Information About Segments of Business:

The Company is engaged in the single business of insurance underwriting. It conducts its' operations through a number of regulated insurance company subsidiaries organized into three major segments, namely its' General Insurance Group (property and liability insurance), Title Insurance Group, and the Republic Financial Indemnity Group ("RFIG") Run-off Business. The results of a small life & accident insurance business are included with those of the holding company parent and minor corporate services operations. Each of the Company's segments underwrites and services only those insurance coverages which may be written by it pursuant to state insurance regulations and corporate charter provisions. Segment results exclude net realized investment gains or losses and other-than-temporary impairments as these are aggregated in the consolidated totals. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.



	Quarters Ended
	March 31,
	2014			2013
General Insurance:
Including CCI run-off business:
Net premiums earned	$	663.2		$	608.0
Net investment income and other income	89.0			81.7
Total revenues before realized gains or losses	$	752.3		$	689.7
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	64.6		$	68.9
Income tax expense (credits) on above	$	21.1		$	22.7

All CCI run-off business:
Net premiums earned	$	6.8		$	7.8
Net investment income and other income	.1			—
Total revenues before realized gains or losses	$	6.9		$	7.9
Income (loss) before taxes (credits) and
realized investment gains or losses	$	(17.2	)	$	(7.1	)
Income tax expense (credits) on above	$	(6.0	)	$	(2.5	)

Total excluding all CCI run-off business:
Net premiums earned	$	656.4		$	600.2
Net investment income and other income	88.9			81.6
Total revenues before realized gains or losses	$	745.3		$	681.8
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	81.8		$	76.0
Income tax expense (credits) on above	$	27.2		$	25.3

Title Insurance:
Net premiums earned	$	318.4		$	355.1
Title, escrow and other fees	75.4			105.4
Sub-total	393.8			460.5
Net investment income and other income	7.9			7.2
Total revenues before realized gains or losses	$	401.8		$	467.7
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	4.7		$	21.5
Income tax expense (credits) on above	$	1.9		$	7.6

RFIG Run-off Business:
Excluding CCI run-off business:
Net premiums earned	$	58.8		$	79.9
Net investment income and other income	8.1			9.0
Total revenues before realized gains or losses	$	66.9		$	89.0
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	36.8		$	(13.0	)
Income tax expense (credits) on above	$	12.9		$	(4.5	)

All CCI run-off business:
Net premiums earned	$	6.8		$	7.8
Net investment income and other income	.1			—
Total revenues before realized gains or losses	$	6.9		$	7.9
Income (loss) before taxes (credits) and
realized investment gains or losses	$	(17.2	)	$	(7.1	)
Income tax expense (credits) on above	$	(6.0	)	$	(2.5	)

Total RFIG run-off MI and CCI business:
Net premiums earned	$	65.6		$	87.7
Net investment income and other income	8.3			9.1
Total revenues before realized gains or losses	$	73.9		$	96.9
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	19.5		$	(20.2	)
Income tax expense (credits) on above	$	6.8		$	(7.0	)



	Quarters Ended
	March 31,
	2014			2013
Consolidated Revenues:
Total revenues of above Company segments	$	1,221.1		$	1,246.5
Other sources (b)	33.5			33.5
Consolidated net realized investment gains (losses)	191.2			4.5
Consolidation elimination adjustments	(15.3		)	(14.7		)
Consolidated revenues	$	1,430.6		$	1,269.9

Consolidated Income (Loss) Before Taxes (Credits):
Total income (loss) before income taxes (credits)
and realized investment gains or losses of
above Company segments	$	106.2		$	77.3
Other sources - net (b)	(.5		)	2.6
Consolidated net realized investment gains (losses)	191.2			4.5
Consolidated income (loss) before income
taxes (credits)	$	296.9		$	84.5

Consolidated Income Tax Expense (Credits):
Total income tax expense (credits)
for above Company segments	$	36.0		$	25.9
Other sources - net (b)	(.4		)	.7
Income tax expense (credits) on consolidated
net realized investment gains (losses)	66.9			1.5
Consolidated income tax expense (credits)	$	102.5		$	28.3



	March 31,			December 31,
	2014			2013
Consolidated Assets:
General Insurance	$	13,565.0		$	13,276.6
Title Insurance	1,173.9			1,185.5
RFIG Run-off Business	1,808.7			1,822.3
Total assets for the above company segments	16,547.7			16,284.5
Other assets (b)	560.0			549.8
Consolidation elimination adjustments	(296.7		)	(299.9		)
Consolidated assets	$	16,811.0		$	16,534.4

__________


(a)	Income (loss) before taxes (credits) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $8.1 and $7.1 for the quarters ended March 31, 2014 and 2013, respectively, and Title - $1.9 for both quarters ended March 31, 2014 and 2013.


(b)	Represents amounts for Old Republic's holding company parent, minor corporate services subsidiaries, and a small life and accident insurance operation.

The material increases in mortgage guaranty insurance claims and loss payments that began in 2007 gradually depleted Republic Mortgage Insurance Company's ("RMIC") statutory capital base and forced it to discontinue writing new business. The insurance laws of 16 jurisdictions, including RMIC's and its affiliate company, Republic Mortgage Insurance Company of North Carolina's ("RMICNC") domiciliary state of North Carolina, require a mortgage insurer to maintain a minimum amount of statutory capital relative to risk in force (or a similar measure) in order to continue to write new business. The formulations currently allow for a maximum risk-to-capital ratio of 25 to 1, or alternatively stated, a "minimum policyholder position" ("MPP") of one-twenty-fifth of the total risk in force. The failure to maintain the prescribed minimum capital level in a particular state generally requires a mortgage insurer to immediately stop writing new business until it reestablishes the required level of capital or receives a waiver of the requirement from a state's insurance regulatory authority. RMIC breached the minimum capital requirement during the third quarter of 2010. RMIC had previously requested and, subsequently received waivers or forbearance of the minimum policyholder position requirements from the regulatory authorities in substantially all affected states. Following several brief extensions, the waiver from its domiciliary state of North Carolina expired on August 31, 2011, and RMIC and its sister company, RMICNC, discontinued writing new business in all states and limited themselves to servicing the run-off of their existing business.

During 2012 the North Carolina Department of Insurance ("NCDOI") issued several orders the ultimate effects of which were:

• To place RMIC and RMICNC under NCDOI supervision which, among other considerations, requires written approval of the NCDOI Commissioner or its appointed representative for supervision of certain activities and transactions, including the incurrence of any debt or other liabilities, lending of its funds, and termination or entry into new contracts of insurance or reinsurance;

• To approve a Corrective Plan submitted by RMIC pursuant to which all settled claims are to be paid in cash for 60% of the settled amount, with the remaining 40% retained in claim reserves as a Deferred Payment Obligation ("DPO") until a future payment of all or a portion of this 40% is approved by the NCDOI; and

• To execute the DPO-based run-off plan under Old Republic's ownership and NCDOI supervision of RMIC and RMICNC to effect a most economically sound realization of ultimate benefits to policyholders during a sufficiently long future period.

As of March 31, 2014, the accumulated DPO claim reserve amounted to $604.2.

On March 20, 2014, Old Republic reported that it had cancelled the previously announced recapitalization plan by its RMIC Companies, Inc. ("RMICC") mortgage guaranty subsidiary. In light of the changed circumstances, ORI intends to increase the regulatory capital of its mortgage guaranty subsidiaries. Contemporaneously, RMIC and RMICNC are seeking regulatory approval to increase substantially or possibly restore to 100% the payout of deferred claim obligations and on all legitimate new claim settlements from 2014 forward. The addition of all new funds to RMIC and RMICNC and any adjustment to the payout ratio on the deferred payment obligations and all valid new claim settlements is contingent on the receipt of certain regulatory approvals from the NCDOI.