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Information About Segments of Business
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Information About Segments of Business Segment Information
The 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 segments: General Insurance (property and liability insurance), Title Insurance, and RFIG Run-off (see Note 2 for further discussion). The results of a small life and accident insurance business are included within the Corporate & Other caption of this report.

The Company does not derive over 10% of its consolidated revenues from any one customer. Revenues and assets connected with foreign operations are not significant in relation to consolidated totals.

General Insurance provides property and liability insurance primarily to commercial clients. Old Republic does not have a meaningful participation in personal insurance coverages. Commercial auto is the largest type of coverage underwritten by General Insurance, accounting for 41.0% of the segment's net premiums earned in 2023. The remaining premiums written by General Insurance are derived largely from a wide variety of coverages, including workers' compensation, property, general liability, general aviation, directors' and officers' indemnity, fidelity and surety indemnities, and home and auto warranties.

Title Insurance consists primarily of the issuance of policies to real estate purchasers and investors based upon searches of the public records which contain information concerning interests in real property. The policies insure against losses arising out of defects, liens, and encumbrances affecting the insured title and not excluded or excepted from the coverage of the policy.

Private mortgage insurance produced by RFIG Run-off protects mortgage lenders and investors from default-related losses on residential mortgage loans made primarily to homebuyers who make down payments of less than 20% of the home's purchase price. The RFIG Run-off mortgage guaranty operations insures only first mortgage loans, primarily on residential properties incorporating one- to four-family dwelling units.

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 net investment gains (losses). Under GAAP, however, net income, inclusive of net investment gains (losses), is the measure of total profitability.

In management's opinion, the focus on income excluding net investment gains (losses), also described herein as segment pretax operating income, 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 accounting policies of the segments parallel those described in the summary of significant accounting policies pertinent thereto.

The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.
Segmented and Consolidated Results
Years Ended December 31:202320222021
General Insurance:
Net premiums earned$4,119.2 $3,808.6 $3,555.5 
Net investment income and other income625.0 507.0 486.9 
Total revenues excluding investment gains$4,744.3 $4,315.6 $4,042.5 
Segment pretax operating income (a)$787.8 $689.8 $589.6 
Title Insurance:
Net premiums earned$2,300.9 $3,500.6 $3,960.5 
Title, escrow and other fees261.8 333.2 443.8 
Subtotal
2,562.8 3,833.8 4,404.3 
Net investment income and other income57.8 48.8 44.9 
Total revenues excluding investment gains$2,620.6 $3,882.7 $4,449.3 
Segment pretax operating income (a)$133.5 $308.8 $515.7 
RFIG Run-off
Net premiums earned$16.4 $23.2 $32.6 
Net investment income and other income6.3 6.7 11.4 
Total revenues excluding investment gains$22.7 $30.0 $44.1 
Segment pretax operating income$21.2 $35.2 $32.8 
Consolidated Revenues:
Total revenues of Company segments$7,387.8 $8,228.3 $8,536.0 
Corporate & Other (b)
208.0 195.5 166.6 
Consolidated investment gains (losses):
Realized from actual transactions and impairments (c)
(67.0)62.2 6.9 
Unrealized from changes in fair value of equity securities(123.9)(263.4)751.1 
Total realized and unrealized investment gains (losses)(190.9)(201.1)758.0 
Consolidation elimination adjustments(146.5)(138.9)(119.0)
Consolidated revenues$7,258.3 $8,083.7 $9,341.6 
Consolidated Pretax Income:
Total segment pretax operating income of
 Company segments$942.6 $1,033.9 $1,138.2 
Corporate & Other (b)
(4.2)24.6 25.7 
Consolidated investment gains (losses):
Realized from actual transactions and impairments (c)
(67.0)62.2 6.9 
Unrealized from changes in fair value of equity securities(123.9)(263.4)751.1 
Total realized and unrealized investment gains (losses)(190.9)(201.1)758.0 
Consolidated income before income taxes$747.4 $857.4 $1,922.1 
December 31:20232022
Consolidated Assets:
General Insurance$22,710.5 $21,227.9 
Title Insurance1,948.2 2,077.6 
RFIG Run-off (d)
232.8 344.2 
Total assets of Company segments
24,891.7 23,649.9 
Corporate & Other (b)
1,912.9 1,736.8 
Consolidation elimination adjustments(303.2)(227.2)
Consolidated assets$26,501.4 $25,159.4 
__________

(a)    Segment pretax operating income is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $76.5, $68.9, and $63.5 for the years ended December 31, 2023, 2022, and 2021, respectively; Title - $–, $0.8, and $1.9 for the years ended December 31, 2023, 2022, and 2022, respectively.
(b)    Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries.
(c)    Includes an estimated pretax loss of $45.6, inclusive of transaction costs, relating to the pending sale of the Company's RFIG Run-off mortgage insurance business. See Note 2 for further discussion.
(d)    At December 31, 2023, the Company classified its RFIG Run-off mortgage insurance business as held-for-sale in its consolidated balance sheet. See Note 2 for further discussion.