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					Six Months Ended
	June 30,					June 30,
	2014			2013		2014			2013
General Insurance:
Including CCI run-off business:
Net premiums earned	$	679.7		$	621.4	$	1,343.0		$	1,229.4
Net investment income and other income	95.0			83.8		184.1			165.5
Total revenues before realized gains or losses	$	774.8		$	705.2	$	1,527.1		$	1,395.0
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	(11.7	)	$	63.0	$	52.9		$	131.9
Income tax expense (credits) on above	$	(5.4	)	$	20.3	$	15.7		$	43.1

All CCI run-off business:
Net premiums earned	$	7.8		$	7.1	$	14.7		$	15.0
Net investment income and other income	.1			—		.2			.1
Total revenues before realized gains or losses	$	8.0		$	7.2	$	14.9		$	15.1
Income (loss) before taxes (credits) and
realized investment gains or losses	$	(71.4	)	$	—	$	(88.7	)	$	(7.2	)
Income tax expense (credits) on above	$	(25.0	)	$	—	$	(31.0	)	$	(2.5	)

Total excluding all CCI run-off business:
Net premiums earned	$	671.8		$	614.2	$	1,328.3		$	1,214.4
Net investment income and other income	94.9			83.7		183.8			165.4
Total revenues before realized gains or losses	$	766.8		$	697.9	$	1,512.1		$	1,379.8
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	59.7		$	63.1	$	141.6		$	139.2
Income tax expense (credits) on above	$	19.5		$	20.4	$	46.7		$	45.7

Title Insurance:
Net premiums earned	$	323.8		$	393.1	$	642.2		$	748.3
Title, escrow and other fees	97.2			122.2		172.6			227.6
Sub-total	421.0			515.4		814.9			975.9
Net investment income and other income	8.1			7.2		16.1			14.4
Total revenues before realized gains or losses	$	429.2		$	522.6	$	831.0		$	990.3
Income (loss) before taxes (credits) and
realized investment gains or losses (a)	$	26.0		$	40.4	$	30.8		$	61.9
Income tax expense (credits) on above	$	9.3		$	14.6	$	11.3		$	22.2

RFIG Run-off Business:
Excluding CCI run-off business:
Net premiums earned	$	57.0		$	71.6	$	115.8		$	151.6
Net investment income and other income	6.0			9.3		14.2			18.4
Total revenues before realized gains or losses	$	63.1		$	81.0	$	130.1		$	170.0
Income (loss) before taxes (credits) and
realized investment gains or losses	$	37.1		$	55.5	$	74.0		$	42.4
Income tax expense (credits) on above	$	13.0		$	19.4	$	25.9		$	14.8

All CCI run-off business:
Net premiums earned	$	7.8		$	7.1	$	14.7		$	15.0
Net investment income and other income	.1			—		.2			.1
Total revenues before realized gains or losses	$	8.0		$	7.2	$	14.9		$	15.1
Income (loss) before taxes (credits) and
realized investment gains or losses	$	(71.4	)	$	—	$	(88.7	)	$	(7.2	)
Income tax expense (credits) on above	$	(25.0	)	$	—	$	(31.0	)	$	(2.5	)

Total RFIG run-off MI and CCI business:
Net premiums earned	$	64.8		$	78.8	$	130.5		$	166.6
Net investment income and other income	6.2			9.4		14.5			18.6
Total revenues before realized gains or losses	$	71.1		$	88.3	$	145.1		$	185.2
Income (loss) before taxes (credits) and
realized investment gains or losses	$	(34.2	)	$	55.4	$	(14.6	)	$	35.1
Income tax expense (credits) on above	$	(11.9	)	$	19.3	$	(5.1	)	$	12.3



	Quarters Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Consolidated Revenues:
Total revenues of above Company segments	$	1,267.2		$	1,308.9		$	2,488.3		$	2,555.5
Other sources (b)	32.0			29.6			65.5			63.2
Consolidated net realized investment gains (losses)	49.9			137.1			241.2			141.7
Consolidation elimination adjustments	(15.2		)	(14.2		)	(30.5		)	(28.9		)
Consolidated revenues	$	1,333.9		$	1,461.5		$	2,764.5		$	2,731.5

Consolidated Income Before Taxes (Credits):
Total income before income taxes (credits)
and realized investment gains or losses of
above Company segments	$	51.4		$	158.9		$	157.7		$	236.3
Other sources - net (b)	(1.7		)	.1			(2.3		)	2.8
Consolidated net realized investment gains (losses)	49.9			137.1			241.2			141.7
Consolidated income before income
taxes (credits)	$	99.6		$	296.3		$	396.6		$	380.8

Consolidated Income Tax Expense (Credits):
Total income tax expense (credits)
for above Company segments	$	16.9		$	54.3		$	53.0		$	80.3
Other sources - net (b)	(.8		)	—			(1.3		)	.7
Income tax expense (credits) on consolidated
net realized investment gains (losses)	17.4			48.0			84.4			49.5
Consolidated income tax expense (credits)	$	33.5		$	102.3		$	136.0		$	130.6



	June 30,			December 31,
	2014			2013
Consolidated Assets:
General Insurance	$	13,952.5		$	13,276.6
Title Insurance	1,178.3			1,185.5
RFIG Run-off Business	1,916.4			1,822.3
Total assets for the above company segments	17,047.3			16,284.5
Other assets (b)	589.8			549.8
Consolidation elimination adjustments	(453.1		)	(299.9		)
Consolidated assets	$	17,183.9		$	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 $16.3 compared to $7.1 and $14.2 for the quarter and six months ended June 30, 2014 and 2013, respectively, and Title - $1.9 for both quarters ended June 30, 2014 and 2013 and $3.9 for both six month periods ended June 30, 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. They were placed under the North Carolina Department of Insurance's ("NCDOI") administrative supervision the following year and ordered to defer the payment of 50% of all settled claims. The rate of deferred payment obligations ("DPOs") was subsequently reduced to 40% later that year by the NCDOI.

On July 1, 2014, the NCDOI issued a Final Order approving an Amended and Restated Corrective Plan (the "Amended Plan") submitted jointly on April 16, 2014, by RMIC and RMICNC. Under the Amended Plan, RMIC and RMICNC will pay 100% of their DPOs accrued as of June 30, 2014 and will settle all subsequent valid claims entirely in cash, without establishing any DPOs. In anticipation of receiving this Final Order, ORI contributed $125.0 in cash and securities to RMIC in June 2014. Both subsidiaries will remain under the supervision of the NCDOI as they continue to operate in run-off mode. The approval of the Amended Plan notwithstanding, the NCDOI retains its regulatory supervisory powers to review and amend the terms of the Amended Plan in the future as circumstances may warrant.

In mid-July 2014, in furtherance of the Final Order, RMIC and RMICNC processed payments of their accumulated DPO balances of approximately $657 relating to fully settled claims charged to periods extending between January 1, 2012 and June 30, 2014. These aggregate payments are reflected as reserves for losses and loss expenses in the accompanying financial statements, rather than general liabilities as of June 30, 2014 as reflected in regulatory financial statements at that date. The funds required for payment of such DPO liabilities are reflected as short-term investments in the June 30, 2014 balance sheet.