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 / March 31, 2022 | ||||||||
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 - 17 | |||||||
MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS | 18 - 40 | |||||||
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK | 41 | |||||||
CONTROLS AND PROCEDURES | 41 | |||||||
PART II | OTHER INFORMATION: | |||||||
ITEM 1 - LEGAL PROCEEDINGS | 42 | |||||||
ITEM 1A - RISK FACTORS | 42 | |||||||
ITEM 6 - EXHIBITS | 42 | |||||||
SIGNATURE | 43 | |||||||
EXHIBIT INDEX | 44 |
Old Republic International Corporation and Subsidiaries | |||||||||||
Consolidated Balance Sheets | |||||||||||
($ in Millions, Except Share Data) | |||||||||||
(Unaudited) | |||||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Investments: | |||||||||||
Available for sale: | |||||||||||
Fixed income securities (at fair value) (amortized cost: $11,007.8 and $10,438.6) | $ | $ | |||||||||
Short-term investments (at fair value which approximates cost) | |||||||||||
Total | |||||||||||
Equity securities (at fair value) (cost: $3,356.3 and $3,766.5) | |||||||||||
Other investments | |||||||||||
Total Investments | |||||||||||
Other Assets: | |||||||||||
Cash | |||||||||||
Accrued investment income | |||||||||||
Accounts and notes receivable | |||||||||||
Federal income tax recoverable: Current | |||||||||||
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 | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Net premiums earned | $ | $ | |||||||||
Title, escrow, and other fees | |||||||||||
Total premiums and fees | |||||||||||
Net investment income | |||||||||||
Other income | |||||||||||
Total operating revenues | |||||||||||
Net 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 | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net Income (Loss) As Reported | $ | $ | |||||||||
Other comprehensive income (loss): | |||||||||||
Unrealized gains (losses) on securities not included | |||||||||||
in the statements of income: | |||||||||||
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 not | |||||||||||
included in the statements of income | ( | ( | |||||||||
Deferred income taxes (credits) | ( | ( | |||||||||
Net unrealized gains (losses) on securities not included | |||||||||||
in the statements of income, 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 | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
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 | |||||||||||
Balance, end of period | $ | $ | |||||||||
Retained Earnings: | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Net income (loss) | |||||||||||
Dividends on common shares ($.23 and $.22 per common share) | ( | ( | |||||||||
Balance, end of period | $ | $ | |||||||||
Accumulated Other Comprehensive Income (Loss): | |||||||||||
Balance, beginning of period | $ | $ | |||||||||
Net unrealized gains (losses) on securities not included in the | |||||||||||
statements of income, 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 | |||||||||||
Balance, end of period | $ | ( | $ | ( | |||||||
Old Republic International Corporation and Subsidiaries | ||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||
($ in Millions) | ||||||||||||||
Quarters Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
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 and funds | ||||||||||||||
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 income securities: | ||||||||||||||
Maturities and early calls | ||||||||||||||
Sales | ||||||||||||||
Sales of: | ||||||||||||||
Equity securities | ||||||||||||||
Other - net | ||||||||||||||
Purchases of: | ||||||||||||||
Fixed income securities | ( | ( | ||||||||||||
Equity securities | ( | ( | ||||||||||||
Other - net | ( | ( | ||||||||||||
Net decrease (increase) in short-term investments | ( | |||||||||||||
Other - net | ( | |||||||||||||
Total | ( | |||||||||||||
Cash flows from financing activities: | ||||||||||||||
Issuance of common shares | ||||||||||||||
Redemption of debentures and notes | ( | |||||||||||||
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) |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Fixed Income Securities by Type: | |||||||||||||||||||||||
March 31, 2022: | |||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | |||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
December 31, 2021: | |||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | |||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
$ | $ | $ | $ |
Amortized Cost | Estimated Fair Value | ||||||||||
Fixed Income Securities Stratified by Contractual Maturity at March 31, 2022: | |||||||||||
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 | ||||||||||||||||||||||||||||||
March 31, 2022: | |||||||||||||||||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Number of securities in | |||||||||||||||||||||||||||||||||||
unrealized loss position | |||||||||||||||||||||||||||||||||||
December 31, 2021: | |||||||||||||||||||||||||||||||||||
Fixed Income 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 | ||||||||||||||||||||
March 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2021 | $ | $ | $ | $ |
Fair Value Measurements | ||||||||||||||||||||||||||
As of March 31, 2022: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | ||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
As of December 31, 2021: | ||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||
U.S. & Canadian Governments | $ | $ | $ | $ | ||||||||||||||||||||||
Tax-exempt | ||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ |
Quarters Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Investment income: | |||||||||||
Fixed income securities | $ | $ | |||||||||
Equity securities | |||||||||||
Short-term investments | |||||||||||
Other sources | |||||||||||
Gross investment income | |||||||||||
Investment expenses (a) | |||||||||||
Net investment income | $ | $ | |||||||||
Net investment gains (losses): | |||||||||||
Realized from actual transactions: | |||||||||||
Fixed income securities: | |||||||||||
Gains | $ | $ | |||||||||
Losses | ( | ( | |||||||||
Net | ( | ||||||||||
Equity securities: | |||||||||||
Gains | |||||||||||
Losses | ( | ( | |||||||||
Net | |||||||||||
Total realized 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 income securities | $ | ( | $ | ( | |||||||
Less: Deferred income taxes (credits) | ( | ( | |||||||||
( | ( | ||||||||||
Other investments | ( | ( | |||||||||
Less: Deferred income taxes (credits) | ( | ( | |||||||||
( | ( | ||||||||||
Net changes in unrealized investment gains (losses), | |||||||||||
net of tax | $ | ( | $ | ( |
Quarters Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
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 | $ | $ |
Quarters Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
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 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
March 31, 2022 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2021 | $ | $ | $ | $ | $ |
Quarters Ended | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
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 | $ | $ | |||||||||
Title, escrow and other fees | |||||||||||
Sub-total | |||||||||||
Net investment income and other income | |||||||||||
Total revenues excluding investment gains (losses) | $ | $ | |||||||||
Segment pretax operating income (loss) (a) | $ | $ | |||||||||
Income tax expense (credits) | $ | $ | |||||||||
RFIG Run-off: | |||||||||||
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 | $ | $ | |||||||||
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 | $ | $ | |||||||||
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) | $ | $ | |||||||||
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) | $ | $ | |||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Consolidated Assets: | |||||||||||
General Insurance | $ | $ | |||||||||
Title Insurance | |||||||||||
RFIG Run-off | |||||||||||
Total assets of company segments | |||||||||||
Other assets (b) | |||||||||||
Consolidation elimination adjustments | ( | ( | |||||||||
Consolidated assets | $ | $ | |||||||||
OVERVIEW |
EXECUTIVE SUMMARY |
OVERALL RESULTS | ||||||||||||||||||||
Quarters Ended March 31, | ||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Pretax income (loss) | $ | 382.6 | $ | 630.6 | ||||||||||||||||
Pretax investment gains (losses) | 145.1 | 375.4 | ||||||||||||||||||
Pretax income (loss) excluding investment gains (losses) | $ | 237.5 | $ | 255.1 | -6.9 | % | ||||||||||||||
Net income (loss) | $ | 306.3 | $ | 502.1 | ||||||||||||||||
Net of tax investment gains (losses) | 114.5 | 295.7 | ||||||||||||||||||
Net income (loss) excluding investment gains (losses) | $ | 191.7 | $ | 206.3 | -7.0 | % | ||||||||||||||
PER DILUTED SHARE | ||||||||||||||||||||
Quarters Ended March 31, | ||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Net income (loss) | $ | 1.00 | $ | 1.68 | ||||||||||||||||
Net of tax investment gains (losses) | .37 | .99 | ||||||||||||||||||
Net income (loss) excluding investment gains (losses) | $ | .63 | $ | .69 | -8.7 | % | ||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||
March 31, | Dec. 31, | |||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Total | $ | 6,750.1 | $ | 6,893.2 | -2.1 | % | ||||||||||||||
Per Common Share | $ | 22.23 | $ | 22.76 | -2.3 | % |
FINANCIAL HIGHLIGHTS | |||||||||||||||||
Quarters Ended March 31, | |||||||||||||||||
SUMMARY INCOME STATEMENTS: | 2022 | 2021 | % Change | ||||||||||||||
Revenues: | |||||||||||||||||
Net premiums and fees earned | $ | 1,919.0 | $ | 1,838.9 | 4.4 | % | |||||||||||
Net investment income | 106.2 | 104.3 | 1.8 | ||||||||||||||
Other income | 36.2 | 36.3 | -0.1 | ||||||||||||||
Total operating revenues | 2,061.5 | 1,979.6 | 4.1 | ||||||||||||||
Investment gains (losses): | |||||||||||||||||
Realized from actual transactions | 65.2 | 7.8 | |||||||||||||||
Unrealized from changes in fair value of equity securities | 79.8 | 367.5 | |||||||||||||||
Total investment gains (losses) | 145.1 | 375.4 | |||||||||||||||
Total revenues | 2,206.6 | 2,355.0 | |||||||||||||||
Operating expenses: | |||||||||||||||||
Claim costs | 607.9 | 603.4 | 0.8 | ||||||||||||||
Sales and general expenses | 1,199.0 | 1,110.3 | 8.0 | ||||||||||||||
Interest and other charges | 16.9 | 10.6 | 59.0 | ||||||||||||||
Total operating expenses | 1,823.9 | 1,724.4 | 5.8 | % | |||||||||||||
Pretax income (loss) | 382.6 | 630.6 | |||||||||||||||
Income taxes (credits) | 76.3 | 128.5 | |||||||||||||||
Net income (loss) | $ | 306.3 | $ | 502.1 | |||||||||||||
COMMON STOCK STATISTICS: | |||||||||||||||||
Components of net income (loss) per share: | |||||||||||||||||
Basic net income (loss) excluding investment gains (losses) | $ | 0.63 | $ | 0.69 | -8.7 | % | |||||||||||
Net investment gains (losses): | |||||||||||||||||
Realized from actual transactions | 0.17 | 0.02 | |||||||||||||||
Unrealized from changes in fair value of equity securities | 0.21 | 0.97 | |||||||||||||||
Basic net income (loss) | $ | 1.01 | $ | 1.68 | |||||||||||||
Diluted net income (loss) excluding investment gains (losses) | $ | 0.63 | $ | 0.69 | -8.7 | % | |||||||||||
Net investment gains (losses): | |||||||||||||||||
Realized from actual transactions | 0.17 | 0.02 | |||||||||||||||
Unrealized from changes in fair value of equity securities | 0.20 | 0.97 | |||||||||||||||
Diluted net income (loss) | $ | 1.00 | $ | 1.68 | |||||||||||||
Cash dividends on common stock | $ | 0.23 | $ | 0.22 | |||||||||||||
Book value per share | $ | 22.23 | $ | 21.59 | 3.0 | % | |||||||||||
Sources of Consolidated Income (Loss) | |||||||||||||||||
Quarters Ended March 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
A. Net premiums, fees, and other income: | |||||||||||||||||
General insurance | $ | 910.9 | $ | 859.1 | 6.0 | % | |||||||||||
Title insurance | 998.9 | 967.7 | 3.2 | ||||||||||||||
Corporate & other | 2.4 | 2.8 | -13.3 | ||||||||||||||
Other income | 36.2 | 36.3 | -0.1 | ||||||||||||||
Subtotal | 1,948.7 | 1,866.0 | 4.4 | ||||||||||||||
RFIG run-off | 6.5 | 9.2 | -29.0 | ||||||||||||||
Consolidated | $ | 1,955.2 | $ | 1,875.2 | 4.3 | % | |||||||||||
B. Underwriting and related services income (loss): | |||||||||||||||||
General insurance | $ | 76.3 | $ | 71.9 | 6.2 | % | |||||||||||
Title insurance | 70.2 | 93.8 | -25.2 | ||||||||||||||
Corporate & other | (6.1) | (6.0) | -0.4 | ||||||||||||||
Subtotal | 140.4 | 159.7 | -12.0 | ||||||||||||||
RFIG run-off | 7.7 | 1.7 | N/M | ||||||||||||||
Consolidated | $ | 148.2 | $ | 161.4 | -8.2 | % | |||||||||||
C. Consolidated underwriting ratio: | |||||||||||||||||
Claim ratio: | |||||||||||||||||
Current year | 34.1 | % | 34.6 | % | |||||||||||||
Prior years | (2.4) | (1.8) | |||||||||||||||
Total | 31.7 | 32.8 | |||||||||||||||
Expense ratio | 60.2 | 58.1 | |||||||||||||||
Combined ratio | 91.9 | % | 90.9 | % | |||||||||||||
D. Net investment income: | |||||||||||||||||
General insurance | $ | 82.4 | $ | 84.8 | -2.8 | % | |||||||||||
Title insurance | 11.3 | 10.5 | 7.6 | ||||||||||||||
Corporate & other | 10.4 | 5.7 | 81.8 | ||||||||||||||
Subtotal | 104.2 | 101.1 | 3.1 | ||||||||||||||
RFIG run-off | 2.0 | 3.2 | -36.2 | ||||||||||||||
Consolidated | $ | 106.2 | $ | 104.3 | 1.8 | % | |||||||||||
E. Interest and other charges (credits): | |||||||||||||||||
General insurance | $ | 16.3 | $ | 16.0 | |||||||||||||
Title insurance | 0.5 | 0.6 | |||||||||||||||
Corporate & other (a) | — | (5.9) | |||||||||||||||
Subtotal | 16.9 | 10.6 | |||||||||||||||
RFIG run-off | — | — | |||||||||||||||
Consolidated | $ | 16.9 | $ | 10.6 | 59.0 | % | |||||||||||
F. Segmented and consolidated pretax income (loss) | |||||||||||||||||
excluding investment gains (losses)(B+D-E): | |||||||||||||||||
General insurance | $ | 142.5 | $ | 140.8 | 1.2 | % | |||||||||||
Title insurance | 80.9 | 103.7 | -21.9 | ||||||||||||||
Corporate & other | 4.2 | 5.6 | -24.6 | ||||||||||||||
Subtotal | 227.7 | 250.1 | -9.0 | ||||||||||||||
RFIG run-off | 9.7 | 4.9 | 97.0 | ||||||||||||||
Consolidated | 237.5 | 255.1 | -6.9 | % | |||||||||||||
Income taxes (credits) on above (b) | 45.7 | 48.8 | |||||||||||||||
G. Net income (loss) excluding | |||||||||||||||||
investment gains (losses) | 191.7 | 206.3 | -7.0 | % | |||||||||||||
H. Consolidated pretax investment gains (losses): | |||||||||||||||||
Realized from actual transactions | 65.2 | 7.8 | |||||||||||||||
Unrealized from changes in | |||||||||||||||||
fair value of equity securities | 79.8 | 367.5 | |||||||||||||||
Total | 145.1 | 375.4 | |||||||||||||||
Income taxes (credits) on above | 30.5 | 79.6 | |||||||||||||||
Net of tax investment gains (losses) | 114.5 | 295.7 | |||||||||||||||
I. Net income (loss) | $ | 306.3 | $ | 502.1 | |||||||||||||
J. Consolidated operating cash flow | $ | 278.4 | $ | 296.0 | |||||||||||||
General Insurance Segment Results | ||
General Insurance | |||||||||||||||||
Summary Operating Results | |||||||||||||||||
Quarters Ended March 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Net premiums written | $ | 960.8 | $ | 871.2 | 10.3 | % | |||||||||||
Net premiums earned | 910.9 | 859.1 | 6.0 | ||||||||||||||
Net investment income | 82.4 | 84.8 | -2.8 | ||||||||||||||
Other income | 35.9 | 36.0 | -0.2 | ||||||||||||||
Operating revenues | 1,029.4 | 980.0 | 5.0 | ||||||||||||||
Claim costs | 582.2 | 567.3 | 2.6 | ||||||||||||||
Sales and general expenses | 288.3 | 255.8 | 12.7 | ||||||||||||||
Interest and other charges | 16.3 | 16.0 | 2.0 | ||||||||||||||
Operating expenses | 886.9 | 839.2 | 5.7 | ||||||||||||||
Segment pretax operating income (loss) | $ | 142.5 | $ | 140.8 | 1.2 | % | |||||||||||
Claim ratio | 63.9 | % | 66.0 | % | |||||||||||||
Expense ratio | 27.7 | 25.6 | |||||||||||||||
Combined ratio | 91.6 | % | 91.6 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
2021 | 64.8 | % | (3.8) | % | 68.6 | % | |||||||||||||||||||||||||||||
1st Quarter 2021 | 66.0 | % | (2.7) | % | 68.7 | % | |||||||||||||||||||||||||||||
1st Quarter 2022 | 63.9 | % | (3.2) | % | 67.1 | % |
Title Insurance Segment Results | ||
Title Insurance | |||||||||||||||||
Summary Operating Results | |||||||||||||||||
Quarters Ended March 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Net premiums and fees earned | $ | 998.9 | $ | 967.7 | 3.2 | % | |||||||||||
Net investment income | 11.3 | 10.5 | 7.6 | ||||||||||||||
Other income | 0.2 | 0.2 | -5.9 | ||||||||||||||
Operating revenues | 1,010.5 | 978.4 | 3.3 | ||||||||||||||
Claim costs | 29.3 | 29.2 | 0.3 | ||||||||||||||
Sales and general expenses | 899.6 | 844.8 | 6.5 | ||||||||||||||
Interest and other charges | 0.5 | 0.6 | -16.0 | ||||||||||||||
Operating expenses | 929.5 | 874.7 | 6.3 | ||||||||||||||
Segment pretax operating income (loss) | $ | 80.9 | $ | 103.7 | -21.9 | % | |||||||||||
Claim ratio | 2.9 | % | 3.0 | % | |||||||||||||
Expense ratio | 90.0 | 87.3 | |||||||||||||||
Combined ratio | 92.9 | % | 90.3 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
2021 | 2.6 | % | (1.0) | % | 3.6 | % | |||||||||||||||||||||||||||||
1st Quarter 2021 | 3.0 | % | (0.6) | % | 3.6 | % | |||||||||||||||||||||||||||||
1st Quarter 2022 | 2.9 | % | (0.6) | % | 3.5 | % |
RFIG Run-off Segment Results | ||
RFIG Run-off | |||||||||||||||||
Summary Operating Results | |||||||||||||||||
Quarters Ended March 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Mortgage Insurance (MI) | |||||||||||||||||
Net premiums earned | $ | 6.5 | $ | 9.2 | -29.0 | % | |||||||||||
Net investment income | 2.0 | 3.2 | -36.2 | ||||||||||||||
Claim costs | (4.2) | 4.3 | N/M | ||||||||||||||
MI pretax operating income (loss) | $ | 9.7 | $ | 4.9 | 97.0 | % | |||||||||||
Claim ratio | -64.8 | % | 46.5 | % | |||||||||||||
Expense ratio | 46.8 | 34.5 | |||||||||||||||
Combined ratio | -18.0 | % | 81.0 | % |
Effect of Prior Periods' | |||||||||||||||||||||||||||||||||||
(Favorable)/ | Claim Ratio Excluding | ||||||||||||||||||||||||||||||||||
Reported | Unfavorable Claim | Prior Periods' Claim | |||||||||||||||||||||||||||||||||
Claim Ratio | Reserves Development | Reserves Development | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
2021 | (5.3) | % | (67.5) | % | 62.2 | % | |||||||||||||||||||||||||||||
1st Quarter 2021 | 46.5 | % | (13.5) | % | 60.0 | % | |||||||||||||||||||||||||||||
1st Quarter 2022 | (64.8) | % | (131.1) | % | 66.3 | % |
Corporate & Other Operating Results | ||
Corporate & Other | ||||||||||||||||||||
Summary Operating Results | ||||||||||||||||||||
Quarters Ended March 31, | ||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Net life and accident premiums earned | $ | 2.4 | $ | 2.8 | -13.3 | % | ||||||||||||||
Net investment income | 10.4 | 5.7 | 81.8 | |||||||||||||||||
Other operating income | — | — | — | |||||||||||||||||
Operating revenues | 12.9 | 8.5 | 50.8 | |||||||||||||||||
Claim costs | 0.6 | 2.4 | -75.0 | |||||||||||||||||
Insurance expenses | 0.9 | 0.8 | 8.7 | |||||||||||||||||
Corporate, interest and other expenses - net | 7.1 | (0.3) | N/M | |||||||||||||||||
Operating expenses | 8.6 | 2.9 | 196.8 | |||||||||||||||||
Corporate & other pretax operating income (loss) | $ | 4.2 | $ | 5.6 | -24.6 | % |
Summary Consolidated Balance Sheet | ||
March 31, | December 31, | March 31, | |||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Assets: | |||||||||||||||||
Cash and fixed income securities | $ | 11,571.2 | $ | 11,399.6 | $ | 11,177.3 | |||||||||||
Equity securities | 4,972.4 | 5,302.8 | 4,271.3 | ||||||||||||||
Other invested assets | 120.6 | 116.5 | 116.1 | ||||||||||||||
Cash and invested assets | 16,664.3 | 16,818.9 | 15,564.7 | ||||||||||||||
Accounts and premiums receivable | 1,861.8 | 1,768.7 | 1,626.6 | ||||||||||||||
Federal income tax recoverable: Current | — | 11.8 | — | ||||||||||||||
Reinsurance balances recoverable | 5,066.9 | 4,943.4 | 4,477.2 | ||||||||||||||
Deferred policy acquisition costs | 358.9 | 350.4 | 334.9 | ||||||||||||||
Sundry assets | 1,166.6 | 1,088.4 | 1,045.6 | ||||||||||||||
Total assets | $ | 25,118.8 | $ | 24,981.8 | $ | 23,049.3 | |||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||
Policy liabilities | $ | 2,869.7 | $ | 2,752.0 | $ | 2,641.2 | |||||||||||
Claim reserves | 11,569.1 | 11,425.5 | 10,853.3 | ||||||||||||||
Federal income tax payable: Current | 46.1 | — | 36.9 | ||||||||||||||
Deferred | 157.2 | 249.5 | 165.0 | ||||||||||||||
Reinsurance balances and funds | 1,002.1 | 866.0 | 793.5 | ||||||||||||||
Debt | 1,594.2 | 1,588.5 | 947.2 | ||||||||||||||
Sundry liabilities | 1,130.1 | 1,206.9 | 1,160.1 | ||||||||||||||
Total liabilities | 18,368.6 | 18,088.6 | 16,597.4 | ||||||||||||||
Shareholders' equity | 6,750.1 | 6,893.2 | 6,451.8 | ||||||||||||||
Total liabilities and shareholders' equity | $ | 25,118.8 | $ | 24,981.8 | $ | 23,049.3 |
Cash, Invested Assets, and Shareholders' Equity | ||
Cash, Invested Assets, and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
% Change | ||||||||||||||||||||||||||||||||||||||
March 31, | Dec. 31, | March 31, | March '22/ | March '22/ | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2021 | Dec. '21 | March '21 | ||||||||||||||||||||||||||||||||||
Cash and invested assets: | ||||||||||||||||||||||||||||||||||||||
Fixed income securities, cash and other invested assets | $ | 11,691.9 | $ | 11,516.1 | $ | 11,293.4 | 1.5 | % | 3.5 | % | ||||||||||||||||||||||||||||
Equity securities | 4,972.4 | 5,302.8 | 4,271.3 | -6.2 | 16.4 | |||||||||||||||||||||||||||||||||
Total per balance sheet | $ | 16,664.3 | $ | 16,818.9 | $ | 15,564.7 | -0.9 | % | 7.1 | % | ||||||||||||||||||||||||||||
Total at cost for all | $ | 15,320.0 | $ | 15,045.8 | $ | 14,054.8 | 1.8 | % | 9.0 | % | ||||||||||||||||||||||||||||
Composition of shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||
Equity before items below | $ | 19.09 | $ | 18.50 | $ | 18.22 | 3.2 | % | 4.8 | % | ||||||||||||||||||||||||||||
Unrealized investment gains (losses) and other | ||||||||||||||||||||||||||||||||||||||
accumulated comprehensive income (loss) | 3.14 | 4.26 | 3.37 | |||||||||||||||||||||||||||||||||||
Total | $ | 22.23 | $ | 22.76 | $ | 21.59 | -2.3 | % | 3.0 | % | ||||||||||||||||||||||||||||
Segmented composition of | ||||||||||||||||||||||||||||||||||||||
shareholders' equity per share: | ||||||||||||||||||||||||||||||||||||||
Excluding RFIG run-off segment | $ | 21.06 | $ | 21.47 | $ | 20.13 | -1.9 | % | 4.6 | % | ||||||||||||||||||||||||||||
RFIG run-off segment | 1.17 | 1.29 | 1.46 | |||||||||||||||||||||||||||||||||||
Consolidated total | $ | 22.23 | $ | 22.76 | $ | 21.59 | -2.3 | % | 3.0 | % |
Shareholders' Equity | |||||||||||
Per Share | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | 22.76 | $ | 20.75 | |||||||
Changes in shareholders' equity: | |||||||||||
Net income (loss) excluding net investment gains (losses) | 0.63 | 0.69 | |||||||||
Net of tax realized investment gains (losses) | 0.17 | 0.02 | |||||||||
Net of tax unrealized investment gains (losses): | |||||||||||
Fixed income securities | (1.33) | (0.64) | |||||||||
Equity securities | 0.21 | 0.97 | |||||||||
Total net of tax realized and unrealized | |||||||||||
investment gains (losses) | (0.95) | 0.35 | |||||||||
Cash dividends | (0.23) | (0.22) | |||||||||
Other | 0.02 | 0.02 | |||||||||
Net change | (0.53) | 0.84 | |||||||||
Ending balance | $ | 22.23 | $ | 21.59 | |||||||
Percentage change for the period | -2.3 | % | 4.0 | % |
Capitalization | ||
Capitalization | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2022 | 2021 | 2021 | |||||||||||||||
Debt: | |||||||||||||||||
4.875% Senior Notes due 2024 | $ | 398.6 | $ | 398.4 | $ | 398.0 | |||||||||||
3.875% Senior Notes due 2026 | 547.5 | 547.3 | 546.9 | ||||||||||||||
3.850% Senior Notes due 2051 | 642.7 | 642.6 | — | ||||||||||||||
Other miscellaneous debt | 5.3 | — | 2.2 | ||||||||||||||
Total debt | 1,594.2 | 1,588.5 | 947.2 | ||||||||||||||
Common shareholders' equity | 6,750.1 | 6,893.2 | 6,451.8 | ||||||||||||||
Total capitalization | $ | 8,344.3 | $ | 8,481.7 | $ | 7,399.0 | |||||||||||
Capitalization ratios: | |||||||||||||||||
Debt | 19.1 | % | 18.7 | % | 12.8 | % | |||||||||||
Common shareholders' equity | 80.9 | 81.3 | 87.2 | ||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
DETAILED MANAGEMENT ANALYSIS |
RESULTS OF OPERATIONS |
Consolidated Overview |
Premiums & Fees |
Net Earned Premiums and Fees | |||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate & Other | Total | % Change from prior period | ||||||||||||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
2021 | 3,555.5 | 4,404.3 | 32.6 | 11.0 | 8,003.6 | 18.8 | |||||||||||||||||||||||||||||
Quarters Ended March 31: | |||||||||||||||||||||||||||||||||||
2021 | 859.1 | 967.7 | 9.2 | 2.8 | 1,838.9 | 17.9 | |||||||||||||||||||||||||||||
2022 | $ | 910.9 | $ | 998.9 | $ | 6.5 | $ | 2.4 | $ | 1,919.0 | 4.4 | % | |||||||||||||||||||||||
Net Investment Income |
Invested Assets at Cost | Fair Value Adjust- ment | Invested Assets at Fair Value | |||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate & Other | Total | |||||||||||||||||||||||||||||||||||||
As of December 31: | |||||||||||||||||||||||||||||||||||||||||
2020 | $ | 10,987.8 | $ | 1,328.4 | $ | 545.1 | $ | 1,083.8 | $ | 13,945.2 | $ | 1,384.9 | $ | 15,330.1 | |||||||||||||||||||||||||||
2021 | 11,379.7 | 1,569.2 | 459.0 | 1,394.8 | 14,802.9 | 1,773.4 | 16,576.3 | ||||||||||||||||||||||||||||||||||
As of March 31: | |||||||||||||||||||||||||||||||||||||||||
2021 | 11,133.6 | 1,388.0 | 525.5 | 796.6 | 13,843.7 | 1,510.3 | 15,354.1 | ||||||||||||||||||||||||||||||||||
2022 | $ | 11,551.1 | $ | 1,585.3 | $ | 473.2 | $ | 1,527.1 | $ | 15,136.9 | $ | 1,343.4 | $ |
Net Investment Income | Yield at | ||||||||||||||||||||||||||||||||||||||||
General | Title | RFIG Run-off | Corporate & Other | Total | Cost | Fair Value | |||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
2021 | 342.4 | 43.8 | 11.4 | 36.5 | 434.3 | 3.02 | 2.72 | ||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||
March 31: | |||||||||||||||||||||||||||||||||||||||||
2021 | 84.8 | 10.5 | 3.2 | 5.7 | 3.00 | 2.72 | |||||||||||||||||||||||||||||||||||
2022 | $ | 82.4 | $ | 11.3 | $ | 2.0 | $ | 10.4 | $ | 2.84 | % | 2.57 | % | ||||||||||||||||||||||||||||
Benefits and Claims |
Claim and Loss Adjustment Expense Reserves | ||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||||||||||
Workers' compensation | $ | 4,851.8 | $ | 2,949.0 | $ | 4,893.0 | $ | 2,955.6 | ||||||||||||||||||||||||
General liability | 1,347.0 | 631.9 | 1,324.4 | 630.7 | ||||||||||||||||||||||||||||
Commercial automobile (mostly trucking) | 2,921.8 | 1,762.7 | 2,850.0 | 1,736.5 | ||||||||||||||||||||||||||||
Other coverages | 1,441.1 | 1,038.0 | 1,355.5 | 979.3 | ||||||||||||||||||||||||||||
Unallocated loss adjustment expense reserves | 289.7 | 289.3 | 285.2 | 284.8 | ||||||||||||||||||||||||||||
Total general insurance reserves | 10,851.6 | 6,671.1 | 10,708.4 | 6,587.0 | ||||||||||||||||||||||||||||
Title | 602.9 | 602.9 | 594.2 | 594.2 | ||||||||||||||||||||||||||||
RFIG Run-off | 103.5 | 103.5 | 111.2 | 111.2 | ||||||||||||||||||||||||||||
Life and accident | 10.9 | 7.2 | 11.6 | 7.6 | ||||||||||||||||||||||||||||
Total claim and loss adjustment expense reserves | $ | 11,569.1 | $ | 7,384.8 | $ | 11,425.5 | $ | 7,300.2 | ||||||||||||||||||||||||
Asbestosis and environmental claim reserves included | ||||||||||||||||||||||||||||||||
in the above general insurance reserves: | ||||||||||||||||||||||||||||||||
Amount | $ | 114.7 | $ | 76.8 | $ | 118.1 | $ | 77.2 | ||||||||||||||||||||||||
% of total general insurance reserves | 1.1 | % | 1.2 | % | 1.1 | % | 1.2 | % |
General | Title | RFIG Run-off | Consolidated | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2019 | 71.8 | % | 2.5 | % | 53.5 | % | 41.2 | % | |||||||||||||||
2020 | 69.9 | 2.3 | 81.7 | 37.0 | |||||||||||||||||||
2021 | 64.8 | 2.6 | (5.3) | 30.2 | |||||||||||||||||||
Quarters Ended March 31: | |||||||||||||||||||||||
2021 | 66.0 | 3.0 | 46.5 | 32.8 | |||||||||||||||||||
2022 | 63.9 | % | 2.9 | % | (64.8) | % | 31.7 | % | |||||||||||||||
Underwriting Acquisition and Other Expenses |
RFIG | |||||||||||||||||||||||
General | Title | Run-off | Consolidated | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2019 | 25.7 | % | 90.5 | % | 25.0 | % | 54.1 | % | |||||||||||||||
2020 | 25.6 | 88.4 | 30.2 | 56.3 | |||||||||||||||||||
2021 | 26.5 | 86.7 | 39.9 | 59.7 | |||||||||||||||||||
Quarters Ended March 31: | |||||||||||||||||||||||
2021 | 25.6 | 87.3 | 34.5 | 58.1 | |||||||||||||||||||
2022 | 27.7 | % | 90.0 | % | 46.8 | % | 60.2 | % | |||||||||||||||
Combined Ratios |
RFIG | |||||||||||||||||||||||
General | Title | Run-off | Consolidated | ||||||||||||||||||||
Years Ended December 31: | |||||||||||||||||||||||
2019 | 97.5 | % | 93.0 | % | 79.8 | % | 95.3 | % | |||||||||||||||
2020 | 95.5 | 90.7 | 111.9 | 93.3 | |||||||||||||||||||
2021 | 91.3 | 89.3 | 34.6 | 89.9 | |||||||||||||||||||
Quarters Ended March 31: | |||||||||||||||||||||||
2021 | 91.6 | 90.3 | 81.0 | 90.9 | |||||||||||||||||||
2022 | 91.6 | % | 92.9 | % | (18.0) | % | 91.9 | % | |||||||||||||||
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 Income Securities | Equity Securities and Miscel-laneous Investments | Total | Fixed Income Securities | Miscel-laneous Investments | Total | Total Investment Gains (Losses) | |||||||||||||||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||||||||||||||||||||
December 31: | |||||||||||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||
2021 | 1.5 | 5.3 | 6.9 | — | — | — | 751.1 | 758.0 | |||||||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||||||||
March 31: | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | .3 | 7.5 | 7.8 | — | — | — | 367.5 | 375.4 | |||||||||||||||||||||||||||||||||||||||
2022 | $ | (21.7) | $ | 87.0 | $ | 65.2 | $ | — | $ | — | $ | — | $ | 79.8 | $ | 145.1 |
Income Taxes |
Segment Overview |
General Insurance |
Summary Operating Results |
Quarters Ended March 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Net premiums earned | $ | $ | 6.0 | % | |||||||||||||
Claim costs | 582.2 | 567.3 | 2.6 | ||||||||||||||
Sales and general expenses | 288.3 | 255.8 | 12.7 | ||||||||||||||
Segment pretax operating income (loss) | $ | $ | 1.2 | % | |||||||||||||
Claim ratio | 63.9 | % | 66.0 | % | |||||||||||||
Expense ratio | 27.7 | 25.6 | |||||||||||||||
Combined ratio | 91.6 | % | 91.6 | % |
Premiums & Fees |
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: | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
2021 | 39.7 | 21.9 | 9.7 | 9.7 | 5.2 | 13.8 | |||||||||||||||||||||||||||||
Quarters Ended March 31: | |||||||||||||||||||||||||||||||||||
2021 | 40.3 | 22.8 | 9.3 | 9.3 | 5.2 | 13.1 | |||||||||||||||||||||||||||||
2022 | 39.5 | % | 21.3 | % | 10.0 | % | 11.2 | % | 4.8 | % | 13.2 | % | |||||||||||||||||||||||
Benefits and Claims |
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: | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
2021 | 64.8 | 70.8 | 58.9 | 59.4 | 53.9 | 64.1 | 65.7 | ||||||||||||||||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||||||||||||||||||||||
March 31: | |||||||||||||||||||||||||||||||||||||||||
2021 | 66.0 | 73.7 | 56.0 | 55.1 | 61.0 | 92.2 | 66.4 | ||||||||||||||||||||||||||||||||||
2022 | 63.9 | % | 70.1 | % | 62.5 | % | 59.2 | % | 54.1 | % | 58.6 | % | 65.6 | % | |||||||||||||||||||||||||||
Sales and General Expenses |
Title Insurance |
Summary Operating Results |
Quarters Ended March 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Net premiums and fees earned | $ | $ | 3.2 | % | |||||||||||||
Claim costs | 29.3 | 29.2 | 0.3 | ||||||||||||||
Sales and general expenses | 899.6 | 844.8 | 6.5 | ||||||||||||||
Segment pretax operating income (loss) | $ | $ | -21.9 | % | |||||||||||||
Claim ratio | 2.9 | % | 3.0 | % | |||||||||||||
Expense ratio | 90.0 | 87.3 | |||||||||||||||
Combined ratio | 92.9 | % | 90.3 | % |
Premiums & Fees |
Title Premium and Fee Production by Source | |||||||||||
Direct Operations | Independent Title Agents | ||||||||||
Years Ended December 31: | |||||||||||
2019 | 24.9 | % | 75.1 | % | |||||||
2020 | 24.9 | 75.1 | |||||||||
2021 | 22.0 | 78.0 | |||||||||
Quarters Ended March 31: | |||||||||||
2021 | 23.1 | 76.9 | |||||||||
2022 | 19.6 | % | 80.4 | % |
Benefits and Claims |
Sales and General Expenses |
RFIG Run-off |
Summary Operating Results |
Quarters Ended March 31, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Net premiums earned | $ | $ | -29.0 | % | |||||||||||||
Claim costs | (4.2) | 4.3 | N/M | ||||||||||||||
MI pretax operating income (loss) | $ | $ | 97.0 | % | |||||||||||||
Claim ratio | -64.8 | % | 46.5 | % | |||||||||||||
Expense ratio | 46.8 | 34.5 | |||||||||||||||
Combined ratio | -18.0 | % | 81.0 | % |
Premiums & Fees |
Premium and Persistency Trends: | Net Earned Premiums | Persistency | ||||||||||||
Years Ended December 31: | ||||||||||||||
2019 | $ | 58.8 | 77.5 | % | ||||||||||
2020 | 45.1 | 77.6 | ||||||||||||
2021 | 32.6 | 74.8 | ||||||||||||
Quarters Ended March 31: | ||||||||||||||
2021 | 9.2 | 76.3 | ||||||||||||
2022 | $ | 6.5 | 74.7 | % | ||||||||||
Net Risk in Force | |||||||||||||||||
Net Risk in Force By Type: | Traditional Primary | Bulk & Other | Total | ||||||||||||||
As of December 31: | |||||||||||||||||
2019 | $ | 2,388.3 | $ | 201.8 | $ | 2,590.1 | |||||||||||
2020 | 1,842.2 | 169.0 | 2,011.2 | ||||||||||||||
2021 | 1,364.9 | 140.4 | 1,505.4 | ||||||||||||||
As of March 31: | |||||||||||||||||
2021 | 1,706.4 | 162.2 | 1,868.6 | ||||||||||||||
2022 | $ | 1,264.3 | $ | 133.9 | $ | 1,398.3 |
Benefits and Claims |
Average Settled Claim Amount (a) | Reported Delinquency Ratio at End of Period | ||||||||||
Years Ended December 31: | |||||||||||
2019 | $ | 49,195 | 10.1 | % | |||||||
2020 | 37,172 | 14.2 | |||||||||
2021 | 31,682 | 12.4 | |||||||||
Quarter Ended March 31: | |||||||||||
2021 | 50,991 | 14.0 | |||||||||
2022 | $ | 46,176 | 12.2 | % | |||||||
FINANCIAL POSITION |
Investment Portfolio |
Fixed Income Securities Stratified by Credit Quality (a): | |||||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Aaa | 24.5 | % | 25.1 | % | |||||||
Aa | 11.8 | 12.3 | |||||||||
A | 32.9 | 31.9 | |||||||||
Baa | 28.6 | 28.5 | |||||||||
Total investment grade | 97.8 | 97.8 | |||||||||
All other (b) | 2.2 | 2.2 | |||||||||
Total | 100.0 | % | 100.0 | % |
Gross Unrealized Losses Stratified by Industry Concentration for Non-Investment Grade Fixed Income Securities | |||||||||||||||||||||||
March 31, 2022 | Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||
Fixed Income Securities by Industry Concentration: | |||||||||||||||||||||||
Industrial | $ | 31.0 | $ | 2.0 | |||||||||||||||||||
Basic Industry | 24.2 | 1.1 | |||||||||||||||||||||
Consumer Durables | 20.2 | .9 | |||||||||||||||||||||
Other (includes 3 industry groups) | 33.7 | .3 | |||||||||||||||||||||
Total | $ | 109.2 | (c) | $ | 4.6 |
Gross Unrealized Losses Stratified by Industry Concentration for Investment Grade Fixed Income Securities | |||||||||||||||||||||||
March 31, 2022 | Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||
Fixed Income Securities by Industry Concentration: | |||||||||||||||||||||||
Utilities | $ | 864.9 | $ | 48.9 | |||||||||||||||||||
U.S. Governments & Agencies | 1,608.2 | 37.2 | |||||||||||||||||||||
Industrial | 548.7 | 36.3 | |||||||||||||||||||||
Consumer Staples | 395.2 | 26.2 | |||||||||||||||||||||
Technology | 278.6 | 22.4 | |||||||||||||||||||||
Health Care | 289.8 | 22.4 | |||||||||||||||||||||
Financial | 402.5 | 20.7 | |||||||||||||||||||||
Retail | 231.4 | 18.6 | |||||||||||||||||||||
Other (includes 13 industry groups) | 1,811.7 | 91.5 | |||||||||||||||||||||
Total | $ | 6,431.5 | (d) | $ | 324.5 |
Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities | |||||||||||||||||||||||
March 31, 2022 | Cost | Gross Unrealized Losses | |||||||||||||||||||||
Equity Securities by Industry Concentration: | |||||||||||||||||||||||
Energy | $ | 65.8 | $ | 13.2 | |||||||||||||||||||
Retail | 39.5 | 7.5 | |||||||||||||||||||||
Basic Industry | 37.4 | 7.4 | |||||||||||||||||||||
Industrial | 103.2 | 6.9 | |||||||||||||||||||||
Other (includes 3 industry groups) | 115.3 | 6.8 | |||||||||||||||||||||
Total | $ | 361.4 | (e) | $ | 42.0 | (f) |
Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Income Securities | ||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Losses | |||||||||||||||||||||||||||||||
March 31, 2022 | All | Non- Investment Grade Only | All | Non- Investment Grade Only | ||||||||||||||||||||||||||||
Maturity Ranges: | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 227.4 | $ | — | $ | .7 | $ | — | ||||||||||||||||||||||||
Due after one year through five years | 2,628.5 | 50.6 | 50.0 | .1 | ||||||||||||||||||||||||||||
Due after five years through ten years | 3,640.6 | 58.5 | 275.2 | 4.4 | ||||||||||||||||||||||||||||
Due after ten years | 44.0 | — | 3.1 | — | ||||||||||||||||||||||||||||
Total | $ | 6,540.7 | $ | 109.2 | $ | 329.1 | $ | 4.6 |
Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses for All Fixed Income Securities | ||||||||||||||||||||||||||||||||||||||
Amount of Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
March 31, 2022 | 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 Income Securities: | ||||||||||||||||||||||||||||||||||||||
One to six months | $ | 159.4 | $ | — | $ | — | $ | 159.4 | ||||||||||||||||||||||||||||||
Seven to twelve months | 126.1 | — | — | 129.1 | ||||||||||||||||||||||||||||||||||
More than twelve months | 43.6 | — | — | 43.6 | ||||||||||||||||||||||||||||||||||
Total | $ | 329.1 | $ | — | $ | — | $ | 329.1 | ||||||||||||||||||||||||||||||
Number of Issues in Unrealized Loss Position: | ||||||||||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||||
One to six months | 793 | — | — | 793 | ||||||||||||||||||||||||||||||||||
Seven to twelve months | 187 | — | — | 187 | ||||||||||||||||||||||||||||||||||
More than twelve months | 60 | — | — | 60 | ||||||||||||||||||||||||||||||||||
Total | 1,040 | — | — | 1,040 | (g) |
Age Distribution of Fixed Income Securities | |||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Maturity Ranges: | |||||||||||||||||||||||
Due in one year or less | 11.5 | % | 11.7 | % | |||||||||||||||||||
Due after one year through five years | 49.4 | 49.7 | |||||||||||||||||||||
Due after five years through ten years | 38.3 | 37.6 | |||||||||||||||||||||
Due after ten years through fifteen years | .7 | .9 | |||||||||||||||||||||
Due after fifteen years | .1 | .1 | |||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | |||||||||||||||||||
Average Maturity in Years | 4.4 | 4.4 | |||||||||||||||||||||
Duration (h) | 4.0 | 4.0 |
Liquidity and Capital Resources |
Other Assets |
Reinsurance Programs |
CRITICAL ACCOUNTING ESTIMATES |
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: | May 6, 2022 | ||||||||||
/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 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Available for sale: | ||
Fixed maturity securities (amortized costs) | $ 11,007.8 | $ 10,438.6 |
Equity securities - cost | $ 3,356.3 | $ 3,766.5 |
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) | 308,303,220 | 307,565,632 |
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 Preferred Stock and Common Shareholders' Equity (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2022 |
Mar. 31, 2021 |
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Stockholders' Equity Attributable to Parent | $ 6,750.1 | |
Dividends on common share (in usd per share) | $ 0.2300 | $ 0.2200 |
Preferred Stock | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0.0 | $ 0.0 |
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions |
3 Months Ended |
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Mar. 31, 2021
USD ($)
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Statement of Cash Flows [Abstract] | |
Special dividend paid in January 2021 | $ 303.4 |
Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | Summary of Significant Accounting Policies Accounting Principles - 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 2021 Annual Report on Form 10-K incorporated herein by reference. 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. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. Statement Presentation - 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 are made in prior periods' financial statements whenever appropriate to conform to the most current presentation. Investments - The Company classifies its fixed income securities, also referred to as 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 income portfolio is classified as available for sale. Fixed income 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. The status and fair value changes of each of the fixed income 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. 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). Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At March 31, 2022, the Company and its subsidiaries did not have significant amounts of non-income producing fixed income or equity securities. 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 income securities, and cost in regard to equity securities; such bases apply to the specific securities sold. Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows: Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related benefits, claims, and expenses. Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 20% of 2022 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and claim reserve provisions. 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 possibility of 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. Management 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 significantly 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 to the consolidated financial statements included in Old Republic’s 2021 Annual Report on Form 10-K. Employee Benefit Plans - The Company has a closed pension plan (the "Plan") for certain employees under which benefits were frozen as of December 31, 2013. The underfunded status of the Plan is recognized as a net pension liability with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides long-term incentive awards to certain employees. In March 2022, the Compensation Committee of the Company's Board of Directors approved the grant of stock-based awards to certain employees under the 2022 Incentive Compensation Plan which is pending shareholder approval in May 2022.
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Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investments The amortized cost and estimated fair values by type and contractual maturity of fixed income 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 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 income 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 maturity matching objectives. The Company recorded no allowance for credit losses as of March 31, 2022, and December 31, 2021. The following table shows cost and fair value information for equity securities:
During the first quarters of 2022 and 2021, the Company recognized pretax unrealized investment gains (losses) of $79.8 and $367.5, respectively, 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 March 31, 2022 and 2021 were $182.2, and $359.8, 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 income 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022. 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 following table shows changes in aggregate reserves for the Company's losses, claims and settlement expenses:
For the quarter ended March 31, 2022, all operating segments experienced favorable loss reserve development. General Insurance favorable development was the result of better than expected claims experience related predominantly to workers’ compensation and commercial automobile reserves on 2015-2018 and 2020 accident years. Favorable development experienced from Title Insurance occurred largely within the 2017-2019 accident years, while RFIG Run-off was driven by improving trends in delinquency cure rates.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesTax 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. 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 |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Share Data | Net Income 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 standards 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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Credit Losses |
3 Months Ended |
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Mar. 31, 2021 | |
Credit Loss [Abstract] | |
Credit Loss, Financial Instrument | Credit Losses Credit losses on financial assets measured at amortized cost, primarily the Company’s reinsurance recoverables and accounts and notes receivable, are recognized based on estimated losses expected to occur over the life of the asset. 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 sheets. The Company’s credit allowance was comprised of $16.0 related to reinsurance recoverables as of both March 31, 2022 and December 31, 2021, and $25.1 and $24.1 related to accounts and notes receivable, as of March 31, 2022 and December 31, 2021, respectively. The Company’s evaluation of credit allowances on available for sale fixed income securities is discussed further in Note 2. The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Consolidated debt of Old Republic and its subsidiaries is summarized below:
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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Commitments and Contingent Liabilities Commitments and Contingent Liabilities |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent LiabilitiesLegal 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 March 31, 2022, the Company had no material non-claim litigation exposures in its consolidated business. |
Information About Segments of Business |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About Segments of Business | Information About Segments of BusinessThe Company is engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments: General Insurance (property and liability insurance), Title Insurance and the Republic Financial Indemnity Group ("RFIG") Run-off. The results of a small life and accident insurance business are included within the Corporate & Other caption of this report. Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under GAAP, however, net income, inclusive of investment gains (losses), is the measure of total profitability. In management's opinion, the focus on income excluding investment gains (losses), also described herein as segment pretax operating income (loss), provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.
(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 - $16.0 and $15.8 for the quarters ended March 31, 2022 and 2021, respectively, and Title - $.4 for both the quarters ended March 31, 2022 and 2021, respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries.
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Accounting Policies (Policies) |
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Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Accounting Principles - 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 2021 Annual Report on Form 10-K incorporated herein by reference. 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. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. |
Consolidation, Policy | Statement Presentation - 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 are made in prior periods' financial statements whenever appropriate to conform to the most current presentation. |
Investment, Policy | Investments - The Company classifies its fixed income securities, also referred to as 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 income portfolio is classified as available for sale. Fixed income 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. The status and fair value changes of each of the fixed income 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. 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). Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At March 31, 2022, the Company and its subsidiaries did not have significant amounts of non-income producing fixed income or equity securities. 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 income securities, and cost in regard to equity securities; such bases apply to the specific securities sold.
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Insurance Premiums Revenue Recognition, Policy | Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows: Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related benefits, claims, and expenses. Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 20% of 2022 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and claim reserve provisions.
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Unpaid Policy Claims and Claims Adjustment Expense, Policy | 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 possibility of 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. Management 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 significantly 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 to the consolidated financial statements included in Old Republic’s 2021 Annual Report on Form 10-K.
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Postemployment Benefit Plans, Policy | Employee Benefit Plans - The Company has a closed pension plan (the "Plan") for certain employees under which benefits were frozen as of December 31, 2013. The underfunded status of the Plan is recognized as a net pension liability with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides long-term incentive awards to certain employees. In March 2022, the Compensation Committee of the Company's Board of Directors approved the grant of stock-based awards to certain employees under the 2022 Incentive Compensation Plan which is pending shareholder approval in May 2022.
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Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost and Estimated Fair Values Of Fixed Income Securities | 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 Income Securities 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 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Aggregate Reserves for Losses, Claims and Settlement Expenses | The following table shows changes in aggregate reserves for the Company's losses, claims and settlement expenses:
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Common Share Data (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 standards 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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Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Information About Segments of Business (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
(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 - $16.0 and $15.8 for the quarters ended March 31, 2022 and 2021, respectively, and Title - $.4 for both the quarters ended March 31, 2022 and 2021, respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries.
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Summary of Significant Accounting Policies (Details) |
Mar. 31, 2022 |
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Title Premium And Fee Revenues Stemming From Direct Operations | 20.00% |
Investments Textuals (Details) - USD ($) $ in Millions |
3 Months Ended | ||
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Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
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Debt Securities, Available-for-sale [Line Items] | |||
Net unrealized gains (losses) on securities, net of tax | $ (403.5) | $ (191.5) | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 79.8 | 367.5 | |
Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held | 182.2 | 359.8 | |
Changes in unrealized investment gains (losses) on, fixed income securities | (511.5) | $ (242.7) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0.0 | $ 0.0 |
Investments Fixed Income Securities Stratified by Contractual Maturity (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments [Abstract] | ||
Available for sale, Due in one year or less (amortized cost) | $ 1,270.0 | |
Available for sale, Due after one year through five years (amortized cost) | 5,433.1 | |
Available for sale, Due after five years through ten years (amortized cost) | 4,217.2 | |
Available for sale, Due after ten years (amortized cost) | 87.4 | |
Available for sale, Fixed income securities (amortized cost) | 11,007.8 | $ 10,438.6 |
Available for sale, Due in one year or less (estimated fair value) | 1,274.5 | |
Available for sale, Due after one year through five years (estimated fair value) | 5,414.4 | |
Available for sale, Due after five years through ten years (estimated fair value) | 3,962.4 | |
Available for sale, Due after ten years (estimated fair value) | 84.8 | |
Available for sale, Fixed income securities (estimated fair value) | $ 10,736.2 | $ 10,675.7 |
Investments Gross Unrealized Losses and Fair Value (Details) $ in Millions |
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | $ 285.5 | $ 61.8 |
Available for sale, Unrealized Losses, 12 Months or Greater | 43.6 | 10.3 |
Available for sale, Unrealized Losses, Total | 329.1 | 72.2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 5,747.5 | 2,794.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 464.0 | 217.3 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 6,211.6 | $ 3,012.0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,040 | 451 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 60 | 32 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 980 | 419 |
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 | $ 33.3 | $ 6.2 |
Available for sale, Unrealized Losses, 12 Months or Greater | 10.7 | 1.6 |
Available for sale, Unrealized Losses, Total | 44.0 | 7.9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,503.4 | 761.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 213.7 | 43.2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,717.2 | 805.0 |
Tax-exempt [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | 2.9 | |
Available for sale, Unrealized Losses, 12 Months or Greater | 0.0 | |
Available for sale, Unrealized Losses, Total | 2.9 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 349.0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0.0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 349.0 | |
Corporate [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | 249.2 | 55.5 |
Available for sale, Unrealized Losses, 12 Months or Greater | 32.9 | 8.7 |
Available for sale, Unrealized Losses, Total | 282.1 | 64.2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,895.0 | 2,032.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 250.2 | 174.1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 4,145.3 | $ 2,207.0 |
Investments Equity Securities (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities - cost | $ 3,356.3 | $ 3,766.5 |
Equity Securities, FV-NI | 4,972.4 | 5,302.8 |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, gross unrealized gains | 1,658.1 | 1,620.8 |
Equity securities, gross unrealized losses | 42.0 | 84.5 |
Equity securities - cost | $ 3,356.3 | $ 3,766.5 |
Losses, Claims and Settlement Expenses (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 4,125.3 | $ 3,650.5 | ||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Gross reserves at beginning of period | $ 11,425.5 | $ 10,671.0 | ||
Less: reinsurance losses recoverable | 4,184.2 | 3,730.4 | ||
Net reserves at beginning of period | 7,300.2 | 7,020.4 | ||
Provisions for insured events of the current year | 649.8 | 630.1 | ||
Change in provision for insured events of prior years | (45.0) | (32.0) | ||
Total incurred claims and claim adjustment expenses | 604.7 | 598.1 | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 101.4 | 96.2 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 418.6 | 399.4 | ||
Total payments | 520.1 | 495.6 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 7,384.8 | 7,122.9 | ||
Gross reserves at end of period | 11,569.1 | 10,853.3 | ||
General Insurance | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 6,587.0 | 6,328.0 | ||
Provisions for insured events of the current year | 607.6 | 585.0 | ||
Change in provision for insured events of prior years | (28.8) | (23.1) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 100.4 | 93.4 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 394.2 | 380.8 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 6,671.1 | 6,415.5 | ||
Title Insurance | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 594.2 | 556.1 | ||
Provisions for insured events of the current year | 35.7 | 35.3 | ||
Change in provision for insured events of prior years | (6.3) | (6.0) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 0.5 | 1.1 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 20.1 | 12.9 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 602.9 | 571.4 | ||
RFIG Run-off | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 111.2 | 127.6 | ||
Provisions for insured events of the current year | 4.0 | 5.5 | ||
Change in provision for insured events of prior years | (8.3) | (1.2) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 0.0 | 0.0 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 3.4 | 4.4 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 103.5 | 127.4 | ||
Other | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | $ 7.6 | $ 8.6 | ||
Provisions for insured events of the current year | 2.4 | 4.2 | ||
Change in provision for insured events of prior years | (1.5) | (1.6) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 0.5 | 1.5 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 0.8 | 1.1 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | $ 7.2 | $ 8.5 |
Common Share Data (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 306.3 | $ 502.1 |
Average shares outstanding: Basic (in shares) | 303,582,578 | 298,753,132 |
Effect of dilutive securities - stock based compensation awards | 1,842,014 | 940,382 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 305,424,592 | 299,693,514 |
Net income (loss) per share: Basic (in dollars per share) | $ 1.01 | $ 1.68 |
Net income (loss) per share: Diluted (in dollars per share) | $ 1.00 | $ 1.68 |
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 | 7,020,142 |
Credit Losses (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Reinsurance Recoverable, Allowance for Credit Loss | $ 16.0 | $ 16.0 |
Accounts Receivable, Allowance for Credit Loss | $ 25.1 | $ 24.1 |
Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Fair value | $ 1,577.6 | $ 1,735.7 |
Debt and Lease Obligation | 1,594.2 | 1,588.5 |
Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Fair value | $ 414.9 | $ 435.8 |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% |
Debt and Lease Obligation | $ 398.6 | $ 398.4 |
Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fair value | $ 555.8 | $ 597.0 |
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% |
Debt and Lease Obligation | $ 547.5 | $ 547.3 |
Senior Notes Due 2051 | ||
Debt Instrument [Line Items] | ||
Fair value | $ 601.5 | $ 702.9 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | 3.85% |
Debt and Lease Obligation | $ 642.7 | $ 642.6 |
Other miscellaneous debt | ||
Debt Instrument [Line Items] | ||
Fair value | 5.3 | 0.0 |
Debt and Lease Obligation | $ 5.3 | $ 0.0 |
Debt Financial Liabilities Disclosed, but not Carried, at Fair Value (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,594.2 | $ 1,588.5 |
Fair value | 1,577.6 | 1,735.7 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0.0 | 0.0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,572.3 | 1,735.7 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 5.3 | $ 0.0 |
Information About Segments of Business (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Consolidated Revenues [Abstract] | ||
Consolidated revenues | $ 2,206.6 | $ 2,355.0 |
Total realized and unrealized investment gains (losses) | 145.1 | 375.4 |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||
Total realized and unrealized investment gains (losses) | 145.1 | 375.4 |
Consolidated Income Tax Expense (Credits) [Abstract] | ||
Income tax expense (credits) | 76.3 | 128.5 |
Income tax expense (credits) on consolidated net realized investment gains (losses) | 30.5 | 79.6 |
Realized from actual transactions and impairments | 65.2 | 7.8 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 79.8 | 367.5 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 382.6 | 630.6 |
Premiums Earned, Net | 1,828.7 | 1,732.2 |
Total Operating Revenues | 2,061.5 | 1,979.6 |
Title, escrow, and other fees | 90.2 | 106.6 |
Total premiums and fees | 1,919.0 | 1,838.9 |
General Insurance Group [Member] | ||
Consolidated Income Tax Expense (Credits) [Abstract] | ||
Income tax expense (credits) | 27.6 | 27.3 |
Interest charges on intercompany financing arrangements | 16.0 | 15.8 |
Premiums Earned, Net | 910.9 | 859.1 |
Net investment income and other income | 118.4 | 120.9 |
Total Operating Revenues | 1,029.4 | 980.0 |
Income (loss) before income taxes (credits) and realized investment gains or losses | 142.5 | 140.8 |
Title Insurance | ||
Consolidated Income Tax Expense (Credits) [Abstract] | ||
Income tax expense (credits) | 16.9 | 21.8 |
Interest charges on intercompany financing arrangements | 0.4 | 0.4 |
Premiums Earned, Net | 908.7 | 861.0 |
Net investment income and other income | 11.5 | 10.7 |
Total Operating Revenues | 1,010.5 | 978.4 |
Income (loss) before income taxes (credits) and realized investment gains or losses | 80.9 | 103.7 |
Title, escrow, and other fees | 90.2 | 106.6 |
Total premiums and fees | 998.9 | 967.7 |
RFIG Run-off Business [Member] | ||
Consolidated Income Tax Expense (Credits) [Abstract] | ||
Income tax expense (credits) | 1.9 | 0.9 |
Premiums Earned, Net | 6.5 | 9.2 |
Net investment income and other income | 2.0 | 3.2 |
Total Operating Revenues | 8.6 | 12.4 |
Income (loss) before income taxes (credits) and realized investment gains or losses | 9.7 | 4.9 |
Total of major segments | ||
Consolidated Income Tax Expense (Credits) [Abstract] | ||
Income tax expense (credits) | 46.5 | 50.1 |
All Other Segments [Member] | ||
Consolidated Revenues [Abstract] | ||
Consolidated revenues | 45.4 | 35.1 |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||
Income (loss) before income taxes (credits) | 4.2 | 5.6 |
Consolidated Income Tax Expense (Credits) [Abstract] | ||
Income tax expense (credits) | (0.8) | (1.3) |
Total Company Segments [Member] | ||
Consolidated Revenues [Abstract] | ||
Consolidated revenues | 2,048.5 | 1,971.0 |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | ||
Income (loss) before income taxes (credits) | 233.2 | 249.4 |
Consolidation elimination adjustments [Member] | ||
Consolidated Revenues [Abstract] | ||
Consolidated revenues | $ (32.4) | $ (26.5) |
Information About Segments of Business Textuals (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022
USD ($)
segment
|
Mar. 31, 2021
USD ($)
|
|
Segment Reporting Information | ||
Number of major segments | segment | 3 | |
General Insurance Group [Member] | ||
Segment Reporting Information | ||
Interest charges on intercompany financing arrangements | $ 16.0 | $ 15.8 |
Title Insurance | ||
Segment Reporting Information | ||
Interest charges on intercompany financing arrangements | $ 0.4 | $ 0.4 |
Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Segment Reporting, Asset Reconciling Item | ||||
Assets | $ 25,118.8 | $ 24,981.8 | ||
Total Company Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 23,382.6 | 23,411.6 | ||
Intersegment Elimination [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | (148.8) | (146.1) | ||
General Insurance Group [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 20,706.3 | 20,660.9 | ||
Title Insurance | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 2,201.3 | 2,234.2 | ||
RFIG Run-off Business [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | 474.9 | 516.4 | ||
All Other Segments [Member] | ||||
Segment Reporting, Asset Reconciling Item | ||||
Assets | [1] | $ 1,884.9 | $ 1,716.3 | |
|
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