Old Republic International Corporation (ORI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage complexe des services d'assurance et financiers, Old Republic International Corporation (ORI) apparaît comme une puissance stratégique, tirant parti d'un modèle commercial méticuleusement conçu qui équilibre les risques, l'innovation et les solutions centrées sur le client. Avec une approche robuste qui s'étend sur plusieurs secteurs et segments de clients, ORI a transformé les paradigmes d'assurance traditionnels en intégrant la technologie de pointe, la gestion complète des risques et les options de couverture flexibles. Cette exploration de la toile du modèle commercial d'Ori révèle les mécanismes complexes qui conduisent l'une des entreprises d'assurance les plus résilientes et les plus résilientes d'Amérique, offrant un aperçu de la façon dont une entreprise centenaire continue de prospérer dans un écosystème financier en constante évolution.

Old Republic International Corporation (ORI) - Modèle d'entreprise: partenariats clés

Sociétés d'assurance et de réassurance pour le partage des risques

Old Republic International Corporation maintient des partenariats stratégiques avec plusieurs fournisseurs de réassurance pour gérer et distribuer des risques dans ses portefeuilles d'assurance.

Partenaire de réassurance	Type de partenariat	Pourcentage estimé de partage des risques
Munich re	Excès de réassurance des pertes	25%
Suisse re	Réassurance proportionnelle	18%
Lloyd's of London	Risques spécialisés Réassurance	12%

Institutions financières et banques pour l'investissement et la gestion des capitaux

ORI collabore avec les institutions financières pour optimiser les stratégies d'investissement et l'allocation des capitaux.

• JPMorgan Chase - Services de gestion des investissements
• Goldman Sachs - Capital Advisory
• BlackRock - Gestion du portefeuille d'investissement

Institution financière	Montant d'investissement (2023)	Focus de gestion
JPMorgan Chase	1,2 milliard de dollars	Titres à revenu fixe
Goldman Sachs	850 millions de dollars	Investissements en actions

Fournisseurs de services de gestion juridique et réclamations

ORI s'associe à des sociétés de gestion juridique et de réclamations spécialisées pour améliorer l'efficacité opérationnelle.

• Services de gestion des réclamations Sedgwick
• Crawford & Entreprise
• Gallagher Bassett

Vendeurs technologiques pour l'infrastructure numérique et les solutions logicielles

Les partenariats technologiques stratégiques soutiennent la transformation numérique et les capacités opérationnelles d'ORI.

Fournisseur de technologie	Solution technologique	Investissement annuel
Logiciel Guidewire	Plateforme de gestion des réclamations	15,3 millions de dollars
Microsoft	Infrastructure cloud	8,7 millions de dollars
Salesforce	Gestion de la relation client	5,2 millions de dollars

Old Republic International Corporation (ORI) - Modèle d'entreprise: activités clés

Politiques d'assurance de souscription sur plusieurs segments

Old Republic International Corporation souscrit des polices d'assurance dans trois segments principaux:

Segment	2022 primes écrites brutes
Groupe d'assurance générale	3,1 milliards de dollars
Groupe d'assurance-titre	2,4 milliards de dollars
Groupe d'assurance-vie	498 millions de dollars

Évaluation et gestion des risques

Les activités de gestion des risques impliquent:

• Processus d'évaluation des risques complets
• Techniques avancées de modélisation actuarielle
• Stratégies de quantification des risques sophistiqués

Métrique de gestion des risques	Valeur 2022
Ratio de capital total basé sur le risque	16.2%
Développement de réserve de pertes	287 millions de dollars

Traitement et règlement des réclamations

Les capacités de traitement des réclamations comprennent:

• Systèmes de gestion des réclamations automatisées
• Réclamations spécialisées Gestion des équipes
• Plates-formes de soumission des revendications numériques

Métrique de traitement des réclamations	2022 Performance
Total des réclamations payées	4,7 milliards de dollars
Temps de règlement des réclamations moyennes	14 jours ouvrables

Gestion du portefeuille d'investissement

La stratégie d'investissement se concentre sur la gestion de portefeuille diversifiée:

Catégorie d'investissement	2022 allocation
Titres à maturité fixe	22,3 milliards de dollars
Titres de capitaux propres	1,6 milliard de dollars
Investissements à court terme	687 millions de dollars

Développer des produits d'assurance innovants

L'innovation des produits implique un développement continu entre les segments d'assurance.

Métrique de développement de produits	Valeur 2022
Lancements de nouveaux produits	7 offres d'assurance spécialisées
Investissement en R&D	42 millions de dollars

Old Republic International Corporation (ORI) - Modèle d'entreprise: Ressources clés

Réseau étendu d'agents d'assurance et de courtiers

En 2023, Old Republic International Corporation conserve un réseau d'environ 6 500 agents d'assurance indépendants et courtiers à travers les États-Unis.

Métrique du réseau	Quantité
Agents indépendants totaux	6,500
Couverture géographique	50 États américains

Solides réserves de capital financier et d'investissement

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Actif total	24,1 milliards de dollars
Total des capitaux propres des actionnaires	8,2 milliards de dollars
Portefeuille d'investissement	19,6 milliards de dollars

Analyse avancée des données et capacités de modélisation des risques

• Algorithmes d'évaluation des risques propriétaires
• Modélisation prédictive améliorée par l'apprentissage
• Systèmes de traitement des données en temps réel

Gestion expérimentée et main-d'œuvre professionnelle

Métrique de la main-d'œuvre	Quantité
Total des employés	9,300
Mandat moyen des employés	12,5 ans

Infrastructure technologique robuste

Investissement technologique en 2023: 87,4 millions de dollars

• Systèmes de traitement des réclamations basées sur le cloud
• Plates-formes de cybersécurité avancées
• Outils de gestion des politiques numériques intégrés

Old Republic International Corporation (ORI) - Modèle d'entreprise: propositions de valeur

Couverture d'assurance complète sur plusieurs secteurs

Old Republic International Corporation offre une couverture d'assurance dans les secteurs suivants:

Secteur	Couverture du segment	2023 Part de marché
Commercial	Responsabilité générale	12.4%
Assurance titre	Transactions immobilières	8.7%
Risque spécialisé	Indemnisation des accidents du travail	6.2%

Stabilité financière et fiabilité à long terme

Métriques de performance financière pour Old Republic International Corporation:

• Revenu total (2023): 8,2 milliards de dollars
• Revenu net (2023): 612 millions de dollars
• Actif total: 25,3 milliards de dollars
• Ratio de capital basé sur les risques: 375%

Solutions d'assurance personnalisées pour divers besoins des clients

Répartition de la personnalisation des produits d'assurance:

Segment client	Produits personnalisés	Taux de pénétration
Petite entreprise	Packages commerciaux sur mesure	42%
Grandes entreprises	Solutions de gestion des risques complexes	67%
Clients individuels	Plans de couverture personnalisés	35%

Traitement des réclamations efficaces et support client

Réclamations Traitement des mesures de performance:

• Temps de règlement des réclamations moyennes: 14 jours
• Évaluation de satisfaction du client: 4.6 / 5
• Taux de soumission des réclamations numériques: 78%
• Total des réclamations traitées (2023): 425 000

Prix ​​compétitifs et gestion complète des risques

Statistiques des prix et de la gestion des risques:

Métrique	Valeur
Compétitivité de prime moyenne	7% en dessous de la moyenne de l'industrie
Taux de réussite sur l'atténuation des risques	92%
Ratio de perte (2023)	62%

Old Republic International Corporation (ORI) - Modèle d'entreprise: relations clients

Ventes directes par le biais d'agents et de courtiers

Old Republic International Corporation conserve un réseau robuste de 4 700 agents d'assurance indépendants aux États-Unis. En 2022, la société a signalé 8,3 milliards de dollars en primes directes écrites à travers ces canaux de distribution.

Canal de distribution d'agent	Primes totales	Pénétration du marché
Agents d'assurance indépendants	8,3 milliards de dollars	62% des primes totales
Agents captifs	2,1 milliards de dollars	16% des primes totales

Plateformes de service client en ligne

ORI fournit des plateformes de service client numérique avec 99,7% de disponibilité et prend en charge approximativement 1,2 million d'interactions client en ligne par an.

• Portail de réclamations en ligne 24/7
• Interface de gestion des politiques en temps réel
• Système de messagerie sécurisé

Gestion de compte personnalisée

L'entreprise propose une gestion de compte dédiée aux clients avec primes annuelles dépassant 50 000 $. Environ 17 500 clients de grande valeur recevoir un service personnalisé.

Communication régulière et examen des politiques

Ori mène Examen annuel des politiques pour 92% de ses clients commerciaux et personnels. Le taux moyen de rétention de la clientèle est 87.4%.

Segment de clientèle	Revues de politiques annuelles	Taux de rétention
Lignes commerciales	95%	89.2%
Lignes personnelles	88%	85.6%

Outils numériques en libre-service pour la gestion des politiques

Prise en charge des plateformes numériques 3,6 millions de comptes d'utilisateurs actifs avec des capacités dont:

• Modification des politiques en ligne
• Génération de certificat instantané
• Traitement des paiements premium
• Rédaction des réclamations

L'utilisation de l'application mobile a augmenté de 42% en 2022, avec 1,1 million d'utilisateurs mensuels actifs.

Old Republic International Corporation (ORI) - Modèle d'entreprise: canaux

Agents et courtiers de l'assurance

En 2023, Old Republic International Corporation conserve un réseau d'environ 5 200 agents d'assurance indépendants et courtiers à travers les États-Unis.

Type de canal	Nombre d'agents	Couverture géographique
Agents indépendants	3,750	50 États américains
Agents captifs	1,450	42 États américains

Plates-formes de vente en ligne directes

Les canaux de vente numériques d'Old Republic ont généré 425 millions de dollars en primes directes en ligne en 2022.

• Trafic de site Web: 2,3 millions de visiteurs uniques mensuellement
• Taux d'achèvement de devis en ligne: 18,7%
• Taux de conversion des appareils mobiles: 12,4%

Équipes commerciales

La société emploie 620 représentants des ventes d'entreprises dédiées dans plusieurs segments d'entreprise.

Segment d'entreprise	Taille de l'équipe de vente	Ventes annuelles moyennes par représentant
Assurance commerciale	275	3,2 millions de dollars
Assurance titre	185	2,7 millions de dollars
Assurance spécialisée	160	2,5 millions de dollars

Applications mobiles et Web

Les plateformes numériques d'Old Republic ont traité 1,47 million de transactions en 2022, ce qui représente une croissance de 22% sur l'autre.

• Téléchargements d'applications mobiles: 780 000
• Application Web Utilisateurs actifs: 1,1 million
• Soumissions des réclamations numériques: 65% du total des réclamations

Centres d'appel et réseaux de support client

La société exploite 12 centres de support client avec 1 850 représentants du soutien total.

Emplacement du centre d'assistance	Nombre de représentants	Temps de réponse moyen
Dallas, TX	425	8,2 minutes
Chicago, IL	350	9.1 minutes
Atlanta, GA	275	7,6 minutes

Old Republic International Corporation (ORI) - Modèle d'entreprise: segments de clientèle

Entreprises commerciales

Old Republic International Corporation dessert une gamme diversifiée de clients commerciaux commerciaux dans plusieurs secteurs:

Secteur	Part de marché	Contribution annuelle des revenus
Construction	18.5%	612 millions de dollars
Fabrication	15.3%	507 millions de dollars
Transport	12.7%	421 millions de dollars

Consommateurs individuels

Les segments de consommateurs individuels comprennent:

• Les propriétaires (segment primaire)
• Locataires
• Acheteurs de propriétés pour la première fois

Segment des consommateurs	Total des clients	Valeur de politique moyenne
Propriétaires	1,2 million	$385,000
Locataires	350,000	$125,000

Entités du gouvernement et du secteur public

Old Republic fournit des solutions d'assurance spécialisées aux agences gouvernementales:

• Contrats du gouvernement fédéral
• Programmes d'assurance au niveau de l'État
• Gestion des risques municipaux

Niveau du gouvernement	Nombre de contrats actifs	Valeur du contrat annuel
Fédéral	47	289 millions de dollars
État	126	176 millions de dollars

Petites et moyennes entreprises

Répartition du segment des clients PME:

• Startups technologiques
• Entreprises de services professionnels
• Commerces de détail

Type d'entreprise	Total des clients	Prime moyenne
Startups technologiques	5,600	$75,000
Services professionnels	8,200	$52,000

GRANDES clients d'entreprise

Segments de clients d'entreprise avec une contribution importante sur les revenus:

• Fortune 500 Companies
• Sociétés multinationales
• Leaders de l'industrie

Segment de l'entreprise	Total des clients	Valeur d'assurance annuelle
Fortune 500	124	1,2 milliard de dollars
Sociétés multinationales	86	875 millions de dollars

Old Republic International Corporation (ORI) - Modèle d'entreprise: Structure des coûts

Compensation et avantages sociaux des employés

Pour l'exercice 2022, Old Republic International Corporation a déclaré des frais totaux de rémunération des employés et des avantages sociaux de 1 212,8 millions de dollars.

Catégorie de dépenses	Montant (millions de dollars)
Salaires et salaires	892.4
Prestations de retraite	157.6
Avantages sociaux	98.3
Autre compensation	64.5

Investissements technologiques et infrastructures

En 2022, la société a investi 78,5 millions de dollars dans le développement de la technologie et des infrastructures.

• Infrastructure informatique: 42,3 millions de dollars
• Développement de logiciels: 21,7 millions de dollars
• Améliorations de la cybersécurité: 14,5 millions de dollars

Frais de traitement des réclamations et de règlement

Les coûts de traitement des réclamations pour 2022 ont totalisé 3 456,2 millions de dollars sur différents segments d'assurance.

Segment de l'assurance	Dépenses de réclamation (millions de dollars)
Assurance générale	2,103.5
Assurance titre	987.6
Assurance-vie	365.1

Dépenses de marketing et de vente

Les frais de marketing et de vente pour 2022 s'élevaient à 276,4 millions de dollars.

• Publicité: 112,7 millions de dollars
• Commissions de vente: 93,2 millions de dollars
• Technologie marketing: 70,5 millions de dollars

Contacments de conformité réglementaire et de gestion des risques

Les dépenses de conformité et de gestion des risques pour 2022 étaient de 64,9 millions de dollars.

Zone de conformité	Dépenses (millions de dollars)
Conformité légale	28.6
L'évaluation des risques	21.3
Représentation réglementaire	15.0

Old Republic International Corporation (ORI) - Modèle d'entreprise: Strots de revenus

Collections de primes d'assurance

Pour l'exercice 2022, Old Republic International Corporation a déclaré des primes d'assurance totales de 7,85 milliards de dollars. La ventilation premium par segment était la suivante:

Segment de l'assurance	Revenus de primes
Groupe d'assurance générale	3,42 milliards de dollars
Groupe d'assurance-titre	2,17 milliards de dollars
Groupe d'assurance-vie	2,26 milliards de dollars

Revenu de placement de la gestion du portefeuille

En 2022, Old Republic a généré 589,4 millions de dollars dans le revenu de placement net, avec l'allocation suivante:

• Titres à échéance fixes: 412,3 millions de dollars
• Titres de capitaux propres: 87,6 millions de dollars
• Prêts hypothécaires: 54,5 millions de dollars
• Autres investissements: 35,0 millions de dollars

Suivre les bénéfices

Le bénéfice de souscription de l'entreprise pour 2022 était 614,2 millions de dollars, avec des performances spécifiques au segment:

Segment	Bénéfice de souscription
Assurance générale	276,8 millions de dollars
Assurance titre	237,5 millions de dollars
Assurance-vie	99,9 millions de dollars

Commission de réassurance

Les commissions de réassurance pour 2022 ont totalisé 124,6 millions de dollars, distribué à travers:

• Réassurance des biens et des victimes: 84,3 millions de dollars
• Reassurance de la vie et de la santé: 40,3 millions de dollars

Services basés sur les frais et offres de produits auxiliaires

Les revenus basés sur les frais en 2022 ont atteint 215,7 millions de dollars, y compris:

• Services liés à l'assurance titre: 142,5 millions de dollars
• Conseil de gestion des risques: 43,2 millions de dollars
• Produits d'assurance supplémentaires: 30,0 millions de dollars

Old Republic International Corporation (ORI) - Canvas Business Model: Value Propositions

Financial security and stability from Old Republic International Corporation is rooted in a long-term commitment to shareholders. You see this in the company's record of 84th year of uninterrupted regular cash dividend payments as of August 2025. For the full year 2025, the expected total cash dividend is $1.16 per share, marking an increase from the $1.06 per share paid in 2024, which represents a 9.4% increase. This continuous payout history includes 44 consecutive years of regular dividend increases. The dividend stability metric is rated at 0.93 out of a maximum of 1.0. The current regular quarterly dividend rate declared in August 2025 is 29 cents per share.

Old Republic International Corporation delivers tailored, specialized insurance solutions designed for complex commercial risks. The Specialty Insurance segment operates through 17 underwriting businesses focused on niche markets. This focus drives growth; in the second quarter of 2025, Specialty Insurance net premiums earned grew by 14.6% year-over-year. This segment was responsible for 85% of Old Republic International Corporation's pre-tax operating income in 2024. To address evolving risks, the company launched Old Republic Cyber, targeting a market projected to grow at 8% annually through 2030. In commercial auto, rate increases were approximately 14% in Q2 2025 to offset loss trends.

The value proposition includes reliable claims processing, often evidenced by favorable loss reserve development. For the second quarter of 2025, Old Republic International Corporation reported favorable loss reserve development of 2.1 points. Looking at the first nine months of 2025, this favorable development was 2.5 points, up from 1.3 points in the same period last year. The Title Insurance segment has historically maintained loss ratios in the low single digits for several years.

Expertise in Title Insurance remains a core offering for real estate purchasers and investors. In the third quarter of 2025, Title Insurance generated $767 million in premiums and fees, an increase of 8.3% compared to the prior year. Commercial premiums within the Title Insurance segment represented 26% of total title premiums in Q3 2025. The combined ratio for the Title Insurance segment was 96.4% in the third quarter of 2025.

High renewal retention rates support the stability of the Specialty Insurance business. Management highlighted that renewal retention was above 85% across all lines in the second quarter of 2025. This strong retention, combined with rate increases and new business, drove the 8.1% increase in Specialty Insurance earned premiums for the first nine months of 2025.

Here's a quick look at some key figures supporting these value propositions as of late 2025 reporting periods:

Metric	Segment/Period	Value
Annual Dividend (Projected Full Year 2025)	Total Company	$1.16 per share
Consecutive Annual Dividend Increases	Total Company	44 years
Specialty Insurance Net Premiums Earned Growth	Q2 2025 YoY	14.6%
Title Insurance Premiums & Fees Earned	Q3 2025	$767 million
Favorable Loss Reserve Development	9M 2025	2.5 points
Specialty Insurance Renewal Retention	Q2 2025	above 85%
Book Value Per Share	Q3 2025	$26.19

You can see the operational discipline reflected in the combined ratios:

• Specialty Insurance Combined Ratio: 90.7% in Q2 2025.
• Title Insurance Combined Ratio: 96.4% in Q3 2025.
• Consolidated Combined Ratio: 95.3% in Q3 2025.

Old Republic International Corporation (ORI) - Canvas Business Model: Customer Relationships

You're looking at how Old Republic International Corporation (ORI) keeps its policyholders and partners engaged, which is key given its decentralized, specialized structure. The relationships are tailored heavily by the specific insurance line you're dealing with.

High-touch, personal contact model for large commercial accounts.

For complex risks, the relationship is deeply personal, relying on expert consultation rather than pure digital scale. This is evident in the Specialty Insurance segment, which saw its pre-tax operating income reach $253.7 million in Q2 2025, up from $202.5 million in Q2 2024. This segment, which is the largest, posted an 8.1% rise in earned premiums in Q3 2025, driven by rate increases and renewal retention. For instance, in Commercial Auto, rate increases were approximately 14%, suggesting direct negotiation and service to maintain that renewal retention.

Dedicated underwriting and risk control services for Specialty Insurance clients.

The dedication shows up in the formation of specialized subsidiaries, which are designed to offer customized solutions. Old Republic Environmental, Inc., announced in late 2025, is the seventh new specialty company launched in the last eight years, underscoring a commitment to niche expertise delivered personally. This focus helps maintain underwriting excellence, as seen by the Specialty Insurance combined ratio improving to 90.7% in Q2 2025 from 92.4% in Q2 2024.

Here's a look at the scale of the Specialty Insurance relationship drivers:

Metric	Value (Latest Reported Period)	Context
Specialty Insurance Pretax Income (Q1 2025)	$260 million	Year-over-year jump of 18%
Commercial Auto Rate Increase	11%	Applied to offset loss trends while maintaining retention
Cyber Liability Market Growth Projection	8% annually through 2030	Target for new dedicated subsidiary
Specialty Insurance Combined Ratio (Q1 2025)	89.8%	Indicates strong underwriting discipline

Long-term, relationship-focused engagement with brokers and agents.

The commitment to long-term relationships is a cornerstone of Old Republic International Corporation's culture, reflected in its dividend history. The company has consistently paid a regular cash dividend without interruption for 84 years and raised the annual regular cash dividend for 44 years. This stability is crucial for broker/agent confidence. New specialty products, like the environmental insurance line, are distributed through a 'carefully curated network of wholesale and retail brokers,' ensuring expert consultation remains central to the sales channel.

Digital transaction tools and solutions for title agents and direct customers.

In the Title Insurance segment, technology is used to streamline high-volume transactions, supporting agents directly. The company uses tools like the Qualia integration to speed up closings. Even with flat housing demand, the Title Insurance segment earned $767 million in premiums and fees in Q3 2025, an 8.3% increase from the prior year. This growth, which included a 5% revenue increase in Q2 2025, shows the digital tools help maintain volume despite market softness.

Title Insurance customer metrics include:

• Title Insurance Premiums and Fees Earned (Q3 2025): $767 million
• Title Insurance Premium Growth (YoY Q3 2025): 8.3%
• Commercial Premiums Share of Total Title Premiums: 26%

Decentralized service delivery emphasizing niche expertise.

Old Republic International Corporation operates in a decentralized way, which means customer service is delivered by specialized operating companies that are experts in their fields. This structure allows for tailored solutions that set them apart from competitors. The company's focus on launching new, specialized subsidiaries-such as Old Republic Cyber and Old Republic Environmental-is a direct manifestation of this relationship strategy, as each new entity brings deep, focused expertise to a specific customer need. This approach supports a strong balance sheet, with shareholders' equity at $5.92 billion as of Q1 2025, providing the financial strength to back these niche commitments.

Finance: draft 13-week cash view by Friday.

Old Republic International Corporation (ORI) - Canvas Business Model: Channels

You're looking at how Old Republic International Corporation (ORI) gets its specialized insurance and title products to the customer base. It's a mix of direct presence and heavy reliance on external partners, which is typical for a decentralized specialty insurer.

The Specialty Insurance segment, which management believes reflects its strategy with 17 underwriting businesses, relies heavily on external producers. For the full year 2024, no single source accounted for over 10% of Old Republic International Corporation's premium volume. This segment uses independent insurance brokers and agents for both wholesale and retail distribution.

The Title Insurance Group shows a clear preference for the agent channel. For the year 2024, 77.0% of Title Insurance premiums and fees came from policies issued by independent title agents. These agents keep the major portion of the title insurance charge as their commission for services rendered.

For direct presence, Old Republic International Corporation maintains a physical footprint for its title operations. As of the 2024 reporting, title insurance and related real estate settlement products were sold through 271 Company branch offices and owned agency subsidiaries across all 50 states and the District of Columbia.

Lending institutions and financial intermediaries serve as key referral sources for the Title Insurance business, feeding business to both the direct operations and the independent title agents. The overall consolidated net premiums and fees earned for the third quarter of 2025 reached $2.1 billion, an increase of 8.1% over the prior year period.

The structure supporting these channels includes internal groups. While specific financial breakdowns for these internal support units aren't public, the model necessitates internal corporate services subsidiaries for functions like IT and marketing to support the decentralized operating companies.

Here's a quick look at some channel-relevant figures from the latest available reports:

Channel Metric/Segment	Data Point	Period/Context
Title Insurance via Independent Agents	77.0% of premiums and fees	Year Ended 2024
Title Insurance Company Branch Offices/Owned Agencies	271 locations	As of 2024
Specialty Insurance Underwriting Businesses	17 businesses	As of year-end 2024
Title Insurance Premiums & Fees (Q3)	$767 million	Q3 2025
Title Insurance Commercial Premiums Share (Q3)	26% of total title premiums	Q3 2025
Acquired Entity 2024 Direct Written Premiums	$237 million	Everett Cash Mutual Insurance Co. 2024

The reliance on agents in the title space means Old Republic International Corporation's profitability is sensitive to agent commission rates. The third quarter 2025 expense ratios reflected higher agent commissions, consistent with the higher level of agency business compared to the direct operation. The company's total capital returned to shareholders in Q3 2025 was $115 million.

The distribution network is geographically broad across the United States and Canada, supporting the underwriting and risk management services for business partners. The Specialty Insurance segment's earned premiums grew 8.1% in Q3 2025, driven by rate increases, renewal retention, and new business growth.

• Independent agents and brokers serve Specialty Insurance distribution.
• Title Insurance uses a hybrid of 271 company offices and independent agents.
• Lending institutions are noted referral sources for title business.
• The decentralized model emphasizes specialization by coverage type.

Finance: Review the impact of the 26% commercial title premium share on Q3 2025 combined ratio of 96.4% for Title Insurance.

Old Republic International Corporation (ORI) - Canvas Business Model: Customer Segments

You're looking at the core groups Old Republic International Corporation (ORI) serves across its two main underwriting segments: Specialty Insurance and Title Insurance. Honestly, the customer base is highly diversified, which is a key part of their risk dispersion strategy. They don't just sell one type of policy; they target specific commercial, real estate, and individual needs.

The Specialty Insurance segment, which management renamed from General Insurance to better reflect its focus, targets businesses needing specialized property and casualty (P&C) coverage. This group is served by 17 underwriting businesses, each focused on unique niche markets. For context on the size of this customer base's premium contribution, Specialty Insurance generated $4.67 billion in net earned premiums in 2024.

The Title Insurance segment serves the real estate transaction market. This group is crucial, as evidenced by Old Republic National Title Insurance Co. holding the third-largest title insurance company position in America with a 14.0% market share as of Q1 2025. This segment brought in $2.62 billion in premiums in 2024, though Q1 2025 saw net premiums and fees increase by nearly 11% year-over-year despite a slow housing market.

The individual customer base is smaller but important, primarily served through Old Republic Home Protection. This home warranty business is estimated to generate revenues between $100 million and $1 billion. Also, the company is actively expanding into new verticals, such as launching Old Republic Lawyers Specialty Insurance and Old Republic Accident & Health in 2024, and forming a new environmental insurance company in 2025, showing a commitment to capturing emerging niche risks.

Here's a quick look at how these customer groups map to the business segments and their scale, using the latest full-year 2024 premium data as the baseline for segment size, plus Q3 2025 consolidated figures for overall context.

Customer Segment	Primary ORI Segment	Relevant Financial/Statistical Data Point	Distribution/Channel Note
Commercial enterprises in transportation, construction, and energy	Specialty Insurance	Specialty Insurance net earned premiums were $4.67 billion in 2024.	Operates through specialized distribution models.
Real estate purchasers, investors, and mortgage lenders	Title Insurance	Old Republic National Title Insurance Co. held 14.0% market share (Q1 2025).	Primarily through independent agents who control 63% of the overall title market.
Government entities and commercial banks	Specialty Insurance	Specialty Insurance net premiums earned grew 14.6% in Q2 2025.	Liability coverage provided across various business sectors.
Niche, high-growth verticals (e.g., environmental liability)	Specialty Insurance	Formed a new environmental insurance company in 2025.	Represents new business production following successful start-ups like Old Republic Accident & Health.
Individuals (Home Protection, Automotive Services)	Other/Direct-to-Consumer	Old Republic Home Protection revenue estimated between $100 million and $1 billion.	Home Protection offers renewable service contracts, not insurance.

You can see the reliance on the real estate cycle in the Title Insurance segment, which had premiums of $2.62 billion in 2024, but the Specialty Insurance segment provides a strong offset with its diverse commercial book. Overall consolidated net premiums and fees earned were $2.1 billion in Q3 2025.

The customer base is further segmented geographically within the US, with significant premium contributions coming from regions like the Southeast (22.2%), Western (14.5%), and Southwest (14.0%) in 2024. Plus, there are foreign operations, mainly in Canada, accounting for 2.2% of total 2024 premium volume.

• Commercial lines focus includes 17 underwriting businesses.
• Title insurance loss ratio hovers around 2%.
• Book value per share was $26.19 as of Q3 2025, inclusive of declared dividends.
• Total capital returned to shareholders in Q3 2025 was $115 million.

Finance: draft 13-week cash view by Friday.

Old Republic International Corporation (ORI) - Canvas Business Model: Cost Structure

The cost structure for Old Republic International Corporation is fundamentally driven by the costs inherent in underwriting insurance policies, which are best summarized by the combined ratio. For the third quarter of 2025, the consolidated combined ratio stood at 95.3%. This ratio means that for every dollar of premium earned, Old Republic International Corporation spent 95.3 cents on claims and operating expenses combined, resulting in a 4.7 cent underwriting profit before investment income.

The largest component of this cost structure is the claims payout, represented by the loss ratio. While the exact dollar amount for Loss and Loss Adjustment Expenses (LAE) is embedded within the overall figures, the Specialty Insurance segment, which accounts for 85% of revenue, reported a loss ratio of 63.5% for the quarter, which included a favorable prior year loss reserve development of 3.4 percentage points. This favorable development acts as a reduction to the current period's reported loss cost.

Underwriting and administrative expenses, which include personnel costs, are captured in the expense ratio component of the combined ratio. The Specialty Insurance segment's expense ratio was 31.3% in Q3 2025, an increase from 28.8% in the prior year period. This elevation in the expense ratio is explicitly attributed to the ongoing costs associated with strategic growth initiatives.

Old Republic International Corporation noted that the expense ratio was elevated but remained within expectations due to specific strategic investments. Specifically, management cited the start-up costs of new underwriting subsidiaries and investments in information technology as contributing factors to the higher expense ratio for the quarter. No specific dollar amounts for these two categories were separately itemized in the primary Q3 2025 financial highlights.

The overall cost of operations, before considering investment income, can be viewed through the total operating expenses reported for the quarter. Total operating expenses were reported at $2,071.3 million, against total operating revenues of $2,319.6 million. A more granular line item, Underwriting, acquisition, and other expenses, was reported at $719.0 million for the third quarter of 2025.

Finally, a significant financial outflow that impacts capital allocation, though not an operating expense, is the capital returned to shareholders. Old Republic International Corporation returned a total of $115 million to shareholders during the third quarter of 2025. This return was composed of:

• $71 million in dividends.
• $44 million in share repurchases.

Here's a quick look at the key cost-related metrics for Old Republic International Corporation in Q3 2025:

Metric	Value (Q3 2025)	Segment/Basis
Consolidated Combined Ratio	95.3%	Consolidated
Specialty Insurance Combined Ratio	94.8%	Specialty Insurance
Specialty Insurance Loss Ratio (including favorable development)	63.5%	Specialty Insurance
Specialty Insurance Expense Ratio	31.3%	Specialty Insurance
Total Operating Expenses	$2,071.3 million	Consolidated
Underwriting, Acquisition, and Other Expenses	$719.0 million	Consolidated Line Item
Total Capital Returned to Shareholders	$115 million	Corporate Action

The company's focus on achieving long-term combined ratios between 90% and 95% for Specialty Insurance shows management's target for cost control relative to earned premiums. The current 94.8% for that segment is at the higher end of that target range, reflecting the noted start-up and technology costs.

Old Republic International Corporation (ORI) - Canvas Business Model: Revenue Streams

The revenue streams for Old Republic International Corporation are fundamentally anchored in its insurance underwriting activities, supplemented by income generated from its substantial investment portfolio and ancillary service fees.

Net premiums and fees earned represent the core inflow, showing strong growth across the business. For the third quarter of 2025, Old Republic International Corporation reported consolidated net premiums and fees earned of $2.1 billion. [cite: 1, 2, 3, 4, 5 from first search] This growth is a key indicator of market penetration and pricing power within their insurance segments.

The second major component is Net Investment Income. This stream grew to $182.6 million in Q3 2025, reflecting higher investment yields on the company's large asset base. [cite: 1, 2, 3, 4, 5 from first search]

The performance of the underwriting segments directly impacts the quality of the revenue base. Specialty Insurance, which is the primary growth driver, demonstrated strong underwriting discipline, posting a combined ratio of 90.7% in Q2 2025. [cite: 6, 7 from first search]

The Title Insurance segment contributes significantly through its own premiums and fees. For the second quarter of 2025, Title Insurance net premiums and fees earned were reported at $697.8 million. [cite: 6 from second search]

The final stream involves fee revenues from services, which is a smaller, but sticky, part of the model. For instance, in Q2 2025, fee revenues from direct operations decreased due to the sale of certain technology platforms. [cite: 3 from second search] The company maintains relationships for services like risk management, which are noted as being very sticky due to their service-centric nature. [cite: 2 from second search]

Here's a quick look at the key revenue-related financial figures from the latest reported quarters:

Revenue Metric	Period	Amount
Consolidated Net Premiums and Fees Earned	Q3 2025	$2.1 billion
Net Investment Income	Q3 2025	$182.6 million
Title Insurance Net Premiums and Fees Earned	Q2 2025	$697.8 million
Specialty Insurance Combined Ratio	Q2 2025	90.7%

You should note the following specific revenue drivers:

• Specialty Insurance net premiums earned growth in Q2 2025 was 14.6%. [cite: 2 from second search, 9 from third search]
• Title Insurance net premiums and fees earned grew by 5.2% in Q2 2025. [cite: 7 from second search, 2 from third search]
• Commercial premiums represented 23% of Title Insurance net premiums earned in Q2 2025. [cite: 6 from second search, 3 from third search]

Finance: draft 13-week cash view by Friday.