Short answer

Old Republic International Corp (ORI) filed its fiscal 2014 10-K annual report with the SEC on Mar 2, 2015.

Top risk flagged: North Carolina Department of Insurance supervision: RMIC and RMICNC remain in run-off, with receivership still possible

Old Republic International Corp FY2014 10-K analysis

AI summary of each section, grounded in the filing text

Core model: Long-term insurance underwriting and related services across General Insurance, Title, and RFIG run-off operations
New emphasis: RFIG mortgage insurers resumed 100% cash payment of settled claims under the July 2014 Amended Plan
Strategic shift: RFIG remained closed to new mortgage insurance since 2011, focusing exclusively on run-off and claims resolution
Quantitative standout: $657.0 million of accumulated deferred payment obligations paid in July 2014
2014 underwriting deterioration: General Insurance composite ratio 100.8%, versus 97.3% in 2013, driven by workers’ compensation and liability reserves

Operating revenue $5,258.3M, down 0.7% YoY; net income $409.7M vs $447.8M
Operating margin 6.4% vs 9.9%, based on pretax operating income $337.1M vs $524.8M
Best segment, General revenue $3,113.5M, up 9.3%; worst, RFIG income $10.3M, down 90.6%
Operating cash flow deficit $181.2M vs $686.7M; dividends $0.73/share, $400M senior-notes issuance
Key risks: reserve estimates, housing demand, mortgage defaults, claim severity, and interest-rate changes

North Carolina Department of Insurance supervision: RMIC and RMICNC remain in run-off, with receivership still possible
Housing and mortgage downturn exposure: RMIC’s portfolio includes catastrophic claim concentrations from the 2007 to 2012 crisis
Title insurance distribution vulnerability: independent agencies can redirect business to competing insurers
Competitive disruption from banks and savings institutions: law changes enabled financial institutions to sell insurance products
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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