Short answer

Old Republic International Corp (ORI) filed its fiscal 2015 10-K annual report with the SEC on Feb 29, 2016.

Top risk flagged: North Carolina Department of Insurance supervision: RMIC and RMICNC could enter receivership if run-off solvency deteriorates

Old Republic International Corp FY2015 10-K analysis

AI summary of each section, grounded in the filing text

Insurance holding company focused on long-cycle underwriting, related services, and conservative investment income across three segments
Title operations expanded market share amid stronger housing and commercial property transactions, driving net revenues to $2,080.7 million
Mortgage guaranty and CCI businesses remained in run-off, with no new mortgage insurance underwriting since 2011
General Insurance composite ratio improved to 97.6% from 100.8%, while consolidated net revenues rose to $5,766.1 million
RFIG mortgage subsidiaries held $311.0 million statutory capital, including a $265.8 million contingency reserve, despite ongoing run-off risks

Operating revenue $5,674.8, up 7.9% YoY, with Title up 16.1% to $2,080.7
Net income $422.1, up 3.0%; consolidated composite ratio 96.0% vs 99.4%
Best segment Title: pretax operating income $166.8, up 67.6%; worst RFIG revenue $245.0, down 13.4%
Operating cash flow $688.2 vs $(181.2); cash dividends $0.74 per share, no buybacks or capex disclosed
Outlook: no significant reinsurance changes expected in 2016; risks include housing demand, mortgage defaults, claim severity, and interest rates

North Carolina Department of Insurance supervision: RMIC and RMICNC could enter receivership if run-off solvency deteriorates
Housing-market relapse: RMIC run-off exposures depend on mortgage lending, foreclosure practices, unemployment and government housing policy
Reinsurance concentration: declining acceptable reinsurer pool could force higher retained liability or reduced underwriting capacity
Title-insurance competition: independent agencies can redirect business, unlike competitors’ owned agencies
Parent liquidity dependence: dividends from regulated subsidiaries fund debt service, shareholder dividends and corporate expenses

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

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