
Years Ended December 31:	2023		2022		2021
Gross reserves at beginning of year	$	12,221.5	$	11,425.5	$	10,671.0
Less: reinsurance losses recoverable	4,699.5		4,125.3		3,650.5
Net reserves at beginning of year:
General Insurance	6,824.8		6,587.0		6,328.0
Title Insurance	612.8		594.2		556.1
RFIG Run-off	77.9		111.2		127.6
Other	6.3		7.6		8.6
Subtotal	7,521.9		7,300.2		7,020.4
Incurred loss and loss adjustment expenses:
Provisions for insured events of the current year:
General Insurance	2,770.7		2,545.1		2,418.3
Title Insurance	93.6		139.6		160.6
RFIG Run-off	13.7		17.5		19.3
Other	8.6		8.7		12.0
Subtotal	2,886.8		2,711.1		2,610.4
Change in provision for insured events of prior years:
General Insurance	(234.0)		(193.1)		(137.9)
Title Insurance	(44.9)		(50.4)		(47.6)
RFIG Run-off	(24.7)		(35.1)		(21.1)
Other	(2.1)		(3.9)		(3.9)
Subtotal	(305.8)		(282.6)		(210.6)
Total incurred loss and loss adjustment expenses	2,581.0		2,428.4		2,399.7
Payments:
Loss and loss adjustment expenses attributable to
insured events of the current year:
General Insurance	930.6		834.4		781.5
Title Insurance	14.4		13.1		21.4
RFIG Run-off	—		0.2		0.2
Other	4.7		4.8		7.7
Subtotal	949.8		852.7		810.9
Loss and loss adjustment expenses attributable to
insured events of prior years:
General Insurance	1,475.6		1,279.8		1,239.8
Title Insurance	48.7		57.3		53.4
RFIG Run-off	11.9		15.5		14.3
Other	1.3		1.3		1.3
Subtotal	1,537.7		1,354.0		1,309.0
Total payments	2,487.6		2,206.7		2,120.0
RFIG Run-off reserves reclassified to liabilities held-for-sale (a)	54.9		—		—
Net reserves at end of year:
General Insurance	6,955.2		6,824.8		6,587.0
Title Insurance	598.5		612.8		594.2
RFIG Run-off	—		77.9		111.2
Other	6.6		6.3		7.6
Subtotal	7,560.4		7,521.9		7,300.2
Reinsurance losses recoverable	4,977.7		4,699.5		4,125.3
Gross reserves at end of year	$	12,538.2	$	12,221.5	$	11,425.5

For the three most recent calendar years, the above table indicates that the one-year development of consolidated reserves at the beginning of each year produced favorable developments of 4.1%, 3.9%, and 3.0% for 2023, 2022, and 2021, respectively, with average favorable annual developments of 3.6%. The Company believes that the factors most responsible, in varying and continually changing degrees, for favorable or unfavorable reserve developments include, as to many General Insurance coverages, the effect of reserve discounts applicable to workers' compensation claims, changes in severity of litigated claims in particular, governmental or judicially imposed retroactive conditions in the settlement of claims such as noted below in regard to black lung disease claims, changes in inflation rates applicable to repairs and the medical portion of claims in particular, and changes in claims incurred but not reported due to the slower and highly volatile emergence patterns applicable to certain types of claims such as those stemming from litigated, assumed reinsurance, or the A&E types of claims noted below.

In 2023, the favorable development experienced by General Insurance came predominantly from the 2010-2022 accident years, driven by workers’ compensation and to a lesser extent, commercial auto lines of coverage, partially offset by unfavorable development from the general liability line of coverage. Favorable development experienced by Title Insurance occurred largely within the 2018-2020 years while RFIG Run-off segment was driven by higher levels of cure rates on reported defaults.

The Federal Department of Labor revised the Federal Black Lung Program regulations in both 2001 and 2010. The revisions reflect more lenient standards that can potentially benefit claimants. Claims filed or refiled pursuant to these revised regulations initially increased immediately following the passing of both sets of regulations but have been gradually decreasing since.

The majority of pending claims against Old Republic pertain to business underwritten through loss sensitive programs that permit the charge of additional or refund of return premiums to wholly or partially offset changes in estimated claim costs, or to business underwritten as a service carrier on behalf of various industry-wide involuntary market (i.e. assigned risk) pools. A smaller portion pertains to business produced on a traditional risk transfer basis. The Company has established applicable reserves for claims as they have been reported and for claims not as yet reported on the basis of its historical experience.

Old Republic's reserve estimates also include provisions for indemnity and settlement costs for various A&E claims that have been filed in the normal course of business against a number of its insurance subsidiaries. Many such claims relate to policies incepting prior to 1985, including many issued during a short period between 1981 and 1982 pursuant to an agency agreement canceled in 1982. Over the years, the Company's property and liability insurance subsidiaries have typically issued general liability insurance policies with face amounts ranging between $1.0 and $2.0 and rarely exceeding $10.0. Such policies have, in turn, been subject to reinsurance cessions which have typically reduced the subsidiaries' net retentions to $0.5 or less as to each claim.

Old Republic's exposure to A&E claims cannot, however, be calculated by conventional insurance reserving methods for a variety of reasons, including: a) the absence of statistically valid data inasmuch as such claims generally involve long reporting delays and very often uncertainty as to the number and identity of insureds against whom such claims have arisen or will arise; and b) the litigation history of such or similar claims. Inconsistent court decisions stem from such questions as: when an alleged loss occurred, which policies provide coverage, how a loss is to be allocated among potentially responsible insureds and/or their insurance carriers, how policy coverage exclusions are to be interpreted, what types of environmental impairment or toxic tort claims are covered, when the insurer's duty to defend is triggered, how policy limits are to be calculated, and whether clean-up costs constitute property damage.

Over time, the Executive Branch and/or the Congress of the United States have proposed or considered changes in the legislation and rules affecting the determination of liability for A&E claims. As of December 31, 2023, however, there is no solid evidence to suggest that possible future changes might mitigate or reduce some or all of these claim exposures. Because of the above issues and uncertainties, estimation of reserves for losses and allocated loss adjustment expenses for A&E claims in particular is much more difficult to quantify with a high degree of precision. Accordingly, no representation can be made that the Company's reserves for such claims and related costs will not prove to be overstated or understated in the future. Based on average annual claims payments during the five most recent calendar years, such reserves represented a paid loss survival ratio of 6.6 years (gross) and 7.4 years (net of reinsurance) as of December 31, 2023, and 6.4 years (gross) and 7.6 years (net of reinsurance) as of December 31, 2022. Fluctuations in this ratio between years can be caused by the inconsistent pay-out patterns associated with these types of claims. For the five years ended December 31, 2023, incurred A&E claim and related loss settlement costs have averaged 0.6% of average annual General Insurance loss and loss adjustment expenses.


Workers' Compensation

	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance (Undiscounted)																				As of December 31, 2023
																					Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Losses*


	For the Years Ended December 31,
Accident	Supplementary Information (Unaudited)
Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	780.9	$	792.8	$	786.4	$	784.9	$	777.0	$	763.3	$	724.4	$	705.4	$	685.8	$	673.2	$	58.8	54,174
2015			794.3		792.6		787.3		785.5		769.1		742.4		695.8		659.8		622.3		69.8		55,234
2016					756.1		752.9		745.7		730.5		712.6		692.8		624.2		584.9		95.5		52,495
2017							727.0		713.9		700.3		683.4		676.3		654.2		609.3		102.6		51,787
2018									698.6		691.5		681.0		665.9		644.8		605.4		141.3		52,390
2019											664.6		657.4		653.2		667.5		658.8		154.0		51,887
2020													560.9		569.4		571.7		574.7		144.7		45,859
2021															500.3		502.4		493.8		153.0		46,975
2022																	488.1		487.4		184.7		46,691
2023																			491.7		276.1		35,679
																	Total		$	5,802.1	(A)

* Reported losses are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available.


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident	Supplementary Information (Unaudited)
Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	116.9	$	293.7	$	397.1	$	466.0	$	499.5	$	524.8	$	544.9	$	554.6	$	561.0	$	567.9
2015			109.0		274.9		379.3		435.1		466.7		484.7		499.8		507.3		512.7
2016					102.5		253.5		334.4		383.5		408.4		425.2		435.8		442.5
2017							99.6		244.6		334.8		383.1		414.3		444.1		453.5
2018									94.8		240.6		320.5		367.2		396.8		416.0
2019											102.9		239.8		329.6		382.3		412.2
2020													84.3		211.6		284.3		329.7
2021															80.1		187.8		252.9
2022																	74.2		188.2
2023																			75.5
																	Total		$	3,651.7	(B)

Net incurred loss and allocated loss adjustment expenses (A)																			$	5,802.1
Less: net paid loss and allocated loss adjustment expenses (B)																			3,651.7
Subtotal																			2,150.3
All outstanding liabilities before 2014, net of reinsurance																			754.9
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	2,905.3


General Liability

	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance (Undiscounted)																				As of December 31, 2023
																					Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Losses*


	For the Years Ended December 31,
Accident	Supplementary Information (Unaudited)
Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	107.0	$	110.4	$	109.4	$	111.0	$	117.0	$	117.1	$	112.3	$	112.8	$	115.6	$	117.9	$	10.7	6,047
2015			96.0		96.3		99.2		102.3		104.8		105.8		99.8		99.2		99.0		12.1		5,616
2016					92.4		96.7		98.8		100.3		101.0		104.4		98.8		95.9		13.2		83,293
2017							111.2		121.4		129.6		132.8		135.2		138.0		143.9		18.2		460,523
2018									120.5		119.7		125.1		135.5		141.9		152.0		32.0		462,021
2019											133.5		131.9		138.7		146.0		146.9		39.5		375,990
2020													112.4		111.7		114.9		116.1		50.0		6,112
2021															94.2		92.7		99.0		44.3		6,022
2022																	97.8		100.7		49.4		5,758
2023																			132.6		98.5		12,208
																			$	1,204.4	(A)

* Reported losses are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as loss frequency information is not available. The increases beginning in 2016 are due to the addition of a national account with higher frequency yet lower severity than the existing book of business for accident years 2016 through 2019.


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident	Supplementary Information (Unaudited)
Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	5.8	$	15.8	$	32.0	$	52.8	$	73.5	$	82.8	$	88.9	$	94.9	$	98.9	$	103.0
2015			6.3		16.0		29.5		47.4		64.5		70.7		75.0		79.9		82.5
2016					7.1		18.5		34.8		47.7		58.0		66.9		71.9		75.1
2017							5.7		25.9		50.1		76.9		95.5		105.3		113.2
2018									6.9		28.8		48.9		71.0		91.0		102.0
2019											6.4		29.5		53.4		72.1		87.8
2020													4.2		12.4		28.5		45.0
2021															5.6		14.7		30.9
2022																	6.4		22.2
2023																			3.9
																			$	665.9	(B)

Net incurred loss and allocated loss adjustment expenses (A)																			$	1,204.4
Less: net paid loss and allocated loss adjustment expenses (B)																			665.9
Subtotal																			538.4
All outstanding liabilities before 2014, net of reinsurance																			167.0
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	705.5


Commercial Auto

	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance (Undiscounted)																				As of December 31, 2023
																					Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Losses		Cumulative Number of Reported Losses*


	For the Years Ended December 31,
Accident	Supplementary Information (Unaudited)
Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	687.8	$	689.2	$	691.7	$	688.0	$	688.6	$	687.8	$	683.8	$	683.0	$	682.1	$	679.2	$	5.9	103,242
2015			712.4		710.5		729.7		721.4		720.7		703.4		700.6		699.9		699.5		2.2		104,829
2016					755.9		768.9		786.0		780.8		779.3		762.1		754.9		752.9		4.3		110,766
2017							788.7		819.1		869.2		874.4		867.9		847.1		843.0		6.7		117,639
2018									883.2		947.9		989.9		992.1		976.1		971.3		20.1		129,290
2019											931.1		959.7		954.8		947.4		942.0		25.0		138,735
2020													941.1		913.7		854.0		845.5		70.6		117,927
2021															989.4		954.6		935.3		83.9		125,608
2022																	1,074.2		1,044.5		123.6		125,309
2023																			1,204.1		100.9		107,783
																			$	8,917.7	(A)

* Reported losses are accumulated on an individual claimant basis and exclude external reinsurance assumed and participation in residual market pools as claim frequency information is not available.


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident	Supplementary Information (Unaudited)
Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
2014	$	267.4	$	430.5	$	536.9	$	605.4	$	640.3	$	664.9	$	658.4	$	664.3	$	669.9	$	672.2
2015			265.1		438.9		541.8		626.2		669.7		680.6		687.3		693.0		695.4
2016					290.2		469.6		585.1		677.8		710.8		725.5		737.3		742.7
2017							307.9		512.0		657.1		746.5		791.2		814.1		826.9
2018									330.0		557.5		730.4		836.7		900.0		924.1
2019											330.4		549.0		681.6		787.2		875.3
2020													290.1		464.3		602.2		692.7
2021															302.7		508.6		662.9
2022																	354.8		606.8
2023																			424.4
																			$	7,123.8	(B)

Net incurred loss and allocated loss adjustment expenses (A)																			$	8,917.7
Less: net paid loss and allocated loss adjustment expenses (B)																			7,123.8
Subtotal																			1,793.9
All outstanding liabilities before 2014, net of reinsurance																			14.5
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	1,808.4


	December 31,
	2023		2022

Net loss and allocated loss adjustment expense reserves:
Workers' compensation (a)	$	2,725.3	$	2,879.6
General liability	705.5		641.9
Commercial auto	1,808.4		1,747.3

Other short-duration insurance coverages	1,412.5		1,260.0
Subtotal	6,651.9		6,529.0

Reinsurance recoverable on loss reserves:
Workers' compensation	1,998.2		1,975.5
General liability	813.2		785.3
Commercial auto	1,684.4		1,486.6

Other short-duration insurance coverages	477.7		447.7
Subtotal	4,973.6		4,695.3

Insurance coverages other than short-duration (b)	566.4		656.6
Unallocated loss adjustment expense reserves (c)	346.1		340.5
	912.6		997.1
Gross loss and loss adjustment expense reserves	$	12,538.2	$	12,221.5

(a) Certain long-term disability type workers' compensation reserves are discounted to present value based on interest rates typically ranging from 3.0% to 3.5%. The amount of discount reflected in the year-end net reserves totaled $179.9 and $184.7 as of December 31, 2023 and 2022, respectively. Interest accretion of $25.6, $9.6, and $42.0 for the years ended December 31, 2023, 2022, and 2021, respectively, was recognized as unfavorable development of prior year reserves within loss and loss adjustment expenses in the consolidated statements of income.