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    Old Republic International (ORI)

    Market Price (9/26/2026): $37.76 | Market Cap: $9.1 BilSector: Financials | Industry: Property & Casualty Insurance

    Old Republic International (ORI)

    Market Price (9/26/2026): $37.76
    Market Cap: $9.1 Bil
    Sector: Financials
    Industry: Property & Casualty Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 14%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%

    Stock buyback support
    Stock Buyback 3Y Total is 1.5 Bil

    Low stock price volatility
    Vol 12M is 23%

    Megatrend and thematic drivers
    Megatrends include Future of Real Estate Transactions. Themes include Digital Title & Escrow Services, and Real Estate Risk Underwriting.

    Weak multi-year price returns
    2Y Excs Rtn is -8.7%, 3Y Excs Rtn is -7.3%

    Key risks
    ORI key risks include [1] declining profitability from persistent margin slippage and legal settlements, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 23%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 19%, FCF Yield is 14%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
    3 Stock buyback support
    Stock Buyback 3Y Total is 1.5 Bil
    4 Low stock price volatility
    Vol 12M is 23%
    5 Megatrend and thematic drivers
    Megatrends include Future of Real Estate Transactions. Themes include Digital Title & Escrow Services, and Real Estate Risk Underwriting.
    6 Weak multi-year price returns
    2Y Excs Rtn is -8.7%, 3Y Excs Rtn is -7.3%
    7 Key risks
    ORI key risks include [1] declining profitability from persistent margin slippage and legal settlements, Show more.

    ORI in ETFs

    Weight = ORI's share of each fund

    VTI0.01%
    ITOT0.01%
    IWB0.01%
    IJH0.28%
    SCHD0.23%
    VIG0.04%
    VYM0.04%
    VB0.11%
    +23 more covered ETFs

    Valuation & Metrics

    FYE: 12/31ORI [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$9.7 Bil—
    FY 2026 Sales$9.9 Bil—
    FY 2027 Sales$10.4 Bil—
    FY 2026 Sales Growth2.2%—
    FY 2027 Sales Growth4.4%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$1.1 Bil—
    FY 2026 Net Income (Non-GAAP)$746.1 Mil—
    FY 2027 Net Income (Non-GAAP)$806.7 Mil—
    FY 2027 Net Income Growth8.1%18.0%
    FY 2026 EPS (Non-GAAP)$2.98—
    FY 2027 EPS (Non-GAAP)$3.29—
    FY 2027 EPS Growth10.2%—
    VALUATION
    FY 2026 P/S0.91.6
    FY 2027 P/S0.9—
    FY 2026 P/E12.17.7
    FY 2027 P/E11.2—

    [1] ORI forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Consolidated Combined Ratio95.3%9302025Link
    Favorable Loss Reserve Development2.5 points9302025Link
    Book Value Per Share$26.199302025Link
    Specialty Insurance Renewal Retention Rationorth of 85%7242025Link
    Number of Employees9,5309302025Link
    Percentage of Title Insurance Revenue from Independent Agents79%3282024Link
    Insider and Employee Ownership7.4%9302025Link

    Price Chart

    Upcoming
    10/22/2026Earnings ReleaseRev: $2.0 Bil (E)
    EPS: $0.80 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/21/2026

    Old Republic International (ORI) stock has gained about 5% since 5/31/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Net Income Performance. Old Republic International reported a significant increase in net income, rising 58% to $322.3 million in fiscal Q2 2026 compared to $204.4 million in the same period last year.

    2. Growth in Net Investment Income. The company experienced a 6.1% increase in net investment income, reaching $182.0 million in fiscal Q2 2026, up from $171.5 million in the prior year. This was supported by elevated government bond yields, contributing to higher investment income for insurers.

    Show more
    Updated on 9/21/2026

    Old Republic International (ORI) stock has gained about 5% since 5/31/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Net Income Performance. Old Republic International reported a significant increase in net income, rising 58% to $322.3 million in fiscal Q2 2026 compared to $204.4 million in the same period last year.

    2. Growth in Net Investment Income. The company experienced a 6.1% increase in net investment income, reaching $182.0 million in fiscal Q2 2026, up from $171.5 million in the prior year. This was supported by elevated government bond yields, contributing to higher investment income for insurers.

    3. Robust Book Value Growth and Increased Dividends. Old Republic International's book value per share grew by 7.2% to $25.33 since year-end 2025. Additionally, the projected full-year dividend saw an 8.6% increase to $1.26 per share, signaling a commitment to shareholder returns.

    4. Significant Institutional Investor Accumulation. The disclosure of substantial institutional buying, including Bank of New York Mellon's acquisition of a 4.98% stake valued at nearly $492 million, demonstrated strong investor confidence in Old Republic International.

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    Stock Movement Drivers

    Fundamental Drivers

    The 3.0% change in ORI stock from 5/31/2026 to 9/25/2026 was primarily driven by a 8.2% change in the company's Net Income Margin (%).
    (LTM values as of)53120269252026Change
    Stock Price ($)36.6437.743.0%
    Change Contribution By: 
    Total Revenues ($ Mil)9,4219,7163.1%
    Net Income Margin (%)10.8%11.7%8.2%
    P/E Multiple8.78.0-8.8%
    Shares Outstanding (Mil)2432401.3%
    Cumulative Contribution3.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/25/2026
    ReturnCorrelation
    ORI3.0% 
    Market (SPY)2.2%-32.6%
    Sector (XLF)6.7%35.0%

    Fundamental Drivers

    The -9.9% change in ORI stock from 2/28/2026 to 9/25/2026 was primarily driven by a -27.8% change in the company's P/E Multiple.
    (LTM values as of)22820269252026Change
    Stock Price ($)41.8737.74-9.9%
    Change Contribution By: 
    Total Revenues ($ Mil)9,1369,7166.4%
    Net Income Margin (%)10.2%11.7%14.4%
    P/E Multiple11.08.0-27.8%
    Shares Outstanding (Mil)2462402.5%
    Cumulative Contribution-9.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/25/2026
    ReturnCorrelation
    ORI-9.9% 
    Market (SPY)13.0%-6.0%
    Sector (XLF)7.6%40.4%

    Fundamental Drivers

    The 3.7% change in ORI stock from 8/31/2025 to 9/25/2026 was primarily driven by a 13.6% change in the company's Net Income Margin (%).
    (LTM values as of)83120259252026Change
    Stock Price ($)36.4037.743.7%
    Change Contribution By: 
    Total Revenues ($ Mil)8,6669,71612.1%
    Net Income Margin (%)10.3%11.7%13.6%
    P/E Multiple10.08.0-20.3%
    Shares Outstanding (Mil)2452402.1%
    Cumulative Contribution3.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/25/2026
    ReturnCorrelation
    ORI3.7% 
    Market (SPY)20.9%-7.7%
    Sector (XLF)3.2%30.1%

    Fundamental Drivers

    The 71.2% change in ORI stock from 8/31/2023 to 9/25/2026 was primarily driven by a 27.5% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239252026Change
    Stock Price ($)22.0437.7471.2%
    Change Contribution By: 
    Total Revenues ($ Mil)7,6239,71627.5%
    Net Income Margin (%)10.2%11.7%15.1%
    P/E Multiple8.18.0-2.0%
    Shares Outstanding (Mil)28524019.0%
    Cumulative Contribution71.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/25/2026
    ReturnCorrelation
    ORI71.2% 
    Market (SPY)77.8%24.8%
    Sector (XLF)67.3%51.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ORI Return45%7%26%27%37%-10%207%
    Peers Return27%3%14%9%-0%9%75%
    S&P 500 Return27%-19%24%23%16%13%105%

    Monthly Win Rates [3]
    ORI Win Rate58%50%58%50%67%44% 
    Peers Win Rate60%50%57%57%53%56% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    ORI Max Drawdown-11%-20%-11%-10%-12%-16% 
    Peers Max Drawdown-13%-24%-17%-16%-22%-17% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: VOYA, FAF, RLI, SIGI, CB. See ORI Returns vs. Peers.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/25/2026 (YTD)

    How Low Can It Go

    EventORIS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-11.4%-6.7%
      % Gain to Breakeven12.9%7.1%
      Time to Breakeven125 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-11.9%-24.5%
      % Gain to Breakeven13.5%32.4%
      Time to Breakeven63 days427 days
    2020 COVID-19 Crash
      % Loss-46.4%-33.7%
      % Gain to Breakeven86.4%50.9%
      Time to Breakeven350 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-10.4%-19.2%
      % Gain to Breakeven11.6%23.8%
      Time to Breakeven123 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-10.6%-12.2%
      % Gain to Breakeven11.9%13.9%
      Time to Breakeven48 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-21.3%-17.9%
      % Gain to Breakeven27.1%21.8%
      Time to Breakeven123 days123 days

    Compare to VOYA, FAF, RLI, SIGI, CB

    In The Past

    Old Republic International's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventORIS&P 500
    2020 COVID-19 Crash
      % Loss-46.4%-33.7%
      % Gain to Breakeven86.4%50.9%
      Time to Breakeven350 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-21.3%-17.9%
      % Gain to Breakeven27.1%21.8%
      Time to Breakeven123 days123 days
    2008-2009 Global Financial Crisis
      % Loss-51.2%-53.4%
      % Gain to Breakeven104.9%114.4%
      Time to Breakeven510 days1085 days

    Compare to VOYA, FAF, RLI, SIGI, CB

    In The Past

    Old Republic International's stock fell -3.0% during the 2025 US Tariff Shock. Such a loss loss requires a 3.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Old Republic International (ORI)

    Old Republic International Corporation (ORI) is a diversified insurance company operating primarily across the United States and Canada. It specializes in insurance underwriting and related services, structured into three main segments: General Insurance, Title Insurance, and a Republic Financial Indemnity Group Run-off Business.

    The General Insurance segment offers a wide array of commercial and specialty coverages, including workers' compensation, commercial automobile, general liability, and financial indemnity products like errors and omissions and surety bonds. Its diverse clientele spans businesses, government entities, and institutions across industries such as transportation, healthcare, education, manufacturing, and financial services. The Title Insurance segment provides lenders' and owners' title insurance policies, essential for real estate transactions, along with escrow and real estate information services, primarily serving real estate purchasers, investors, and lenders.

    Finally, the Republic Financial Indemnity Group Run-off Business focuses on private mortgage insurance. This coverage is designed to protect mortgage lenders and investors against potential losses from defaults on residential mortgage loans, predominantly those made to homebuyers.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Old Republic International (ORI):

    • Think of it as Fidelity National Financial (FNF) for real estate title insurance, combined with a broad commercial and specialty insurer similar to Travelers (TRV) for businesses.
    • A diversified insurance company that's like Chubb (CB) for commercial and specialty lines, but also a major player in real estate title insurance, similar to Fidelity National Financial (FNF).

    AI Analysis | Feedback

    • General Insurance Products: A diverse range of property and casualty insurance offerings for businesses, institutions, and individuals, including commercial lines, specialty financial indemnity, and consumer warranty products.
    • Title Insurance Policies: Insurance that protects real estate purchasers, investors, and lenders against financial loss due to defects in property title.
    • Real Estate Information & Transaction Services: Services facilitating real estate transfers and loan transactions, such as escrow closing, construction disbursement, and providing real estate-related data.
    • Private Mortgage Insurance: Coverage that protects mortgage lenders and investors from default-related losses on residential mortgage loans.

    AI Analysis | Feedback

    Major Customers of Old Republic International (ORI)

    Old Republic International (ORI) primarily sells its insurance products and related services to other companies, government entities, and institutions. The provided company description does not list specific customer names or their public symbols. However, it identifies the following major categories of customers that it serves:

    • Businesses across diverse industries: This includes sectors such as transportation, commercial construction, healthcare, education, retail and wholesale trade, forest products, energy, general manufacturing, and financial services.
    • Government Entities: Institutions at various levels of government.
    • Mortgage Lenders and Investors: These entities purchase private mortgage insurance coverage and utilize various title-related services.

    AI Analysis | Feedback

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    Craig R. Smiddy
    President and Chief Executive Officer

    Mr. Smiddy has served as President and Chief Executive Officer (CEO) of Old Republic International Corporation (ORI) since 2019 and also holds the title of President of the Old Republic Specialty Insurance Group (ORSIG). He brings 37 years of experience in the insurance and reinsurance industries, encompassing claims, product management, underwriting, and operations. Prior to joining ORI, he spent 16 years with Munich Re America, where he was President of their Specialty Markets division and a member of their Executive Leadership Team. His insurance career began at Progressive Insurance, where he spent 10 years.

    Frank J. Sodaro
    Senior Vice President and Chief Financial Officer

    Mr. Sodaro is the Senior Vice President and Chief Financial Officer (CFO) at Old Republic International Corporation (ORI). He joined ORI in 2017 as Deputy CFO and assumed the CFO role in July 2021. His responsibilities include providing leadership for the finance, accounting, and Corporate IT teams, including oversight and strategy. Before his tenure at ORI, Mr. Sodaro was with Kemper for over 20 years, where he held various positions in internal audit, corporate accounting, and financial planning and analysis, and served as CFO.

    W. Todd Gray
    Executive Vice President, Old Republic International Corporation and President, Old Republic Asset Management Company

    Mr. Gray serves as Executive Vice President of Old Republic International Corporation (ORI) and President of Old Republic Asset Management Company (ORAM). He has 34 years of experience in the insurance industry, with a focus on finance, accounting, investment, and operational management. Before joining ORI, he was the Chief Financial Officer of Oak Street Funding, a specialty commercial finance organization. Earlier in his career, he was President of American Modern Insurance Group after serving as its Chief Financial Officer for several years.

    Carolyn Monroe
    President and Chief Executive Officer, Old Republic National Title Holding Company and Old Republic National Title Insurance Company

    Ms. Monroe is the President and Chief Executive Officer of Old Republic National Title Holding Company and Old Republic National Title Insurance Company. She also holds the role of Senior Vice President of Old Republic International Corporation (ORI). She possesses over 40 years of extensive experience and leadership in both direct and agency operations within the title insurance industry. Ms. Monroe joined Old Republic Title in 2009 and has since taken on progressively responsible roles with broader geographic exposure.

    Thomas A. Dare
    Senior Vice President, General Counsel, and Secretary

    Mr. Dare is the Senior Vice President, General Counsel, and Secretary of Old Republic International Corporation (ORI). He is responsible for the company's legal affairs and acts as the principal counsel to the Office of the Chief Executive Officer. Mr. Dare brings an extensive 38-year background in legal and operational matters within the insurance industry, covering areas such as third-party claim administration, reinsurance, self-insurance, and managed care. Prior to joining Old Republic in 2014, he held numerous legal leadership positions at Healthcare Solutions, CUNA Mutual Group, Broadspire, and Kemper National Services.

    AI Analysis | Feedback

    The key risks to Old Republic International (ORI) include:

    1. Loss Reserves and Underwriting Risks: As an insurance company, Old Republic International's financial performance is heavily reliant on its ability to accurately estimate future claim costs and establish adequate loss reserves. If actual insured losses exceed these estimates, or if the company fails to underwrite risks accurately and set competitive yet profitable rates, it could materially and adversely affect its financial condition and profitability.
    2. Dependence on Housing Market Trends: The company's Title Insurance segment, a significant contributor to its revenue, is highly sensitive to the overall health of the housing and commercial real estate markets. Fluctuations in housing demand, mortgage loan availability and interest rates, and general employment trends can significantly impact the earnings of this segment. A downturn in these markets or renewed mortgage rate volatility could compress title premiums and negatively affect the company's financial outcomes.
    3. Investment Risks: Old Republic International generates substantial investment income from its portfolio of invested funds, often referred to as "float." This investment portfolio is exposed to market-wide risks, including inflation, regulatory changes, economic instability, and interest rate volatility. These factors can affect the valuation of both fixed-income and equity securities within the portfolio, thereby impacting the company's financial condition and overall profitability.

    AI Analysis | Feedback

    The potential for distributed ledger technology (blockchain) to create immutable and publicly verifiable land registries and property ownership records represents an emerging threat to the title insurance segment. Such a technological shift could fundamentally reduce or eliminate the need for traditional title searches and the associated insurance policies offered by Old Republic International's Title Insurance segment, similar to how digital distribution disrupted physical media businesses.

    AI Analysis | Feedback

    Old Republic International (ORI) operates in significant addressable markets across its three main segments: General Insurance, Title Insurance, and Private Mortgage Insurance. The company primarily serves the United States and Canada.

    General Insurance Segment

    • United States Commercial Insurance: The U.S. commercial insurance market was valued at approximately USD 294.6 billion in 2024 and is projected to reach USD 489.1 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.20% from 2025 to 2033. Another estimate for the U.S. commercial insurance market was USD 271.93 billion in 2025, expected to reach USD 416.83 billion by 2035 with a CAGR of 5.47% from 2026-2035. Overall, the aggregated premiums for commercial business lines grew to USD 502.35 billion in 2024. North America, which includes the U.S., holds approximately 40% of the global commercial insurance market share.
    • United States Home Warranty: The U.S. home warranty market was valued at USD 4.26 billion in 2024 and is projected to reach USD 5.68 billion by 2032, growing at a CAGR of 4.19% from 2026 to 2032. Other sources indicate the market size as $4.6 billion in 2025 and $3.9 billion in 2023. Approximately 36 million homes in the United States are covered under some form of home warranty plan.
    • United States Automobile Extended Warranty: The U.S. auto extended warranty market was valued at $18.36 billion in 2020 and is projected to reach $24.48 billion by 2030, with a CAGR of 2.9% from 2021 to 2030. The broader U.S. extended warranty market, which includes automobiles, was valued at USD 53.01 billion in 2025 and is projected to reach USD 117.02 billion by 2034, with automobiles accounting for 30% of this market in 2025.
    • Canada General Insurance: The general insurance market in Canada was valued at approximately USD 59.98 billion in 2024 and is projected to reach USD 87.56 billion by 2030, growing at a CAGR of 6.51% from 2025 to 2030. In terms of gross written premiums, the sector is forecast to grow from CAD86.75 billion (approximately $65.12 billion) in 2024 to CAD115.82 billion (approximately $90.07 billion) in 2029, at a CAGR of 6%. Property insurance is the leading line of business in Canada's general insurance industry.
    • Canada Home Insurance: The Canada home insurance market size was valued at USD 25.05 billion in 2025 and is estimated to grow from USD 26.71 billion in 2026 to reach USD 36.79 billion by 2031, at a CAGR of 6.62% during the forecast period (2026-2031).

    Title Insurance Segment

    • United States Title Insurance: The title insurance industry in the U.S. conducted over $16.5 billion in business in 2023. Title insurance premiums generated in the U.S. were $4.5 billion during the second quarter of 2025. The U.S. market accounts for over 85% of the North American title insurance market.
    • Canada Title Insurance: While specific standalone market size for Canada is not readily available, North America's title insurance market (including the U.S. and Canada) was estimated at $2 billion in 2023 and is projected to reach $2.8 billion by 2032. Canada is noted as a fast-growing segment within this North American market. FCT, a major player in Canada, issues close to 1 million policies annually.

    Republic Financial Indemnity Group Run-off Business Segment (Private Mortgage Insurance)

    • Global Private Mortgage Insurance (PMI): The global private mortgage insurance market is expected to reach $9.71 billion by 2029, growing at a CAGR of 9.2%. North America was the largest PMI market as of 2024.
    • United States Private Mortgage Insurance (PMI): In 2024, the private mortgage insurance industry in the U.S. supported nearly $300 billion in mortgage originations. By the end of 2024, PMI firms insured approximately $1.6 trillion of mortgages.
    • Canada Mortgage Default Insurance: The Canada Mortgage and Housing Corporation (CMHC), a key provider along with private insurers, maintained insurance coverage on 19.9% of Canadian residential mortgages, with total insurance-in-force reaching $452 billion as of June 30, 2025.

    AI Analysis | Feedback

    Old Republic International (ORI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its insurance segments:

    • Expansion in General Insurance Specialty Lines: The General Insurance Group is targeting 6% to 8% annual growth in net premiums written, with a strategic focus on specialty commercial lines and the commercial trucking market. This includes leveraging proprietary distribution networks to gain market share from smaller competitors in the commercial trucking sector.
    • Introduction of Renewable Energy Liability Products: Old Republic International plans to capture the anticipated 12% increase in demand for green infrastructure coverage through 2026 by launching new specialized liability products tailored for the renewable energy sector.
    • Strategic Acquisitions and Market Recovery in Title Insurance: Growth in the Title Insurance segment is projected to come from acquiring independent agencies, particularly in high-growth regions like the Sun Belt and Mountain West corridors. This expansion is also expected to benefit from a rebound in title insurance premiums as mortgage rates stabilize.
    • Niche Expansion into Cybersecurity Insurance: The company launched Old Republic Cyber, Inc. in January 2025, a new underwriting subsidiary that offers cyber and technology errors and omissions (E&O) insurance products. This initiative aims to capitalize on the global cyber insurance market, which is projected to grow significantly through 2030.

    AI Analysis | Feedback

    Share Repurchases

    • Old Republic International authorized a new $750 million share repurchase program on August 19, 2025, which will commence immediately following the completion of approximately $162 million remaining under a $1.10 billion share repurchase program announced on March 1, 2024.
    • Since December 31, 2020, Old Republic has returned over $4.2 billion to shareholders through regular and special cash dividends and share repurchases.
    • Old Republic returned a total of $1,022 million to shareholders in 2025, comprising $897 million in dividends and $125 million in share repurchases.

    Share Issuance

    • Old Republic's shares outstanding decreased by 4.35% in 2025, 7.91% in 2024, and 5.88% in 2023.

    Outbound Investments

    • Old Republic International announced in October 2025 a definitive agreement to acquire Everett Cash Mutual Insurance Co. and its affiliated companies, a leading insurer of small farmowners and commercial agricultural operations, with the transaction expected to close in 2026.
    • ORI has been actively expanding its Specialty Insurance segment by acquiring new companies and forming new subsidiaries, including a new environmental insurance company announced in 2025.

    Capital Expenditures

    • Old Republic International's strategic planning includes technological advancements and cybersecurity as critical areas for operational integrity and competitive advantage.
    • Key technology priorities for 2025 included scaling cloud-native underwriting, deploying AI for predictive loss reserving and claims triage, expanding ORBIT features for title business, and integrating insurtech APIs.

    Peer Outperformance in Property & Casualty Insurance

    ORI has outperformed 76% of its 41 Property & Casualty Insurance peers over 5Y. Among the peers that beat it is TRV. Property & Casualty Insurance ranks 6th of 18 industries in Financials by median 5Y return.
    Share of Property & Casualty Insurance constituents that ORI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    43%
    of 46 industry peers · -0.1% return
    3Y
    56%
    of 43 industry peers · 70.4% return
    5Y
    76%
    of 41 industry peers · 127.5% return
    Property & Casualty Insurance peers with revenue growth within 4pp of ORI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    ORI Old Republic International 8.6% 8.0x -0.1%70.4%127.5% —
    TRV Travelers Companies 8.2% 9.2x 34.4%127.4%155.2% +28pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is ORI's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 7 24.2%65.6%112.8% SPNT 171% · RGA 150% · RNR 141%
    Diversified Banks 13 34.3%131.3%109.8% CM 150% · RY 139% · JPM 138%
    Investment Banking & Brokerage 13 -3.4%108.7%108.9% IBKR 484% · SNEX 245% · GS 170%
    Life & Health Insurance 20 5.6%51.8%95.5% JXN 505% · UNM 340% · FG 194%
    Multi-Sector Holdings 4 3.7%50.1%79.0% JONE 362% · BRK-B 82% · VOYA 76%
    Property & Casualty Insurance ← 42 7.6%66.4%62.8% ASIC 2714900% · HRTG 387% · UVE 299%
    Regional Banks 265 24.8%93.8%61.7% ESQ 370% · BLX 345% · GCBC 301%
    Multi-line Insurance 9 5.6%67.1%56.5% GNW 156% · L 101% · SLF 95%
    Financial Exchanges & Data 15 -1.0%19.4%30.3% VIRT 165% · CBOE 119% · CME 65%
    Diversified Financial Services 4 -4.1%23.8%26.7% FRHC 167% · EQH 108% · TMS -54%
    Consumer Finance 30 -0.4%85.6%17.1% ENVA 419% · EZPW 307% · FCFS 163%
    Insurance Brokers 16 -20.2%-9.8%12.1% LIFE 235% · ARX 88% · CRD-A 58%
    Commercial & Residential Mortgage Finance 13 -51.2%21.3%8.4% FNMA 419% · FMCC 384% · ACT 169%
    Asset Management & Custody Banks 86 -8.8%16.7%7.5% WT 337% · VCTR 280% · SII 275%
    Specialized Finance 3 19.1%44.3%-6.2% EFC 24% · CACC -6% · HASI -19%
    Mortgage REITs 33 -14.1%8.4%-26.0% NREF 52% · RITM 36% · DX 25%
    Transaction & Payment Processing Services 17 1.1%-6.7%-45.1% V 65% · MA 63% · CPAY 49%
    Diversified Capital Markets 24 -29.2%6.8%-56.9% OPY 198% · CD 114% · LPLA 107%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

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    FWDIForward Industries0.742.0%27.4%

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    Peers to compare with:

    Financials

    ORIVOYAFAFRLISIGICBMedian
    NameOld Repu.Voya Fin.First Am.RLI Selectiv.Chubb  
    Mkt Price37.7497.2766.2755.6986.12333.3776.19
    Mkt Cap9.18.86.85.15.1129.27.8
    Rev LTM9,7168,0187,9771,9745,47162,2777,997
    Op Inc LTM-------
    FCF LTM1,2801,1928325171,18915,3761,190
    FCF 3Y Avg1,1711,2895935221,04714,8471,109
    CFO LTM1,2801,1921,0045241,23315,3761,212
    CFO 3Y Avg1,1711,2897965281,08314,8471,127

    Growth & Margins

    ORIVOYAFAFRLISIGICBMedian
    NameOld Repu.Voya Fin.First Am.RLI Selectiv.Chubb  
    Rev Chg LTM12.1%3.3%22.6%8.7%7.0%8.5%8.6%
    Rev Chg 3Y Avg8.6%7.1%7.4%1.0%12.1%10.4%8.0%
    Rev Chg Q13.4%-1.3%15.0%15.2%4.5%7.2%10.3%
    QoQ Delta Rev Chg LTM3.1%-0.3%3.6%4.0%1.1%1.8%2.4%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM13.2%14.9%12.6%26.5%22.5%24.7%18.7%
    CFO/Rev 3Y Avg13.5%16.6%11.5%29.2%21.3%25.8%19.0%
    FCF/Rev LTM13.2%14.9%10.4%26.2%21.7%24.7%18.3%
    FCF/Rev 3Y Avg13.5%16.6%8.5%28.9%20.6%25.8%18.6%

    Valuation

    ORIVOYAFAFRLISIGICBMedian
    NameOld Repu.Voya Fin.First Am.RLI Selectiv.Chubb  
    Mkt Cap9.18.86.85.15.1129.27.8
    P/S0.91.10.92.60.92.11.0
    P/Op Inc-------
    P/EBIT6.09.05.99.27.58.68.0
    P/E8.014.59.111.710.311.510.9
    P/CFO7.17.46.89.84.28.47.2
    Total Yield22.7%8.9%14.3%16.9%11.6%9.8%12.9%
    Dividend Yield10.1%2.0%3.3%8.4%1.9%1.2%2.7%
    FCF Yield 3Y Avg12.9%17.6%9.1%8.5%18.8%12.8%12.8%
    D/E0.30.30.40.10.20.10.2
    Net D/E-0.2-2.80.0-0.3-0.0-0.2-0.2

    Returns

    ORIVOYAFAFRLISIGICBMedian
    NameOld Repu.Voya Fin.First Am.RLI Selectiv.Chubb  
    1M Rtn-10.4%-4.2%-10.0%-13.9%-6.8%-2.7%-8.4%
    3M Rtn-7.8%7.2%-1.2%-3.0%-10.2%-2.1%-2.5%
    6M Rtn-2.7%48.5%14.3%3.5%16.4%5.1%9.7%
    12M Rtn-0.1%32.6%5.8%-5.7%12.0%21.3%8.9%
    3Y Rtn70.4%57.2%26.7%-7.6%-13.9%63.6%42.0%
    1M Excs Rtn-11.3%-5.1%-10.9%-14.8%-7.7%-3.6%-9.3%
    3M Excs Rtn-13.1%1.9%-6.5%-8.3%-15.5%-7.4%-7.8%
    6M Excs Rtn-23.2%23.2%-7.1%-17.8%-3.2%-16.1%-11.6%
    12M Excs Rtn-17.1%15.1%-12.5%-23.4%-5.2%4.6%-8.9%
    3Y Excs Rtn-7.3%-24.5%-53.7%-84.6%-87.8%-13.7%-39.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/31/20265/1/20262/26/202610/31/20258/1/20255/2/20252/27/202511/1/20248/2/20245/3/20242/28/202411/3/2023
    Key Financials Quarterly            
    Total Revenue2,5032,3992,3902,4242,2082,1142,0032,3411,8722,0161,9411,760
    Net Income3223302062802042451053399231719153
    EPS1.341.360.841.140.831.010.431.350.351.170.700.19
    Key Financials TTM            
    Total Revenue TTM9,7169,4219,1368,7498,6668,3308,2318,1707,5887,5157,2587,662
    Net Income TTM1,1381,020935834893781852938652715598920
    Growth Rates Quarterly            
    Total Revenue Growth13.4%13.5%19.3%3.5%18.0%4.9%3.2%33.0%4.1%14.6%-17.2%2.3%
    Net Income Growth57.7%34.7%96.4%-17.5%122.7%-22.6%-44.9%544.3%-41.0%58.5%-62.8%157.4%
    Margins Quarterly            
    Net Income Margin12.9%13.8%8.6%11.5%9.3%11.6%5.2%14.5%4.9%15.7%9.8%3.0%
    Cash & Debt            
    Total Cash3,9422,5353,2343,1412,7632,74113,6973,3243,4383,09613,3751,298
    Total Debt2,2841,5901,5901,5901,5891,5891,5891,9881,9881,9881,5911,591
    Net Debt / (Cash)-1,658-945-1,645-1,551-1,173-1,152-12,108-1,336-1,450-1,108-11,784292
    Cash Flows Quarterly            
    FCF from Operations200281235564134232362475236160283350
    Cash Flows TTM            
    FCF from Operations TTM1,2801,2141,1641,2911,2021,3051,2331,1551,030884880864
    Returns to Shareholders Quarterly            
    Dividends77694717173568656669726768
    Share Repurchases601605543-02517416540819456126
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-----------30.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-----------134.0%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Specialty Insurance5,3794,8544,2814,3164,042
    Title Insurance2,8592,6202,5643,8834,449
    Net investment income709673578  
    Realized from actual transactions and impairments20289-67  
    Corporate & other91526196167
    Consolidation elimination adjustments000 -119
    Unrealized from changes in fair value of equity securities-22-19-124  
    Consolidated investment gains (losses)   -139 
    Realized and unrealized investment gains   -201758
    Republic Financial Indemnity Group (RFIG) Run-off   3044
    Total9,1368,2317,2588,0849,342


    Operating Income by Segment
    $ Mil20152000199919981997
    Specialty Insurance336    
    Title Insurance167    
    Consolidation elimination adjustments91    
    RFIG Run-off Business29    
    Corporate & Other8    
    General 11770192208
    Life Ins 53720
    Mortgage Guaranty 240177155142
    Title Ins 40446536
    Total632403294418406


    Net Income by Segment
    $ Mil201520102009
    Specialty Insurance312293 
    Title Insurance34 26
    RFIG Run-off Business25  
    Corporate & Other17  
    Mortgage Guaranty 90102
    General  270
    Total388382397


    Assets by Segment
    $ Mil20252024202320222021
    Specialty Insurance26,75124,56322,71021,22820,661
    Title Insurance1,9381,9161,9482,0782,234
    Corporate & other1,3351,5321,9131,737 
    Consolidation elimination adjustments-160-168-303-227-146
    Republic Financial Indemnity Group (RFIG) Run-off  233344516
    Other assets    1,716
    Total29,86327,84326,50125,15924,982


    Price Behavior

    Price Behavior
    Market Price$37.74 
    Market Cap ($ Bil)9.1 
    First Trading Date03/26/1990 
    Distance from 52W High-14.7% 
       50 Days200 Days
    DMA Price$41.57$40.41
    DMA Trendindeterminateup
    Distance from DMA-9.2%-6.6%
     3M1YR
    Volatility18.8%23.3%
    Downside Capture25.97-16.33
    Upside Capture-20.01-13.25
    Correlation (SPY)-20.8%-9.1%
    ORI Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.15-0.51-0.62-0.11-0.160.34
    Up Beta0.17-1.07-0.490.060.220.50
    Down Beta-0.16-0.53-0.91-0.67-0.490.39
    Up Capture-12%-17%-21%-1%-4%10%
    Bmk +ve Days10213268138427
    Stock +ve Days9193259131424
    Down Capture74%-44%-105%2%-41%25%
    Bmk -ve Days11213259113324
    Stock -ve Days12233268119323

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ORI
    ORI-0.4%23.3%-0.09-
    Sector ETF (XLF)3.6%14.7%0.0229.2%
    Equity (SPY)17.7%13.0%0.98-9.2%
    Gold (GLD)14.7%29.3%0.46-1.7%
    Commodities (DBC)46.8%20.7%1.75-18.3%
    Real Estate (VNQ)4.5%13.6%0.0739.2%
    Bitcoin (BTCUSD)-25.5%44.8%-0.53-7.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ORI
    ORI17.9%22.2%0.68-
    Sector ETF (XLF)9.7%18.4%0.3960.5%
    Equity (SPY)13.3%17.2%0.5941.0%
    Gold (GLD)19.2%18.8%0.830.1%
    Commodities (DBC)11.2%19.5%0.454.7%
    Real Estate (VNQ)0.9%18.9%-0.0648.2%
    Bitcoin (BTCUSD)12.3%52.6%0.4114.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ORI
    ORI15.6%26.2%0.58-
    Sector ETF (XLF)13.0%22.1%0.5369.5%
    Equity (SPY)15.5%17.9%0.7355.1%
    Gold (GLD)12.1%16.4%0.61-0.6%
    Commodities (DBC)8.7%18.1%0.3917.4%
    Real Estate (VNQ)4.8%20.7%0.1958.2%
    Bitcoin (BTCUSD)63.9%66.2%1.0411.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity10.5 Mil
    Short Interest: % Change Since 83120265.2%
    Average Daily Volume1.2 Mil
    Days-to-Cover Short Interest9.0 days
    Basic Shares Quantity239.8 Mil
    Short % of Basic Shares4.4%

    Returns Analyses

    Earnings Returns History

    Updated 8/25/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/2026-0.7%7.2%0.5%
    4/23/2026-5.2%-5.6%-5.8%
    1/22/2026-9.3%-9.4%-4.4%
    10/24/2025-0.5%-3.5%12.5%
    7/24/2025-2.4%-1.0%7.6%
    4/25/20251.0%2.3%1.4%
    1/23/2025-0.2%1.6%1.3%
    10/24/2024-2.4%-1.4%6.8%
    ...
    SUMMARY STATS   
    # Positive121319
    # Negative11104
    Median Positive1.1%2.3%6.6%
    Median Negative-2.4%-1.5%-4.4%
    Max Positive7.6%8.4%12.5%
    Max Negative-9.3%-9.4%-5.8%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/2026-0.7%7.2%0.5%
    4/23/2026-5.2%-5.6%-5.8%
    1/22/2026-9.3%-9.4%-4.4%
    10/24/2025-0.5%-3.5%12.5%
    7/24/2025-2.4%-1.0%7.6%
    4/25/20251.0%2.3%1.4%
    1/23/2025-0.2%1.6%1.3%
    10/24/2024-2.4%-1.4%6.8%
    7/25/20242.1%8.4%9.0%
    4/25/20240.4%2.1%4.9%
    1/25/20241.6%0.5%5.0%
    10/26/2023-3.3%0.2%4.6%
    4/28/20230.4%-0.8%-1.6%
    1/26/20237.6%6.5%6.8%
    10/27/20220.6%1.5%6.5%
    7/28/20220.4%-1.4%6.6%
    4/29/2022-4.6%-1.5%2.7%
    1/28/20221.6%4.0%4.5%
    10/29/2021-0.8%-1.5%-4.4%
    7/23/20210.2%1.2%8.0%
    4/23/20211.7%4.6%10.6%
    1/29/20211.1%6.9%10.3%
    10/23/2020-2.1%-3.6%8.8%
    SUMMARY STATS   
    # Positive121319
    # Negative11104
    Median Positive1.1%2.3%6.6%
    Median Negative-2.4%-1.5%-4.4%
    Max Positive7.6%8.4%12.5%
    Max Negative-9.3%-9.4%-5.8%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202605/01/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/02/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/02/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/05/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/04/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/31/202610-Q
    03/31/202605/01/202610-Q
    12/31/202502/26/202610-K
    09/30/202510/31/202510-Q
    06/30/202508/01/202510-Q
    03/31/202505/02/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/01/202410-Q
    06/30/202408/02/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/05/202310-Q
    12/31/202202/24/202310-K
    09/30/202211/04/202210-Q
    06/30/202208/05/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/05/202110-Q
    06/30/202107/30/202110-Q
    03/31/202104/30/202110-Q
    12/31/202003/01/202110-K
    09/30/202010/30/202010-Q
    06/30/202007/31/202010-Q
    03/31/202005/08/202010-Q
    12/31/201902/28/202010-K
    09/30/201911/01/201910-Q

    Recent Forward Guidance

    Updated 7/27/2026

    Latest: Q2 2026 Earnings Reported 7/23/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Acquisition GainReported 125.00 Mil    
    2026 Specialty Insurance Combined RatioReported0.90.930.95 0AffirmedGuidance: 0.93 for 2026
    2026 Title Insurance Combined RatioReported0.90.930.95 0AffirmedGuidance: 0.93 for 2026


    Prior: Q1 2026 Earnings Reported 4/23/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Specialty Insurance Combined RatioReported0.90.930.95 0.0%AffirmedGuidance: 0.93 for 2026
    2026 Title Insurance Combined RatioReported0.90.930.95 0.0%AffirmedGuidance: 0.93 for 2026

    Q4 2025 Earnings Reported 1/22/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Specialty Insurance Combined RatioReported0.90.930.95 0.0%Same NewActual: 0.93 for 2025
    2026 Title Insurance Combined RatioReported0.90.930.95 0.0%Same NewActual: 0.93 for 2025

    Q3 2025 Earnings Reported 10/24/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 Specialty Insurance Combined RatioReported0.90.930.95 0.0%AffirmedGuidance: 0.93 for 2025
    2025 Title Insurance Combined RatioReported0.90.930.95 0.0%AffirmedGuidance: 0.93 for 2025

    Insider Activity

    Updated 9/3/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Monroe, CarolynSVP - Title InsuranceDirectSell903202642.014,386184,2561,171,029Form
    2Monroe, CarolynSVP - Title InsuranceDirectSell813202642.261,78875,5611,363,350Form
    3Oberst, Stephen JExecutive Vice PresidentDirectSell730202643.9613,125576,9753,613,732Form
    4Monroe, CarolynSVP - Title InsuranceDirectSell514202638.7613,330516,6711,250,436Form
    5Risch, Therace DirectBuy505202639.9030011,970512,436Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Monroe, CarolynSVP - Title InsuranceDirectSell903202642.014,386184,2561,171,029Form
    2Monroe, CarolynSVP - Title InsuranceDirectSell813202642.261,78875,5611,363,350Form
    3Oberst, Stephen JExecutive Vice PresidentDirectSell730202643.9613,125576,9753,613,732Form
    4Monroe, CarolynSVP - Title InsuranceDirectSell514202638.7613,330516,6711,250,436Form
    5Risch, Therace DirectBuy505202639.9030011,970512,436Form
    6Smith, John Eric DirectBuy304202643.101,13548,917184,288Form
    7Monroe, CarolynSVP - Title InsuranceDirectSell204202639.285,526217,0771,095,011Form
    8Monroe, CarolynSVP - Title InsuranceDirectSell1118202544.546,680297,5271,295,000Form
    9Risch, Therace DirectBuy1104202539.141,00039,136415,818Form
    10Risch, Therace DirectBuy904202539.901,50059,850384,038Form

    Investor Activity (13F)

    Updated Sep 26, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Hamlin Capital Management, LLC$189.1 Mil4.6%30Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Hamlin Capital Management, LLC$189.1 Mil4.6%30Hold13F

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    Core Cache Last Updated: 9/25/2026