📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Old Republic International Corporation, through its subsidiaries, provides insurance underwriting and related services in the United States and Canada. It operates in two segments, Specialty Insurance and Title Insurance. The Specialty Insurance segment provides lines of coverages, such as accident and health, aviation, commercial auto, commercial multi-peril, commercial property, cyber, environmental, excess and surplus, home and auto warranty, automobile extended warranty, general liability, inland marine, travel accident, and workers' compensation, as well as financial indemnity, including directors and officers, errors and omissions, fidelity, and surety coverages. This segment offers its products to transportation, commercial construction, healthcare, education, retail and wholesale trade, forest products, energy, general manufacturing, and financial services industries. The Title Insurance segment insures against losses arising out of defects, liens and encumbrances affecting the insured title to real estate purchasers and investors. This segment also provides escrow closing and construction disbursement services; and real estate information products; national default management services; and various other services pertaining to real estate transfers and loan transactions. The company was founded in 1923 and is based in Chicago, Illinois.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used phrases like 'strong growth and strong profitability continued', 'very strong renewal retention ratios', and pointed to specific metrics (e.g., premium growth 14.6%, combined ratio 90.7%). They also repeated 'profitable growth continues in Specialty Insurance'.

Q3 2025

Confident Specific

Management repeatedly provided precise metrics (e.g., consolidated combined ratio 95.3, specialty net premiums up 8.1%, title revenue up 8%) and proactively discussed the new ECM acquisition. Positive language like 'solid growth and profitability continued' and 'happy to have ECM folks join' reinforces confidence.

Q4 2025

Confident Specific

Management provided detailed numbers and explanations throughout, such as 'we produced $236 million of consolidated pre-tax operating income' and 'rate increases accelerated in the fourth quarter to 16% for commercial auto.' They directly answered questions with specific figures and reasoning, e.g., explaining the $17.5 million workers' comp offset and the rationale behind adjusting the accident year loss ratio.

Q1 2026 latest

Confident Specific

Management uses specific numbers (e.g., 16% commercial auto rate increase, 65.2% current accident year loss ratio) and expresses confidence in underwriting discipline and long-term investments, while acknowledging near-term expense and top-line pressures.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains largely unchanged: disciplined underwriting in specialty insurance continues to drive profitability despite top-line pressure from competition and lower retentions. Near-term expense ratio strain from investments in technology and new ventures is a headwind, but management expects these to pay off over time. Title insurance is recovering, driven by commercial activity and improving operational efficiency, though the combined ratio remains at 100%. The aggressive share repurchase program signals management's confidence in intrinsic value. The key watch items for next quarter are the trajectory of the expense ratio, retention ratios in commercial auto, and the contribution from the ECM acquisition and new operating companies. Overall, the thesis is incrementally weaker on near-term earnings momentum but structurally intact for long-term value creation.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Q1 2026: $211.5M pre-tax operating income, 96.6% combined ratio.

Revenue & Profitability

Net operating income was $171 million ($0.68 per share) compared to $202 million ($0.81 per share) in Q1 2025. Net investment income increased 4% due to a larger investment base and higher yields. Book value per share was $24.53, up 2.6% including dividends. The company repurchased $161 million of shares during the quarter.

Outlook

Management expects net investment income growth to remain low-to-mid single digits for 2026. In Title, the start of the homebuying season showed higher inventory, lower interest rates, and moderating price growth, though rates spiked late in the quarter due to inflation concerns. Specialty fundamentals remain strong despite top-line and expense pressure.

Growth Drivers

Key growth levers include new specialty operating companies (e.g., Old Republic Property), technology modernization, and data/analytics investments. In Title, strong commercial activity—particularly in data centers and energy facilities—drives growth. The ECM acquisition, expected to close around July 1, will contribute to top and bottom lines in H2 2026.

Balance Sheet & CapEx

The company is investing in new specialty operating companies, core system modernization (about half of 20 specialty companies), data analytics, and AI. Expenses related to these investments are currently expensed, but will be capitalized once systems reach production, then amortized over approximately 10 years. The formation of Old Republic Property and Lodestar Claims are part of these investments.

Margins

Specialty's combined ratio was 94.8% (vs. 89.8% in Q1 2025), with the expense ratio rising to 31.2% due to investments. Title's combined ratio improved to 100% (vs. 102%) as revenues increased. Management expects the specialty expense ratio to settle at or below Q1 levels if premium growth continues at 3%-5%, but improvement will take time as systems mature.

Key Risks

Key risks flagged include Legal System Abuse driving severity trends in commercial auto, competitive pressures reducing retention ratios, and expense strain from technology and startup investments. In Title, interest rate spikes due to inflation concerns could dampen residential market recovery. The trucking industry's margin pressures also challenge top-line growth in commercial auto.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-23

Consolidated pre-tax operating income declined year-over-year, with specialty insurance facing higher loss ratios and lower income, while title insurance delivered strong revenue and margin gains. ECM acquisition is expected to be accretive, and capital returns remain robust.

Q1 2026 Q1 2026 2026-04-23

Consolidated pre-tax operating income declined year-over-year, but book value per share rose 2.6%. Specialty Insurance saw modest premium growth but higher expenses, while Title Insurance achieved strong revenue gains and margin improvement. Commercial and residential market trends remain key drivers.

Q4 2025 Q4 2025 2026-01-22

Q4 and full-year 2025 saw strong operating earnings, with specialty and title segments both growing premiums and income. Litigation and attorney advertising drove higher loss trends in commercial auto, but disciplined underwriting and capital management supported robust book value growth and significant capital returns.

Q3 2025 Q3 2025 2025-10-23

Q3 2025 saw strong growth in operating income, EPS, and book value, with specialty and title insurance segments both posting higher premiums and improved profitability. The acquisition of ECM expands specialty offerings, while capital strength supports ongoing shareholder returns.

Q2 2025 Q2 2025 2025-07-24

Pretax operating income and EPS rose year-over-year, led by Specialty Insurance growth and improved margins. Title Insurance saw higher revenue but lower profits due to increased expenses. Capital was returned via dividends, and investments in technology and new business lines continue.

📊 Analysis Methodology

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Investment Risk:
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