UNITED STATES | |||||
SECURITIES AND EXCHANGE COMMISSION | |||||
Washington, D. C. 20549 | |||||
FORM |
Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 | ||||||||
for the quarterly period ended: | ||||||||
or | ||||||||
Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934 |
Commission File Number: |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of | (IRS Employer Identification No.) | |||||||
incorporation or organization) |
(Address of principal executive office) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
OLD REPUBLIC INTERNATIONAL CORPORATION | ||||||||
Report on Form 10-Q / September 30, 2021 | ||||||||
INDEX | ||||||||
PAGE NO. | ||||||||
PART I | FINANCIAL INFORMATION: | |||||||
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 - 18 | |||||||
MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS | 19 - 42 | |||||||
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | 43 | |||||||
CONTROLS AND PROCEDURES | 43 | |||||||
PART II | OTHER INFORMATION: | |||||||
ITEM 1 - LEGAL PROCEEDINGS | 44 | |||||||
ITEM 1A - RISK FACTORS | 44 | |||||||
ITEM 6 - EXHIBITS | 45 | |||||||
SIGNATURE | 46 | |||||||
EXHIBIT INDEX | 47 |
Old Republic International Corporation and Subsidiaries | |||||||||||
Consolidated Balance Sheets | |||||||||||
($ in Millions, Except Share Data) | |||||||||||
(Unaudited) | |||||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Available for sale: | |||||||||||
Fixed maturity securities (at fair value) (amortized cost: $10,136.9 and $9,897.6) | $ | $ | |||||||||
Short-term investments (at fair value which approximates cost) | |||||||||||
Total | |||||||||||
Equity securities (at fair value) (cost: $3,754.7 and $3,269.7) | |||||||||||
Other investments | |||||||||||
Total Investments | |||||||||||
Other Assets: | |||||||||||
Cash | |||||||||||
Accrued investment income | |||||||||||
Accounts and notes receivable | |||||||||||
Reinsurance balances and funds held | |||||||||||
Reinsurance recoverable: Paid losses | |||||||||||
Policy and claim reserves | |||||||||||
Deferred policy acquisition costs | |||||||||||
Sundry assets | |||||||||||
Total Other Assets | |||||||||||
Total Assets | $ | $ | |||||||||
Liabilities, Preferred Stock, and Common Shareholders' Equity | |||||||||||
Liabilities: | |||||||||||
Losses, claims, and settlement expenses | $ | $ | |||||||||
Unearned premiums | |||||||||||
Other policyholders' benefits and funds | |||||||||||
Total policy liabilities and accruals | |||||||||||
Commissions, expenses, fees, and taxes | |||||||||||
Reinsurance balances and funds | |||||||||||
Federal income tax payable: Current | |||||||||||
Deferred | |||||||||||
Debt | |||||||||||
Sundry liabilities | |||||||||||
Commitments and contingent liabilities | |||||||||||
Total Liabilities | |||||||||||
Preferred Stock (1) | |||||||||||
Common Shareholders' Equity: | |||||||||||
Common stock (1) | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | |||||||||||
Unallocated ESSOP shares (at cost) | ( | ( | |||||||||
Total Common Shareholders' Equity | |||||||||||
Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ | $ |
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, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Title, escrow, and other fees | |||||||||||||||||||||||
Total premiums and fees | |||||||||||||||||||||||
Net investment income | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total operating revenues | |||||||||||||||||||||||
Investment gains (losses): | |||||||||||||||||||||||
Realized from actual transactions | |||||||||||||||||||||||
Unrealized from changes in fair value of | |||||||||||||||||||||||
equity securities | ( | ( | |||||||||||||||||||||
Total realized and unrealized investment | |||||||||||||||||||||||
gains (losses) | ( | ( | |||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Benefits, Claims and Expenses: | |||||||||||||||||||||||
Benefits, claims and settlement expenses | |||||||||||||||||||||||
Dividends to policyholders | |||||||||||||||||||||||
Underwriting, acquisition, and other expenses | |||||||||||||||||||||||
Interest and other charges | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Income (loss) before income taxes (credits) | |||||||||||||||||||||||
Income Taxes (Credits): | |||||||||||||||||||||||
Current | |||||||||||||||||||||||
Deferred | ( | ( | |||||||||||||||||||||
Total | ( | ||||||||||||||||||||||
Net Income (Loss) | $ | $ | $ | $ | |||||||||||||||||||
Net Income (Loss) Per Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Average shares outstanding: Basic | |||||||||||||||||||||||
Diluted |
Old Republic International Corporation and Subsidiaries | |||||||||||||||||||||||
Consolidated Statements of Comprehensive Income (Unaudited) | |||||||||||||||||||||||
($ in Millions) | |||||||||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income (Loss) As Reported | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gains (losses) on securities: | |||||||||||||||||||||||
Unrealized gains (losses) before reclassifications, | |||||||||||||||||||||||
not included in the statements of income | ( | ( | |||||||||||||||||||||
Amounts reclassified as realized investment (gains) | |||||||||||||||||||||||
losses in the statements of income | ( | ( | ( | ||||||||||||||||||||
Pretax unrealized gains (losses) on securities | ( | ( | |||||||||||||||||||||
Deferred income taxes (credits) | ( | ( | |||||||||||||||||||||
Net unrealized gains (losses) on securities, net of tax | ( | ( | |||||||||||||||||||||
Defined benefit pension plans: | |||||||||||||||||||||||
Net pension adjustment before reclassifications | |||||||||||||||||||||||
Amounts reclassified as underwriting, acquisition, | |||||||||||||||||||||||
and other expenses in the statements of income | |||||||||||||||||||||||
Pretax net adjustment related to defined benefit | |||||||||||||||||||||||
pension plans | |||||||||||||||||||||||
Deferred income taxes (credits) | |||||||||||||||||||||||
Net adjustment related to defined benefit pension | |||||||||||||||||||||||
plans, net of tax | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive Income (Loss) | $ | $ | $ | $ |
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, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Preferred Stock: | |||||||||||||||||||||||
Balance, beginning and end of period | $ | $ | $ | $ | |||||||||||||||||||
Common Stock: | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Dividend reinvestment plan | |||||||||||||||||||||||
Net issuance of shares under stock based compensation plans | |||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
Additional Paid-in Capital: | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Dividend reinvestment plan | |||||||||||||||||||||||
Net issuance of shares under stock based compensation plans | |||||||||||||||||||||||
Stock based compensation | |||||||||||||||||||||||
ESSOP shares released | |||||||||||||||||||||||
Other - net | ( | ( | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
Retained Earnings: | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Adoption of new accounting principle (1) | ( | ||||||||||||||||||||||
Balance, beginning of period, as adjusted | |||||||||||||||||||||||
Net income (loss) | |||||||||||||||||||||||
Dividends on common shares ($1.72, $.21, $2.16 and $.63 per | |||||||||||||||||||||||
common share) | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss): | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net unrealized gains (losses) on securities, net of tax | ( | ( | |||||||||||||||||||||
Net adjustment related to defined benefit pension plans, | |||||||||||||||||||||||
net of tax | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | |||||||||||||||||||
Unallocated ESSOP Shares: | |||||||||||||||||||||||
Balance, beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
ESSOP shares released | |||||||||||||||||||||||
Purchase of unallocated ESSOP shares | ( | ||||||||||||||||||||||
Balance, end of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Old Republic International Corporation and Subsidiaries | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
($ in Millions) | ||||||||||||||
Nine Months Ended | ||||||||||||||
September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | $ | ||||||||||||
Adjustments to reconcile net income (loss) to | ||||||||||||||
net cash provided by operating activities: | ||||||||||||||
Deferred policy acquisition costs | ( | ( | ||||||||||||
Premiums and other receivables | ( | ( | ||||||||||||
Unpaid claims and related items | ||||||||||||||
Unearned premiums and other policyholders' liabilities | ||||||||||||||
Income taxes | ( | |||||||||||||
Reinsurance balances | ||||||||||||||
Realized investment (gains) losses from actual transactions | ( | ( | ||||||||||||
Unrealized investment (gains) losses from changes in fair value | ||||||||||||||
of equity securities | ( | |||||||||||||
Accounts payable, accrued expenses and other | ||||||||||||||
Total | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Fixed maturity securities: | ||||||||||||||
Maturities and early calls | ||||||||||||||
Sales | ||||||||||||||
Sales of: | ||||||||||||||
Equity securities | ||||||||||||||
Other - net | ||||||||||||||
Purchases of: | ||||||||||||||
Fixed maturity securities | ( | ( | ||||||||||||
Equity securities | ( | ( | ||||||||||||
Other - net | ( | ( | ||||||||||||
Net decrease (increase) in short-term investments | ( | ( | ||||||||||||
Other - net | ( | |||||||||||||
Total | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Issuance of debentures and notes | ||||||||||||||
Issuance of common shares | ||||||||||||||
Redemption of debentures and notes | ( | ( | ||||||||||||
Purchase of unallocated common shares by ESSOP | ( | |||||||||||||
Dividends on common shares (including a special dividend paid in January | ||||||||||||||
2021 of $304.0) | ( | ( | ||||||||||||
Other - net | ( | ( | ||||||||||||
Total | ( | |||||||||||||
Increase (decrease) in cash | ||||||||||||||
Cash, beginning of period | ||||||||||||||
Cash, end of period | $ | $ | ||||||||||||
Supplemental cash flow information: | ||||||||||||||
Cash paid (received) during the period for: Interest | $ | $ | ||||||||||||
Income taxes | $ | $ |
OLD REPUBLIC INTERNATIONAL CORPORATION | ||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) | ||
($ in Millions, Except Share Data) |
Quarters Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Basic and diluted earnings per share - | |||||||||||||||||||||||
income (loss) available to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic earnings per share - | |||||||||||||||||||||||
weighted-average shares (a) | |||||||||||||||||||||||
Effect of dilutive securities - stock based | |||||||||||||||||||||||
compensation awards | |||||||||||||||||||||||
Diluted earnings per share - | |||||||||||||||||||||||
adjusted weighted-average shares (a) | |||||||||||||||||||||||
Earnings per share: Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Anti-dilutive common stock equivalents | |||||||||||||||||||||||
excluded from earnings per share computations: | |||||||||||||||||||||||
Stock based compensation awards |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Fixed Maturity Securities by Type: | |||||||||||||||||||||||
September 30, 2021: | |||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | |||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | |||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
$ | $ | $ | $ |
Amortized Cost | Estimated Fair Value | ||||||||||
Fixed Maturity Securities Stratified by Contractual Maturity at September 30, 2021: | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
$ | $ |
Less than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
September 30, 2021: | |||||||||||||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Number of securities in | |||||||||||||||||||||||||||||||||||
unrealized loss position | |||||||||||||||||||||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||||||||||||||
Fixed Maturity Securities: | |||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Number of securities in | |||||||||||||||||||||||||||||||||||
unrealized loss position | |||||||||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ |
Fair Value Measurements | ||||||||||||||||||||||||||
As of September 30, 2021: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | ||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
As of December 31, 2020: | ||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | ||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ |
Quarters Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Fixed maturity securities | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Other sources | |||||||||||||||||||||||
Gross investment income | |||||||||||||||||||||||
Investment expenses (a) | |||||||||||||||||||||||
Net investment income | $ | $ | $ | $ | |||||||||||||||||||
Investment gains (losses): | |||||||||||||||||||||||
From actual transactions: | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Gains | $ | $ | $ | $ | |||||||||||||||||||
Losses | ( | ( | ( | ( | |||||||||||||||||||
Net | ( | ||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
Gains | |||||||||||||||||||||||
Losses | ( | ( | ( | ||||||||||||||||||||
Net | |||||||||||||||||||||||
Total from actual transactions | |||||||||||||||||||||||
From unrealized changes in fair value of equity securities | ( | ( | |||||||||||||||||||||
Total realized and unrealized investment gains (losses) | ( | ( | |||||||||||||||||||||
Current and deferred income taxes (credits) | ( | ( | |||||||||||||||||||||
Net of tax realized and unrealized investment gains (losses) | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Changes in unrealized investment gains (losses) | |||||||||||||||||||||||
reflected directly in shareholders' equity: | |||||||||||||||||||||||
Fixed maturity securities | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Less: Deferred income taxes (credits) | ( | ( | |||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Other investments | ( | ( | |||||||||||||||||||||
Less: Deferred income taxes (credits) | ( | ( | |||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Net changes in unrealized investment gains (losses), | |||||||||||||||||||||||
net of tax | $ | ( | $ | $ | ( | $ |
This space left intentionally blank |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | ||||||||||
Gross reserves at beginning of period | $ | $ | |||||||||
Less: reinsurance losses recoverable | |||||||||||
Net reserves at beginning of period: | |||||||||||
General Insurance | |||||||||||
Title Insurance | |||||||||||
RFIG Run-off | |||||||||||
Other | |||||||||||
Sub-total | |||||||||||
Incurred claims and claim adjustment expenses: | |||||||||||
Provisions for insured events of the current year: | |||||||||||
General Insurance | |||||||||||
Title Insurance | |||||||||||
RFIG Run-off | |||||||||||
Other | |||||||||||
Sub-total | |||||||||||
Change in provision for insured events of prior years: | |||||||||||
General Insurance | ( | ( | |||||||||
Title Insurance | ( | ( | |||||||||
RFIG Run-off | ( | ( | |||||||||
Other | ( | ( | |||||||||
Sub-total | ( | ( | |||||||||
Total incurred claims and claim adjustment expenses | |||||||||||
Payments: | |||||||||||
Claims and claim adjustment expenses attributable to | |||||||||||
insured events of the current year: | |||||||||||
General Insurance | |||||||||||
Title Insurance | |||||||||||
RFIG Run-off | |||||||||||
Other | |||||||||||
Sub-total | |||||||||||
Claims and claim adjustment expenses attributable to | |||||||||||
insured events of prior years: | |||||||||||
General Insurance | |||||||||||
Title Insurance | |||||||||||
RFIG Run-off | |||||||||||
Other | |||||||||||
Sub-total | |||||||||||
Total payments | |||||||||||
Amount of reserves for unpaid claims and claim adjustment expenses | |||||||||||
at the end of each period, net of reinsurance losses recoverable: | |||||||||||
General Insurance | |||||||||||
Title Insurance | |||||||||||
RFIG Run-off | |||||||||||
Other | |||||||||||
Sub-total | |||||||||||
Reinsurance losses recoverable | |||||||||||
Gross reserves at end of period | $ | $ |
This space left intentionally blank |
Quarters Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
General Insurance: | |||||||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Net investment income and other income | |||||||||||||||||||||||
Total revenues excluding investment gains (losses) | $ | $ | $ | $ | |||||||||||||||||||
Segment pretax operating income (loss) (a) | $ | $ | $ | $ | |||||||||||||||||||
Income tax expense (credits) | $ | $ | $ | $ | |||||||||||||||||||
Title Insurance: | |||||||||||||||||||||||
Net premiums earned (c) | $ | $ | $ | $ | |||||||||||||||||||
Title, escrow and other fees (c) | |||||||||||||||||||||||
Sub-total (c) | |||||||||||||||||||||||
Net investment income and other income | |||||||||||||||||||||||
Total revenues excluding investment gains (losses) (c) | $ | $ | $ | $ | |||||||||||||||||||
Segment pretax operating income (loss) (a) | $ | $ | $ | $ | |||||||||||||||||||
Income tax expense (credits) | $ | $ | $ | $ | |||||||||||||||||||
RFIG Run-off Business: | |||||||||||||||||||||||
Net premiums earned | $ | $ | $ | $ | |||||||||||||||||||
Net investment income and other income | |||||||||||||||||||||||
Total revenues excluding investment gains (losses) | $ | $ | $ | $ | |||||||||||||||||||
Segment pretax operating income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Income tax expense (credits) | $ | $ | $ | $ | |||||||||||||||||||
Consolidated Revenues: | |||||||||||||||||||||||
Total revenues of Company segments (c) | $ | $ | $ | $ | |||||||||||||||||||
Other sources (b) | |||||||||||||||||||||||
Consolidated investment gains (losses): | |||||||||||||||||||||||
Realized from actual transactions | |||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | ( | ( | |||||||||||||||||||||
Total realized and unrealized investment gains (losses) | ( | ( | |||||||||||||||||||||
Consolidation elimination adjustments | ( | ( | ( | ( | |||||||||||||||||||
Consolidated revenues (c) | $ | $ | $ | $ | |||||||||||||||||||
Consolidated Pretax Income (Loss): | |||||||||||||||||||||||
Total segment pretax operating income (loss) of | |||||||||||||||||||||||
Company segments | $ | $ | $ | $ | |||||||||||||||||||
Other sources - net (b) | |||||||||||||||||||||||
Consolidated investment gains (losses): | |||||||||||||||||||||||
Realized from actual transactions | |||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | ( | ( | |||||||||||||||||||||
Total realized and unrealized investment gains (losses) | ( | ( | |||||||||||||||||||||
Consolidated income (loss) before income | |||||||||||||||||||||||
taxes (credits) | $ | $ | $ | $ | |||||||||||||||||||
Quarters Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Consolidated Income Tax Expense (Credits): | |||||||||||||||||||||||
Total income tax expense (credits) | |||||||||||||||||||||||
of Company segments | $ | $ | $ | $ | |||||||||||||||||||
Other sources - net (b) | ( | ( | |||||||||||||||||||||
Income tax expense (credits) on consolidated realized | |||||||||||||||||||||||
and unrealized investment gains (losses) | ( | ( | |||||||||||||||||||||
Consolidated income tax expense (credits) | $ | $ | $ | $ | ( | ||||||||||||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Consolidated Assets: | |||||||||||
General Insurance | $ | $ | |||||||||
Title Insurance | |||||||||||
RFIG Run-off Business | |||||||||||
Total assets of company segments | |||||||||||
Other assets (b) | |||||||||||
Consolidation elimination adjustments | ( | ( | |||||||||
Consolidated assets | $ | $ | |||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
4.875% Senior Notes issued in 2014 and due 2024 | $ | $ | $ | $ | |||||||||||||||||||
3.875% Senior Notes issued in 2016 and due 2026 | |||||||||||||||||||||||
3.850% Senior Notes issued in 2021 and due 2051 | |||||||||||||||||||||||
Other miscellaneous debt | |||||||||||||||||||||||
Total debt | $ | $ | $ | $ |
Carrying | Fair | |||||||||||||||||||||||||||||||
Value | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | $ |
OVERVIEW |
EXECUTIVE SUMMARY |
Old Republic International Corporation reported the following consolidated results: | ||||||||||||||||||||||||||||||||||||||
OVERALL RESULTS | ||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Pretax income (loss) | $ | 106.0 | $ | 306.9 | $ | 1,132.6 | $ | 36.1 | ||||||||||||||||||||||||||||||
Pretax investment gains (losses) | (192.6) | 80.7 | 303.7 | (516.7) | ||||||||||||||||||||||||||||||||||
Pretax income (loss) excluding investment gains (losses) | $ | 298.6 | $ | 226.2 | 32.0 | % | $ | 828.8 | $ | 552.8 | 49.9 | % | ||||||||||||||||||||||||||
Net income (loss) | $ | 88.7 | $ | 246.0 | $ | 907.3 | $ | 38.9 | ||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | (151.6) | 63.7 | 239.6 | (408.0) | ||||||||||||||||||||||||||||||||||
Net income (loss) excluding investment gains (losses) | $ | 240.4 | $ | 182.3 | 31.9 | % | $ | 667.6 | $ | 446.9 | 49.4 | % | ||||||||||||||||||||||||||
PER DILUTED SHARE | ||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Net income (loss) | $ | .29 | $ | .83 | $ | 3.00 | $ | .13 | ||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | (.50) | .21 | .79 | (1.37) | ||||||||||||||||||||||||||||||||||
Net income (loss) excluding investment gains (losses) | $ | .79 | $ | .62 | 27.4 | % | $ | 2.21 | $ | 1.50 | 47.3 | % | ||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||
Sept. 30, | Dec. 31, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,329.4 | $ | 6,186.6 | 2.3 | % | ||||||||||||||||||||||||||||||||
Per Common Share | $ | 20.96 | $ | 20.75 | 1.0 | % |
FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
SUMMARY INCOME STATEMENTS (a): | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Net premiums and fees earned | $ | 2,055.4 | $ | 1,732.8 | 18.6 | % | $ | 5,881.6 | $ | 4,831.6 | 21.7 | % | |||||||||||||||||||||||||||||
Net investment income | 111.6 | 106.4 | 4.9 | 323.6 | 329.3 | -1.7 | |||||||||||||||||||||||||||||||||||
Other income | 37.8 | 31.7 | 19.2 | 112.0 | 98.5 | 13.7 | |||||||||||||||||||||||||||||||||||
Total operating revenues | 2,204.9 | 1,871.0 | 17.8 | 6,317.3 | 5,259.5 | 20.1 | |||||||||||||||||||||||||||||||||||
Investment gains (losses): | |||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions | 6.6 | 1.4 | 15.6 | 12.7 | |||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (199.3) | 79.2 | 288.1 | (529.4) | |||||||||||||||||||||||||||||||||||||
Total investment gains (losses) | (192.6) | 80.7 | 303.7 | (516.7) | |||||||||||||||||||||||||||||||||||||
Total revenues | 2,012.2 | 1,951.7 | 6,621.0 | 4,742.8 | |||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Claim costs | 618.4 | 638.1 | -3.1 | 1,846.8 | 1,884.8 | -2.0 | |||||||||||||||||||||||||||||||||||
Sales and general expenses | 1,270.8 | 997.1 | 27.5 | 3,601.8 | 2,789.8 | 29.1 | |||||||||||||||||||||||||||||||||||
Interest and other charges | 16.8 | 9.5 | 77.8 | 39.7 | 31.8 | 24.6 | |||||||||||||||||||||||||||||||||||
Total operating expenses | 1,906.2 | 1,644.7 | 15.9 | % | 5,488.4 | 4,706.6 | 16.6 | % | |||||||||||||||||||||||||||||||||
Pretax income (loss) | 106.0 | 306.9 | 1,132.6 | 36.1 | |||||||||||||||||||||||||||||||||||||
Income taxes (credits) | 17.2 | 60.9 | 225.2 | (2.7) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 88.7 | $ | 246.0 | $ | 907.3 | $ | 38.9 | |||||||||||||||||||||||||||||||||
COMMON STOCK STATISTICS: | |||||||||||||||||||||||||||||||||||||||||
Components of net income (loss) per share: | |||||||||||||||||||||||||||||||||||||||||
Basic net income (loss) excluding investment gains (losses) | $ | 0.79 | $ | 0.62 | 27.4 | % | $ | 2.22 | $ | 1.50 | 48.0 | % | |||||||||||||||||||||||||||||
Net investment gains (losses): | |||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions | 0.02 | — | 0.04 | 0.03 | |||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (0.52) | 0.21 | 0.75 | (1.40) | |||||||||||||||||||||||||||||||||||||
Basic net income (loss) | $ | 0.29 | $ | 0.83 | $ | 3.01 | $ | 0.13 | |||||||||||||||||||||||||||||||||
Diluted net income (loss) excluding investment gains (losses) | $ | 0.79 | $ | 0.62 | 27.4 | % | $ | 2.21 | $ | 1.50 | 47.3 | % | |||||||||||||||||||||||||||||
Net investment gains (losses): | |||||||||||||||||||||||||||||||||||||||||
Realized from actual transactions | 0.02 | — | 0.04 | 0.03 | |||||||||||||||||||||||||||||||||||||
Unrealized from changes in fair value of equity securities | (0.52) | 0.21 | 0.75 | (1.40) | |||||||||||||||||||||||||||||||||||||
Diluted net income (loss) | $ | 0.29 | $ | 0.83 | $ | 3.00 | $ | 0.13 | |||||||||||||||||||||||||||||||||
Cash dividends on common stock | $ | 1.72 | $ | 0.21 | $ | 2.16 | $ | 0.63 | |||||||||||||||||||||||||||||||||
Book value per share | $ | 20.96 | $ | 20.39 | 2.8 | % | |||||||||||||||||||||||||||||||||||
(a) Certain reclassification adjustments were made to increase net premiums and fees earned with a corresponding increase to sales and general expenses in the quarter and first nine months ended September 30, 2020 to conform the prior period to the current presentation. See Note (a) in Title Insurance Segment Results. |
Major Segmented and Consolidated Elements of Income (Loss) | |||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
A. Net premiums, fees, and other income (c): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 902.8 | $ | 861.9 | 4.7 | % | $ | 2,629.2 | $ | 2,532.8 | 3.8 | % | |||||||||||||||||||||||
Title insurance | 1,142.1 | 857.0 | 33.3 | 3,218.7 | 2,254.5 | 42.8 | |||||||||||||||||||||||||||||
Corporate and other | 2.6 | 2.9 | -9.0 | 8.2 | 9.0 | -9.2 | |||||||||||||||||||||||||||||
Other income | 37.8 | 31.7 | 19.2 | 112.0 | 98.5 | 13.7 | |||||||||||||||||||||||||||||
Subtotal | 2,085.5 | 1,753.7 | 18.9 | 5,968.1 | 4,895.0 | 21.9 | |||||||||||||||||||||||||||||
RFIG run-off business | 7.7 | 10.8 | -28.8 | 25.4 | 35.1 | -27.5 | |||||||||||||||||||||||||||||
Consolidated | $ | 2,093.2 | $ | 1,764.6 | 18.6 | % | $ | 5,993.6 | $ | 4,930.2 | 21.6 | % | |||||||||||||||||||||||
B. Underwriting and related services income (loss): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 77.7 | $ | 38.7 | 100.7 | % | $ | 202.0 | $ | 89.5 | 125.6 | % | |||||||||||||||||||||||
Title insurance | 125.3 | 93.2 | 34.4 | 347.8 | 182.3 | 90.8 | |||||||||||||||||||||||||||||
Corporate and other | (4.9) | (3.7) | -31.9 | (17.1) | (12.6) | -35.0 | |||||||||||||||||||||||||||||
Subtotal | 198.0 | 128.2 | 54.5 | 532.7 | 259.2 | 105.5 | |||||||||||||||||||||||||||||
RFIG run-off business | 5.8 | 1.1 | N/M | 12.1 | (3.7) | N/M | |||||||||||||||||||||||||||||
Consolidated | $ | 203.9 | $ | 129.3 | 57.7 | % | $ | 544.9 | $ | 255.4 | 113.4 | % | |||||||||||||||||||||||
C. Consolidated underwriting ratio (c): | |||||||||||||||||||||||||||||||||||
Claim ratio: | |||||||||||||||||||||||||||||||||||
Current year | 32.4 | % | 38.2 | % | 33.4 | % | 39.9 | % | |||||||||||||||||||||||||||
Prior years | (2.3) | (1.4) | (2.0) | (.9) | |||||||||||||||||||||||||||||||
Total | 30.1 | 36.8 | 31.4 | 39.0 | |||||||||||||||||||||||||||||||
Expense ratio | 59.7 | 55.5 | 59.0 | 55.4 | |||||||||||||||||||||||||||||||
Combined ratio | 89.8 | % | 92.3 | % | 90.4 | % | 94.4 | % | |||||||||||||||||||||||||||
D. Net investment income: | |||||||||||||||||||||||||||||||||||
General insurance | $ | 84.2 | $ | 85.9 | -1.9 | % | $ | 256.2 | $ | 264.2 | -3.0 | % | |||||||||||||||||||||||
Title insurance | 10.9 | 10.2 | 6.6 | 32.5 | 31.4 | 3.5 | |||||||||||||||||||||||||||||
Corporate and other | 13.8 | 6.8 | 103.5 | 26.1 | 21.8 | 19.5 | |||||||||||||||||||||||||||||
Subtotal | 109.0 | 102.9 | 5.9 | 314.8 | 317.5 | -0.8 | |||||||||||||||||||||||||||||
RFIG run-off business | 2.6 | 3.4 | -24.6 | 8.7 | 11.8 | -25.9 | |||||||||||||||||||||||||||||
Consolidated | $ | 111.6 | $ | 106.4 | 4.9 | % | $ | 323.6 | $ | 329.3 | -1.7 | % | |||||||||||||||||||||||
E. Interest and other charges (credits): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 16.1 | $ | 14.8 | $ | 48.2 | $ | 48.7 | |||||||||||||||||||||||||||
Title insurance | 0.4 | 0.3 | 1.9 | 1.8 | |||||||||||||||||||||||||||||||
Corporate and other (a) | 0.2 | (5.7) | (10.5) | (18.7) | |||||||||||||||||||||||||||||||
Subtotal | 16.8 | 9.5 | 39.7 | 31.8 | |||||||||||||||||||||||||||||||
RFIG run-off business | — | — | — | — | |||||||||||||||||||||||||||||||
Consolidated | $ | 16.8 | $ | 9.5 | 77.8 | % | $ | 39.7 | $ | 31.8 | 24.6 | % | |||||||||||||||||||||||
F. Segmented and consolidated pretax income (loss) excluding investment gains (losses)(B+D-E): | |||||||||||||||||||||||||||||||||||
General insurance | $ | 145.8 | $ | 109.7 | 32.8 | % | $ | 410.0 | $ | 305.1 | 34.4 | % | |||||||||||||||||||||||
Title insurance | 135.7 | 103.1 | 31.7 | 378.3 | 211.9 | 78.6 | |||||||||||||||||||||||||||||
Corporate and other | 8.6 | 8.7 | -1.3 | 19.5 | 27.8 | -30.0 | |||||||||||||||||||||||||||||
Subtotal | 290.2 | 221.6 | 30.9 | 807.9 | 544.8 | 48.3 | |||||||||||||||||||||||||||||
RFIG run-off business | 8.4 | 4.5 | 83.9 | 20.9 | 8.0 | 160.7 | |||||||||||||||||||||||||||||
Consolidated | 298.6 | 226.2 | 32.0 | % | 828.8 | 552.8 | 49.9 | % | |||||||||||||||||||||||||||
Income taxes (credits) on above (b) | 58.2 | 43.9 | 161.1 | 105.9 | |||||||||||||||||||||||||||||||
G. Net income (loss) excluding | |||||||||||||||||||||||||||||||||||
investment gains (losses) | 240.4 | 182.3 | 31.9 | % | 667.6 | 446.9 | 49.4 | % | |||||||||||||||||||||||||||
H. Consolidated pretax investment gains (losses): | |||||||||||||||||||||||||||||||||||
Realized from actual transactions | 6.6 | 1.4 | 15.6 | 12.7 | |||||||||||||||||||||||||||||||
Unrealized from changes in | |||||||||||||||||||||||||||||||||||
fair value of equity securities | (199.3) | 79.2 | 288.1 | (529.4) | |||||||||||||||||||||||||||||||
Total | (192.6) | 80.7 | 303.7 | (516.7) | |||||||||||||||||||||||||||||||
Income taxes (credits) on above | (40.9) | 16.9 | 64.0 | (108.7) | |||||||||||||||||||||||||||||||
Net of tax investment gains (losses) | (151.6) | 63.7 | 239.6 | (408.0) | |||||||||||||||||||||||||||||||
I. Net income (loss) | $ | 88.7 | $ | 246.0 | $ | 907.3 | $ | 38.9 | |||||||||||||||||||||||||||
J. Consolidated operating cash flow | $ | 455.1 | $ | 370.6 | $ | 970.6 | $ | 808.9 | |||||||||||||||||||||||||||
General Insurance Segment Results | ||
General Insurance Summary Operating Results | |||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Net premiums written | $ | 972.8 | $ | 932.5 | 4.3 | % | $ | 2,742.3 | $ | 2,586.0 | 6.0 | % | |||||||||||||||||||||||
Net premiums earned | 902.8 | 861.9 | 4.7 | 2,629.2 | 2,532.8 | 3.8 | |||||||||||||||||||||||||||||
Net investment income | 84.2 | 85.9 | -1.9 | 256.2 | 264.2 | -3.0 | |||||||||||||||||||||||||||||
Other income | 37.5 | 31.4 | 19.3 | 111.2 | 97.8 | 13.6 | |||||||||||||||||||||||||||||
Operating revenues | 1,024.6 | 979.3 | 4.6 | 2,996.7 | 2,895.0 | 3.5 | |||||||||||||||||||||||||||||
Claim costs | 585.4 | 607.5 | -3.6 | 1,743.4 | 1,790.4 | -2.6 | |||||||||||||||||||||||||||||
Sales and general expenses | 277.1 | 247.2 | 12.1 | 794.9 | 750.7 | 5.9 | |||||||||||||||||||||||||||||
Interest and other charges | 16.1 | 14.8 | 8.9 | 48.2 | 48.7 | -1.0 | |||||||||||||||||||||||||||||
Operating expenses | 878.8 | 869.5 | 1.1 | 2,586.6 | 2,589.9 | -0.1 | |||||||||||||||||||||||||||||
Segment pretax operating income (loss) | $ | 145.8 | $ | 109.7 | 32.8 | % | $ | 410.0 | $ | 305.1 | 34.4 | % | |||||||||||||||||||||||
Claim ratio | 64.8 | % | 70.5 | % | 66.3 | % | 70.7 | % | |||||||||||||||||||||||||||
Expense ratio | 26.5 | 25.0 | 26.0 | 25.8 | |||||||||||||||||||||||||||||||
Combined ratio | 91.3 | % | 95.5 | % | 92.3 | % | 96.5 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 73.0 | % | 0.3 | % | 72.7 | % | |||||||||||||||||||||||||||||
2017 | 71.8 | 0.7 | 71.1 | ||||||||||||||||||||||||||||||||
2018 | 72.2 | — | 72.2 | ||||||||||||||||||||||||||||||||
2019 | 71.8 | 0.4 | 71.4 | ||||||||||||||||||||||||||||||||
2020 | 69.9 | % | (0.8) | % | 70.7 | % | |||||||||||||||||||||||||||||
3rd Quarter 2020 | 70.5 | % | (0.8) | % | 71.3 | % | |||||||||||||||||||||||||||||
3rd Quarter 2021 | 64.8 | % | (3.2) | % | 68.0 | % | |||||||||||||||||||||||||||||
1st Nine Months 2020 | 70.7 | % | (0.5) | % | 71.2 | % | |||||||||||||||||||||||||||||
1st Nine Months 2021 | 66.3 | % | (2.9) | % | 69.2 | % |
Title Insurance Segment Results | ||
Title Insurance Summary Operating Results | |||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Net premiums and fees earned (a) | $ | 1,142.1 | $ | 857.0 | 33.3 | % | $ | 3,218.7 | $ | 2,254.5 | 42.8 | % | |||||||||||||||||||||||
Net investment income | 10.9 | 10.2 | 6.6 | 32.5 | 31.4 | 3.5 | |||||||||||||||||||||||||||||
Other income | 0.3 | 0.3 | 1.1 | 0.8 | 0.6 | 22.6 | |||||||||||||||||||||||||||||
Operating revenues | 1,153.3 | 867.6 | 32.9 | 3,252.0 | 2,286.6 | 42.2 | |||||||||||||||||||||||||||||
Claim costs | 32.9 | 21.7 | 51.3 | 95.4 | 61.1 | 56.1 | |||||||||||||||||||||||||||||
Sales and general expenses (a) | 984.1 | 742.3 | 32.6 | 2,776.3 | 2,011.8 | 38.0 | |||||||||||||||||||||||||||||
Interest and other charges | 0.4 | 0.3 | 29.3 | 1.9 | 1.8 | 7.8 | |||||||||||||||||||||||||||||
Operating expenses | 1,017.6 | 764.5 | 33.1 | 2,873.7 | 2,074.7 | 38.5 | |||||||||||||||||||||||||||||
Segment pretax operating income (loss) | $ | 135.7 | $ | 103.1 | 31.7 | % | $ | 378.3 | $ | 211.9 | 78.6 | % | |||||||||||||||||||||||
Claim ratio | 2.9 | % | 2.5 | % | 3.0 | % | 2.7 | % | |||||||||||||||||||||||||||
Expense ratio | 86.1 | 86.6 | 86.2 | 89.2 | |||||||||||||||||||||||||||||||
Combined ratio | 89.0 | % | 89.1 | % | 89.2 | % | 91.9 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 3.5 | % | (1.0) | % | 4.5 | % | |||||||||||||||||||||||||||||
2017 | 0.8 | (3.0) | 3.8 | ||||||||||||||||||||||||||||||||
2018 | 1.9 | (1.8) | 3.7 | ||||||||||||||||||||||||||||||||
2019 | 2.5 | (1.2) | 3.7 | ||||||||||||||||||||||||||||||||
2020 | 2.3 | % | (1.3) | % | 3.6 | % | |||||||||||||||||||||||||||||
3rd Quarter 2020 | 2.5 | % | (1.0) | % | 3.5 | % | |||||||||||||||||||||||||||||
3rd Quarter 2021 | 2.9 | % | (0.8) | % | 3.7 | % | |||||||||||||||||||||||||||||
1st Nine Months 2020 | 2.7 | % | (0.8) | % | 3.5 | % | |||||||||||||||||||||||||||||
1st Nine Months 2021 | 3.0 | % | (0.7) | % | 3.7 | % |
RFIG Run-off Segment Results | ||
RFIG Run-off Summary Operating Results | |||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||||||||||||||
Mortgage Insurance (MI) | |||||||||||||||||||||||||||||||||||
Net premiums earned | $ | 7.7 | $ | 10.8 | -28.8 | % | $ | 25.4 | $ | 35.1 | -27.5 | % | |||||||||||||||||||||||
Net investment income | 2.6 | 3.4 | -24.6 | 8.7 | 11.8 | -25.9 | |||||||||||||||||||||||||||||
Claim costs | (1.1) | 6.7 | -116.5 | 3.4 | 28.4 | -87.7 | |||||||||||||||||||||||||||||
MI pretax operating income (loss) | $ | 8.4 | $ | 4.5 | 83.9 | % | $ | 20.9 | $ | 8.0 | 160.7 | % | |||||||||||||||||||||||
Claim ratio | -14.5 | % | 62.4 | % | 13.7 | % | 80.8 | % | |||||||||||||||||||||||||||
Expense ratio | 39.0 | 27.2 | 38.5 | 29.9 | |||||||||||||||||||||||||||||||
Combined ratio | 24.5 | % | 89.6 | % | 52.2 | % | 110.7 | % | |||||||||||||||||||||||||||
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
2016 | 34.1 | % | (39.8) | % | 73.9 | % | |||||||||||||||||||||||||||||
2017 | 57.6 | (38.3) | 95.9 | ||||||||||||||||||||||||||||||||
2018 | 43.2 | (27.0) | 70.2 | ||||||||||||||||||||||||||||||||
2019 | 55.0 | (12.5) | 67.5 | ||||||||||||||||||||||||||||||||
2020 | 81.7 | % | (26.5) | % | 108.2 | % | |||||||||||||||||||||||||||||
3rd Quarter 2020 | 62.4 | % | (77.8) | % | 140.2 | % | |||||||||||||||||||||||||||||
3rd Quarter 2021 | (14.5) | % | (106.3) | % | 91.8 | % | |||||||||||||||||||||||||||||
1st Nine Months 2020 | 80.8 | % | (22.3) | % | 103.1 | % | |||||||||||||||||||||||||||||
1st Nine Months 2021 | 13.7 | % | (47.7) | % | 61.4 | % |
Corporate and Other Operating Results | ||
Corporate and Other Summary Operating Results | ||||||||||||||||||||||||||||||||||||||
Quarters Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||
Net life and accident premiums earned | $ | 2.6 | $ | 2.9 | -9.0 | % | $ | 8.2 | $ | 9.0 | -9.2 | % | ||||||||||||||||||||||||||
Net investment income | 13.8 | 6.8 | 103.5 | 26.1 | 21.8 | 19.5 | ||||||||||||||||||||||||||||||||
Other operating income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Operating revenues | 16.5 | 9.7 | 69.9 | 34.3 | 30.8 | 11.2 | ||||||||||||||||||||||||||||||||
Claim costs | 1.1 | 2.0 | -45.4 | 4.5 | 4.9 | -8.0 | ||||||||||||||||||||||||||||||||
Insurance expenses | 0.8 | 0.9 | -16.5 | 2.6 | 3.3 | -19.7 | ||||||||||||||||||||||||||||||||
Corporate, interest and other expenses - net | 5.9 | (2.0) | N/M | 7.5 | (5.2) | 243.1 | ||||||||||||||||||||||||||||||||
Operating expenses | 7.8 | 0.9 | N/M | 14.8 | 3.0 | N/M | ||||||||||||||||||||||||||||||||
Corporate and other pretax operating income (loss) | $ | 8.6 | $ | 8.7 | -1.3 | % | $ | 19.5 | $ | 27.8 | -30.0 | % |
Summary Consolidated Balance Sheet | ||
September 30, | December 31, | September 30, | |||||||||||||||
2021 | 2020 | 2020 | |||||||||||||||
Assets: | |||||||||||||||||
Cash and fixed maturity securities | $ | 11,721.9 | $ | 11,365.1 | $ | 11,049.8 | |||||||||||
Equity securities | 4,828.0 | 4,054.8 | 3,682.9 | ||||||||||||||
Other invested assets | 116.7 | 115.3 | 113.3 | ||||||||||||||
Cash and invested assets | 16,666.7 | 15,535.3 | 14,846.0 | ||||||||||||||
Accounts and premiums receivable | 1,861.4 | 1,593.9 | 1,734.0 | ||||||||||||||
Reinsurance balances recoverable | 5,054.7 | 4,362.8 | 4,359.8 | ||||||||||||||
Deferred policy acquisition costs | 355.3 | 328.0 | 328.8 | ||||||||||||||
Sundry assets | 1,051.6 | 995.0 | 979.9 | ||||||||||||||
Total assets | $ | 24,989.9 | $ | 22,815.2 | $ | 22,248.7 | |||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||
Policy liabilities | $ | 2,884.7 | $ | 2,593.1 | $ | 2,689.9 | |||||||||||
Claim reserves | 11,433.7 | 10,671.0 | 10,557.1 | ||||||||||||||
Federal income tax payable: Current | 1.2 | 4.2 | 9.4 | ||||||||||||||
Deferred | 151.5 | 137.3 | 66.4 | ||||||||||||||
Reinsurance balances and funds | 942.4 | 725.4 | 852.1 | ||||||||||||||
Debt | 1,588.2 | 966.4 | 966.2 | ||||||||||||||
Sundry liabilities | 1,658.4 | 1,530.8 | 1,032.8 | ||||||||||||||
Total liabilities | 18,660.5 | 16,628.5 | 16,174.0 | ||||||||||||||
Shareholders' equity | 6,329.4 | 6,186.6 | 6,074.6 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 24,989.9 | $ | 22,815.2 | $ | 22,248.7 |
Cash, Invested Assets, and Shareholders' Equity | ||
Cash, Invested Assets, and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||||||||||||||
Sept. 30, | Dec. 31, | Sept. 30, | Sept. '21/ | Sept. '21/ | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2020 | Dec. '20 | Sept. '20 | ||||||||||||||||||||||||||||||||||
Cash and invested assets: | ||||||||||||||||||||||||||||||||||||||
Fixed maturity securities, cash and other invested assets | $ | 11,838.6 | $ | 11,480.4 | $ | 11,163.1 | 3.1 | % | 6.1 | % | ||||||||||||||||||||||||||||
Equity securities | 4,828.0 | 4,054.8 | 3,682.9 | 19.1 | 31.1 | |||||||||||||||||||||||||||||||||
Total per balance sheet | $ | 16,666.7 | $ | 15,535.3 | $ | 14,846.0 | 7.3 | % | 12.3 | % | ||||||||||||||||||||||||||||
Total at cost for all | $ | 15,244.2 | $ | 14,151.6 | $ | 13,849.1 | 7.7 | % | 10.1 | % | ||||||||||||||||||||||||||||
Composition of shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||
Equity before items below | $ | 17.85 | $ | 17.73 | $ | 18.17 | 0.7 | % | -1.8 | % | ||||||||||||||||||||||||||||
Unrealized investment gains (losses) and other | ||||||||||||||||||||||||||||||||||||||
accumulated comprehensive income (loss) | 3.11 | 3.02 | 2.22 | |||||||||||||||||||||||||||||||||||
Total | $ | 20.96 | $ | 20.75 | $ | 20.39 | 1.0 | % | 2.8 | % | ||||||||||||||||||||||||||||
Segmented composition of | ||||||||||||||||||||||||||||||||||||||
shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||
Excluding RFIG run-off segment | $ | 19.65 | $ | 19.25 | $ | 18.93 | 2.1 | % | 3.8 | % | ||||||||||||||||||||||||||||
RFIG run-off segment | 1.31 | 1.50 | 1.46 | |||||||||||||||||||||||||||||||||||
Consolidated total | $ | 20.96 | $ | 20.75 | $ | 20.39 | 1.0 | % | 2.8 | % |
Shareholders' Equity Per Share | |||||||||||||||||||||||
Quarter | Year | ||||||||||||||||||||||
Ended | Nine Months Ended | Ended | |||||||||||||||||||||
Sept. 30, | September 30, | Dec. 31, | |||||||||||||||||||||
2021 | 2021 | 2020 | 2020 | ||||||||||||||||||||
Beginning balance | $ | 22.59 | $ | 20.75 | $ | 19.98 | $ | 19.98 | |||||||||||||||
Changes in shareholders' equity: | |||||||||||||||||||||||
Net income (loss) excluding net investment gains (losses) | 0.79 | 2.22 | 1.50 | 2.24 | |||||||||||||||||||
Net of tax realized investment gains (losses) | 0.02 | 0.04 | 0.03 | 0.04 | |||||||||||||||||||
Net of tax unrealized investment gains (losses) | (0.70) | 0.09 | (0.53) | 0.50 | |||||||||||||||||||
Total net of tax realized and unrealized | |||||||||||||||||||||||
investment gains (losses) | (0.68) | 0.13 | (0.50) | 0.54 | |||||||||||||||||||
Cash dividends | (1.72) | (2.16) | (0.63) | (1.84) | |||||||||||||||||||
Other | (0.02) | 0.02 | 0.04 | (0.17) | |||||||||||||||||||
Net change | (1.63) | 0.21 | 0.41 | 0.77 | |||||||||||||||||||
Ending balance | $ | 20.96 | $ | 20.96 | $ | 20.39 | $ | 20.75 | |||||||||||||||
Percentage change for the period | -7.2 | % | 1.0 | % | 2.1 | % | 3.9 | % |
Capitalization | ||
Capitalization | |||||||||||||||||
September 30, | December 31, | September 30, | |||||||||||||||
2021 | 2020 | 2020 | |||||||||||||||
Debt: | |||||||||||||||||
4.875% Senior Notes due 2024 | $ | 398.3 | $ | 397.9 | $ | 397.7 | |||||||||||
3.875% Senior Notes due 2026 | 547.2 | 546.8 | 546.7 | ||||||||||||||
3.850% Senior Notes due 2051 | 642.6 | — | — | ||||||||||||||
Other miscellaneous debt | — | 21.7 | 21.7 | ||||||||||||||
Total debt | 1,588.2 | 966.4 | 966.2 | ||||||||||||||
Common shareholders' equity | 6,329.4 | 6,186.6 | 6,074.6 | ||||||||||||||
Total capitalization | $ | 7,917.6 | $ | 7,153.1 | $ | 7,040.8 | |||||||||||
Capitalization ratios: | |||||||||||||||||
Debt | 20.1 | % | 13.5 | % | 13.7 | % | |||||||||||
Common shareholders' equity | 79.9 | 86.5 | 86.3 | ||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % |
DETAILED MANAGEMENT ANALYSIS |
FINANCIAL ACCOUNTING AND REPORTING POLICIES |
COVID-19 PANDEMIC AND OLD REPUBLIC'S BUSINESS |
FINANCIAL POSITION |
Fixed Maturity Securities Stratified by Credit Quality (a): | |||||||||||
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Aaa | 23.4 | % | 24.6 | % | |||||||
Aa | 12.7 | 13.1 | |||||||||
A | 32.2 | 33.0 | |||||||||
Baa | 29.0 | 26.5 | |||||||||
Total investment grade | 97.3 | 97.2 | |||||||||
All other (b) | 2.7 | 2.8 | |||||||||
Total | 100.0 | % | 100.0 | % |
Gross Unrealized Losses Stratified by Industry Concentration for Fixed Maturity Securities | |||||||||||||||||||||||
September 30, 2021 | Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||
Fixed Maturity Securities by Industry Concentration: | |||||||||||||||||||||||
Utilities | $ | 358.9 | $ | 10.9 | |||||||||||||||||||
U.S. Governments & Agencies | 436.4 | 4.7 | |||||||||||||||||||||
Consumer Staples | 198.5 | 4.6 | |||||||||||||||||||||
Health Care | 134.5 | 4.1 | |||||||||||||||||||||
Industrial | 239.4 | 4.1 | |||||||||||||||||||||
Retail | 147.3 | 3.7 | |||||||||||||||||||||
Technology | 133.0 | 3.2 | |||||||||||||||||||||
Other (includes 13 industry groups) | 683.6 | 16.7 | |||||||||||||||||||||
Total | $ | 2,331.9 | (b) | $ | 52.5 |
Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities | |||||||||||||||||||||||
September 30, 2021 | Cost | Gross Unrealized Losses | |||||||||||||||||||||
Equity Securities by Industry Concentration: | |||||||||||||||||||||||
Energy | $ | 423.6 | $ | 68.8 | |||||||||||||||||||
Telecom | 72.5 | 11.3 | |||||||||||||||||||||
Utilities | 210.2 | 8.3 | |||||||||||||||||||||
Retail | 40.0 | 6.5 | |||||||||||||||||||||
Other (includes 6 industry groups) | 336.6 | 16.9 | |||||||||||||||||||||
Total | $ | 1,083.0 | (c) | $ | 112.0 | (d) |
Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
Amortized Cost of Fixed Maturity Securities | Gross Unrealized Losses | |||||||||||||||||||||||||||||||
September 30, 2021 | All | Non- Investment Grade Only | All | Non- Investment Grade Only | ||||||||||||||||||||||||||||
Maturity Ranges: | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 62.5 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Due after one year through five years | 266.0 | — | 1.9 | — | ||||||||||||||||||||||||||||
Due after five years through ten years | 1,944.8 | 10.9 | 48.8 | .1 | ||||||||||||||||||||||||||||
Due after ten years | 58.5 | — | 1.7 | — | ||||||||||||||||||||||||||||
Total | $ | 2,331.9 | $ | 10.9 | $ | 52.5 | $ | .1 |
Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
Amount of Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
September 30, 2021 | 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 Maturity Securities: | ||||||||||||||||||||||||||||||||||||||
One to six months | $ | 34.9 | $ | — | $ | — | $ | 34.9 | ||||||||||||||||||||||||||||||
Seven to twelve months | 17.6 | — | — | 17.6 | ||||||||||||||||||||||||||||||||||
More than twelve months | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 52.5 | $ | — | $ | — | $ | 52.5 | ||||||||||||||||||||||||||||||
Number of Issues in Unrealized Loss Position: | ||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities: | ||||||||||||||||||||||||||||||||||||||
One to six months | 292 | — | — | 292 | ||||||||||||||||||||||||||||||||||
Seven to twelve months | 61 | — | — | 61 | ||||||||||||||||||||||||||||||||||
More than twelve months | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||
Total | 355 | — | — | 355 | (e) |
Age Distribution of Fixed Maturity Securities | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Maturity Ranges: | |||||||||||||||||||||||
Due in one year or less | 11.3 | % | 9.8 | % | |||||||||||||||||||
Due after one year through five years | 49.8 | 57.0 | |||||||||||||||||||||
Due after five years through ten years | 38.1 | 31.4 | |||||||||||||||||||||
Due after ten years through fifteen years | .8 | 1.7 | |||||||||||||||||||||
Due after fifteen years | — | .1 | |||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | |||||||||||||||||||
Average Maturity in Years | 4.5 | 4.3 | |||||||||||||||||||||
Duration (f) | 4.1 | 3.8 |
Composition of Unrealized Gains (Losses) | |||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Available for Sale Fixed Maturity Securities: | |||||||||||||||||||||||
Amortized cost | $ | 10,136.9 | $ | 9,897.6 | |||||||||||||||||||
Estimated fair value | 10,486.3 | 10,496.8 | |||||||||||||||||||||
Net unrealized gains (losses) | $ | 349.3 | $ | 599.1 | |||||||||||||||||||
Components of net unrealized gains (losses): | |||||||||||||||||||||||
Gross unrealized gains | $ | 401.9 | $ | 602.9 | |||||||||||||||||||
Gross unrealized losses | (52.5) | (3.8) | |||||||||||||||||||||
Net unrealized gains (losses) | $ | 349.3 | $ | 599.1 | |||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||
Cost | $ | 3,754.7 | $ | 3,269.7 | |||||||||||||||||||
Estimated fair value | 4,828.0 | 4,054.8 | |||||||||||||||||||||
Net unrealized gains (losses)(g) | $ | 1,073.2 | $ | 785.1 | |||||||||||||||||||
Components of net unrealized gains (losses): | |||||||||||||||||||||||
Gross unrealized gains | $ | 1,185.3 | $ | 1,028.1 | |||||||||||||||||||
Gross unrealized losses | (112.0) | (243.0) | |||||||||||||||||||||
Net unrealized gains (losses)(g) | $ | 1,073.2 | $ | 785.1 |
RESULTS OF OPERATIONS |
Revenues: Premiums & Fees |
Net Earned Premiums and Fees | |||||||||||||||||||||||||||||||||||
General | Title (*) | RFIG Run-off | Other | Total (*) | % Change from prior period (*) | ||||||||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||||||||||||
2018 | $ | 3,277.1 | $ | 2,573.1 | $ | 75.9 | $ | 14.6 | $ | 5,940.9 | 3.0 | % | |||||||||||||||||||||||
2019 | 3,432.4 | 2,736.0 | 59.2 | 13.4 | 6,241.1 | 5.1 | |||||||||||||||||||||||||||||
2020 | 3,394.2 | 3,286.3 | 45.1 | 12.0 | 6,737.8 | 8.0 | |||||||||||||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||
2020 | 2,532.8 | 2,254.5 | 35.1 | 9.0 | 4,831.6 | 6.1 | |||||||||||||||||||||||||||||
2021 | 2,629.2 | 3,218.7 | 25.4 | 8.2 | 5,881.6 | 21.7 | |||||||||||||||||||||||||||||
Quarters Ended September 30: | |||||||||||||||||||||||||||||||||||
2020 | 861.9 | 857.0 | 10.8 | 2.9 | 1,732.8 | 6.0 | |||||||||||||||||||||||||||||
2021 | $ | 902.8 | $ | 1,142.3 | $ | 7.7 | $ | 2.6 | $ | 2,055.4 | 18.6 | % |
General Insurance Net Earned Premiums by Type of Coverage | |||||||||||||||||||||||||||||||||||
Commercial Automobile (mostly trucking) | Workers' Compensation | Inland Marine and Property | Financial Indemnity | General Liability | Other | ||||||||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||||||||||||
2018 | 36.8 | % | 31.1 | % | 7.7 | % | 5.3 | % | 6.2 | % | 12.9 | % | |||||||||||||||||||||||
2019 | 37.2 | 29.1 | 7.6 | 6.4 | 6.6 | 13.1 | |||||||||||||||||||||||||||||
2020 | 38.4 | 25.4 | 8.7 | 8.0 | 6.0 | 13.5 | |||||||||||||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||||||||||||||
2020 | 37.8 | 26.0 | 8.3 | 7.8 | 6.2 | 13.9 | |||||||||||||||||||||||||||||
2021 | 39.9 | 22.1 | 9.4 | 9.5 | 5.2 | 13.9 | |||||||||||||||||||||||||||||
Quarters Ended September 30: | |||||||||||||||||||||||||||||||||||
2020 | 37.6 | 25.3 | 9.1 | 7.8 | 5.8 | 14.4 | |||||||||||||||||||||||||||||
2021 | 39.2 | % | 22.0 | % | 9.3 | % | 9.7 | % | 5.4 | % | 14.4 | % |
Title Premium and Fee Production by Source (*) | |||||||||||
Direct Operations | Independent Title Agents & Other | ||||||||||
Years Ended December 31: | |||||||||||
2018 | 23.7 | % | 76.3 | % | |||||||
2019 | 24.9 | 75.1 | |||||||||
2020 | 24.9 | 75.1 | |||||||||
Nine Months Ended September 30: | |||||||||||
2020 | 25.3 | 74.7 | |||||||||
2021 | 22.7 | 77.3 | |||||||||
Quarters Ended September 30: | |||||||||||
2020 | 26.3 | 73.7 | |||||||||
2021 | 22.2 | % | 77.8 | % |
Premium and Persistency Trends: | Net Earned Premiums | Persistency | ||||||||||||
Years Ended December 31: | ||||||||||||||
2018 | $ | 74.4 | 79.2 | % | ||||||||||
2019 | 58.8 | 77.5 | ||||||||||||
2020 | 45.1 | 77.6 | ||||||||||||
Nine Months Ended September 30: | ||||||||||||||
2020 | 35.1 | 76.2 | ||||||||||||
2021 | 25.4 | 74.5 | % | |||||||||||
Quarters Ended September 30: | ||||||||||||||
2020 | 10.8 | |||||||||||||
2021 | $ | 7.7 | ||||||||||||
Net Risk in Force | |||||||||||||||||
Net Risk in Force By Type: | Traditional Primary | Bulk & Other | Total | ||||||||||||||
As of December 31: | |||||||||||||||||
2018 | $ | 3,098.3 | $ | 246.7 | $ | 3,345.0 | |||||||||||
2019 | 2,388.3 | 201.8 | 2,590.1 | ||||||||||||||
2020 | 1,842.2 | 169.0 | 2,011.2 | ||||||||||||||
As of September 30: | |||||||||||||||||
2020 | 1,985.3 | 178.6 | 2,163.9 | ||||||||||||||
2021 | $ | 1,468.2 | $ | 147.3 | $ | 1,615.6 |
FL | IL | GA | CA | NJ | MD | NY | TX | PA | OH | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 8.5 | % | 6.3 | % | 5.9 | % | 5.4 | % | 4.7 | % | 4.5 | % | 3.7 | % | 5.5 | % | 4.3 | % | 3.5 | % | |||||||||||||||||||||||||||||||||||||||
2019 | 8.9 | 6.7 | 6.1 | 5.7 | 5.0 | 4.9 | 3.9 | 4.8 | 4.1 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 9.2 | 7.0 | 6.0 | 5.8 | 5.3 | 5.1 | 4.2 | 4.5 | 4.1 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 9.2 | 6.9 | 6.0 | 5.8 | 5.2 | 5.1 | 4.1 | 4.6 | 4.1 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 9.8 | % | 7.2 | % | 6.0 | % | 5.8 | % | 5.5 | % | 5.1 | % | 4.7 | % | 4.4 | % | 4.1 | % | 3.7 | % |
Revenues: Net Investment Income |
Invested Assets at Cost | Fair Value Adjust- ment | Invested Assets at Fair Value (a) | |||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||
2019 | $ | 10,577.9 | $ | 1,172.3 | $ | 566.3 | $ | 841.7 | $ | 13,158.4 | $ | 1,200.7 | $ | 14,359.2 | |||||||||||||||||||||||||||
2020 | 10,987.8 | 1,328.4 | 545.1 | 1,083.8 | 13,945.2 | 1,384.9 | 15,330.1 | ||||||||||||||||||||||||||||||||||
As of September 30: | |||||||||||||||||||||||||||||||||||||||||
2020 | 10,888.4 | 1,233.5 | 536.9 | 1,005.8 | 13,664.7 | 998.2 | 14,662.9 | ||||||||||||||||||||||||||||||||||
2021 | $ | 11,313.9 | $ | 1,479.0 | $ | 479.3 | $ | 1,751.7 | $ | 15,024.1 | $ | 1,422.9 | $ | 16,447.1 |
Net Investment Income | Yield at | ||||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate and Other | Total | Original Cost | Fair Value | |||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||
2018 | $ | 341.0 | $ | 38.8 | $ | 20.1 | $ | 31.7 | $ | 431.8 | 3.41 | % | 3.28 | % | |||||||||||||||||||||||||||
2019 | 356.4 | 41.4 | 17.6 | 35.1 | 450.7 | 3.48 | 3.30 | ||||||||||||||||||||||||||||||||||
2020 | 352.2 | 42.0 | 15.2 | 29.4 | 438.9 | 3.24 | 2.96 | ||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30: | |||||||||||||||||||||||||||||||||||||||||
2020 | 264.2 | 31.4 | 11.8 | 21.8 | 329.3 | 3.27 | 3.03 | ||||||||||||||||||||||||||||||||||
2021 | 256.2 | 32.5 | 8.7 | 26.1 | 323.6 | 2.98 | 2.72 | ||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||
September 30: | |||||||||||||||||||||||||||||||||||||||||
2020 | 85.9 | 10.2 | 3.4 | 6.8 | 106.4 | 3.15 | 2.94 | ||||||||||||||||||||||||||||||||||
2021 | $ | 84.2 | $ | 10.9 | $ | 2.6 | $ | 13.8 | $ | 111.6 | 3.01 | % | 2.72 | % |
Revenues: Net Investment Gains (Losses) |
Realized Investment Gains (Losses) from Actual Transactions | Impairment Losses on Securities | Unrealized Gains (Losses) from Changes in Fair Value of Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities and Miscel-laneous Investments | Total | Fixed Maturity Securities | Miscel-laneous Investments | Total | Total Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | $ | (4.8) | $ | 63.1 | $ | 58.2 | $ | — | $ | — | $ | — | $ | (293.8) | $ | (235.6) | |||||||||||||||||||||||||||||||
2019 | (1.9) | 40.6 | 38.6 | (2.0) | — | (2.0) | 599.5 | 636.1 | |||||||||||||||||||||||||||||||||||||||
2020 | (7.4) | 21.6 | 14.2 | — | — | — | (156.2) | (142.0) | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30: | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | (7.8) | 20.6 | 12.7 | — | — | — | (529.4) | (516.7) | |||||||||||||||||||||||||||||||||||||||
2021 | 1.9 | 13.7 | 15.6 | — | — | — | 288.1 | 303.7 | |||||||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30: | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | .6 | .7 | 1.4 | — | — | — | 79.2 | 80.7 | |||||||||||||||||||||||||||||||||||||||
2021 | $ | .8 | $ | 5.7 | $ | 6.6 | $ | — | $ | — | $ | — | $ | (199.3) | $ | (192.6) |
Expenses: Benefits and Claims |
Claim and Loss Adjustment Expense Reserves | ||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||||||||||
Workers' compensation | $ | 4,915.7 | $ | 2,970.3 | $ | 4,929.2 | $ | 3,044.1 | ||||||||||||||||||||||||
General liability | 1,354.4 | 638.4 | 1,309.4 | 641.5 | ||||||||||||||||||||||||||||
Commercial automobile (mostly trucking) | 2,875.3 | 1,743.8 | 2,379.8 | 1,591.5 | ||||||||||||||||||||||||||||
Other coverages | 1,284.5 | 927.0 | 1,086.2 | 782.4 | ||||||||||||||||||||||||||||
Unallocated loss adjustment expense reserves | 279.2 | 278.9 | 269.1 | 268.3 | ||||||||||||||||||||||||||||
Total general insurance reserves | 10,709.3 | 6,558.5 | 9,973.9 | 6,328.0 | ||||||||||||||||||||||||||||
Title | 592.8 | 592.8 | 556.1 | 556.1 | ||||||||||||||||||||||||||||
RFIG Run-off | 118.5 | 118.5 | 127.6 | 127.6 | ||||||||||||||||||||||||||||
Life and accident | 12.9 | 8.0 | 13.2 | 8.6 | ||||||||||||||||||||||||||||
Total claim and loss adjustment expense reserves | $ | 11,433.7 | $ | 7,278.0 | $ | 10,671.0 | $ | 7,020.4 | ||||||||||||||||||||||||
Asbestosis and environmental claim reserves included | ||||||||||||||||||||||||||||||||
in the above general insurance reserves: | ||||||||||||||||||||||||||||||||
Amount | $ | 125.6 | $ | 81.2 | $ | 127.6 | $ | 82.4 | ||||||||||||||||||||||||
% of total general insurance reserves | 1.2 | % | 1.2 | % | 1.3 | % | 1.3 | % |
General | Title (*) | RFIG Run-off | Consolidated (*) | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2018 | 72.2 | % | 1.9 | % | 39.4 | % | 41.4 | % | |||||||||||||||
2019 | 71.8 | 2.5 | 53.5 | 41.2 | |||||||||||||||||||
2020 | 69.9 | 2.3 | 81.7 | 37.0 | |||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||
2020 | 70.7 | 2.7 | 80.8 | 39.0 | |||||||||||||||||||
2021 | 66.3 | 3.0 | 13.7 | 31.4 | |||||||||||||||||||
Quarters Ended September 30: | |||||||||||||||||||||||
2020 | 70.5 | 2.5 | 62.4 | 36.8 | |||||||||||||||||||
2021 | 64.8 | % | 2.9 | % | (14.5) | % | 30.1 | % |
General Insurance Claim Ratios by Type of Coverage | |||||||||||||||||||||||||||||||||||||||||
All Coverages | Commercial Automobile (mostly trucking) | Workers' Compen-sation | Inland Marine and Property | Financial Indemnity | General Liability | Other | |||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||
2018 | 72.2 | % | 79.3 | % | 70.7 | % | 62.8 | % | 73.8 | % | 68.9 | % | 60.1 | % | |||||||||||||||||||||||||||
2019 | 71.8 | 84.0 | 63.2 | 62.6 | 64.0 | 77.8 | 61.4 | ||||||||||||||||||||||||||||||||||
2020 | 69.9 | 80.8 | 60.8 | 58.3 | 57.1 | 73.6 | 67.2 | ||||||||||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30: | |||||||||||||||||||||||||||||||||||||||||
2020 | 70.7 | 80.3 | 63.6 | 58.6 | 59.4 | 74.2 | 67.3 | ||||||||||||||||||||||||||||||||||
2021 | 66.3 | 74.1 | 58.2 | 60.0 | 56.2 | 63.9 | 66.8 | ||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||
September 30: | |||||||||||||||||||||||||||||||||||||||||
2020 | 70.5 | 80.4 | 54.1 | 59.3 | 58.0 | 95.6 | 70.1 | ||||||||||||||||||||||||||||||||||
2021 | 64.8 | % | 73.1 | % | 59.0 | % | 61.1 | % | 54.2 | % | 41.4 | % | 63.9 | % |
Average Settled Claim Amount (a) | Reported Delinquency Ratio at End of Period | ||||||||||
Years Ended December 31: | |||||||||||
2018 | $ | 46,946 | 9.9 | % | |||||||
2019 | 49,195 | 10.1 | |||||||||
2020 | 37,172 | 14.2 | |||||||||
Nine Months Ended September 30: | |||||||||||
2020 | 42,035 | 14.2 | |||||||||
2021 | $ | 40,991 | 12.6 | % | |||||||
Total Delinquency Rated for Top Ten States (includes "other" business) (b): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FL | IL | GA | CA | NJ | MD | NY | TX | PA | OH | ||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 10.6 | % | 9.2 | % | 8.1 | % | 6.8 | % | 15.3 | % | 10.7 | % | 21.3 | % | 10.4 | % | 12.0 | % | 10.1 | % | |||||||||||||||||||||||||||||||||||||||
2019 | 8.8 | 9.0 | 8.6 | 6.5 | 12.4 | 10.4 | 20.7 | 12.4 | 12.4 | 10.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 13.1 | 13.8 | 12.7 | 9.9 | 18.2 | 15.2 | 25.5 | 18.7 | 15.7 | 13.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 13.6 | 14.6 | 13.3 | 9.9 | 19.4 | 14.8 | 25.8 | 17.2 | 16.0 | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 10.6 | % | 13.0 | % | 10.6 | % | 7.8 | % | 15.7 | % | 13.0 | % | 22.8 | % | 17.4 | % | 13.9 | % | 11.7 | % |
Expenses: Underwriting Acquisition and Other Expenses |
RFIG | |||||||||||||||||||||||
General | Title (*) | Run-off | Consolidated (*) | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2018 | 25.0 | % | 90.9 | % | 21.5 | % | 53.5 | % | |||||||||||||||
2019 | 25.7 | 90.5 | 25.0 | 54.1 | |||||||||||||||||||
2020 | 25.6 | 88.4 | 30.2 | 56.3 | |||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||
2020 | 25.8 | 89.2 | 29.9 | 55.4 | |||||||||||||||||||
2021 | 26.0 | 86.2 | 38.5 | 59.0 | |||||||||||||||||||
Quarters Ended September 30: | |||||||||||||||||||||||
2020 | 25.0 | 86.6 | 27.2 | 55.5 | |||||||||||||||||||
2021 | 26.5 | % | 86.1 | % | 39.0 | % | 59.7 | % |
Expenses: Total |
RFIG | |||||||||||||||||||||||
General | Title (*) | Run-off | Consolidated (*) | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2018 | 97.2 | % | 92.8 | % | 60.9 | % | 94.9 | % | |||||||||||||||
2019 | 97.5 | 93.0 | 78.5 | 95.3 | |||||||||||||||||||
2020 | 95.5 | 90.7 | 111.9 | 93.3 | |||||||||||||||||||
Nine Months Ended September 30: | |||||||||||||||||||||||
2020 | 96.5 | 91.9 | 110.7 | 94.4 | |||||||||||||||||||
2021 | 92.3 | 89.2 | 52.2 | 90.4 | |||||||||||||||||||
Quarters Ended September 30: | |||||||||||||||||||||||
2020 | 95.5 | 89.1 | 89.6 | 92.3 | |||||||||||||||||||
2021 | 91.3 | % | 89.0 | % | 24.5 | % | 89.8 | % |
Expenses: Income Taxes |
OTHER INFORMATION |
Item 3 - Quantitative and Qualitative Disclosure About Market Risk |
OLD REPUBLIC INTERNATIONAL CORPORATION | ||
FORM 10-Q | ||
PART II - OTHER INFORMATION | ||
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. | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Old Republic International Corporation | |||||||||||
(Registrant) | |||||||||||
Date: | November 5, 2021 | ||||||||||
/s/ Frank J. Sodaro | |||||||||||
Frank J. Sodaro Senior Vice President, Chief Financial Officer, and Principal Accounting Officer |
Exhibit | ||||||||
No. | Description | |||||||
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. | |||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Available for sale: | ||
Fixed maturity securities (amortized costs) | $ 10,136.9 | $ 9,897.6 |
Equity securities - cost | $ 3,754.7 | $ 3,269.7 |
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) | 307,008,734 | 304,122,180 |
Common Class B [Member] | ||
Available for sale: | ||
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 |
Consolidated Statements of Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||
Revenues: | ||||||||||
Net premiums earned | $ 1,941.7 | $ 1,622.2 | $ 5,542.5 | $ 4,553.4 | ||||||
Title, escrow, and other fees | 113.6 | 110.5 | 339.1 | 278.2 | ||||||
Total premiums and fees | 2,055.4 | 1,732.8 | 5,881.6 | 4,831.6 | ||||||
Net investment income | 111.6 | 106.4 | 323.6 | 329.3 | ||||||
Other income | 37.8 | 31.7 | 112.0 | 98.5 | ||||||
Total operating revenues | 2,204.9 | 1,871.0 | 6,317.3 | 5,259.5 | ||||||
Investment gains (losses): | ||||||||||
Debt and Equity Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 6.6 | 1.4 | 15.6 | 12.7 | ||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (199.3) | 79.2 | 288.1 | (529.4) | ||||||
Total realized and unrealized investment gains (losses) | (192.6) | 80.7 | 303.7 | (516.7) | ||||||
Total revenues | 2,012.2 | 1,951.7 | [1] | 6,621.0 | 4,742.8 | [1] | ||||
Benefits, Claims and Expenses: | ||||||||||
Benefits, claims and settlement expenses | 615.4 | 633.2 | 1,829.3 | 1,870.8 | ||||||
Dividends to policyholders | 2.9 | 4.9 | 17.5 | 14.0 | ||||||
Underwriting, acquisition, and other expenses | 1,270.8 | 997.1 | 3,601.8 | 2,789.8 | ||||||
Interest and other charges | 16.8 | 9.5 | 39.7 | 31.8 | ||||||
Total expenses | 1,906.2 | 1,644.7 | 5,488.4 | 4,706.6 | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 106.0 | 306.9 | 1,132.6 | 36.1 | ||||||
Income Taxes (Credits): | ||||||||||
Current | 63.0 | 45.0 | 160.4 | 110.9 | ||||||
Deferred | (45.7) | 15.9 | 64.8 | (113.7) | ||||||
Total | 17.2 | 60.9 | 225.2 | (2.7) | ||||||
Net income (loss) | $ 88.7 | $ 246.0 | $ 907.3 | $ 38.9 | ||||||
Net Income (Loss) Per Share: | ||||||||||
Net income (loss) per share: Basic (in dollars per share) | $ 0.29 | $ 0.83 | $ 3.01 | $ 0.13 | ||||||
Net income (loss) per share: Diluted (in dollars per share) | $ 0.29 | $ 0.83 | $ 3.00 | $ 0.13 | ||||||
Average shares outstanding: Basic (in shares) | [2] | 301,577,493 | 297,729,418 | 301,247,397 | 298,526,123 | |||||
Weighted Average Number of Shares Outstanding, Diluted, Total | [2] | 303,539,358 | 297,990,822 | 302,908,488 | 299,015,526 | |||||
|
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 88.7 | $ 246.0 | $ 907.3 | $ 38.9 |
Unrealized gains (losses) on securities: | ||||
Unrealized gains (losses) on securities before reclassifications | (67.9) | 32.3 | (248.9) | 321.5 |
Amounts reclassified as realized investment gains from sales in the statements of income | (0.8) | (0.7) | (1.9) | 7.8 |
Pretax unrealized gains (losses) on securities | (68.8) | 31.6 | (250.9) | 329.3 |
Less: Deferred income taxes (credits) | (14.5) | 6.6 | (52.9) | 69.5 |
Net unrealized gains (losses) on securities, net of tax | (54.3) | 24.9 | (197.9) | 259.8 |
Defined benefit pension plans: | ||||
Net pension adjustment before reclassifications | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts reclassified as underwriting, acquisition, and other expenses in the statements of income | 1.8 | 0.9 | 5.5 | 2.7 |
Pretax net adjustment related to defined benefit pension plans | 1.8 | 0.9 | 5.5 | 2.7 |
Deferred income taxes (credits) | 0.3 | 0.1 | 1.1 | 0.5 |
Net adjustment related to defined benefit pension plans, net of tax | 1.4 | 0.7 | 4.3 | 2.1 |
Foreign currency translation adjustment | (4.3) | 2.8 | 2.7 | (3.6) |
Total other comprehensive income (loss) | (57.2) | 28.5 | (190.8) | 258.3 |
Comprehensive Income (Loss) | $ 31.5 | $ 274.5 | $ 716.4 | $ 297.3 |
Consolidated Statements of Preferred Stock and Common Shareholders' Equity - USD ($) $ in Millions |
Total |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
|
AOCI Attributable to Parent |
Unallocated ESSOP Shares |
---|---|---|---|---|---|---|---|---|---|
Common Stock, Dividends, Per Share, Cash Paid | $ 0.6300 | ||||||||
Balance at Dec. 31, 2019 | $ 0.0 | $ 303.6 | $ 1,297.5 | $ 4,386.0 | $ (2.3) | $ 4,383.6 | $ 77.7 | $ (64.8) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0.0 | 0.7 | |||||||
Net issuance of shares under stock based compensation plans | 0.3 | 4.8 | |||||||
Stock based compensation | 2.0 | ||||||||
ESSOP shares released | 0.7 | 8.6 | |||||||
Adjustments to Additional Paid in Capital, Other | (0.2) | ||||||||
Net income (loss) | $ 38.9 | 38.9 | |||||||
Dividends on common stock | (187.7) | ||||||||
Net unrealized gains (losses) on securities, net of tax | 259.8 | 259.8 | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 2.1 | 2.1 | |||||||
Foreign currency translation adjustment | (3.6) | (3.6) | |||||||
Origination of Loans to Employee Stock Ownership Plans | $ (50.0) | (50.0) | |||||||
Balance at Sep. 30, 2020 | 0.0 | 304.0 | 1,305.6 | 4,234.9 | 336.1 | (106.1) | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.2100 | ||||||||
Balance at Jun. 30, 2020 | 304.0 | 1,305.1 | 4,051.2 | 0.0 | 4,051.2 | 307.5 | (109.0) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0.0 | 0.2 | |||||||
Net issuance of shares under stock based compensation plans | 0.0 | 0.1 | |||||||
Stock based compensation | 0.4 | ||||||||
ESSOP shares released | 0.0 | 2.8 | |||||||
Adjustments to Additional Paid in Capital, Other | (0.2) | ||||||||
Net income (loss) | $ 246.0 | 246.0 | |||||||
Dividends on common stock | (62.4) | ||||||||
Net unrealized gains (losses) on securities, net of tax | 24.9 | 24.9 | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 0.7 | 0.7 | |||||||
Foreign currency translation adjustment | $ 2.8 | 2.8 | |||||||
Origination of Loans to Employee Stock Ownership Plans | 0.0 | ||||||||
Balance at Sep. 30, 2020 | 0.0 | 304.0 | 1,305.6 | 4,234.9 | 336.1 | (106.1) | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 2.1600 | ||||||||
Balance at Dec. 31, 2020 | 0.0 | 304.1 | 1,306.9 | 4,394.8 | 0.0 | 4,394.8 | 284.0 | (103.2) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0.0 | 1.7 | |||||||
Net issuance of shares under stock based compensation plans | 2.7 | 45.6 | |||||||
Stock based compensation | 3.1 | ||||||||
ESSOP shares released | 6.3 | 15.2 | |||||||
Adjustments to Additional Paid in Capital, Other | 0.0 | ||||||||
Net income (loss) | $ 907.3 | 907.3 | |||||||
Dividends on common stock | (648.8) | ||||||||
Net unrealized gains (losses) on securities, net of tax | (197.9) | (197.9) | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 4.3 | 4.3 | |||||||
Foreign currency translation adjustment | 2.7 | 2.7 | |||||||
Origination of Loans to Employee Stock Ownership Plans | $ 0.0 | 0.0 | |||||||
Balance at Sep. 30, 2021 | 0.0 | 307.0 | 1,363.8 | 4,653.3 | 93.2 | (87.9) | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.7200 | ||||||||
Balance at Jun. 30, 2021 | 305.7 | 1,337.6 | 5,082.1 | $ 0.0 | $ 5,082.1 | 150.4 | (97.3) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0.0 | 0.2 | |||||||
Net issuance of shares under stock based compensation plans | 1.2 | 21.2 | |||||||
Stock based compensation | 0.4 | ||||||||
ESSOP shares released | 4.1 | 9.3 | |||||||
Adjustments to Additional Paid in Capital, Other | 0.0 | ||||||||
Net income (loss) | $ 88.7 | 88.7 | |||||||
Dividends on common stock | (517.5) | ||||||||
Net unrealized gains (losses) on securities, net of tax | (54.3) | (54.3) | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 1.4 | 1.4 | |||||||
Foreign currency translation adjustment | $ (4.3) | (4.3) | |||||||
Origination of Loans to Employee Stock Ownership Plans | 0.0 | ||||||||
Balance at Sep. 30, 2021 | $ 0.0 | $ 307.0 | $ 1,363.8 | $ 4,653.3 | $ 93.2 | $ (87.9) |
Consolidated Statements of Preferred Stock and Common Shareholders' Equity (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Stockholders' Equity Attributable to Parent | $ 6,329.4 | $ 6,329.4 | $ 6,186.6 | |||
Dividends on common share (in usd per share) | $ 1.7200 | $ 0.2100 | $ 2.1600 | $ 0.6300 | ||
Preferred Stock | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Cash flows from operating activities: | ||
Net income (loss) | $ 907.3 | $ 38.9 |
Adjustments to reconcile net income (loss) to | ||
Deferred policy acquisition costs | (27.2) | (3.3) |
Premiums and other receivables | (267.5) | (263.5) |
Unpaid claims and related items | 257.5 | 328.8 |
Unearned premiums and other policyholders' liabilities | 112.0 | 46.0 |
Income taxes | 63.0 | (99.7) |
Reinsurance balances | 179.8 | 193.1 |
Realized from actual transactions and impairments | (15.6) | (12.7) |
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI | (288.1) | 529.4 |
Accounts payable, accrued expenses and other | 49.4 | 51.9 |
Total | 970.6 | 808.9 |
Available for sale | ||
Maturities and early calls | 1,121.4 | 935.3 |
Sales | 281.0 | 343.6 |
Proceeds from Sale of Equity Securities, FV-NI | 522.6 | 159.1 |
Sales of: | ||
Other - net | 6.5 | 7.1 |
Purchases of: | ||
Fixed maturity securities | (1,668.4) | (1,380.2) |
Payments to Acquire Equity Securities, FV-NI | (993.5) | (321.0) |
Other - net | (42.0) | (31.7) |
Net decrease (increase) in short-term investments | (352.2) | (263.6) |
Other - net | 0.0 | (0.4) |
Total | (1,124.5) | (551.9) |
Cash flows from financing activities: | ||
Proceeds from Issuance of Debt | 642.5 | 0.0 |
Issuance of common shares | 50.3 | 6.0 |
Redemption of debentures and notes | (21.7) | (8.6) |
Origination of Loans to Employee Stock Ownership Plans | 0.0 | (50.0) |
2021 of $304.0) | (501.5) | (187.7) |
Other - net | (0.8) | (0.5) |
Total | 168.7 | (240.8) |
Increase (decrease) in cash | ||
Cash, beginning of period | 118.7 | 78.8 |
Cash, end of period | 133.4 | 95.0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 14.7 | 16.1 |
Supplemental cash flow information: | ||
Cash paid (received) during the period for: Interest | 40.9 | 41.3 |
Cash paid (received) during the period for: Income taxes | $ 162.4 | $ 98.2 |
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Statement of Cash Flows [Abstract] | |
Special dividend paid in January 2021 | $ 303.4 |
Summary of Significant Accounting Policies |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | Accounting Policies and Basis of Presentation: The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's ("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 2020 Annual Report on Form 10-K incorporated herein by reference. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. Recent pronouncements are discussed below. Effective January 1, 2020, the Company adopted the FASB’s accounting guidance on current expected credit loss ("CECL") which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of certain financial assets measured at amortized cost, primarily including the Company’s reinsurance recoverables, and its accounts and notes receivable. CECL replaced the incurred loss impairment model that recognized losses when a probability threshold was met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased and at subsequent measurement dates. 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 on the consolidated balance sheet. The guidance relating to financial assets measured at amortized cost was adopted on a modified retrospective basis, resulting in a net of tax adjustment to January 1, 2020 retained earnings of $2.3. The Company’s January 1, 2020 credit loss allowance of $30.1 was comprised of $14.5 related to reinsurance recoverables, $15.5 related to accounts and notes receivable, and an immaterial amount related to held to maturity securities. The September 30, 2021 allowance included $16.0 related to reinsurance recoverables and $21.5 related to accounts and notes receivable. No significant changes were made to the allowance during the nine months ended September 30, 2021. The guidance also modified the impairment model for available for sale fixed maturity securities by requiring the recognition of credit losses through an allowance account, as opposed to a charge that cannot be revised should the underlying security recover. Under the guidance, the length of time a security has been in an unrealized loss position will no longer impact the determination as to whether a credit loss exists. The revised guidance for available for sale fixed maturity securities was adopted on a prospective basis and the related disclosures summarizing this standard’s impact on the Company’s investment portfolio are included in Note 3. 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. 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. Reclassifications - Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation. Immaterial Adjustment - The Company recorded immaterial adjustments to present revenues gross of the applicable commission expenses in the September 30, 2020 consolidated statements of income and comprehensive income by: increasing net premiums earned by $126.2 and $327.6 for the quarter and nine months, respectively, decreasing title, escrow and other fees by $58.3 and $140.7 for the quarter and nine months, respectively, and increasing underwriting, acquisition, and other expenses by $67.9 and $186.8 for the quarter and nine months, respectively. These immaterial adjustments were made to conform all prior periods to the current presentation and had no impact on net income (loss), comprehensive income (loss) or shareholders' equity.
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Common Share Data |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Share Data | Common Share Data:Earnings Per Share - Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.
__________ (a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated 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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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investments: The Company classifies its fixed maturity 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 maturity portfolio is classified as available for sale. As of June 30, 2020 the Company changed its intent to hold its tax exempt municipal bond portfolio until maturity and consequently, reclassified these securities from their previous held to maturity designation to available for sale. As a result, net of tax unrealized gains of $48.5 were recognized in other comprehensive income as of that date. Fixed maturity 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. 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). The status and fair value changes of each of the fixed maturity investments are reviewed at least once per quarter during the year to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Factors considered in making this assessment include a security's market price history, as well as the issuer's operating results, financial condition and liquidity, its ability to access capital markets and to make scheduled principal or interest payments, credit rating trends, most current audited financial statements, industry and securities markets conditions and analyst expectations. Sudden fair value declines caused by such adverse developments as newly emerged or imminent bankruptcy filings, issuer default on significant obligations, or reports of financial accounting developments that bring into question the validity of the issuer's previously reported earnings or financial condition, are recognized as realized losses as soon as credible publicly available information emerges to confirm such developments. The Company recorded no allowance for credit losses as of September 30, 2021, and December 31, 2020. The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:
In the above tables the unrealized losses on fixed maturity securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers its intent and ability to continue to hold the securities until cost recovery, principally in consideration of its asset and liability matching objectives. The following table shows cost and fair value information for equity securities:
During the third quarter and first nine months of 2021 and 2020, the Company recognized pretax unrealized investment gains (losses) of $(199.3) and $288.1, respectively for 2021, and $79.2 and $(529.4), respectively for 2020, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at September 30, 2021 and 2020 were $(178.3) and $245.9 for the third quarter and first nine months of 2021, respectively, and $78.9 and $(520.6) for the third quarter and first nine months of 2020, 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. 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 a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed maturity 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. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses 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, 2021 and December 31, 2020. The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:
There were no transfers between Levels 1, 2 or 3 during the quarter ended September 30, 2021. Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed maturity securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. 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 date of sale for fixed maturity securities, and cost in regard to equity securities; such bases apply to the specific securities sold. Unrealized gains and (losses) from changes in fair value of equity securities are recorded as investment gains (losses) in the income statement. Unrealized investment gains (losses) on fixed maturity securities, net of any deferred income taxes, are recorded directly as a component of accumulated other comprehensive income in shareholders' equity. At September 30, 2021, the Company and its subsidiaries did not have significant amounts of non-income producing fixed maturity or equity securities. 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.
__________ (a) Investment expenses largely consist of personnel costs and investment management and custody service fees.
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Losses, Claims and Settlement Expenses |
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Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses, Claims and Settlement Expenses | Losses, Claims and Settlement Expenses: The establishment of claim 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, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the incurrence of possibly higher or lower than anticipated claim 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 the light of emerging claim 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 claims in future years, may offset, in whole or in part, favorable or unfavorable claim developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. The Company 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 claims incurred. However, no representation is made nor is any guaranty given that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates. The Company’s accounting policy regarding the establishment of claim reserve estimates is described in Note 1(h) to the consolidated financial statements included in Old Republic’s 2020 Annual Report on Form 10-K. The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the periods shown.
Summary of changes in aggregate reserves for claims and related costs:
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Employee Benefit Plans |
9 Months Ended |
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Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans | Employee Benefit Plans:The Company had an active pension plan (the "Plan") covering a portion of its work force until December 31, 2013. The Plan is a defined benefit plan pursuant to which pension payments are based primarily on years of service and employee compensation near retirement. The Plan was closed to new participants and benefits were frozen as of December 31, 2013. As a result, eligible employees retained all of the vested rights as of the effective date of the freeze. While additional benefits no longer accrue, the Company's cumulative obligation continues to be subject to further adjustment due to changes in actuarial assumptions such as expected mortality and changes in interest rates. Net periodic pension costs for the quarterly periods ended September 30, 2021 and 2020 were not material to Old Republic's consolidated statements of income. |
Information About Segments of Business |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About Segments of Business | Information About Segments of Business: Old Republic is engaged in the single business of insurance underwriting and related services. The Company conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments, namely its General Insurance (property and liability insurance), Title Insurance, and the Republic Financial Indemnity Group ("RFIG") Run-off Business. The results of a small life and accident insurance business are included with those of the parent holding company and its internal corporate services subsidiaries. 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 investment gains or losses 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.
Segmented and Consolidated Results:
(a) Segment pretax operating income (loss) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $15.9 and $47.7 compared to $15.4 and $47.6 for the quarters and nine months ended September 30, 2021 and 2020, respectively, and Title - $.4 and $1.4 compared to $.6 and $2.2 for the quarters and nine months ended September 30, 2021 and 2020, respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. (c) Reclassification adjustments were made to certain Title segment revenues and expenses in the quarter and nine months ended September 30, 2020 to conform to the current presentation. See Note 1.
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Commitments and Contingent Liabilities Commitments and Contingent Liabilities |
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Sep. 30, 2021 | |
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, 2021, the Company had no material non-claim litigation exposures in its consolidated business. |
Debt |
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt: Consolidated debt of Old Republic and its subsidiaries is summarized below:
On June 11, 2021, the Company completed a public offering of $650.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.850% per year and mature on June 11, 2051. 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 securities that are classified within Level 2 of the fair value hierarchy as presented below. The Company used an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt securities that were classified within Level 3. The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above:
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Income Taxes |
9 Months Ended |
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Sep. 30, 2021 | |
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. Such differences relate principally to the timing of deductions for loss and premium reserves. As in prior examinations, the Internal Revenue Service ("IRS") could assert that claim reserve deductions were overstated thereby reducing the Company's statutory taxable income in any particular year. The Company believes that it establishes its reserves fairly and consistently at each balance sheet date, and that it would succeed in defending its tax position in these regards. Because of the impact of deferred tax accounting, the possible accelerated payment of tax to the IRS would not necessarily affect the annual effective tax rate. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2018 and subsequent tax years remain open. |
Common Share Data (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.
__________ (a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated 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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Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Estimated Fair Values Of Fixed Maturities | Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Amortized Cost and Estimated Fair Values Of Fixed Maturities By Contractual Maturities |
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Gross Unrealized Losses and Fair Value, Aggregated | The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:
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Equity Securities Reflecting Reported Cost |
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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:
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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.
__________ (a) Investment expenses largely consist of personnel costs and investment management and custody service fees.
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Losses, Claims and Settlement Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Aggregate Reserves for Losses, Claims and Settlement Expenses | The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the periods shown.
Summary of changes in aggregate reserves for claims and related costs:
|
Information About Segments of Business (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting | The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.
Segmented and Consolidated Results:
(a) Segment pretax operating income (loss) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $15.9 and $47.7 compared to $15.4 and $47.6 for the quarters and nine months ended September 30, 2021 and 2020, respectively, and Title - $.4 and $1.4 compared to $.6 and $2.2 for the quarters and nine months ended September 30, 2021 and 2020, respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. (c) Reclassification adjustments were made to certain Title segment revenues and expenses in the quarter and nine months ended September 30, 2020 to conform to the current presentation. See Note 1.
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Consolidated debt of Old Republic and its subsidiaries is summarized below:
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Fair Value, Debt Measured on Recurring Basis | The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above:
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Summary of Significant Accounting Policies Change in Accounting Principle (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
Jan. 01, 2020 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 4,653.3 | $ 4,394.8 | |
Accounting Standards Update 2016-13 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | 21.5 | $ 15.5 | |
Reinsurance Recoverable, Allowance for Credit Loss | $ 16.0 | 14.5 | |
Total credit loss allowance relating to financial assets | 30.1 | ||
Accounting Standards Update 2016-13 | Revision of Prior Period, Accounting Standards Update, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 2.3 |
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Reclassification [Line Items] | ||||
Premiums Earned, Net | $ 1,941.7 | $ 1,622.2 | $ 5,542.5 | $ 4,553.4 |
Title, escrow, and other fees | 113.6 | 110.5 | 339.1 | 278.2 |
Underwriting Acquisition And Other Expenses | $ 1,270.8 | 997.1 | $ 3,601.8 | 2,789.8 |
Revision of Prior Period, Adjustment | ||||
Reclassification [Line Items] | ||||
Premiums Earned, Net | 126.2 | 327.6 | ||
Title, escrow, and other fees | 58.3 | 140.7 | ||
Underwriting Acquisition And Other Expenses | $ 67.9 | $ 186.8 |
Common Share Data (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Earnings Per Share [Abstract] | ||||||
Numerator for basic earnings per share - income (loss) available to common stockholders | $ 88.7 | $ 246.0 | $ 907.3 | $ 38.9 | ||
Numerator for diluted earnings per share - income (loss) available to common stockholders | $ 88.7 | $ 246.0 | $ 907.3 | $ 38.9 | ||
Average shares outstanding: Basic (in shares) | [1] | 301,577,493 | 297,729,418 | 301,247,397 | 298,526,123 | |
Effect of dilutive securities - stock based compensation awards | 1,961,865 | 261,404 | 1,661,091 | 489,403 | ||
Weighted Average Number of Shares Outstanding, Diluted, Total | [1] | 303,539,358 | 297,990,822 | 302,908,488 | 299,015,526 | |
Net income (loss) per share: Basic (in dollars per share) | $ 0.29 | $ 0.83 | $ 3.01 | $ 0.13 | ||
Net income (loss) per share: Diluted (in dollars per share) | $ 0.29 | $ 0.83 | $ 3.00 | $ 0.13 | ||
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 | 8,063,111 | 292,500 | 5,858,669 | ||
|
Investments Fixed Maturity Securities by Type (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
---|---|---|---|
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Available for sale, Fixed maturity securities (amortized cost) | $ 10,136.9 | $ 9,897.6 | |
Available for sale, Fixed maturity securities (estimated fair value) | 10,486.3 | 10,496.8 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0.0 | 0.0 | |
U.S. & Canadian Governments [Member] | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Available for sale, Fixed maturity securities (amortized cost) | 1,952.5 | 1,967.1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 59.2 | 96.4 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 5.7 | 0.3 | |
Available for sale, Fixed maturity securities (estimated fair value) | 2,006.0 | 2,063.2 | |
Tax-exempt [Member] | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Available for sale, Fixed maturity securities (amortized cost) | 956.3 | 997.1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 48.5 | 66.3 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0.0 | 0.0 | |
Available for sale, Fixed maturity securities (estimated fair value) | 1,004.8 | 1,063.5 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 48.5 | ||
Corporate [Member] | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Available for sale, Fixed maturity securities (amortized cost) | 7,228.0 | 6,933.3 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 294.1 | 440.1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 46.8 | 3.4 | |
Available for sale, Fixed maturity securities (estimated fair value) | 7,475.3 | 7,370.0 | |
Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||
Available for sale, Fixed maturity securities (amortized cost) | 10,136.9 | 9,897.6 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 401.9 | 602.9 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 52.5 | 3.8 | |
Available for sale, Fixed maturity securities (estimated fair value) | $ 10,486.3 | $ 10,496.8 |
Investments Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 4,828.0 | $ 4,054.8 |
Available for sale, Fixed maturity securities | 10,486.3 | 10,496.8 |
Short-term investments | 1,102.1 | 749.6 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,102.1 | 749.6 |
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 maturity securities | 2,006.0 | 2,063.2 |
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 maturity securities | 1,277.3 | 1,262.2 |
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 maturity securities | 728.6 | 801.0 |
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 maturity securities | 0.0 | 0.0 |
Tax-exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 1,004.8 | 1,063.5 |
Tax-exempt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 0.0 | 0.0 |
Tax-exempt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 1,004.8 | 1,063.5 |
Tax-exempt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 0.0 | 0.0 |
Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 7,475.3 | 7,370.0 |
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 maturity 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 maturity securities | 7,464.8 | 7,359.5 |
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 maturity securities | 10.5 | 10.5 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 4,828.0 | 4,054.8 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 4,826.1 | 4,052.9 |
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 | $ 1.9 | $ 1.8 |
Investments Net Investment Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Gain (Loss) on Securities [Line Items] | ||||||
Gross investment income | $ 113.2 | $ 107.9 | $ 328.1 | $ 334.5 | ||
Investment expenses | [1] | 1.5 | 1.5 | 4.5 | 5.1 | |
Net investment income | 111.6 | 106.4 | 323.6 | 329.3 | ||
Net realized gains (losses) | (151.6) | 63.7 | 239.6 | (408.0) | ||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (199.3) | 79.2 | 288.1 | (529.4) | ||
Total realized and unrealized investment gains (losses) | (192.6) | 80.7 | 303.7 | (516.7) | ||
Current and deferred income taxes (credits) | (40.9) | 16.9 | 64.0 | (108.7) | ||
Changes in unrealized investment gains (losses) on, fixed maturity securities | (68.8) | 31.6 | (250.9) | 329.3 | ||
Less: Deferred income taxes (credits) | (14.5) | 6.6 | (52.9) | 69.5 | ||
Unrealized Gain (Loss) on Investments | (54.3) | 24.9 | (197.9) | 259.8 | ||
Debt Securities, Available-for-sale, Realized Gain | 1.0 | 6.3 | 2.6 | 10.0 | ||
Debt Securities, Available-for-sale, Realized Loss | 0.1 | 5.6 | 0.7 | 17.9 | ||
Debt Securities, Available-for-sale, Realized Gain (Loss) | 0.8 | 0.6 | 1.9 | (7.8) | ||
Debt and Equity Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 6.6 | 1.4 | 15.6 | 12.7 | ||
Equity Securities [Member] | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Equity securities, gross realized gains | 31.2 | 0.7 | 68.0 | 21.7 | ||
Equity securities, gross realized losses | (25.5) | 0.0 | (54.3) | (1.2) | ||
Equity securities, net realized gains (losses) | 5.7 | 0.7 | 13.6 | 20.5 | ||
Fixed Maturity Securities [Member] | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Changes in unrealized investment gains (losses) on, fixed maturity securities | (68.3) | 31.5 | (249.2) | 325.9 | ||
Less: Deferred income taxes (credits) | (14.4) | 6.6 | (52.6) | 68.7 | ||
Net changes in unrealized investment gains (losses) | (53.9) | 24.8 | (196.6) | 257.1 | ||
Equity securities & other long-term investments [Member] | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Changes in unrealized investment gains (losses) on, fixed maturity securities | (0.4) | 0.1 | (1.6) | 3.4 | ||
Less: Deferred income taxes (credits) | (0.1) | 0.0 | (0.3) | 0.7 | ||
Net changes in unrealized investment gains (losses) | (0.3) | 0.0 | (1.3) | 2.7 | ||
Fixed Maturity Securities [Member] | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Gross investment income | 67.3 | 71.3 | 209.7 | 218.3 | ||
Equity Securities [Member] | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Gross investment income | 45.0 | 36.1 | 116.6 | 111.1 | ||
Short-term Investments [Member] | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Gross investment income | 0.0 | 0.1 | 0.1 | 2.3 | ||
Investments [Member] | ||||||
Gain (Loss) on Securities [Line Items] | ||||||
Gross investment income | $ 0.8 | $ 0.3 | $ 1.6 | $ 2.7 | ||
|
Investments Textuals (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | |||||
Net unrealized gains (losses) on securities, net of tax | $ (54.3) | $ 24.9 | $ (197.9) | $ 259.8 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (199.3) | 79.2 | 288.1 | (529.4) | |
Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held | (178.3) | 78.9 | 245.9 | (520.6) | |
Changes in unrealized investment gains (losses) on, fixed maturity securities | (68.8) | $ 31.6 | (250.9) | $ 329.3 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0.0 | $ 0.0 | $ 0.0 |
Investments Fixed Maturity Securities Stratified by Contractual Maturity (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments [Abstract] | ||
Available for sale, Due in one year or less (amortized cost) | $ 1,142.3 | |
Available for sale, Due after one year through five years (amortized cost) | 5,048.3 | |
Available for sale, Due after five years through ten years (amortized cost) | 3,857.2 | |
Available for sale, Due after ten years (amortized cost) | 89.0 | |
Available for sale, Fixed maturity securities (amortized cost) | 10,136.9 | $ 9,897.6 |
Available for sale, Due in one year or less (estimated fair value) | 1,154.3 | |
Available for sale, Due after one year through five years (estimated fair value) | 5,301.6 | |
Available for sale, Due after five years through ten years (estimated fair value) | 3,941.5 | |
Available for sale, Due after ten years (estimated fair value) | 88.7 | |
Available for sale, Fixed maturity securities (estimated fair value) | $ 10,486.3 | $ 10,496.8 |
Investments Gross Unrealized Losses and Fair Value (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | $ 52.5 | $ 3.8 |
Available for sale, Unrealized Losses, 12 Months or Greater | 0.0 | 0.0 |
Available for sale, Unrealized Losses, Total | 52.5 | 3.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,279.4 | 750.0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0.0 | 0.0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,279.4 | $ 750.0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 355 | 77 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 2 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 353 | 74 |
U.S. & Canadian Governments [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | $ 5.7 | $ 0.3 |
Available for sale, Unrealized Losses, 12 Months or Greater | 0.0 | 0.0 |
Available for sale, Unrealized Losses, Total | 5.7 | 0.3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 482.9 | 416.4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0.0 | 0.0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 482.9 | 416.4 |
Corporate [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | 46.8 | 3.4 |
Available for sale, Unrealized Losses, 12 Months or Greater | 0.0 | 0.0 |
Available for sale, Unrealized Losses, Total | 46.8 | 3.4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,796.4 | 333.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0.0 | 0.0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 1,796.4 | $ 333.6 |
Investments Equity Securities (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities - cost | $ 3,754.7 | $ 3,269.7 |
Equity Securities, FV-NI | 4,828.0 | 4,054.8 |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, gross unrealized gains | 1,185.3 | 1,028.1 |
Equity securities, gross unrealized losses | 112.0 | 243.0 |
Equity securities - cost | $ 3,754.7 | $ 3,269.7 |
Losses, Claims and Settlement Expenses (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 3,650.5 | $ 3,249.7 | ||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Gross reserves at beginning of period | $ 10,671.0 | $ 9,929.5 | ||
Less: reinsurance losses recoverable | 4,155.7 | 3,548.6 | ||
Net reserves at beginning of period | 7,020.4 | 6,679.7 | ||
Provisions for insured events of the current year | 1,944.8 | 1,913.4 | ||
Change in provision for insured events of prior years | (114.4) | (41.4) | ||
Total incurred claims and claim adjustment expenses | 1,830.4 | 1,871.9 | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 546.8 | 513.4 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 1,026.0 | 1,029.8 | ||
Total payments | 1,572.8 | 1,543.2 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 7,278.0 | 7,008.4 | ||
Gross reserves at end of period | 11,433.7 | 10,557.1 | ||
General Insurance | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 6,328.0 | 6,021.3 | ||
Provisions for insured events of the current year | 1,802.9 | 1,787.9 | ||
Change in provision for insured events of prior years | (77.0) | (11.6) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 523.9 | 505.9 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 971.4 | 968.3 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 6,558.5 | 6,323.4 | ||
Title Insurance | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 556.1 | 530.9 | ||
Provisions for insured events of the current year | 118.0 | 80.8 | ||
Change in provision for insured events of prior years | (22.6) | (19.6) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 17.7 | 1.9 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 40.9 | 35.5 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 592.8 | 554.5 | ||
RFIG Run-off | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 127.6 | 118.9 | ||
Provisions for insured events of the current year | 14.8 | 36.2 | ||
Change in provision for insured events of prior years | (11.4) | (7.8) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 0.2 | 0.6 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 12.3 | 23.9 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 118.5 | 122.7 | ||
Other | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | $ 8.6 | $ 8.4 | ||
Provisions for insured events of the current year | 9.0 | 8.3 | ||
Change in provision for insured events of prior years | (3.3) | (2.3) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 4.9 | 4.8 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 1.3 | 1.9 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | $ 8.0 | $ 7.7 |
Information About Segments of Business (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||||||
Segment Reporting Information | ||||||||||||
Premiums Earned, Net | $ 1,941.7 | $ 1,622.2 | $ 5,542.5 | $ 4,553.4 | ||||||||
Consolidated Revenues [Abstract] | ||||||||||||
Consolidated revenues | 2,012.2 | 1,951.7 | [1] | 6,621.0 | 4,742.8 | [1] | ||||||
Title, escrow and other fees | 113.6 | 110.5 | 339.1 | 278.2 | ||||||||
Total premiums and fees | 2,055.4 | 1,732.8 | 5,881.6 | 4,831.6 | ||||||||
Total realized and unrealized investment gains (losses) | (192.6) | 80.7 | 303.7 | (516.7) | ||||||||
Total Operating Revenues | 2,204.9 | 1,871.0 | 6,317.3 | 5,259.5 | ||||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||
Total realized and unrealized investment gains (losses) | (192.6) | 80.7 | 303.7 | (516.7) | ||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||
Income tax expense (credits) | 17.2 | 60.9 | 225.2 | (2.7) | ||||||||
Income tax expense (credits) on consolidated net realized investment gains (losses) | (40.9) | 16.9 | 64.0 | (108.7) | ||||||||
Realized from actual transactions and impairments | 6.6 | 1.4 | 15.6 | 12.7 | ||||||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (199.3) | 79.2 | 288.1 | (529.4) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 106.0 | 306.9 | 1,132.6 | 36.1 | ||||||||
Total Company Segments [Member] | ||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||
Consolidated revenues | 2,188.3 | 1,861.3 | [1] | 6,283.0 | 5,228.6 | [1] | ||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||
Income (loss) before income taxes (credits) | 290.0 | 217.4 | 809.3 | 525.0 | ||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||
Income tax expense (credits) | 60.5 | 42.9 | 164.8 | 102.7 | ||||||||
Consolidation elimination adjustments [Member] | ||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||
Consolidated revenues | (33.6) | (26.7) | (87.7) | (81.7) | ||||||||
General Insurance Group [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Premiums Earned, Net | 902.8 | 861.9 | 2,629.2 | 2,532.8 | ||||||||
Income (loss) before income taxes (credits) and realized investment gains or losses | [2] | 145.8 | 109.7 | 410.0 | 305.1 | |||||||
Consolidated Revenues [Abstract] | ||||||||||||
Net investment income and other income | 121.7 | 117.3 | 367.4 | 362.1 | ||||||||
Total Operating Revenues | 1,024.6 | 979.3 | 2,996.7 | 2,895.0 | ||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||
Income tax expense (credits) | 29.0 | 20.5 | 79.9 | 56.9 | ||||||||
Interest charges on intercompany financing arrangements | 15.9 | 15.4 | 47.7 | 47.6 | ||||||||
Title Insurance | ||||||||||||
Segment Reporting Information | ||||||||||||
Premiums Earned, Net | 1,028.5 | 746.5 | [1] | 2,879.6 | 1,976.3 | [1] | ||||||
Income (loss) before income taxes (credits) and realized investment gains or losses | [2] | 135.7 | 103.1 | 378.3 | 211.9 | |||||||
Consolidated Revenues [Abstract] | ||||||||||||
Title, escrow and other fees | 113.6 | 110.5 | [1] | 339.1 | 278.2 | [1] | ||||||
Total premiums and fees | 1,142.1 | 857.0 | [1] | 3,218.7 | 2,254.5 | [1] | ||||||
Net investment income and other income | 11.2 | 10.5 | 33.3 | 32.1 | ||||||||
Total Operating Revenues | 1,153.3 | 867.6 | [1] | 3,252.0 | 2,286.6 | [1] | ||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||
Income tax expense (credits) | 29.8 | 21.5 | 80.8 | 44.4 | ||||||||
Interest charges on intercompany financing arrangements | 0.4 | 0.6 | 1.4 | 2.2 | ||||||||
RFIG Run-off Business [Member] | ||||||||||||
Segment Reporting Information | ||||||||||||
Premiums Earned, Net | 7.7 | 10.8 | 25.4 | 35.1 | ||||||||
Income (loss) before income taxes (credits) and realized investment gains or losses | 8.4 | 4.5 | 20.9 | 8.0 | ||||||||
Consolidated Revenues [Abstract] | ||||||||||||
Net investment income and other income | 2.6 | 3.4 | 8.7 | 11.8 | ||||||||
Total Operating Revenues | 10.3 | 14.3 | 34.2 | 46.9 | ||||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||
Income tax expense (credits) | 1.6 | 0.8 | 4.0 | 1.2 | ||||||||
Other sources - net [Member] | ||||||||||||
Consolidated Revenues [Abstract] | ||||||||||||
Consolidated revenues | [3] | 50.1 | 36.4 | 122.0 | 112.6 | |||||||
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||||||||||||
Income (loss) before income taxes (credits) | [3] | 8.6 | 8.7 | 19.5 | 27.8 | |||||||
Consolidated Income Tax Expense (Credits) [Abstract] | ||||||||||||
Income tax expense (credits) | [3] | $ (2.3) | $ 0.9 | $ (3.6) | $ 3.2 | |||||||
|
Information About Segments of Business Textuals (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
segment
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Segment Reporting Information | |||||
Number of major segments | segment | 3 | ||||
Assets | $ 24,989.9 | $ 24,989.9 | $ 22,815.2 | ||
General Insurance Group [Member] | |||||
Segment Reporting Information | |||||
Interest charges on intercompany financing arrangements | 15.9 | $ 15.4 | 47.7 | $ 47.6 | |
Assets | 20,562.5 | 20,562.5 | 19,226.1 | ||
Title Insurance | |||||
Segment Reporting Information | |||||
Interest charges on intercompany financing arrangements | 0.4 | $ 0.6 | 1.4 | $ 2.2 | |
Assets | 2,118.1 | 2,118.1 | 1,920.9 | ||
RFIG Run-off Business [Member] | |||||
Segment Reporting Information | |||||
Assets | $ 524.7 | $ 524.7 | $ 582.9 |
Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Segment Reporting, Asset Reconciling Item | ||||
Assets | $ 24,989.9 | $ 22,815.2 | ||
Total Company Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 23,205.4 | 21,730.0 | ||
Intersegment Elimination [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | (218.2) | (233.0) | ||
General Insurance Group [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 20,562.5 | 19,226.1 | ||
Title Insurance | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 2,118.1 | 1,920.9 | ||
RFIG Run-off Business [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 524.7 | 582.9 | ||
All Other Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | [1] | $ 2,002.6 | $ 1,318.2 | |
|
Debt (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||
Fair value | $ 1,763.5 | $ 1,113.6 |
Debt and Lease Obligation | 1,588.2 | 966.4 |
Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Fair value | 444.5 | 457.7 |
Debt and Lease Obligation | $ 398.3 | $ 397.9 |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% |
Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fair value | $ 609.5 | $ 634.1 |
Debt and Lease Obligation | $ 547.2 | $ 546.8 |
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% |
Debt [Member] | ||
Debt Instrument [Line Items] | ||
Fair value | $ 0.0 | $ 21.7 |
Debt and Lease Obligation | 0.0 | 21.7 |
Senior Notes Due 2051 | ||
Debt Instrument [Line Items] | ||
Debt | 650.0 | |
Fair value | 709.3 | 0.0 |
Debt and Lease Obligation | $ 642.6 | $ 0.0 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Debt Instrument, Face Amount | $ 650.0 | |
Debt and Lease Obligation [Abstract] | ||
Debt Instrument, Maturity Date | Jun. 11, 2051 |
Debt Financial Liabilities Disclosed, but not Carried, at Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,588.2 | $ 966.4 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 1,763.5 | 1,113.6 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 0.0 | 0.0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 1,763.5 | 1,091.9 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 0.0 | 21.7 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,588.2 | $ 966.4 |
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