Old Republic International Corporation
- Open
- 41.39
- Day high
- 41.41
- Day low
- 40.90
- Prev close
- 41.49
- Volume
- 2.1M
- Mkt cap
- $10.0B
- P/E (TTM)
- 9.8
- EPS (TTM)
- $4.18
- P/B
- 1.7
- P/S
- 1.1
- Yield
- 9.07%
- Per share
- $3.71
- ▼Insiders net selling -$505K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions mixed (13F)
Old Republic International Corporation (ORI) is a Financial Services company listed on NYSE. The stock is up 7% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4). Drillr has 1 published research article covering ORI.
Old Republic International Corporation (ORI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ORI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.79 | $0.68 | -13.9% | $2.4B | +5.7% |
| Jan 22, 2026 | $0.89 | $0.74 | -16.9% | $2.3B | +4.3% |
| Oct 23, 2025 | $0.76 | $1.11 | +45.9% | $2.4B | +6.5% |
| Jul 24, 2025 | $0.79 | $0.83 | +5.1% | $2.2B | -3.5% |
| Apr 24, 2025 | $0.74 | $0.81 | +9.5% | $2.1B | +3.9% |
| Jan 23, 2025 | $0.71 | $0.90 | +26.8% | $2.0B | -0.3% |
| Oct 24, 2024 | $0.73 | $1.32 | +81.6% | $2.1B | +3.8% |
| Jul 25, 2024 | $0.61 | $0.76 | +24.6% | $1.9B | -2.5% |
| Apr 25, 2024 | $0.66 | $0.67 | +1.5% | $2.0B | +9.3% |
| Jan 25, 2024 | $0.71 | $0.69 | -2.8% | $2.0B | +0.8% |
| Oct 26, 2023 | $0.63 | $0.72 | +14.3% | $1.8B | -11.3% |
| Jul 27, 2023 | $0.57 | $0.62 | +8.8% | $1.8B | -6.9% |
ORI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | MONROE CAROLYNofficer: SVP - Title Insurance | Tax | 36,044 | $39.22 |
| May 14, 2026 | MONROE CAROLYNofficer: SVP - Title Insurance | Option | 30,060 | $19.81 |
| May 14, 2026 | MONROE CAROLYNofficer: SVP - Title Insurance | Option | 19,314 | $24.79 |
| May 14, 2026 | MONROE CAROLYNofficer: SVP - Title Insurance | Sell | 13,330 | $38.76 |
| May 5, 2026 | Risch Theracedirector | Buy | 300 | $39.90 |
| Mar 18, 2026 | Sodaro Frank Josephofficer: Sr. VP. & CFO | Tax | 2,447 | $40.10 |
| Mar 18, 2026 | Smiddy Craig Rdirector, officer: President & CEO | Tax | 11,643 | $40.10 |
| Mar 18, 2026 | LANGE JEFFREYofficer: SVPUnderwriting & Distribution | Tax | 2,199 | $40.10 |
| Mar 18, 2026 | GRAY WILLIAM Tofficer: Executive VP & Treasurer | Tax | 2,034 | $40.10 |
| Mar 18, 2026 | DARE THOMASofficer: SrVP Secretary General Counsel | Tax | 2,672 | $40.10 |
| Mar 18, 2026 | OBERST STEPHEN Jofficer: Executive Vice President | Tax | 3,426 | $40.10 |
| Mar 13, 2026 | Sodaro Frank Josephofficer: Sr. VP. & CFO | Tax | 807 | $40.65 |
| Mar 13, 2026 | LANGE JEFFREYofficer: SVPUnderwriting & Distribution | Option | 2,752 | — |
| Mar 13, 2026 | OBERST STEPHEN Jofficer: Executive Vice President | Tax | 1,078 | $40.65 |
| Mar 13, 2026 | GRAY WILLIAM Tofficer: Executive VP & Treasurer | Option | 3,250 | — |
Source: ORI SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full ORI insider & 13F page →Old Republic International Corporation company profile
Overview
Old Republic International Corporation (NYSE:ORI) is a Chicago-based insurance holding company founded in 1923 that has evolved into one of America's largest diversified insurance organizations. The company operates primarily in the United States and Canada through three main business segments: Specialty Insurance (formerly General Insurance), Title Insurance, and a run-off mortgage insurance business. With nearly a century of operations, Old Republic has built a reputation for conservative underwriting practices and disciplined capital management, serving businesses, government entities, and consumers across various industries including transportation, construction, healthcare, and real estate.
Business
Old Republic operates in the property and casualty insurance industry, providing specialized coverage across multiple lines of business through its diversified platform. **Specialty Insurance Segment** (~60% of revenue): This segment offers commercial insurance products including commercial automobile coverage for trucking and transportation companies, workers' compensation insurance for employers, general liability protection, commercial property insurance, and aviation coverage. The company also provides specialty products like automobile extended warranties, home warranties, travel accident insurance, and financial indemnity products such as errors and omissions coverage, fidelity bonds, and surety bonds. This segment serves businesses across industries like transportation, construction, healthcare, education, manufacturing, and energy through 17 specialized underwriting subsidiaries that focus on niche markets. **Title Insurance Segment** (~35% of revenue): This division provides title insurance policies that protect real estate purchasers, lenders, and investors from financial losses due to defects in property ownership records. When someone buys a home or commercial property, title insurance ensures that the buyer receives clear ownership and that lenders are protected against potential ownership disputes or liens. The segment also offers escrow and closing services, construction disbursement services, and various real estate-related information products and default management services. **Republic Financial Indemnity Group Run-off Business** (~5% of revenue): This is a legacy segment that provided private mortgage insurance to protect lenders from borrower defaults on residential mortgages. The business is in "run-off" mode, meaning it no longer writes new policies but continues to manage existing obligations until they expire.
Revenue model
Old Republic generates revenue primarily through insurance premium collection and investment income from its substantial investment portfolio. The company collects premiums from policyholders in advance and invests these funds while maintaining reserves to pay future claims. **Premium Revenue**: The majority of revenue comes from insurance premiums paid by commercial businesses, government entities, and consumers. In Specialty Insurance, customers pay premiums for coverage against specific risks like vehicle accidents, workplace injuries, or professional liability. Title Insurance generates revenue through one-time premiums paid during real estate transactions, typically ranging from 0.5% to 1% of the property value. **Investment Income**: Old Republic maintains a large investment portfolio (approximately $20+ billion) consisting primarily of fixed-income securities and some equity investments. The company earns steady income from bond interest and dividend payments, which has become increasingly important as interest rates have risen, with the bond portfolio yield improving from 4% to 4.5% recently. **Fee-Based Services**: The Title Insurance segment also generates revenue through escrow services, closing fees, and various real estate-related services that complement the core insurance products. **Margin Influencing Factors**: Profitability depends heavily on the combined ratio (claims and expenses divided by premiums), with ratios below 100% indicating underwriting profits. Key factors affecting margins include catastrophic weather events that drive property claims, economic cycles affecting commercial activity and employment levels, interest rate movements that impact both investment returns and real estate transaction volumes, competitive pricing pressure in commercial insurance markets, and regulatory changes in insurance markets. The company's conservative underwriting approach and focus on specialty niches help maintain pricing discipline, while its substantial investment portfolio provides stable income that can offset underwriting volatility.
Competitive moat
Old Republic possesses a moderate but meaningful competitive moat built on several key advantages, though it operates in a highly competitive industry with limited barriers to entry. **Underwriting Expertise and Niche Focus**: The company's primary moat stems from its specialized underwriting knowledge accumulated over nearly 100 years, particularly in commercial transportation, workers' compensation, and title insurance. Its 17 specialized underwriting subsidiaries focus on specific industry niches where deep expertise and relationships matter more than scale alone. This specialization allows for better risk selection and pricing discipline compared to generalist insurers. **Distribution Relationships**: In Title Insurance, Old Republic has established long-term relationships with real estate agents, attorneys, and lenders who repeatedly direct business to the company. These relationships create switching costs and provide relatively stable market share in local markets. **Capital and Financial Strength**: The company's strong balance sheet and conservative reserving practices provide competitive advantages during market downturns when weaker competitors may struggle with solvency or retreat from markets. This financial stability allows Old Republic to maintain consistent capacity and potentially gain market share during hard market cycles. **Regulatory Licenses and Infrastructure**: Insurance operations require state-by-state licensing and regulatory compliance, creating some barriers to new entrants. The company's established infrastructure across multiple states provides operational advantages. **Moat Limitations**: However, the moat is not particularly strong. The insurance industry faces constant competitive pressure from new entrants, including well-capitalized private equity-backed insurers and technology-enabled competitors. Pricing power is limited by competitive dynamics, and the company's products are largely commoditized. The Title Insurance business, while having local relationship advantages, faces potential disruption from technology and regulatory changes that could reduce transaction costs and complexity.
Risks & safety
Old Republic demonstrates a solid margin of safety with strong financial fundamentals, though valuation appears fairly valued rather than deeply discounted. **Solvency and Financial Strength**: - Minimal solvency risk with debt-to-equity ratio of 0.27, indicating conservative leverage - Strong cash generation with free cash flow of $1.2+ billion annually - Substantial investment portfolio of $20+ billion providing liquidity buffer - No significant cash burn concerns; company generates consistent operating cash flow **Valuation Metrics**: - Price-to-earnings ratio of approximately 10-11x, reasonable for an insurance company - Price-to-book ratio of 1.6x, slightly above book value but not excessive - Return on equity of 15%+ demonstrates efficient capital utilization - Trading near intrinsic value based on Graham number calculations **Other Considerations**: - Conservative reserving practices historically lead to favorable development - Diversified revenue streams reduce concentration risk - Strong capital return program with regular dividends and share repurchases - Cyclical nature of title insurance creates earnings volatility - Exposure to catastrophic losses in property lines, though mitigated by reinsurance
Recent development
Over the past few years, Old Republic has pursued several strategic initiatives focused on diversification, technology investment, and capital optimization. **Business Segment Evolution**: The company rebranded its General Insurance segment to "Specialty Insurance" to better reflect its strategic focus on niche, specialized markets rather than commodity insurance products. This repositioning emphasizes the company's commitment to operating in markets where underwriting expertise and industry relationships provide competitive advantages. **Expansion of Specialty Underwriting**: Old Republic has significantly expanded its Excess & Surplus (E&S) platform, with E&S premiums growing 33% in 2024. The company now operates seven underwriting subsidiaries utilizing the E&S platform and launched new ventures including Old Republic Cyber for cybersecurity insurance. These new underwriting subsidiaries focus on specialized risks and markets that typically offer better pricing and profitability than standard commercial lines. **Technology Modernization**: Both segments have invested heavily in technology infrastructure. The Title Insurance division has formed strategic partnerships, including with Qualia for technology platforms, and continues investing in AI technologies to improve operational efficiency and agent experience. The company views technology as essential for maintaining competitiveness and reducing operational costs. **Capital Management Strategy**: Old Republic has returned substantial capital to shareholders, including a $2 per share special dividend in 2024 and aggressive share repurchase programs totaling over $1.7 billion in recent years. This reflects the company's strong cash generation and disciplined approach to capital allocation, prioritizing shareholder returns when acquisition opportunities are limited. **Market Positioning**: The company has strategically exited certain businesses, such as transactional risk insurance, while doubling down on core competencies. Management has focused on maintaining underwriting discipline and conservative reserving practices even during competitive market conditions.
ORI company profile · for informational purposes only — not investment advice.
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