
|
242.6
|
|
|
| Foreign currency translation adjustment and other |
(4.0)
|
|
|
|
|
(4.0)
|
|
|
| Treasury Stock, Value, Acquired, Cost Method |
775.5
|
|
|
|
|
|
|
(775.5)
|
| Treasury Stock, Retired, Cost Method, Amount |
|
|
(25.1)
|
(701.5)
|
(48.8)
|
|
|
(775.5)
|
| Balance at Sep. 30, 2024 |
|
0.0
|
253.5
|
0.0
|
6,135.4
|
106.2
|
(49.9)
|
0.0
|
| Balance at Jun. 30, 2024 |
|
0.0
|
258.4
|
105.1
|
5,912.3
|
(196.6)
|
(52.6)
|
0.0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Dividend reinvestment plan |
|
|
0.0
|
0.3
|
|
|
|
|
| Net issuance of shares under stock based compensation plans |
|
|
0.1
|
|
|
|
|
|
| APIC, Share-based Payment Arrangement, Recognition and Exercise |
|
|
|
4.9
|
|
|
|
|
| ESSOP shares released |
|
|
|
2.2
|
|
|
2.7
|
|
| Net income |
338.9
|
|
|
|
338.9
|
|
|
|
| Dividends on common stock |
|
|
|
|
(66.9)
|
|
|
|
| Net unrealized gains (losses) on securities, net of tax |
300.7
|
|
|
|
|
300.7
|
|
|
| Foreign currency translation adjustment and other |
2.1
|
|
|
|
|
2.1
|
|
|
| Treasury Stock, Value, Acquired, Cost Method |
166.5
|
|
|
|
|
|
|
(166.5)
|
| Treasury Stock, Retired, Cost Method, Amount |
|
|
(5.0)
|
(112.6)
|
(48.8)
|
|
|
(166.5)
|
| Balance at Sep. 30, 2024 |
|
$ 0.0
|
$ 253.5
|
$ 0.0
|
$ 6,135.4
|
$ 106.2
|
$ (49.9)
|
$ 0.0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Stockholders' Equity Attributable to Parent |
$ 6,445.3
|
|
|
|
|
|
|
|
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|
| X |
- DefinitionValue of shares committed to be released under an Employee Stock Ownership Plan (ESOP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 25
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480637/718-40-25-13
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|
| X |
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Paragraph 10
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 45
-Paragraph 7
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 747.6
|
|
$ 408.0
|
| Adjustments to reconcile net income to |
|
|
|
| Deferred policy acquisition costs |
(87.5)
|
|
(36.1)
|
| Accounts and notes receivable |
(438.8)
|
|
(428.8)
|
| Loss and loss adjustment expense reserves |
269.7
|
|
69.1
|
| Unearned premiums and other policyholders' liabilities |
366.8
|
|
220.2
|
| Federal income taxes |
29.4
|
|
(43.4)
|
| Reinsurance balances and funds held |
248.5
|
|
143.0
|
| Realized from actual transactions and impairments |
(113.1)
|
|
13.1
|
| Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI |
(111.1)
|
|
178.0
|
| Other - net |
(39.7)
|
|
73.7
|
| Total |
871.7
|
|
597.0
|
| Available for sale |
|
|
|
| Maturities and calls of fixed income securities |
1,244.6
|
|
1,006.5
|
| Sales of: |
|
|
|
| Fixed income securities |
1,342.2
|
|
848.7
|
| Proceeds from Sale of Equity Securities, FV-NI |
298.3
|
|
483.0
|
| Other investments |
6.4
|
|
7.5
|
| Purchases of: |
|
|
|
| Fixed income securities |
(2,613.1)
|
|
(1,792.4)
|
| Payments to Acquire Equity Securities, FV-NI |
0.0
|
|
(51.1)
|
| Other investments |
(68.7)
|
|
(78.5)
|
| Proceeds from Divestiture of Interest in Consolidated Subsidiaries |
136.6
|
|
0.0
|
| Net increase in short-term investments |
(303.4)
|
|
(284.6)
|
| Other - net |
(1.2)
|
|
0.3
|
| Total |
41.7
|
|
139.4
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from Issuance of Senior Long-term Debt |
395.9
|
|
0.0
|
| Issuance of common shares |
1.7
|
|
31.3
|
| Redemption of debentures and notes |
0.0
|
|
(5.3)
|
| Dividends on common shares |
(207.0)
|
|
(208.6)
|
| Payments for Repurchase of Common Stock |
(767.8)
|
|
(479.5)
|
| Repurchase of common stock |
(10.4)
|
|
(3.1)
|
| Total |
(587.7)
|
|
(665.3)
|
| Increase (decrease) in cash balances classified as held-for-sale (a) |
|
|
|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect |
325.7
|
|
71.1
|
| Net Cash Provided by (Used in) Discontinued Operations |
(3.3)
|
[1] |
0.0
|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance |
202.8
|
|
81.0
|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance |
525.2
|
|
152.1
|
| Supplemental cash flow information: |
|
|
|
| Cash paid (received) during the period for: Interest |
64.8
|
|
53.5
|
| Cash paid (received) during the period for: Income taxes |
$ 161.8
|
|
$ 146.6
|
|
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v3.24.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Accounting Policies and Basis of Presentation |
Summary of Significant Accounting Policies Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2023 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.
Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Prior period amounts have been reclassified whenever appropriate to conform to the most current presentation.
Accounting Standards Pending Adoption – In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This guidance expands the breadth and frequency of segment disclosures, including additional disclosures about significant segment expenses. Among other requirements, the guidance:
•Introduces a new requirement to disclose certain significant segment expenses regularly provided to the chief operating decision maker (CODM), •Extends certain annual disclosures to interim periods, •Permits more than one measure of segment profit or loss to be reported under certain conditions, and •Requires disclosure of the title and position of the CODM.
The ASU does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The requirements are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company plans to incorporate these disclosure-only requirements in its 2024 Annual Report on Form 10-K.
In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures which will require further disaggregation of existing disclosures for the effective tax rate reconciliation and income taxes paid. More specifically, the amendments will require entities to disclose:
•A tabular effective tax rate reconciliation, broken out into specific categories with certain reconciling items above a 5% threshold further broken out by nature and/or jurisdiction, and •Income taxes paid (net of refunds received), broken out between federal, state and foreign, and net amounts paid to an individual jurisdiction that exceed 5% of the total.
The requirements are effective for fiscal years beginning after December 15, 2024. The Company continues to evaluate the requirements of this guidance.
Investments - The Company classifies its fixed income securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale, or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale.
Fixed income securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values are based on quoted market prices or estimates using values obtained from recognized independent pricing services.
The status and fair value changes of fixed income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).
Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At September 30, 2024, the Company and its subsidiaries did not have significant amounts of non-income producing securities.
Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at the date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold.
Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows:
Substantially all General Insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses.
Title Insurance premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly-owned agency subsidiaries) are generally recognized as income at the transaction closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining Title Insurance premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions.
Assets Held-for-Sale - The Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value, and certain other specific criteria are met. The business classified as held-for-sale is measured at the lower of the carrying value or estimated fair value, less costs to sell. If the carrying value of the business exceeds its estimated fair value, less costs to sell, a loss is recognized and reported in net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's consolidated balance sheet in the period in which the business is classified as held-for-sale. See Note 2 for further discussion.
Loss and Loss Adjustment Expenses - The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of: the opinions of a large number of persons; the application and interpretation of historical precedent and trends; expectations as to future developments; and management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.
All reserves are therefore based on estimates which are periodically reviewed and evaluated in light of emerging loss experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates.
The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 in the Notes to Consolidated Financial Statements included in Old Republic's 2023 Annual Report on Form 10-K.
Employee Benefit Plans - The Company has a closed pension plan (the Plan) for certain employees under which benefits were frozen as of December 31, 2013. The funded status of the Plan is recognized as a net pension asset or liability, as applicable, with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides short- and long-term incentive awards to certain employees.
Common Share Repurchases - Common shares acquired under share repurchase programs are retired, restoring them to authorized, unissued status. Repurchases of treasury stock above par value are first charged to additional paid-in capital, with any excess charged to retained earnings.
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v3.24.3
Discontinued Operations and Disposal Groups
|
3 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Disposal Groups, Including Discontinued Operations, Disclosure |
Note 2 - Disposition of RMIC Companies, Inc. (RMICC)
On November 11, 2023, a definitive agreement was reached to sell RMIC Companies, Inc. and its wholly-owned mortgage insurance subsidiaries (collectively, "RMICC") to Arch U.S. MI Holdings Inc., a subsidiary of Arch Capital Group Ltd. The sale closed effective May 31, 2024 with cash proceeds totaling $136.6.
As of December 31, 2023, the Company reported the assets and liabilities of RMICC as held-for-sale in the consolidated balance sheet with results reported in continuing operations in the consolidated statement of income, and for segment reporting purposes, within Corporate & Other. The Company determined that the transaction did not meet the criteria to be classified as a discontinued operation as it did not represent a strategic shift that had a major effect on the Company's operations and financial results. As a result of the sale, the Company realized a total loss of $51.0, of which $5.4 was recorded in net investment gains (losses) during the nine months ended September 30, 2024 to offset RMICC's operating income through May 31, 2024, given that the sale proceeds were based on its December 31, 2023 closing balance sheet.
The table below reflects the assets and liabilities transferred with the sale described above:
| | | | | | | (Unaudited) | | May 31, | | 2024 | Assets: | | | Investments: | | Fixed income securities (at fair value) | $ | 16.8 | | | Short-term investments (at fair value which approximates cost) | 205.5 | | | | | | | Total investments | 222.4 | | | Cash | 4.1 | | | Accrued investment income | 0.1 | | | Accounts and notes receivable | 0.5 | | | | Federal income tax recoverable: Deferred | 0.2 | | | | | | | | | | | | Other assets | 0.8 | | Total assets | $ | 228.3 | | | | | Liabilities: | | Policy liabilities: | | | Loss and loss adjustment expense reserves | $ | 49.6 | | | Unearned premiums | — | | | | Total policy liabilities | 49.7 | | | Commissions, expenses, fees, and taxes | 0.1 | | | | | Federal income tax payable: Current | 0.3 | | | | | | | | Other liabilities | 0.3 | | Total liabilities | $ | 50.5 | |
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v3.24.3
Investments
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments [Abstract] |
|
| Investment |
Investments The amortized cost and fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | Fixed Income Securities by Type: | | | | | | | | | September 30, 2024: | | | | | | | | | Government & Agency | $ | 1,718.7 | | | $ | 18.1 | | | $ | 32.5 | | | $ | 1,704.4 | | | Municipal | 635.2 | | | 0.1 | | | 3.4 | | | 631.9 | | | Corporate | 9,939.3 | | | 252.2 | | | 51.4 | | | 10,140.1 | | | $ | 12,293.3 | | | $ | 270.6 | | | $ | 87.4 | | | $ | 12,476.5 | | | | | | | | | | | December 31, 2023: | | | | | | | | | Government & Agency | $ | 1,920.3 | | | $ | 3.2 | | | $ | 64.6 | | | $ | 1,858.9 | | | Municipal | 774.5 | | | 0.2 | | | 7.1 | | | 767.6 | | | Corporate | 9,568.1 | | | 135.5 | | | 190.3 | | | 9,513.3 | | | $ | 12,263.0 | | | $ | 139.0 | | | $ | 262.0 | | | $ | 12,139.9 | |
| | | | | | | | | | | | | Amortized
Cost | | Fair Value | | Fixed Income Securities Stratified by Contractual Maturity at September 30, 2024: | | | | | Due in one year or less | $ | 1,489.6 | | | $ | 1,481.4 | | | Due after one year through five years | 6,053.6 | | | 6,081.3 | | | Due after five years through ten years | 4,692.7 | | | 4,855.9 | | | Due after ten years | 57.2 | | | 57.8 | | | $ | 12,293.3 | | | $ | 12,476.5 | |
The following table reflects the Company's gross unrealized losses and fair value of fixed income securities, aggregated by category and length of time that individual securities have been in an unrealized loss position.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair
Value | | Unrealized Losses | | Fair
Value | | Unrealized Losses | | Fair
Value | | Unrealized Losses | | September 30, 2024: | | | | | | | | | | | | | Fixed Income Securities: | | | | | | | | | | | | | Government & Agency | $ | 118.1 | | | $ | 0.6 | | | $ | 745.4 | | | $ | 31.8 | | | $ | 863.6 | | | $ | 32.5 | | | Municipal | 25.2 | | | — | | | 533.0 | | | 3.4 | | | 558.2 | | | 3.4 | | | Corporate | 513.9 | | | 1.9 | | | 2,523.2 | | | 49.5 | | | 3,037.1 | | | 51.4 | | | $ | 657.3 | | | $ | 2.6 | | | $ | 3,801.7 | | | $ | 84.8 | | | $ | 4,459.0 | | | $ | 87.4 | | | | | | | | | | | | | | | December 31, 2023: | | | | | | | | | | | | | Fixed Income Securities: | | | | | | | | | | | | | Government & Agency | $ | 461.0 | | | $ | 2.7 | | | $ | 1,179.3 | | | $ | 61.8 | | | $ | 1,640.4 | | | $ | 64.6 | | | Municipal | 173.1 | | | 0.8 | | | 554.7 | | | 6.2 | | | 727.9 | | | 7.1 | | | Corporate | 853.3 | | | 8.2 | | | 4,270.9 | | | 182.0 | | | 5,124.3 | | | 190.3 | | | $ | 1,487.6 | | | $ | 11.8 | | | $ | 6,005.1 | | | $ | 250.2 | | | $ | 7,492.7 | | | $ | 262.0 | |
In the above tables, the unrealized losses on fixed income securities are deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. No investment impairment losses were recorded in the third quarter or the nine months ended September 30, 2024. Net realized investment gains (losses) in the nine months ended September 30, 2023 included impairment charges of $6.2 primarily related to the Company's intent to sell and subsequent disposal of fixed income securities to facilitate certain structural changes to a deferred compensation plan as well as a small credit loss. The Company's allowance for credit losses was $1.6 as of both September 30, 2024 and December 31, 2023.
The following table shows cost and fair value information for equity securities:
| | | | | | | | | | | | | | | | | | | | | | | | | Equity Securities | |
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | September 30, 2024 | $ | 1,408.3 | | | $ | 1,268.5 | | | $ | 8.3 | | | $ | 2,668.4 | | | December 31, 2023 | $ | 1,511.9 | | | $ | 1,164.7 | | | $ | 15.7 | | | $ | 2,660.8 | |
For the quarter, changes in the fair value of equity securities still held at September 30, 2024 and 2023 were $210.8 and $(100.2), respectively. For the first nine months, changes in the fair value of equity securities still held at September 30, 2024 and 2023 were $308.1 and $(69.9), respectively.
Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources (inputs) used to measure fair value into three broad levels:
•Level 1 inputs are based on quoted market prices in active markets; •Level 2 observable inputs are based on corroboration with available market data; and •Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions.
The following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value. The Company uses quoted values and other data provided by nationally recognized independent pricing sources as inputs into its quarterly process for determining fair values of fixed income and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. Independent pricing sources obtain market quotations and actual transaction prices for securities that have quoted prices in active markets and use their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value.
Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of September 30, 2024 and December 31, 2023.
The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | As of September 30, 2024: | | Level 1 | | Level 2 | | Level 3 | | Total | | Fixed income securities: | | | | | | | | | | Government & Agency | | $ | 1,417.0 | | | $ | 287.3 | | | $ | — | | | $ | 1,704.4 | | | Municipal | | — | | | 631.9 | | | — | | | 631.9 | | | Corporate | | — | | | 10,120.5 | | | 19.5 | | | 10,140.1 | | | Short-term investments | | 1,317.6 | | | — | | | — | | | 1,317.6 | | | Equity securities | | $ | 2,666.3 | | | $ | — | | | $ | 2.0 | | | $ | 2,668.4 | | | | | | | | | | | | As of December 31, 2023: | | | | | | | | | | Fixed income securities: | | | | | | | | | | Government & Agency | | $ | 1,379.8 | | | $ | 479.1 | | | $ | — | | | $ | 1,858.9 | | | Municipal | | — | | | 767.6 | | | — | | | 767.6 | | | Corporate | | — | | | 9,493.7 | | | 19.5 | | | 9,513.3 | | | Short-term investments | | 1,032.6 | | | — | | | — | | | 1,032.6 | | | Equity securities | | $ | 2,653.8 | | | $ | — | | | $ | 7.0 | | | $ | 2,660.8 | |
There were no transfers between Levels 1, 2 or 3 during the quarter or nine months ended September 30, 2024. The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.
| | | | | | | | | | | | | | | | | | | | | | | | | Quarters Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Net investment income: | | | | | | | | | Fixed income securities | $ | 130.7 | | | $ | 109.9 | | | $ | 385.5 | | | $ | 319.7 | | | Equity securities | 19.6 | | | 21.9 | | | 59.7 | | | 71.2 | | | Short-term investments | 21.4 | | | 14.6 | | | 58.3 | | | 35.4 | | Other investments (a) | 5.8 | | | 4.8 | | | 20.8 | | | 9.8 | | | Gross investment income | 177.7 | | | 151.3 | | | 524.3 | | | 436.2 | | Investment expenses (a) | 6.6 | | | 5.4 | | | 21.6 | | | 13.0 | | | Net investment income | $ | 171.0 | | | $ | 145.9 | | | $ | 502.7 | | | $ | 423.1 | | | | | | | | | | | Net investment gains (losses): | | | | | | | | | Realized from actual transactions: | | | | | | | | | Fixed income securities: | | | | | | | | | Gains | $ | — | | | $ | 0.1 | | | $ | 2.0 | | | $ | 1.1 | | | Losses | (13.2) | | | (81.1) | | | (83.1) | | | (114.6) | | | Net | (13.1) | | | (80.9) | | | (81.1) | | | (113.4) | | | Equity securities: | | | | | | | | | Gains | — | | | 73.0 | | | 199.7 | | | 152.2 | | | Losses | — | | | (35.4) | | | — | | | (46.4) | | | Net | — | | | 37.6 | | | 199.7 | | | 105.7 | | | Other investments, net | — | | | (0.1) | | | — | | | 0.6 | | | Total realized from actual transactions | (13.1) | | | (43.5) | | | 118.6 | | | (6.9) | | From impairments (b) | — | | | — | | | (5.4) | | | (6.2) | | | From unrealized changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | | Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | | Current and deferred income taxes | 41.5 | | | (39.2) | | | 46.7 | | | (40.1) | | Net of tax realized and unrealized investment gains (losses) | $ | 156.1 | | | $ | (147.6) | | | $ | 177.6 | | | $ | (151.0) | | | | | | | | | | | Changes in unrealized investment gains (losses) | | | | | | | | | reflected directly in shareholders' equity: | | | | | | | | | Fixed income securities | $ | 380.1 | | | $ | (99.8) | | | $ | 306.2 | | | $ | (49.9) | | Less: Deferred income taxes (credits) | 80.2 | | | (21.4) | | | 64.7 | | | (10.6) | | | 299.8 | | | (78.4) | | | 241.4 | | | (39.2) | | | | | | | | | | | Other investments | 1.0 | | | (0.5) | | | 1.5 | | | 4.5 | | Less: Deferred income taxes | 0.2 | | | (0.1) | | | 0.3 | | | 0.9 | | | 0.8 | | | (0.4) | | | 1.2 | | | 3.5 | | Net changes in unrealized investment gains (losses), | | | | | | | | | net of tax | $ | 300.7 | | | $ | (78.8) | | | $ | 242.6 | | | $ | (35.6) | |
_________
(a) Includes interest on funds held. (b) Includes additional loss on sale of RMICC as described in Note 2.
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v3.24.3
Losses, Claims and Settlement Expenses
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Insurance [Abstract] |
|
| Losses, Claims and Settlement Expenses |
Note 4 - Loss and Loss Adjustment Expenses
The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:
| | | | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 (a) | | 2023 | | Gross reserves at beginning of period | $ | 12,538.2 | | | $ | 12,221.5 | | Less: Reinsurance losses recoverable | 4,977.7 | | | 4,699.5 | | | Net reserves at beginning of period: | | | | | General Insurance | 6,955.2 | | | 6,824.8 | | | Title Insurance | 598.5 | | | 612.8 | | | Other | 6.6 | | | 84.2 | | Subtotal | 7,560.4 | | | 7,521.9 | | | Incurred loss and loss adjustment expenses: | | | | | Provisions for insured events of the current year: | | | | | General Insurance | 2,263.2 | | | 2,006.6 | | | Title Insurance | 66.3 | | | 72.1 | | | Other | 5.4 | | | 16.4 | | Subtotal | 2,335.1 | | | 2,095.2 | | | Change in provision for insured events of prior years: | | | | | General Insurance | (76.9) | | | (178.5) | | | Title Insurance | (19.2) | | | (22.2) | | | Other | (0.8) | | | (23.1) | | Subtotal | (97.1) | | | (223.9) | | | Total incurred loss and loss adjustment expenses | 2,238.0 | | | 1,871.2 | | | Payments: | | | | | Loss and loss adjustment expenses attributable to | | | | | insured events of the current year: | | | | | General Insurance | 670.4 | | | 606.0 | | | Title Insurance | 5.5 | | | 5.4 | | | Other | 2.2 | | | 3.9 | | Subtotal | 678.1 | | | 615.4 | | | Loss and loss adjustment expenses attributable to | | | | | insured events of prior years: | | | | | General Insurance | 1,239.3 | | | 1,137.0 | | | Title Insurance | 43.4 | | | 38.7 | | | Other | 2.0 | | | 11.0 | | Subtotal | 1,284.7 | | | 1,186.7 | | | Total payments | 1,962.9 | | | 1,802.1 | | | Net reserves at end of period: | | | | | General Insurance | 7,231.8 | | | 6,909.8 | | | Title Insurance | 596.6 | | | 618.5 | | | Other | 6.9 | | | 62.6 | | Subtotal | 7,835.5 | | | 7,591.0 | | | Reinsurance losses recoverable | 5,702.2 | | | 5,220.1 | | Gross reserves at end of period | $ | 13,537.7 | | | $ | 12,811.2 | |
_________
(a) RFIG Run-off reserves were classified as held-for-sale as of December 31, 2023 in the consolidated balance sheet. As such, loss reserve activity for this business, which was immaterial for the nine months ended September 30, 2024, is excluded from the 2024 column of the table above. See Note 2 for further discussion.
The 2024 change in provision for insured events of prior years reflects favorable prior year loss reserve development for all groups shown. During the first nine months of 2024, General Insurance experienced favorable development from accident years 2011 through 2020. This was partially offset by unfavorable development in years prior to 2011 and in years 2021 through 2023, which are less developed years on which the company is less likely to act on early indications of favorable development. Net favorable development came predominantly from workers' compensation, commercial auto and property lines, partially offset by unfavorable development within general liability and transactional risk coverages (included within financial indemnity). For Title Insurance, favorable development experienced during the first nine months of 2024 occurred largely within the 2019-2021 years. The 2023 change in provision for insured events from the prior years also reflects favorable prior year loss reserve development for all groups shown. During the first nine months of 2023, General Insurance experienced high levels of favorable development within accident years 2010 through 2019 and 2022. Net favorable development came predominantly from workers' compensation and commercial auto lines, partially offset by unfavorable development within general liability. For Title Insurance, favorable development experienced during the first nine months of 2023 occurred largely within the 2018-2021 years.
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. The Company classifies interest and penalties, if any, as income tax expense in the consolidated statements of income. The Company is not currently under audit by the Internal Revenue Service (IRS), and effective upon the filing of the Company's consolidated federal tax return in October 2024, 2021 and subsequent tax years remain open.
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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v3.24.3
Common Share Data
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Common Share Data |
Net Income Per Share Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing net income available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share is similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations. | | | | | | | | | | | | | | | | | | | | | | | | | Quarters Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | Net income | $ | 338.9 | | | $ | 52.6 | | | $ | 747.6 | | | $ | 408.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | Basic weighted-average shares (a) | 251,640,055 | | | 277,010,690 | | | 261,549,794 | | | 285,447,448 | | Effect of dilutive securities - stock-based | | | | | | | | | compensation awards | 5,222,540 | | | 2,913,720 | | | 4,544,919 | | | 2,530,749 | | | Diluted adjusted weighted-average shares (a) | 256,862,595 | | | 279,924,410 | | | 266,094,713 | | | 287,978,197 | | Earnings per share: Basic | $ | 1.35 | | | $ | 0.19 | | | $ | 2.86 | | | $ | 1.43 | | Diluted | $ | 1.32 | | | $ | 0.19 | | | $ | 2.81 | | | $ | 1.42 | | | | | | | | | | | Anti-dilutive common stock equivalents | | | | | | | | | excluded from earnings per share computations: | | | | | | | | Stock-based compensation awards | — | | | 2,236,000 | | | 1,314,779 | | | 3,569,026 | |
__________
(a) In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.
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v3.24.3
Credit Losses
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Credit Loss [Abstract] |
|
| Credit Loss, Financial Instrument |
Credit Losses Credit losses on financial assets measured at amortized cost, primarily the Company's reinsurance recoverables and accounts and notes receivable, are recognized based on estimated losses expected to occur over the life of the asset. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented in the consolidated balance sheets.
The Company's credit allowance was comprised of $22.0 and $17.5 related to reinsurance recoverables as of September 30, 2024 and December 31, 2023, respectively, and $29.9 and $26.1 related to accounts and notes receivable as of September 30, 2024 and December 31, 2023, respectively.
The Company's evaluation of credit losses on available for sale securities is discussed further in Note 3. The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities.
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v3.24.3
Debt
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt |
Debt Consolidated debt of Old Republic and its subsidiaries is summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | Senior Notes: | | | | | | | | | | 4.875% issued in 2014 and due 2024 | | $ | 400.0 | | | $ | 400.0 | | | $ | 399.5 | | | $ | 397.0 | | | 3.875% issued in 2016 and due 2026 | | 548.9 | | | 544.7 | | | 548.5 | | | 530.4 | | | 5.750% issued in 2024 and due 2034 | | 396.1 | | | 419.6 | | | — | | | — | | | 3.850% issued in 2021 and due 2051 | | 643.3 | | | 495.9 | | | 643.1 | | | 472.7 | | | | | | | | | | | | Total debt | | $ | 1,988.4 | | | $ | 1,860.3 | | | $ | 1,591.2 | | | $ | 1,400.3 | |
On March 31, 2024, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 5.750% per year and mature on March 28, 2034. This issuance was completed in anticipation of the $400.0 of 4.875% senior notes maturing in October of this year, which were subsequently redeemed in cash on October 1, 2024.
Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations, to estimate the fair value of outstanding debt, all of which is classified within Level 2 of the fair value hierarchy described in Note 3.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1E
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
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v3.24.3
Common Share Repurchases
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Treasury Stock |
Common Share Repurchases On May 12, 2023, the Board of Directors authorized a $450.0 share repurchase program. This authorization was completed during the first quarter of 2024. On March 1, 2024, the Board of Directors authorized a $1.1 billion share repurchase program. Total share repurchases, inclusive of taxes and fees, under these programs for the third quarter and first nine months of 2024 was 5.0 million shares for $166.5 (average price of $32.97) and 25.1 million shares for $775.5 (average price of $30.85), respectively. Following the close of the quarter and through October 31, 2024, the Company repurchased 1.4 million additional shares for $51.6 (average price of $35.52) leaving $355.9 remaining under the current authorization.
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- DefinitionThe entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Commitments and Contingent Liabilities Commitments and Contingent Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingent Liabilities |
Commitments and Contingent Liabilities Legal Proceedings - Legal proceedings against the Company and its subsidiaries routinely arise in the normal course of business and usually pertain to claim matters related to insurance policies and contracts issued by its insurance subsidiaries. At September 30, 2024, the Company had no material non-claim litigation exposures in its consolidated business.
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v3.24.3
Information About Segments of Business
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Information About Segments of Business |
Segment Information The Company is engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into two segments: General Insurance (property and liability insurance) and Title Insurance. The results of the RFIG Run-off business, previously a reportable segment, are deemed immaterial and reflected within the Corporate & Other caption of this report through the effective date of its sale of May 31, 2024, along with the results of a small life and accident insurance business. Prior period amounts have been reclassified to reflect the change in reportable segments.
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 primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of net investment gains (losses). Under GAAP, however, net income, inclusive of net investment gains (losses), is the measure of total profitability.
In management's opinion, the focus on income excluding net investment gains (losses), also described herein as segment pretax operating 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 such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations.
The contributions of Old Republic's reportable segments to consolidated totals are shown in the following table. | | | | | | | | | | | | | | | | | | | | | | | | | Quarters Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | General Insurance: | | | | | | | | | Net premiums earned | $ | 1,218.5 | | | $ | 1,069.6 | | | $ | 3,439.8 | | | $ | 3,027.7 | | | Net investment income and other income | 183.7 | | | 158.5 | | | 536.5 | | | 458.5 | | | Total revenues excluding investment gains | $ | 1,402.2 | | | $ | 1,228.2 | | | $ | 3,976.4 | | | $ | 3,486.2 | | | Segment pretax operating income (a) | $ | 197.3 | | | $ | 215.5 | | | $ | 620.3 | | | $ | 593.0 | | | | | | | | | | | | | | | | | | | Title Insurance: | | | | | | | | | Net premiums earned | $ | 633.6 | | | $ | 615.3 | | | $ | 1,702.9 | | | $ | 1,718.1 | | Title, escrow, and other fees | 74.9 | | | 69.0 | | | 214.4 | | | 199.2 | | Subtotal | 708.5 | | | 684.4 | | | 1,917.4 | | | 1,917.3 | | | Net investment income and other income | 15.9 | | | 14.4 | | | 47.6 | | | 42.7 | | | Total revenues excluding investment gains | $ | 724.5 | | | $ | 698.8 | | | $ | 1,965.1 | | | $ | 1,960.0 | | Segment pretax operating income | $ | 40.2 | | | $ | 37.4 | | | $ | 88.6 | | | $ | 89.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Consolidated Revenues: | | | | | | | | Total revenues of reportable segments | $ | 2,126.7 | | | $ | 1,927.0 | | | $ | 5,941.5 | | | $ | 5,446.2 | | Corporate & Other (b) | 47.3 | | | 56.9 | | | 154.7 | | | 174.0 | | | Consolidated investment gains (losses): | | | | | | | | | Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | 113.1 | | | (13.1) | | | Unrealized from changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | | Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | | | Consolidation elimination adjustments | (30.0) | | | (36.9) | | | (91.1) | | | (111.8) | | | Consolidated revenues | $ | 2,341.7 | | | $ | 1,760.1 | | | $ | 6,229.4 | | | $ | 5,317.2 | | | | | | | | | | Consolidated Pretax Income: | | | | | | | | | Total segment pretax operating income of | | | | | | | | reportable segments | $ | 237.5 | | | $ | 253.0 | | | $ | 708.9 | | | $ | 682.7 | | Corporate & Other (b) | (8.3) | | | (2.1) | | | 5.7 | | | 18.5 | | | Consolidated investment gains (losses): | | | | | | | | | Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | 113.1 | | | (13.1) | | | Unrealized from changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | | Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | | | | | | | | | | Consolidated income before income taxes | $ | 426.9 | | | $ | 63.9 | | | $ | 939.0 | | | $ | 510.0 | | | | | | | | | |
| | | | | | | | | | | | | September 30, | | December 31, | | 2024 | | 2023 | | Consolidated Assets: | | | | | General Insurance | $ | 25,040.5 | | | $ | 22,710.5 | | | Title Insurance | 1,960.2 | | | 1,948.2 | | Total assets of reportable segments | 27,000.8 | | | 24,658.8 | | Corporate & Other (b) | 1,999.2 | | | 2,145.8 | | | Consolidation elimination adjustments | (156.2) | | | (303.2) | | | Consolidated assets | $ | 28,843.8 | | | $ | 26,501.4 | | | | | |
(a) General Insurance pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent of $15.6 and $48.0 compared to $19.9 and $59.1 for the quarters and nine months ended September 30, 2024 and 2023, respectively. The reduction in interest charges for both periods is generally due to note repayment activity. (b) Includes amounts for a small life and accident insurance business, the RFIG Run-off business through the effective date of its sale of May 31, 2024, the parent holding company, and several internal corporate services subsidiaries.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent EventThe Company evaluated subsequent events through the date these consolidated financial statements were issued. No subsequent events were identified that require adjustment or disclosure to the consolidated financial statements, other than those discussed in Notes 8 and 9.
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v3.24.3
Accounting Policies (Policies)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
| Accounting Policies [Abstract] |
|
|
| Basis of Accounting, Policy |
|
Accounting Principles - The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) of accounting principles generally accepted in the United States of America (GAAP). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2023 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective.
Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Prior period amounts have been reclassified whenever appropriate to conform to the most current presentation.
|
| Accounting Standards Pending Adoption |
Accounting Standards Pending Adoption – In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This guidance expands the breadth and frequency of segment disclosures, including additional disclosures about significant segment expenses. Among other requirements, the guidance:
•Introduces a new requirement to disclose certain significant segment expenses regularly provided to the chief operating decision maker (CODM), •Extends certain annual disclosures to interim periods, •Permits more than one measure of segment profit or loss to be reported under certain conditions, and •Requires disclosure of the title and position of the CODM.
The ASU does not change how an entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The requirements are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company plans to incorporate these disclosure-only requirements in its 2024 Annual Report on Form 10-K.
In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures which will require further disaggregation of existing disclosures for the effective tax rate reconciliation and income taxes paid. More specifically, the amendments will require entities to disclose:
•A tabular effective tax rate reconciliation, broken out into specific categories with certain reconciling items above a 5% threshold further broken out by nature and/or jurisdiction, and •Income taxes paid (net of refunds received), broken out between federal, state and foreign, and net amounts paid to an individual jurisdiction that exceed 5% of the total.
The requirements are effective for fiscal years beginning after December 15, 2024. The Company continues to evaluate the requirements of this guidance.
|
|
| Investment, Policy |
|
Investments - The Company classifies its fixed income securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale, or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale.
Fixed income securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values are based on quoted market prices or estimates using values obtained from recognized independent pricing services.
The status and fair value changes of fixed income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).
Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At September 30, 2024, the Company and its subsidiaries did not have significant amounts of non-income producing securities.
Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at the date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold.
|
| Insurance Premiums Revenue Recognition, Policy |
|
Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows:
Substantially all General Insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses.
Title Insurance premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly-owned agency subsidiaries) are generally recognized as income at the transaction closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining Title Insurance premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions.
|
| Assets Held-for-Sale |
Assets Held-for-Sale - The Company classifies a business as held-for-sale when management has approved or received approval to sell the business, the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current estimated fair value, and certain other specific criteria are met. The business classified as held-for-sale is measured at the lower of the carrying value or estimated fair value, less costs to sell. If the carrying value of the business exceeds its estimated fair value, less costs to sell, a loss is recognized and reported in net investment gains (losses). Assets and liabilities related to the business classified as held-for-sale are separately reported in the Company's consolidated balance sheet in the period in which the business is classified as held-for-sale. See Note 2 for further discussion.
|
|
| Unpaid Policy Claims and Claims Adjustment Expense, Policy |
|
Loss and Loss Adjustment Expenses - The establishment of loss reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of: the opinions of a large number of persons; the application and interpretation of historical precedent and trends; expectations as to future developments; and management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated loss costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.
All reserves are therefore based on estimates which are periodically reviewed and evaluated in light of emerging loss experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates.
The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 in the Notes to Consolidated Financial Statements included in Old Republic's 2023 Annual Report on Form 10-K.
|
| Postemployment Benefit Plans, Policy |
|
Employee Benefit Plans - The Company has a closed pension plan (the Plan) for certain employees under which benefits were frozen as of December 31, 2013. The funded status of the Plan is recognized as a net pension asset or liability, as applicable, with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides short- and long-term incentive awards to certain employees.
|
| Common Share Repurchases |
|
Common Share Repurchases - Common shares acquired under share repurchase programs are retired, restoring them to authorized, unissued status. Repurchases of treasury stock above par value are first charged to additional paid-in capital, with any excess charged to retained earnings.
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| X |
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v3.24.3
Discontinued Operations and Disposal Groups (Tables)
|
3 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Disposal Groups, Including Discontinued Operations |
The table below reflects the assets and liabilities transferred with the sale described above:
| | | | | | | (Unaudited) | | May 31, | | 2024 | Assets: | | | Investments: | | Fixed income securities (at fair value) | $ | 16.8 | | | Short-term investments (at fair value which approximates cost) | 205.5 | | | | | | | Total investments | 222.4 | | | Cash | 4.1 | | | Accrued investment income | 0.1 | | | Accounts and notes receivable | 0.5 | | | | Federal income tax recoverable: Deferred | 0.2 | | | | | | | | | | | | Other assets | 0.8 | | Total assets | $ | 228.3 | | | | | Liabilities: | | Policy liabilities: | | | Loss and loss adjustment expense reserves | $ | 49.6 | | | Unearned premiums | — | | | | Total policy liabilities | 49.7 | | | Commissions, expenses, fees, and taxes | 0.1 | | | | | Federal income tax payable: Current | 0.3 | | | | | | | | Other liabilities | 0.3 | | Total liabilities | $ | 50.5 | |
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v3.24.3
Investments (Tables)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
| Investments [Abstract] |
|
|
| Amortized Cost and Estimated Fair Values Of Fixed Income Securities |
|
The amortized cost and fair values by type and contractual maturity of fixed income securities are shown in the following tables. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | Fixed Income Securities by Type: | | | | | | | | | September 30, 2024: | | | | | | | | | Government & Agency | $ | 1,718.7 | | | $ | 18.1 | | | $ | 32.5 | | | $ | 1,704.4 | | | Municipal | 635.2 | | | 0.1 | | | 3.4 | | | 631.9 | | | Corporate | 9,939.3 | | | 252.2 | | | 51.4 | | | 10,140.1 | | | $ | 12,293.3 | | | $ | 270.6 | | | $ | 87.4 | | | $ | 12,476.5 | | | | | | | | | | | December 31, 2023: | | | | | | | | | Government & Agency | $ | 1,920.3 | | | $ | 3.2 | | | $ | 64.6 | | | $ | 1,858.9 | | | Municipal | 774.5 | | | 0.2 | | | 7.1 | | | 767.6 | | | Corporate | 9,568.1 | | | 135.5 | | | 190.3 | | | 9,513.3 | | | $ | 12,263.0 | | | $ | 139.0 | | | $ | 262.0 | | | $ | 12,139.9 | |
|
| Amortized Cost and Estimated Fair Values Of Fixed Income Securities By Contractual Maturities |
| | | | | | | | | | | | | Amortized
Cost | | Fair Value | | Fixed Income Securities Stratified by Contractual Maturity at September 30, 2024: | | | | | Due in one year or less | $ | 1,489.6 | | | $ | 1,481.4 | | | Due after one year through five years | 6,053.6 | | | 6,081.3 | | | Due after five years through ten years | 4,692.7 | | | 4,855.9 | | | Due after ten years | 57.2 | | | 57.8 | | | $ | 12,293.3 | | | $ | 12,476.5 | |
|
|
| Gross Unrealized Losses and Fair Value, Aggregated |
The following table reflects the Company's gross unrealized losses and fair value of fixed income securities, aggregated by category and length of time that individual securities have been in an unrealized loss position.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 Months | | 12 Months or Greater | | Total | | Fair
Value | | Unrealized Losses | | Fair
Value | | Unrealized Losses | | Fair
Value | | Unrealized Losses | | September 30, 2024: | | | | | | | | | | | | | Fixed Income Securities: | | | | | | | | | | | | | Government & Agency | $ | 118.1 | | | $ | 0.6 | | | $ | 745.4 | | | $ | 31.8 | | | $ | 863.6 | | | $ | 32.5 | | | Municipal | 25.2 | | | — | | | 533.0 | | | 3.4 | | | 558.2 | | | 3.4 | | | Corporate | 513.9 | | | 1.9 | | | 2,523.2 | | | 49.5 | | | 3,037.1 | | | 51.4 | | | $ | 657.3 | | | $ | 2.6 | | | $ | 3,801.7 | | | $ | 84.8 | | | $ | 4,459.0 | | | $ | 87.4 | | | | | | | | | | | | | | | December 31, 2023: | | | | | | | | | | | | | Fixed Income Securities: | | | | | | | | | | | | | Government & Agency | $ | 461.0 | | | $ | 2.7 | | | $ | 1,179.3 | | | $ | 61.8 | | | $ | 1,640.4 | | | $ | 64.6 | | | Municipal | 173.1 | | | 0.8 | | | 554.7 | | | 6.2 | | | 727.9 | | | 7.1 | | | Corporate | 853.3 | | | 8.2 | | | 4,270.9 | | | 182.0 | | | 5,124.3 | | | 190.3 | | | $ | 1,487.6 | | | $ | 11.8 | | | $ | 6,005.1 | | | $ | 250.2 | | | $ | 7,492.7 | | | $ | 262.0 | |
|
|
| Equity Securities Reflecting Reported Cost |
The following table shows cost and fair value information for equity securities:
| | | | | | | | | | | | | | | | | | | | | | | | | Equity Securities | |
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | September 30, 2024 | $ | 1,408.3 | | | $ | 1,268.5 | | | $ | 8.3 | | | $ | 2,668.4 | | | December 31, 2023 | $ | 1,511.9 | | | $ | 1,164.7 | | | $ | 15.7 | | | $ | 2,660.8 | |
|
|
| Fair Value, Assets Measured on Recurring Basis |
The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | As of September 30, 2024: | | Level 1 | | Level 2 | | Level 3 | | Total | | Fixed income securities: | | | | | | | | | | Government & Agency | | $ | 1,417.0 | | | $ | 287.3 | | | $ | — | | | $ | 1,704.4 | | | Municipal | | — | | | 631.9 | | | — | | | 631.9 | | | Corporate | | — | | | 10,120.5 | | | 19.5 | | | 10,140.1 | | | Short-term investments | | 1,317.6 | | | — | | | — | | | 1,317.6 | | | Equity securities | | $ | 2,666.3 | | | $ | — | | | $ | 2.0 | | | $ | 2,668.4 | | | | | | | | | | | | As of December 31, 2023: | | | | | | | | | | Fixed income securities: | | | | | | | | | | Government & Agency | | $ | 1,379.8 | | | $ | 479.1 | | | $ | — | | | $ | 1,858.9 | | | Municipal | | — | | | 767.6 | | | — | | | 767.6 | | | Corporate | | — | | | 9,493.7 | | | 19.5 | | | 9,513.3 | | | Short-term investments | | 1,032.6 | | | — | | | — | | | 1,032.6 | | | Equity securities | | $ | 2,653.8 | | | $ | — | | | $ | 7.0 | | | $ | 2,660.8 | |
|
|
| Investment Income |
The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.
| | | | | | | | | | | | | | | | | | | | | | | | | Quarters Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Net investment income: | | | | | | | | | Fixed income securities | $ | 130.7 | | | $ | 109.9 | | | $ | 385.5 | | | $ | 319.7 | | | Equity securities | 19.6 | | | 21.9 | | | 59.7 | | | 71.2 | | | Short-term investments | 21.4 | | | 14.6 | | | 58.3 | | | 35.4 | | Other investments (a) | 5.8 | | | 4.8 | | | 20.8 | | | 9.8 | | | Gross investment income | 177.7 | | | 151.3 | | | 524.3 | | | 436.2 | | Investment expenses (a) | 6.6 | | | 5.4 | | | 21.6 | | | 13.0 | | | Net investment income | $ | 171.0 | | | $ | 145.9 | | | $ | 502.7 | | | $ | 423.1 | | | | | | | | | | | Net investment gains (losses): | | | | | | | | | Realized from actual transactions: | | | | | | | | | Fixed income securities: | | | | | | | | | Gains | $ | — | | | $ | 0.1 | | | $ | 2.0 | | | $ | 1.1 | | | Losses | (13.2) | | | (81.1) | | | (83.1) | | | (114.6) | | | Net | (13.1) | | | (80.9) | | | (81.1) | | | (113.4) | | | Equity securities: | | | | | | | | | Gains | — | | | 73.0 | | | 199.7 | | | 152.2 | | | Losses | — | | | (35.4) | | | — | | | (46.4) | | | Net | — | | | 37.6 | | | 199.7 | | | 105.7 | | | Other investments, net | — | | | (0.1) | | | — | | | 0.6 | | | Total realized from actual transactions | (13.1) | | | (43.5) | | | 118.6 | | | (6.9) | | From impairments (b) | — | | | — | | | (5.4) | | | (6.2) | | | From unrealized changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | | Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | | Current and deferred income taxes | 41.5 | | | (39.2) | | | 46.7 | | | (40.1) | | Net of tax realized and unrealized investment gains (losses) | $ | 156.1 | | | $ | (147.6) | | | $ | 177.6 | | | $ | (151.0) | | | | | | | | | | | Changes in unrealized investment gains (losses) | | | | | | | | | reflected directly in shareholders' equity: | | | | | | | | | Fixed income securities | $ | 380.1 | | | $ | (99.8) | | | $ | 306.2 | | | $ | (49.9) | | Less: Deferred income taxes (credits) | 80.2 | | | (21.4) | | | 64.7 | | | (10.6) | | | 299.8 | | | (78.4) | | | 241.4 | | | (39.2) | | | | | | | | | | | Other investments | 1.0 | | | (0.5) | | | 1.5 | | | 4.5 | | Less: Deferred income taxes | 0.2 | | | (0.1) | | | 0.3 | | | 0.9 | | | 0.8 | | | (0.4) | | | 1.2 | | | 3.5 | | Net changes in unrealized investment gains (losses), | | | | | | | | | net of tax | $ | 300.7 | | | $ | (78.8) | | | $ | 242.6 | | | $ | (35.6) | |
_________
(a) Includes interest on funds held. (b) Includes additional loss on sale of RMICC as described in Note 2.
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v3.24.3
Losses, Claims and Settlement Expenses (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Insurance [Abstract] |
|
| Schedule of Changes in Aggregate Reserves for Losses, Claims and Settlement Expenses |
The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:
| | | | | | | | | | | | | Nine Months Ended | | September 30, | | 2024 (a) | | 2023 | | Gross reserves at beginning of period | $ | 12,538.2 | | | $ | 12,221.5 | | Less: Reinsurance losses recoverable | 4,977.7 | | | 4,699.5 | | | Net reserves at beginning of period: | | | | | General Insurance | 6,955.2 | | | 6,824.8 | | | Title Insurance | 598.5 | | | 612.8 | | | Other | 6.6 | | | 84.2 | | Subtotal | 7,560.4 | | | 7,521.9 | | | Incurred loss and loss adjustment expenses: | | | | | Provisions for insured events of the current year: | | | | | General Insurance | 2,263.2 | | | 2,006.6 | | | Title Insurance | 66.3 | | | 72.1 | | | Other | 5.4 | | | 16.4 | | Subtotal | 2,335.1 | | | 2,095.2 | | | Change in provision for insured events of prior years: | | | | | General Insurance | (76.9) | | | (178.5) | | | Title Insurance | (19.2) | | | (22.2) | | | Other | (0.8) | | | (23.1) | | Subtotal | (97.1) | | | (223.9) | | | Total incurred loss and loss adjustment expenses | 2,238.0 | | | 1,871.2 | | | Payments: | | | | | Loss and loss adjustment expenses attributable to | | | | | insured events of the current year: | | | | | General Insurance | 670.4 | | | 606.0 | | | Title Insurance | 5.5 | | | 5.4 | | | Other | 2.2 | | | 3.9 | | Subtotal | 678.1 | | | 615.4 | | | Loss and loss adjustment expenses attributable to | | | | | insured events of prior years: | | | | | General Insurance | 1,239.3 | | | 1,137.0 | | | Title Insurance | 43.4 | | | 38.7 | | | Other | 2.0 | | | 11.0 | | Subtotal | 1,284.7 | | | 1,186.7 | | | Total payments | 1,962.9 | | | 1,802.1 | | | Net reserves at end of period: | | | | | General Insurance | 7,231.8 | | | 6,909.8 | | | Title Insurance | 596.6 | | | 618.5 | | | Other | 6.9 | | | 62.6 | | Subtotal | 7,835.5 | | | 7,591.0 | | | Reinsurance losses recoverable | 5,702.2 | | | 5,220.1 | | Gross reserves at end of period | $ | 13,537.7 | | | $ | 12,811.2 | |
_________
(a) RFIG Run-off reserves were classified as held-for-sale as of December 31, 2023 in the consolidated balance sheet. As such, loss reserve activity for this business, which was immaterial for the nine months ended September 30, 2024, is excluded from the 2024 column of the table above. See Note 2 for further discussion.
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v3.24.3
Common Share Data (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Calculation of Numerator and Denominator in Earnings Per Share |
The following table provides a reconciliation of net income and the number of shares used in basic and diluted earnings per share calculations. | | | | | | | | | | | | | | | | | | | | | | | | | Quarters Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | Net income | $ | 338.9 | | | $ | 52.6 | | | $ | 747.6 | | | $ | 408.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | Denominator: | | | | | | | | | Basic weighted-average shares (a) | 251,640,055 | | | 277,010,690 | | | 261,549,794 | | | 285,447,448 | | Effect of dilutive securities - stock-based | | | | | | | | | compensation awards | 5,222,540 | | | 2,913,720 | | | 4,544,919 | | | 2,530,749 | | | Diluted adjusted weighted-average shares (a) | 256,862,595 | | | 279,924,410 | | | 266,094,713 | | | 287,978,197 | | Earnings per share: Basic | $ | 1.35 | | | $ | 0.19 | | | $ | 2.86 | | | $ | 1.43 | | Diluted | $ | 1.32 | | | $ | 0.19 | | | $ | 2.81 | | | $ | 1.42 | | | | | | | | | | | Anti-dilutive common stock equivalents | | | | | | | | | excluded from earnings per share computations: | | | | | | | | Stock-based compensation awards | — | | | 2,236,000 | | | 1,314,779 | | | 3,569,026 | |
__________
(a) In calculating earnings per share, accounting standards require that common shares owned by the ORI 401(k) Savings and Profit Sharing Plan that are unallocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.
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v3.24.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
Consolidated debt of Old Republic and its subsidiaries is summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Carrying
Amount | | Fair
Value | | Carrying
Amount | | Fair
Value | | Senior Notes: | | | | | | | | | | 4.875% issued in 2014 and due 2024 | | $ | 400.0 | | | $ | 400.0 | | | $ | 399.5 | | | $ | 397.0 | | | 3.875% issued in 2016 and due 2026 | | 548.9 | | | 544.7 | | | 548.5 | | | 530.4 | | | 5.750% issued in 2024 and due 2034 | | 396.1 | | | 419.6 | | | — | | | — | | | 3.850% issued in 2021 and due 2051 | | 643.3 | | | 495.9 | | | 643.1 | | | 472.7 | | | | | | | | | | | | Total debt | | $ | 1,988.4 | | | $ | 1,860.3 | | | $ | 1,591.2 | | | $ | 1,400.3 | |
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v3.24.3
Information About Segments of Business (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Reporting |
The contributions of Old Republic's reportable segments to consolidated totals are shown in the following table. | | | | | | | | | | | | | | | | | | | | | | | | | Quarters Ended | | Nine Months Ended | | September 30, | | September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | General Insurance: | | | | | | | | | Net premiums earned | $ | 1,218.5 | | | $ | 1,069.6 | | | $ | 3,439.8 | | | $ | 3,027.7 | | | Net investment income and other income | 183.7 | | | 158.5 | | | 536.5 | | | 458.5 | | | Total revenues excluding investment gains | $ | 1,402.2 | | | $ | 1,228.2 | | | $ | 3,976.4 | | | $ | 3,486.2 | | | Segment pretax operating income (a) | $ | 197.3 | | | $ | 215.5 | | | $ | 620.3 | | | $ | 593.0 | | | | | | | | | | | | | | | | | | | Title Insurance: | | | | | | | | | Net premiums earned | $ | 633.6 | | | $ | 615.3 | | | $ | 1,702.9 | | | $ | 1,718.1 | | Title, escrow, and other fees | 74.9 | | | 69.0 | | | 214.4 | | | 199.2 | | Subtotal | 708.5 | | | 684.4 | | | 1,917.4 | | | 1,917.3 | | | Net investment income and other income | 15.9 | | | 14.4 | | | 47.6 | | | 42.7 | | | Total revenues excluding investment gains | $ | 724.5 | | | $ | 698.8 | | | $ | 1,965.1 | | | $ | 1,960.0 | | Segment pretax operating income | $ | 40.2 | | | $ | 37.4 | | | $ | 88.6 | | | $ | 89.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Consolidated Revenues: | | | | | | | | Total revenues of reportable segments | $ | 2,126.7 | | | $ | 1,927.0 | | | $ | 5,941.5 | | | $ | 5,446.2 | | Corporate & Other (b) | 47.3 | | | 56.9 | | | 154.7 | | | 174.0 | | | Consolidated investment gains (losses): | | | | | | | | | Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | 113.1 | | | (13.1) | | | Unrealized from changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | | Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | | | Consolidation elimination adjustments | (30.0) | | | (36.9) | | | (91.1) | | | (111.8) | | | Consolidated revenues | $ | 2,341.7 | | | $ | 1,760.1 | | | $ | 6,229.4 | | | $ | 5,317.2 | | | | | | | | | | Consolidated Pretax Income: | | | | | | | | | Total segment pretax operating income of | | | | | | | | reportable segments | $ | 237.5 | | | $ | 253.0 | | | $ | 708.9 | | | $ | 682.7 | | Corporate & Other (b) | (8.3) | | | (2.1) | | | 5.7 | | | 18.5 | | | Consolidated investment gains (losses): | | | | | | | | | Realized from actual transactions and impairments | (13.1) | | | (43.5) | | | 113.1 | | | (13.1) | | | Unrealized from changes in fair value of equity securities | 210.8 | | | (143.3) | | | 111.1 | | | (178.0) | | Total realized and unrealized investment gains (losses) | 197.7 | | | (186.9) | | | 224.3 | | | (191.1) | | | | | | | | | | Consolidated income before income taxes | $ | 426.9 | | | $ | 63.9 | | | $ | 939.0 | | | $ | 510.0 | | | | | | | | | |
| | | | | | | | | | | | | September 30, | | December 31, | | 2024 | | 2023 | | Consolidated Assets: | | | | | General Insurance | $ | 25,040.5 | | | $ | 22,710.5 | | | Title Insurance | 1,960.2 | | | 1,948.2 | | Total assets of reportable segments | 27,000.8 | | | 24,658.8 | | Corporate & Other (b) | 1,999.2 | | | 2,145.8 | | | Consolidation elimination adjustments | (156.2) | | | (303.2) | | | Consolidated assets | $ | 28,843.8 | | | $ | 26,501.4 | | | | | |
(a) General Insurance pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent of $15.6 and $48.0 compared to $19.9 and $59.1 for the quarters and nine months ended September 30, 2024 and 2023, respectively. The reduction in interest charges for both periods is generally due to note repayment activity. (b) Includes amounts for a small life and accident insurance business, the RFIG Run-off business through the effective date of its sale of May 31, 2024, the parent holding company, and several internal corporate services subsidiaries.
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v3.24.3
Discontinued Operations and Disposal Groups (Details) - USD ($)
$ in Millions |
9 Months Ended |
11 Months Ended |
|
|
|
|
Sep. 30, 2024 |
Sep. 30, 2024 |
May 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Discontinued Operations and Disposal Groups [Abstract] |
|
|
|
|
|
|
|
|
|
| Disposal Group, Including Discontinued Operation, Consideration |
|
|
|
|
$ 136.6
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
|
| Fixed income securities (estimated fair value) |
$ 12,476.5
|
|
$ 12,476.5
|
|
|
$ 12,139.9
|
|
|
|
| Short-term investments |
1,317.6
|
|
1,317.6
|
|
|
1,032.6
|
|
|
|
| Total investments |
16,504.1
|
|
16,504.1
|
|
|
15,867.7
|
|
|
|
| Cash |
525.2
|
|
525.2
|
|
|
202.8
|
|
|
|
| Accrued investment income |
123.5
|
|
123.5
|
|
|
117.0
|
|
|
|
| Accounts and notes receivable |
2,640.2
|
|
2,640.2
|
|
|
2,201.4
|
|
|
|
| Federal income tax recoverable: Current |
38.4
|
|
38.4
|
|
|
21.8
|
|
|
|
| Total assets |
28,843.8
|
|
28,843.8
|
|
|
26,501.4
|
|
|
|
| Loss and loss adjustment expense reserves |
13,537.7
|
[1] |
13,537.7
|
[1] |
|
12,538.2
|
[1] |
$ 12,811.2
|
$ 12,221.5
|
| Unearned premiums |
3,679.1
|
|
3,679.1
|
|
|
3,042.7
|
|
|
|
| Total policy liabilities |
17,384.8
|
|
17,384.8
|
|
|
15,731.4
|
|
|
|
| Commissions, expenses, fees, and taxes |
509.8
|
|
509.8
|
|
|
533.8
|
|
|
|
| Other liabilities |
697.8
|
|
697.8
|
|
|
690.6
|
|
|
|
| Total liabilities |
22,398.4
|
|
22,398.4
|
|
|
$ 20,090.7
|
|
|
|
| Disposal Group, Including Discontinued Operation, Consideration |
|
|
|
|
136.6
|
|
|
|
|
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal |
$ 5.4
|
|
$ 51.0
|
|
|
|
|
|
|
| Disposal Group, Not Discontinued Operations |
|
|
|
|
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
|
| Fixed income securities (estimated fair value) |
|
|
|
|
16.8
|
|
|
|
|
| Short-term investments |
|
|
|
|
205.5
|
|
|
|
|
| Total investments |
|
|
|
|
222.4
|
|
|
|
|
| Cash |
|
|
|
|
4.1
|
|
|
|
|
| Accrued investment income |
|
|
|
|
0.1
|
|
|
|
|
| Accounts and notes receivable |
|
|
|
|
0.5
|
|
|
|
|
| Deferred Income Tax Assets, Net |
|
|
|
|
0.2
|
|
|
|
|
| Other Assets, Net Of Valuation Allowance |
|
|
|
|
0.8
|
|
|
|
|
| Total assets |
|
|
|
|
228.3
|
|
|
|
|
| Loss and loss adjustment expense reserves |
|
|
|
|
49.6
|
|
|
|
|
| Unearned premiums |
|
|
|
|
0.0
|
|
|
|
|
| Total policy liabilities |
|
|
|
|
49.7
|
|
|
|
|
| Commissions, expenses, fees, and taxes |
|
|
|
|
0.1
|
|
|
|
|
| Taxes Payable, Current |
|
|
|
|
0.3
|
|
|
|
|
| Other liabilities |
|
|
|
|
0.3
|
|
|
|
|
| Total liabilities |
|
|
|
|
$ 50.5
|
|
|
|
|
|
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v3.24.3
Investments Fixed Income Securities by Type (Details) - USD ($)
$ in Millions |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
|
| Fixed income securities (amortized cost) |
$ 12,293.3
|
|
|
| Fixed income securities (estimated fair value) |
12,476.5
|
|
$ 12,139.9
|
| Debt Securities, Available-for-sale, Allowance for Credit Loss |
1.6
|
|
1.6
|
| Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings |
0.0
|
$ (6.2)
|
|
| U.S. & Canadian Governments [Member] |
|
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
|
| Fixed income securities (amortized cost) |
1,718.7
|
|
1,920.3
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
18.1
|
|
3.2
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
32.5
|
|
64.6
|
| Fixed income securities (estimated fair value) |
1,704.4
|
|
1,858.9
|
| Municipal [Member] |
|
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
|
| Fixed income securities (amortized cost) |
635.2
|
|
774.5
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
0.1
|
|
0.2
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
3.4
|
|
7.1
|
| Fixed income securities (estimated fair value) |
631.9
|
|
767.6
|
| Corporate [Member] |
|
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
|
| Fixed income securities (amortized cost) |
9,939.3
|
|
9,568.1
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
252.2
|
|
135.5
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
51.4
|
|
190.3
|
| Fixed income securities (estimated fair value) |
10,140.1
|
|
9,513.3
|
| Fixed Income Securities [Member] |
|
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
|
| Fixed income securities (amortized cost) |
12,293.3
|
|
12,263.0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax |
270.6
|
|
139.0
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
87.4
|
|
262.0
|
| Fixed income securities (estimated fair value) |
$ 12,476.5
|
|
$ 12,139.9
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (i)
-Publisher FASB
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-SubTopic 10
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-Section 45
-Paragraph 8A
-Publisher FASB
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v3.24.3
Investments Fair Value (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Equity securities |
$ 2,668.4
|
$ 2,660.8
|
| Available for sale, Fixed income securities |
12,476.5
|
12,139.9
|
| Short-term investments |
1,317.6
|
1,032.6
|
| Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Short-term investments |
1,317.6
|
1,032.6
|
| Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Short-term investments |
0.0
|
0.0
|
| Fair Value, Inputs, Level 3 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Short-term investments |
0.0
|
0.0
|
| U.S. & Canadian Governments [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
1,704.4
|
1,858.9
|
| U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
1,417.0
|
1,379.8
|
| U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
287.3
|
479.1
|
| U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
0.0
|
0.0
|
| Municipal [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
631.9
|
767.6
|
| Municipal [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
0.0
|
0.0
|
| Municipal [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
631.9
|
767.6
|
| Municipal [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
0.0
|
0.0
|
| Corporate [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
10,140.1
|
9,513.3
|
| Corporate [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
0.0
|
0.0
|
| Corporate [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
10,120.5
|
9,493.7
|
| Corporate [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Available for sale, Fixed income securities |
19.5
|
19.5
|
| Equity Securities [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Equity securities |
2,668.4
|
2,660.8
|
| Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Equity securities |
2,666.3
|
2,653.8
|
| Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Equity securities |
0.0
|
0.0
|
| Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Equity securities |
$ 2.0
|
$ 7.0
|
| X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3
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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(g))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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v3.24.3
Investments Net Investment Income (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Gross investment income |
|
$ 177.7
|
$ 151.3
|
$ 524.3
|
$ 436.2
|
| Investment expenses |
[1] |
6.6
|
5.4
|
21.6
|
13.0
|
| Net Investment Income, Total |
|
171.0
|
145.9
|
502.7
|
423.1
|
| Net realized gains (losses) |
|
156.1
|
(147.6)
|
177.6
|
(151.0)
|
| Equity Securities, FV-NI, Unrealized Gain (Loss) |
|
210.8
|
(143.3)
|
111.1
|
(178.0)
|
| Gain (Loss) on Investments |
|
197.7
|
(186.9)
|
224.3
|
(191.1)
|
| Income Taxes Credits On Realized Investment Gains Losses |
|
41.5
|
(39.2)
|
46.7
|
(40.1)
|
| Changes in unrealized investment gains (losses) on investments |
|
381.2
|
(100.4)
|
307.7
|
(45.3)
|
| OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax |
|
80.4
|
(21.5)
|
65.0
|
(9.7)
|
| Net unrealized gains (losses) on securities, net of tax |
|
300.7
|
(78.8)
|
242.6
|
(35.6)
|
| Debt Securities, Available-for-sale, Realized Gain |
|
0.0
|
0.1
|
2.0
|
1.1
|
| Debt Securities, Available-for-sale, Realized Loss |
|
13.2
|
81.1
|
83.1
|
114.6
|
| Debt Securities, Available-for-sale, Realized Gain (Loss) |
|
(13.1)
|
(80.9)
|
(81.1)
|
(113.4)
|
| Debt and Equity Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment |
|
(13.1)
|
(43.5)
|
118.6
|
(6.9)
|
| OtherThanTemporaryImpairmentLossesCreditLossesOtherInvestmentsDebtSecuritiesSaleOfSubsidiaryRecognizedInEarnings |
[2] |
0.0
|
0.0
|
(5.4)
|
(6.2)
|
| Equity Securities [Member] |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Equity securities, gross realized gains |
|
0.0
|
73.0
|
199.7
|
152.2
|
| Equity securities, gross realized losses |
|
0.0
|
(35.4)
|
0.0
|
(46.4)
|
| Equity securities, net realized gains (losses) |
|
0.0
|
37.6
|
199.7
|
105.7
|
| Fixed Income Securities [Member] |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Changes in unrealized investment gains (losses) on investments |
|
380.1
|
(99.8)
|
306.2
|
(49.9)
|
| OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax |
|
80.2
|
(21.4)
|
64.7
|
(10.6)
|
| Net changes in unrealized investment gains (losses) |
|
299.8
|
(78.4)
|
241.4
|
(39.2)
|
| Other long-term investments [Member] |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Changes in unrealized investment gains (losses) on investments |
|
1.0
|
(0.5)
|
1.5
|
4.5
|
| OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax |
|
0.2
|
(0.1)
|
0.3
|
0.9
|
| Net changes in unrealized investment gains (losses) |
|
0.8
|
(0.4)
|
1.2
|
3.5
|
| Other Investments |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Investment gains (losses) - other investments |
|
0.0
|
(0.1)
|
0.0
|
0.6
|
| Fixed Income Securities [Member] |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Gross investment income |
|
130.7
|
109.9
|
385.5
|
319.7
|
| Equity Securities [Member] |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Gross investment income |
|
19.6
|
21.9
|
59.7
|
71.2
|
| Short-term Investments [Member] |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Gross investment income |
|
21.4
|
14.6
|
58.3
|
35.4
|
| Investments [Member] |
|
|
|
|
|
| Gain (Loss) on Securities [Line Items] |
|
|
|
|
|
| Gross investment income |
[1] |
$ 5.8
|
$ 4.8
|
$ 20.8
|
$ 9.8
|
|
|
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- DefinitionAmount of realized gain on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
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v3.24.3
Investments Textuals (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Equity Securities, FV-NI, Unrealized Gain (Loss) |
$ 210.8
|
$ (143.3)
|
$ 111.1
|
$ (178.0)
|
|
| Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held |
210.8
|
$ (100.2)
|
308.1
|
$ (69.9)
|
|
| Debt Securities, Available-for-sale, Allowance for Credit Loss |
$ 1.6
|
|
$ 1.6
|
|
$ 1.6
|
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v3.24.3
Investments Fixed Income Securities Stratified by Contractual Maturity (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Investments [Abstract] |
|
|
| Available for sale, Due in one year or less (amortized cost) |
$ 1,489.6
|
|
| Available for sale, Due after one year through five years (amortized cost) |
6,053.6
|
|
| Available for sale, Due after five years through ten years (amortized cost) |
4,692.7
|
|
| Available for sale, Due after ten years (amortized cost) |
57.2
|
|
| Fixed income securities (amortized cost) |
12,293.3
|
|
| Available for sale, Due in one year or less (estimated fair value) |
1,481.4
|
|
| Available for sale, Due after one year through five years (estimated fair value) |
6,081.3
|
|
| Available for sale, Due after five years through ten years (estimated fair value) |
4,855.9
|
|
| Available for sale, Due after ten years (estimated fair value) |
57.8
|
|
| Available for sale, Fixed income securities (estimated fair value) |
$ 12,476.5
|
$ 12,139.9
|
| X |
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-Topic 320
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-Topic 320
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Investments Gross Unrealized Losses and Fair Value (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
| Available for sale, Unrealized Losses, Less than 12 Months |
$ 2.6
|
$ 11.8
|
| Available for sale, Unrealized Losses, 12 Months or Greater |
84.8
|
250.2
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months |
657.3
|
1,487.6
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer |
3,801.7
|
6,005.1
|
| Debt Securities, Available-for-sale, Unrealized Loss Position |
4,459.0
|
7,492.7
|
| U.S. & Canadian Governments [Member] |
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
| Available for sale, Unrealized Losses, Less than 12 Months |
0.6
|
2.7
|
| Available for sale, Unrealized Losses, 12 Months or Greater |
31.8
|
61.8
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months |
118.1
|
461.0
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer |
745.4
|
1,179.3
|
| Debt Securities, Available-for-sale, Unrealized Loss Position |
863.6
|
1,640.4
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
32.5
|
64.6
|
| Municipal [Member] |
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
| Available for sale, Unrealized Losses, Less than 12 Months |
0.0
|
0.8
|
| Available for sale, Unrealized Losses, 12 Months or Greater |
3.4
|
6.2
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months |
25.2
|
173.1
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer |
533.0
|
554.7
|
| Debt Securities, Available-for-sale, Unrealized Loss Position |
558.2
|
727.9
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
3.4
|
7.1
|
| Corporate [Member] |
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
| Available for sale, Unrealized Losses, Less than 12 Months |
1.9
|
8.2
|
| Available for sale, Unrealized Losses, 12 Months or Greater |
49.5
|
182.0
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months |
513.9
|
853.3
|
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer |
2,523.2
|
4,270.9
|
| Debt Securities, Available-for-sale, Unrealized Loss Position |
3,037.1
|
5,124.3
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
51.4
|
190.3
|
| Fixed Income Securities [Member] |
|
|
| Schedule of Fixed Income Securities [Table] [Line Items] |
|
|
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax |
$ 87.4
|
$ 262.0
|
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-Topic 320
-SubTopic 10
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v3.24.3
Investments Equity Securities (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Equity securities |
$ 2,668.4
|
$ 2,660.8
|
| Equity Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Equity securities, gross unrealized gains |
1,268.5
|
1,164.7
|
| Equity securities, gross unrealized losses |
8.3
|
15.7
|
| Equity securities - cost |
1,408.3
|
1,511.9
|
| Equity securities |
$ 2,668.4
|
$ 2,660.8
|
| X |
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-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
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v3.24.3
Losses, Claims and Settlement Expenses (Details) - USD ($)
$ in Millions |
9 Months Ended |
|
|
Sep. 30, 2024 |
[1] |
Sep. 30, 2023 |
Dec. 31, 2023 |
[1] |
Dec. 31, 2022 |
| SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] |
|
|
|
|
| Reinsurance Recoverable for Unpaid Claims and Claims Adjustments |
|
|
$ 4,977.7
|
$ 4,699.5
|
| Liability for Unpaid Claims and Claims Adjustment Expense |
|
|
|
|
| Gross reserves at beginning of period |
$ 12,538.2
|
$ 12,221.5
|
|
|
| Less: Reinsurance losses recoverable |
5,702.2
|
5,220.1
|
|
|
| Net reserves at beginning of period |
|
|
7,560.4
|
7,521.9
|
| Provisions for insured events of the current year |
2,335.1
|
2,095.2
|
|
|
| Change in provision for insured events of prior years |
(97.1)
|
(223.9)
|
|
|
| Total incurred claims and claim adjustment expenses |
2,238.0
|
1,871.2
|
|
|
| Claims and claim adjustment expenses attributable to insured events of the current year |
678.1
|
615.4
|
|
|
| Claims and claim adjustment expenses attributable to insured events of prior years |
1,284.7
|
1,186.7
|
|
|
| Total payments |
1,962.9
|
1,802.1
|
|
|
| Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable |
7,835.5
|
7,591.0
|
|
|
| Gross reserves at end of period |
13,537.7
|
12,811.2
|
|
|
| General Insurance |
|
|
|
|
| Liability for Unpaid Claims and Claims Adjustment Expense |
|
|
|
|
| Net reserves at beginning of period |
|
|
6,955.2
|
6,824.8
|
| Provisions for insured events of the current year |
2,263.2
|
2,006.6
|
|
|
| Change in provision for insured events of prior years |
(76.9)
|
(178.5)
|
|
|
| Claims and claim adjustment expenses attributable to insured events of the current year |
670.4
|
606.0
|
|
|
| Claims and claim adjustment expenses attributable to insured events of prior years |
1,239.3
|
1,137.0
|
|
|
| Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable |
7,231.8
|
6,909.8
|
|
|
| Title Insurance |
|
|
|
|
| Liability for Unpaid Claims and Claims Adjustment Expense |
|
|
|
|
| Net reserves at beginning of period |
|
|
598.5
|
612.8
|
| Provisions for insured events of the current year |
66.3
|
72.1
|
|
|
| Change in provision for insured events of prior years |
(19.2)
|
(22.2)
|
|
|
| Claims and claim adjustment expenses attributable to insured events of the current year |
5.5
|
5.4
|
|
|
| Claims and claim adjustment expenses attributable to insured events of prior years |
43.4
|
38.7
|
|
|
| Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable |
596.6
|
618.5
|
|
|
| Other |
|
|
|
|
| Liability for Unpaid Claims and Claims Adjustment Expense |
|
|
|
|
| Net reserves at beginning of period |
|
|
$ 6.6
|
$ 84.2
|
| Provisions for insured events of the current year |
5.4
|
16.4
|
|
|
| Change in provision for insured events of prior years |
(0.8)
|
(23.1)
|
|
|
| Claims and claim adjustment expenses attributable to insured events of the current year |
2.2
|
3.9
|
|
|
| Claims and claim adjustment expenses attributable to insured events of prior years |
2.0
|
11.0
|
|
|
| Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable |
$ 6.9
|
$ 62.6
|
|
|
|
|
| X |
- DefinitionLiability for Unpaid Claims and Claims Adjustment Expense, Net of Reinsurance Losses Recoverable
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v3.24.3
Common Share Data (Details) - USD ($)
$ / shares in Units, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Earnings Per Share [Abstract] |
|
|
|
|
|
| Net income |
|
$ 338.9
|
$ 52.6
|
$ 747.6
|
$ 408.0
|
| Average shares outstanding: Basic (in shares) |
[1] |
251,640,055
|
277,010,690
|
261,549,794
|
285,447,448
|
| Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements |
|
5,222,540
|
2,913,720
|
4,544,919
|
2,530,749
|
| Weighted Average Number of Shares Outstanding, Diluted, Total |
[1] |
256,862,595
|
279,924,410
|
266,094,713
|
287,978,197
|
| Net income (loss) per share: Basic (in dollars per share) |
|
$ 1.35
|
$ 0.19
|
$ 2.86
|
$ 1.43
|
| Net income (loss) per share: Diluted (in dollars per share) |
|
$ 1.32
|
$ 0.19
|
$ 2.81
|
$ 1.42
|
| Stock based compensation awards [Member] |
|
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
| Antidilutive common stock equivalents excluded from earnings per share computations |
|
0
|
2,236,000
|
1,314,779
|
3,569,026
|
|
|
| X |
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v3.24.3
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Section S99
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 45
-Paragraph 1
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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-Section 50
-Paragraph 4
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Debt (Details) - USD ($)
|
Oct. 01, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
| Fair value |
|
$ 1,860,300,000
|
$ 1,400,300,000
|
| Debt and Lease Obligation |
|
1,988,400,000
|
1,591,200,000
|
| Senior Notes Due 2024 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt |
|
$ 400,000,000
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
4.875%
|
|
| Debt Instrument, Face Amount |
|
$ 400,000,000
|
|
| Debt and Lease Obligation |
|
400,000,000.0
|
399,500,000
|
| Extinguishment of Debt, Amount |
$ 400,000,000.0
|
|
|
| Senior Notes Due 2024 | Fair Value, Inputs, Level 2 [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Fair value |
|
400,000,000.0
|
397,000,000.0
|
| Senior Notes Due 2026 [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt |
|
$ 550,000,000
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
3.875%
|
|
| Debt Instrument, Face Amount |
|
$ 550,000,000
|
|
| Debt and Lease Obligation |
|
548,900,000
|
548,500,000
|
| Senior Notes Due 2026 [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Fair value |
|
544,700,000
|
530,400,000
|
| Senior Notes Due 2051 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt |
|
$ 650,000,000
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
3.85%
|
|
| Debt Instrument, Face Amount |
|
$ 650,000,000
|
|
| Debt and Lease Obligation |
|
643,300,000
|
643,100,000
|
| Senior Notes Due 2051 | Fair Value, Inputs, Level 2 [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Fair value |
|
495,900,000
|
472,700,000
|
| Senior Notes Due 2034 |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt |
|
$ 400,000,000
|
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
5.75%
|
|
| Debt Instrument, Face Amount |
|
$ 400,000,000
|
|
| Debt and Lease Obligation |
|
396,100,000
|
0
|
| Senior Notes Due 2034 | Fair Value, Inputs, Level 2 [Member] |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Fair value |
|
$ 419,600,000
|
$ 0
|
| X |
- DefinitionAmount of short-term and long-term debt and lease obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13,16)
-Publisher FASB
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-Topic 835
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69C
-Publisher FASB
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
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-Paragraph 8
-Publisher FASB
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-Topic 470
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-Section 55
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
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| X |
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-Topic 835
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Common Share Repurchases (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended |
3 Months Ended |
9 Months Ended |
Oct. 31, 2024 |
Sep. 30, 2024 |
Sep. 30, 2024 |
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
| Treasury Stock, Value, Acquired, Cost Method |
|
$ 166.5
|
$ 775.5
|
| Treasury Stock, Shares, Acquired |
|
5.0
|
25.1
|
| Treasury Stock Acquired, Average Cost Per Share |
|
$ 32.97
|
$ 30.85
|
| May 12, 2023 Authorization |
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
| Stock Repurchase Program, Authorized Amount |
|
$ 450.0
|
$ 450.0
|
| March 1, 2024 Authorization |
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
| Stock Repurchase Program, Authorized Amount |
|
$ 1,100.0
|
$ 1,100.0
|
| Subsequent Event |
|
|
|
| Equity, Class of Treasury Stock [Line Items] |
|
|
|
| Treasury Stock, Value, Acquired, Cost Method |
$ 51.6
|
|
|
| Treasury Stock, Shares, Acquired |
1.4
|
|
|
| Treasury Stock Acquired, Average Cost Per Share |
$ 35.52
|
|
|
| Stock Repurchase Program, Remaining Authorized Repurchase Amount |
$ 355.9
|
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v3.24.3
Information About Segments of Business (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Consolidated Revenues [Abstract] |
|
|
|
|
|
| Consolidated revenues |
|
$ 2,341.7
|
$ 1,760.1
|
$ 6,229.4
|
$ 5,317.2
|
| Gain (Loss) on Investments |
|
197.7
|
(186.9)
|
224.3
|
(191.1)
|
| Consolidated Income (Loss) Before Taxes (Credits) [Abstract] |
|
|
|
|
|
| Gain (Loss) on Investments |
|
197.7
|
(186.9)
|
224.3
|
(191.1)
|
| Consolidated Income Tax Expense (Credits) [Abstract] |
|
|
|
|
|
| Income tax expense (credits) |
|
88.0
|
11.3
|
191.4
|
102.0
|
| Income tax expense (credits) on consolidated net realized investment gains (losses) |
|
41.5
|
(39.2)
|
46.7
|
(40.1)
|
| Premiums Earned, Net |
|
1,854.2
|
1,691.1
|
5,154.8
|
4,764.9
|
| Title, escrow, and other fees |
|
74.9
|
69.0
|
214.4
|
199.2
|
| Total premiums and fees |
|
1,929.2
|
1,760.1
|
5,369.3
|
4,964.1
|
| Total Operating Revenues |
|
2,144.0
|
1,947.0
|
6,005.1
|
5,508.4
|
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest |
|
426.9
|
63.9
|
939.0
|
510.0
|
| Realized from actual transactions and impairments |
|
(13.1)
|
(43.5)
|
113.1
|
(13.1)
|
| Equity Securities, FV-NI, Unrealized Gain (Loss) |
|
210.8
|
(143.3)
|
111.1
|
(178.0)
|
| Total Company Segments [Member] | General Insurance Group [Member] |
|
|
|
|
|
| Consolidated Income Tax Expense (Credits) [Abstract] |
|
|
|
|
|
| Premiums Earned, Net |
|
1,218.5
|
1,069.6
|
3,439.8
|
3,027.7
|
| Net investment income and other income |
|
183.7
|
158.5
|
536.5
|
458.5
|
| Total Operating Revenues |
|
1,402.2
|
1,228.2
|
3,976.4
|
3,486.2
|
| Income (loss) before income taxes (credits) and realized investment gains or losses |
[1] |
197.3
|
215.5
|
620.3
|
593.0
|
| Total Company Segments [Member] | Title Insurance |
|
|
|
|
|
| Consolidated Income Tax Expense (Credits) [Abstract] |
|
|
|
|
|
| Premiums Earned, Net |
|
633.6
|
615.3
|
1,702.9
|
1,718.1
|
| Title, escrow, and other fees |
|
74.9
|
69.0
|
214.4
|
199.2
|
| Total premiums and fees |
|
708.5
|
684.4
|
1,917.4
|
1,917.3
|
| Net investment income and other income |
|
15.9
|
14.4
|
47.6
|
42.7
|
| Total Operating Revenues |
|
724.5
|
698.8
|
1,965.1
|
1,960.0
|
| Income (loss) before income taxes (credits) and realized investment gains or losses |
|
40.2
|
37.4
|
88.6
|
89.6
|
| Total Company Segments [Member] | Total of major segments |
|
|
|
|
|
| Consolidated Revenues [Abstract] |
|
|
|
|
|
| Consolidated revenues |
|
2,126.7
|
1,927.0
|
5,941.5
|
5,446.2
|
| Consolidated Income (Loss) Before Taxes (Credits) [Abstract] |
|
|
|
|
|
| Income before income taxes |
|
237.5
|
253.0
|
708.9
|
682.7
|
| Consolidation elimination adjustments [Member] |
|
|
|
|
|
| Consolidated Revenues [Abstract] |
|
|
|
|
|
| Consolidated revenues |
|
(30.0)
|
(36.9)
|
(91.1)
|
(111.8)
|
| Corporate, Non-Segment |
|
|
|
|
|
| Consolidated Revenues [Abstract] |
|
|
|
|
|
| Consolidated revenues |
[2] |
47.3
|
56.9
|
154.7
|
174.0
|
| Consolidated Income (Loss) Before Taxes (Credits) [Abstract] |
|
|
|
|
|
| Income before income taxes |
[2] |
$ (8.3)
|
$ (2.1)
|
$ 5.7
|
$ 18.5
|
|
|
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v3.24.3
Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Segment Reporting, Asset Reconciling Item |
|
|
|
| Assets |
|
$ 28,843.8
|
$ 26,501.4
|
| Intersegment Elimination [Member] |
|
|
|
| Segment Reporting, Asset Reconciling Item |
|
|
|
| Assets |
|
(156.2)
|
(303.2)
|
| Corporate, Non-Segment |
|
|
|
| Segment Reporting, Asset Reconciling Item |
|
|
|
| Assets |
[1] |
1,999.2
|
2,145.8
|
| General Insurance Group [Member] | Total Company Segments [Member] |
|
|
|
| Segment Reporting, Asset Reconciling Item |
|
|
|
| Assets |
|
25,040.5
|
22,710.5
|
| Title Insurance | Total Company Segments [Member] |
|
|
|
| Segment Reporting, Asset Reconciling Item |
|
|
|
| Assets |
|
1,960.2
|
1,948.2
|
| Total of major segments | Total Company Segments [Member] |
|
|
|
| Segment Reporting, Asset Reconciling Item |
|
|
|
| Assets |
|
$ 27,000.8
|
$ 24,658.8
|
|
|
| X |
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