Short answer

Old Republic International Corp (ORI) filed its fiscal 2013 10-K annual report with the SEC on Mar 3, 2014.

Top risk flagged: RMIC receivership risk under North Carolina insurance supervision, potentially accelerating Old Republic’s 3.75% Convertible Senior Notes

Old Republic International Corp FY2013 10-K analysis

AI summary of each section, grounded in the filing text

Insurance underwriting holding company across General Insurance, Title, and RFIG mortgage guaranty and CCI run-off operations
Proposed 2013 capital raise for RMICC, up to $50.0 million from Old Republic, potentially enabling new mortgage insurance underwriting in 2014
Strategic positioning toward commercial specialty insurance, supported by improving rates and U.S. economic activity
Title net revenues rose to $2,025.6 million from $1,707.1 million, while Title income before taxes increased to $124.3 million from $73.8 million
Approximately 7,900 full-time employees at December 31, 2013, with RFIG GAAP capitalization negative $13.8 million

Operating revenue $5,294.5M, up 7.6% YoY, led by Title revenue $2,025.6M, up 18.7%
Net income $447.8M versus $(68.6)M, with composite ratio 95.0% versus 110.4%
Best segment Title: pretax income $124.3M, up 68.2%, composite ratio 94.7% versus 96.8%
Worst segment RFIG run-off: revenue $353.4M, down 21.0%, despite pretax income $110.0M versus $(508.6)M
Operating cash flow $686.7M, dividends $0.72 per share, key risks mortgage defaults, housing values, and reserve estimates

RMIC receivership risk under North Carolina insurance supervision, potentially accelerating Old Republic’s 3.75% Convertible Senior Notes
Mortgage guaranty run-off exposure, with RMIC’s 40% Deferred Payment Obligations dependent on NCDOI approval
Terrorism losses under workers’ compensation policies, with federal TRIPRA reinsurance expiring December 31, 2014
Title insurance vulnerability to independent-agent switching, unlike competitors relying more on owned agencies
Parent liquidity dependence on regulated subsidiary dividends, with consolidated debt-to-equity ratio at 15.1%

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

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