Short answer

Old Republic International Corp (ORI) filed its fiscal 2012 10-K annual report with the SEC on Mar 1, 2013.

Top risk flagged: North Carolina Department of Insurance supervision: RMIC pays only 60% of settled claims in cash, deferring 40% through DPOs

Old Republic International Corp FY2012 10-K analysis

AI summary of each section, grounded in the filing text

Long-term insurance underwriting model across General, Title, and RFIG mortgage and consumer credit run-off operations, supported by investment income
2012 segment redesign: CCI combined with MI into RFIG Run-off, with prior periods reclassified for comparability
Mortgage guaranty and CCI remained inactive from new production, while NCDOI-supervised RMIC adopted 60% cash claims and 40% deferred payment obligations
General Insurance composite ratio worsened to 98.7% from 94.4%, while Title improved to 96.8% from 99.0%
RFIG GAAP capitalization turned negative at $(56.6) million, despite $132.8 million statutory capital including $299.5 million of DPO reserves

Operating revenue $4,922.2, up 8.7% YoY; net loss $68.6 vs $140.5 loss
Title best performer: revenue $1,707.1, up 22.7%; operating income $73.8, up 103.9%; composite ratio 96.8% vs 99.0%
General weakest active segment: operating income $261.0, down 26.3%; composite ratio 98.7% vs 94.4%
Operating cash flow $532.0; cash dividends $0.71 per share; convertible debt repayment $316
RFIG outlook: negative operating results likely in 2013 and 2014; housing, defaults, rescissions, and regulatory supervision key risks

North Carolina Department of Insurance supervision: RMIC pays only 60% of settled claims in cash, deferring 40% through DPOs
Housing-market downturn: RMIC mortgage claims remain exposed to foreclosure practices, unemployment, and policies affecting Fannie Mae and Freddie Mac
Reinsurance concentration: declining number of acceptable reinsurers could force greater retained liability or reduced business volume
Title-insurance disruption: pricing scrutiny and alleged RESPA violations threaten premium rates and escrow fees
Parent liquidity dependence: dividends from regulated insurance subsidiaries fund debt service and shareholder dividends

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

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