Short answer
Old Republic International Corp (ORI) filed its fiscal 2011 10-K annual report with the SEC on Feb 29, 2012.
- Top risk flagged: North Carolina Department of Insurance Order: RMIC claims payments limited 50% after statutory capital impairment
Old Republic International Corp FY2011 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Insurance underwriting holding company across General, Mortgage Guaranty, and Title segments, supported by investment income
- PMA acquisition contributed $412.4 million of General Insurance premiums and full-year 2011 results
- Mortgage Guaranty shifted to run-off after RMIC ceased new underwriting on August 31, 2011
- Consolidated employees approximately 7,900 as of December 31, 2011
- Mortgage Guaranty posted a 261.5% composite ratio and $678.1 million pretax loss amid housing-market losses
Management Discussion & Analysis
- Operating revenue $4,529.9, up 13.4% YoY, led by General Insurance $2,547.1 and Title Insurance $1,391.8
- Net loss $140.5 vs net income $30.1, consolidated composite ratio 115.8% vs 111.4%
- Best segment: General Insurance pretax income $304.3, composite ratio 96.9% vs 103.0%
- Worst segment: Mortgage Guaranty pretax loss $678.1 vs $260.8, composite ratio 261.5% vs 168.0%
- Operating cash flow deficit $94.9, dividends $0.70 per share, $550.0 convertible-notes raise, mortgage guaranty run-off risk and 2012-2013 losses anticipated
Risk Factors
- North Carolina Department of Insurance Order: RMIC claims payments limited 50% after statutory capital impairment
- Housing downturn exposure: mortgage insurance losses likely through 2012 and 2013 amid unemployment and weak housing markets
- Reinsurance vulnerability: declining pool of acceptable reinsurers could force greater retained liability
- FHA competition: increased insured volume and market share reduced private mortgage insurers’ business
- Dividend dependence: subsidiary dividends fund debt service and corporate expenses, subject to regulatory limits
Generated from the filing text; verify against the original. How to read a 10-K
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