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

• Like Chubb (CB) meets Fidelity National Financial (FNF).
• The Travelers (TRV) of commercial and real estate title insurance.

Old Republic International (ORI) primarily provides the following insurance services:

• Title Insurance: Protects real estate owners and lenders against financial loss resulting from defects in title to real property.
• Workers' Compensation Insurance: Provides wage replacement and medical benefits to employees injured in the course of employment.
• Commercial Auto Insurance: Covers vehicles used for business purposes against physical damage and third-party liability.
• General Liability Insurance: Protects businesses against claims of bodily injury, property damage, and advertising injury occurring on their premises or due to their operations.
• Professional Liability Insurance: Insures professionals and companies against claims of negligence or errors and omissions in their professional services.

Old Republic International (NYSE: ORI) is a diversified insurance underwriter with major segments in General Insurance (commercial lines) and Title Insurance.

Due to the nature of the insurance industry, particularly for a company with broad commercial and title insurance operations like Old Republic International, the concept of "major customers" differs from industries where a few large buyers might account for a significant portion of revenue. ORI does not have a handful of identifiable specific companies that serve as major direct customers in this traditional sense, nor does it typically disclose such information, as its revenue is generated through a wide and diffuse network.

Instead, Old Republic International's business model primarily involves selling its products through a vast network of intermediaries and directly to a broad base of commercial enterprises. Therefore, its "major customers" can be best understood as categories of businesses that distribute its products or are direct policyholders. While individuals are often the ultimate policyholders (e.g., for title insurance or some life insurance), the primary business relationships and sales channels are B2B.

The major categories of business customers and distribution partners for Old Republic International include:

1. Independent Insurance Agents and Brokers: These businesses are crucial intermediaries for Old Republic's General Insurance Group, which offers commercial property and casualty, workers' compensation, and other specialized coverages. Agents and brokers sell these policies to a wide range of ultimate commercial enterprises and individuals.
2. Lenders and Financial Institutions: For its significant Title Insurance Group, Old Republic works closely with mortgage lenders, banks, and other financial institutions. These entities often require title insurance for real estate transactions (such as mortgages) and facilitate the purchase of policies for their borrowers.
3. Real Estate Professionals, Title Agencies, and Settlement Companies: Also within the Title Insurance Group, Old Republic partners with real estate brokers, attorneys, and independent title agencies and settlement companies. These businesses facilitate real estate transactions and are key partners in the issuance of title policies to homebuyers and lenders.

Craig R. Smiddy, President and Chief Executive Officer

Craig R. Smiddy became President and Chief Executive Officer of Old Republic International Corporation (ORI) in 2019, having previously served as President and Chief Operating Officer since June 2018. From 2013 to 2018, he was Chief Operating Officer and then President of Old Republic General Insurance Group, Inc. Before joining Old Republic, Mr. Smiddy was President of the Specialty Markets Division of Munich Reinsurance America, Inc. for 16 years. He began his insurance career at Progressive Insurance and possesses 37 years of experience across the insurance and reinsurance industries.

Frank J. Sodaro, Senior Vice President and Chief Financial Officer

Frank J. Sodaro joined Old Republic International Corporation (ORI) in 2017 as Deputy CFO and was appointed Chief Financial Officer in July 2021. Prior to his tenure at Old Republic, Mr. Sodaro spent over 20 years at Kemper, where his roles included internal audit, corporate accounting, financial planning and analysis, and ultimately serving as CFO.

Steve Buckland, Vice President and Chief Information Officer

Steve Buckland assumed the role of Vice President and Chief Information Officer (CIO) in January 2024, having previously served as Deputy CIO. He brings over 30 years of experience in information technology within the insurance industry. Before joining Old Republic International, he was the CIO of Republic Mortgage Insurance Company, a subsidiary of Old Republic.

Carolyn Monroe, President and CEO, Old Republic National Title Holding Company; Senior Vice President, Old Republic International Corporation

Carolyn Monroe was promoted to President of Old Republic National Title Holding Company in January 2019 and subsequently named Chief Executive Officer in January 2023. She also holds the title of Senior Vice President of Old Republic International Corporation. Ms. Monroe has over 40 years of experience and leadership in the title insurance industry, encompassing both direct and agency operations. Prior to joining Old Republic, she was a Senior Vice President at Land America Financial Group and previously served as President of the largest independent title agent in New Mexico.

W. Todd Gray, Senior Vice President, Executive Vice President and Treasurer

W. Todd Gray has served as Executive Vice President and Treasurer of Old Republic International since June 2018. Before this, he was Senior Vice President in Operations & Finance at Old Republic General Insurance Companies, a position he held since 2015. Mr. Gray also served as a senior executive at Oak Street Funding.

The following are clear emerging threats for Old Republic International (ORI):

• Digitalization and Disintermediation in Real Estate Transactions: The accelerating trend towards fully digital mortgage closings, e-recordings, and the potential for blockchain-enabled property registries threatens the traditional business model of title insurance. Proptech startups and tech-forward lenders are streamlining the real estate transaction process, aiming to reduce manual effort, speed up closings, and lower costs. This could lead to commoditization of title insurance, pressure on underwriting fees, or even disintermediation of traditional title insurers if technology can automate or simplify the title search and transfer process significantly, impacting Old Republic International's substantial title insurance segment.
• Advanced Analytics and Insurtech Competition in Property & Casualty: The emergence and growth of insurtech companies leveraging advanced artificial intelligence, machine learning, and vast datasets are fundamentally reshaping the property & casualty insurance landscape. These tech-driven competitors can often achieve more precise risk assessment, more efficient claims processing, and more personalized customer experiences. This allows them to offer highly competitive pricing, tailored products, and superior service, potentially eroding Old Republic International's market share and profitability in its various commercial and specialty P&C lines if it cannot match the speed of innovation and technological adoption.

Old Republic International (ORI) operates in several key insurance markets. The addressable market sizes for its main products and services are as follows:

• General Insurance (Property & Liability Insurance): The United States general insurance market was approximately $2.10 trillion in 2024. This market is projected to grow to nearly $4.58 trillion by 2034.
• Title Insurance: The market size for the Title Insurance industry in the United States is estimated at $17.1 billion in 2025.
• Mortgage Guaranty Insurance: The global mortgage guarantor service market size is projected to be $6.88 billion in 2025. North America was the largest region in this market in 2024.

Old Republic International (ORI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion in Specialty Insurance Lines: Old Republic International has demonstrated a strategic focus on and consistent growth in its specialty insurance segment. The company renamed its general insurance segment to "specialty insurance" to better reflect its strategy with 17 underwriting subsidiaries targeting unique niche markets. This expansion includes growth in Excess & Surplus lines and is a key component of its future growth strategy.
2. Investment in Technology and AI Initiatives: ORI is actively investing in technology and artificial intelligence (AI) to enhance operational efficiency and improve its services. These initiatives are highlighted as growth strategies, particularly for its title insurance operations, where technology is considered paramount for smooth and secure real estate transactions. The company aims to leverage these investments to improve its combined ratio in title insurance.
3. Growth in Title Insurance (Commercial Premiums & Direct Operations): Despite ongoing challenges in the broader real estate and mortgage markets, Old Republic International has shown resilience and growth within its Title Insurance Group. This growth is particularly evident in its direct operations and commercial premiums. The company reported increases in premium and fee revenue, with directly produced premiums and commercial premiums showing significant year-over-year growth in recent quarters.
4. Higher Investment Yields: As an insurance conglomerate, Old Republic International generates a significant portion of its revenue from investment income. The company has reported increased net investment income primarily due to higher yields on its bond portfolio. This trend of higher investment yields, coupled with a favorable average reinvestment rate on corporate bonds, is expected to continue contributing positively to its overall revenue.

Share Repurchases

• Old Republic International authorized a new $750 million share repurchase program in August 2025, set to begin after the completion of the remaining $162 million from a previous $1.10 billion program announced in March 2024.
• Since December 2020, Old Republic has returned over $4.2 billion to shareholders through regular and special cash dividends and share repurchases.
• In 2024, the company executed $942 million in share repurchases, buying back 29.9 million shares at an average price of $31.82 per share.

Outbound Investments

• Old Republic International entered into an agreement in October 2025 to acquire Everett Cash Mutual Insurance Co. and its affiliated companies, with the transaction anticipated to close in 2026.
• The acquisition of Everett Cash Mutual is expected to be accretive to both Old Republic's book value per share and operating income per share.
• In January 2025, Old Republic formed a new underwriting subsidiary, Old Republic Cyber, Inc., focusing on specialized cyber- and technology-related coverage.