Short answer

Old Republic International Corp (ORI) filed its fiscal 2010 10-K annual report with the SEC on Feb 28, 2011.

Top risk flagged: RMIC breached statutory capital requirements in Q3 2010, with North Carolina waivers expiring July 1, 2011

Old Republic International Corp FY2010 10-K analysis

AI summary of each section, grounded in the filing text

Insurance underwriting holding company across General, Mortgage Guaranty, and Title segments, emphasizing long-term underwriting and investment discipline
PMA Capital acquisition effective October 1, 2010, adding commercial property and liability operations for $247.2 million
Title insurance emphasized as growth engine, with premiums and fees rising to $1,211.0 million and market share gains since 2009
Mortgage Guaranty remained challenged, with composite ratio 168.0% despite improvement from 188.6% in 2009
Approximately 8,000 full-time employees at December 31, 2010, with operations licensed across all 50 states and Canada pipeline

Operating revenues $3,993.5, up 5.2% YoY from $3,797.2
Net income $30.1 vs $(99.1); composite ratio 111.4% vs 118.5%
Best segment: Title, pretax income $9.4 vs $2.1; worst: Mortgage Guaranty, loss $(260.8) vs $(486.4)
Operating cash flow deficit $(282.2) vs $532.9 positive; dividends $0.69 per share
Mortgage risk: statutory risk-to-capital ratio 28.4:1 vs 25:1 limit; RMIC waivers expiring July 1, 2011

RMIC breached statutory capital requirements in Q3 2010, with North Carolina waivers expiring July 1, 2011
Mortgage losses concentrated in 2005 to early 2008 books amid recession, housing-market and unemployment deterioration
Reinsurance capacity declining among acceptable counterparties, increasing retention and reinsurer concentration exposure
FHA gained mortgage-default protection share as private mortgage insurance underwriting tightened from 2008
Parent liquidity depends on regulated subsidiary dividends for debt service and shareholder dividends

Generated from the filing text; verify against the original. How to read a 10-K

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