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Old Republic manages its business through more than 139
corporate entities, of which 27 are insurance
subsidiaries covering all 50 states and Canada. Old
Republic's companies market, underwrite, and provide
risk management services for a multitude of coverages,
predominantly in the general (property and liability),
mortgage guaranty, and title insurance arenas. A small
life and health insurance business is also conducted in
the U.S. and Canada, principally as an adjunct to the
Company's general insurance operations. The
breadth of coverages ensures wide diversification and
dispersion of risks. Additionally, Old Republic's
companies focus only on carefully selected major sectors
of the American economy that are not uniformly exposed
to the same business cycles. The Company operates in a
decentralized manner that emphasizes specialization by
type of insurance coverage, as well as industries and
economic sectors served.
Old Republic publishes an Annual Review that is
widely distributed to agents, brokers, customers,
employees, and others interested in the Company's
business objectives and product offerings. The most
current Annual Review is downloadable in the Investors
section of this Website.
Old Republic's operating segments and the
Corporation's most significant operating centers are
described below.
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This group of companies is one of
the nation's 50 largest property and liability insurers
as measured by revenues, as well as the largest of Old
Republic's business segments. It offers a wide variety
of property and liability insurance coverages and
related services, predominantly to commercial and
institutional customers. The majority of coverages are
liability and financial indemnity insurance products.
Old Republic does not have meaningful exposures to
property types of coverages. About 87% of the General
Insurance business is produced through independent
agency and brokerage channels, while the remaining 13%
is obtained via direct production facilities.
The following chart reflects the Old Republic General Insurance
Group's sources of premium volume distributed among the major sectors of the American economy it serves.
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Old Republic's major operating companies are listed
below together with their main areas of focus. The
percentage included parenthetically after each operating
company's name indicates its approximate contribution to
the General Insurance Group's current gross premium
volume. The letters shown parenthetically after each
insurance company's name represent the most recent
financial ratings awarded by independent agencies in the
following order: A. M. Best, Moody's, and
Standard & Poor's. A dash (-) in the ordered space
indicates that the agency in question either does not
rate the particular Old Republic company, or that such
company has not sought a rating.
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The Bituminous Companies offer specialized risk transfer
programs principally for the forest products, oil and
gas, and construction industries. The largest coverages
underwritten consist of workers' compensation,
commercial automobile, general liability, and commercial
multi-peril. Independent agents produce most of Bitco's
business volume.
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Chicago Underwriting Group is responsible for Old
Republic's Directors and Officers and professional
liability lines. Old Republic Insurance Company
underwrites substantially all this business, which is
generated largely through brokerage channels.
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Great West specializes in the American trucking
industry. Its largest coverages are commercial auto
(trucking) liability and physical damage, cargo and
inland marine, and workers' compensation insurance. The
Company's long-term successful strategy emphasizes
targeted growth through a specialized agency force.
Great West operates in close harmony with Old Republic
Insurance Company of Canada's truck insurance operation,
as well as Old
Republic Life Insurance Company (occupational accident
coverage for truckers).
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Old Republic Construction Program Group focuses on
specialized liability insurance coverages and services
for trade contractors and large construction projects.
This business, which became part of Old Republic in late
2006, is produced through a diverse broker network and
underwritten by Old Republic General Insurance
Corporation (A/-/A+).
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Old Republic Home Protection Company offers one-year
home warranty contracts covering major operating systems
and appliances in residential resale homes. The company
provides policies on a direct basis.
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ORINSCO, our flagship carrier domiciled in Greensburg,
Pennsylvania, is the main policy-issuer for the various
specialty operations identified herein.
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ORIAS specializes in automobile service contracts,
mechanical breakdown insurance, and guaranteed asset
protection (GAP) programs for new and used automobiles.
Old Republic Insurance Company issues these policies and
contracts, which are generated largely by independent
agents.
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ORICS protects lenders from defaults on a variety of
consumer borrowings, including loans in the property
improvement and equity lending portfolios of financial
institutions. Its credit indemnity insurance programs
have been successfully underwritten through Old Republic
Insurance Company since 1954. Old Republic Equity Credit
Services, Inc. (ORECS), an ORICS subsidiary, provides
loan loss recovery and collection services on performing
and non-performing real estate and other consumer loans.
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ORRM focuses on large national accounts in the
manufacturing and service sectors of the American
economy. Its business is underwritten through
individually tailored, loss-sensitive alternative market
insurance programs that encourage assureds to retain a
vested interest in their own risk exposures. ORRM's
business is produced mostly through brokerage channels
and uses Old Republic Insurance Company's risk-bearing
capacity.
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Old Republic Surety Company ranks among the nation's top
underwriters of fidelity and surety bonds. Approximately
4,800 independent insurance agencies market these
financial indemnity products.
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Phoenix Aviation Managers, Old Republic's aviation
insurance division, issues policies covering hull,
liability, and workers' compensation exposures, largely
for private and corporate aircraft and air travel
facilities. Old Republic Insurance Company is the
underwriter.
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Established in 1915 and headquartered in Blue Bell, PA, PMA Companies provides a continuum of property and casualty risk solutions ranging
from insurance products to risk management services for self-insured clients through its operating companies: PMA Insurance Group, specializing
in workers' compensation and other property & casualty insurance products in select industries; and PMA Management Corp. and PMA Management Corp.
of New England, providing Third-Party Administration (TPA) of claims and risk services. PMA is committed to specialized underwriting,
diligent claims management, and providing excellent service, in order to deliver tangible value for its clients.
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This group of companies protects
lenders from losses due to defaults on first mortgages
for residential properties. Typically the group insures
loans for the purchase or refinancing of homes when the
amount borrowed exceeds 80% of the property's value. Republic
Mortgage Insurance Company (RMIC) is the flagship
carrier for this specialty line.
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This group of companies provides
title insurance policies and related real estate
products and services for individuals, businesses, and
government. More than 260 Old Republic managed offices,
as well as a large network of independent title
insurance agents, market these offerings. Old
Republic National Title Insurance Company, the U.S. flagship insurer has served
the real estate and mortgage industry for more than a century, and is complemented
by our oldest insurer, American Guaranty Title Insurance
Company, dating back to 1889. Our regional insurer, Mississippi Valley Title
Insurance Company, entered the business in 1941.
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Old Republic conducts a small life
and health insurance business in the U.S. through Old Republic
Life Insurance Company and in Canada through Reliable Life Insurance Company.
These operations
focus on the transportation industry, offering credit life and
disability insurance sold through automobile dealers,
travel accident insurance marketed through travel
agencies, and occupational accident insurance directed
at trucking risks.
This chart shows Old Republic International's
consolidated sources of premium volume attributable to
major sectors of the American economy it serves.
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