Old Republic International Corporation (ORI): Business Model Canvas [Dec-2025 Updated]

You're digging into the business model of Old Republic International Corporation (ORI), and honestly, it's a masterclass in old-school insurance discipline meeting modern niche specialization. Forget the hype; this company runs on two powerful engines: highly specialized underwriting for complex commercial risks and disciplined management of its massive fixed-income portfolio, which pulled in $182.6 million in net investment income in Q3 2025 alone. We see this structure translate directly into results, with net premiums hitting $2.1 billion that quarter while keeping the combined ratio tight at 95.3%-a testament to their decentralized approach and high-retention specialty business. If you want to see the precise mechanics behind their stability, including how they generate that $26.19 book value per share, dive into the full nine-block canvas below.

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

You're looking at the core relationships Old Republic International Corporation (ORI) relies on to keep its diverse insurance operations running smoothly, especially in the title space as of late 2025. These partnerships are about sharing risk, expanding reach, and streamlining complex transactions.

Reinsurance Companies for Risk-Sharing and Capital Efficiency

While specific reinsurance partners aren't named in the latest filings, the reliance on this mechanism is clear within the Specialty Insurance segment. Management notes that segment results are affected by the adequacy and availability of reinsurance, which is key for managing large property and casualty exposures.

For context on the overall financial strength supporting these arrangements, as of the third quarter of 2025, Old Republic International Corporation reported a book value per share of $26.19, up 18.5% since year-end 2024. The consolidated combined ratio for the company stood at 95.3% for Q3 2025.

Independent Distributors, Brokers, and Wholesale Agents for Product Reach

The title insurance business is heavily reliant on its agency network for distribution. Old Republic National Title Holding Company is the third largest title insurer, and its independent agent channel is the primary driver of volume.

Here's the quick math on the agency channel's performance leading up to late 2025:

Metric	Value/Percentage	Reporting Period	Source Context
Independent Agent Revenue Share (Title)	77%	As of 2024 Annual Review	Accounts for the majority of title insurance revenues
Agency Produced Title Premiums Growth	Nearly 11%	Q3 2025	Growth rate for the quarter
Directly Produced Title Premiums Growth	More than 8%	Q3 2025	Growth rate for the quarter
Title Insurance Net Premiums & Fees Earned Growth	8.3%	Q3 2025	Quarterly growth rate

This agency focus helps Old Republic Title maintain its market position, even when the real estate market faces headwinds.

Lending Institutions and Real Estate Professionals for Title Insurance Referrals

Specific financial figures detailing the volume or dollar amount of referrals originating directly from lending institutions or real estate professionals are not publicly itemized in the latest segment disclosures. However, the partnership with Qualia, which serves mortgage lending professionals, shows ORI's focus on this ecosystem.

Technology Vendors like Qualia for Title Transaction Streamlining

A major strategic move in early 2025 involved a technology partnership with Qualia Labs, Inc. This relationship included Qualia acquiring Old Republic Title's RamQuest and E-Closing platforms. This divestiture of technology assets had a measurable impact on fee revenue.

• Qualia acquired the RamQuest title production business and the E-Closing platform.
• Financial terms for the technology acquisition were not disclosed.
• Title, escrow, and other fees declined by 11% in Q3 2025 due to the sale of these technology platforms.
• The goal of the partnership is to leverage Qualia's solutions to support ORI's direct division, agents, and customers.

Arch Capital Group Ltd. for the 2024 Sale of the Run-off Mortgage Business

This partnership was a divestiture, marking a definitive exit from the mortgage insurance business, which had been in run-off since 2011. The transaction involved Arch U.S. MI Holdings Inc. acquiring all capital stock of Old Republic's subsidiary, RMIC Companies, Inc..

The financial structure of this exit is concrete:

Financial Component	Amount	Timing/Context
Cash Consideration from Arch Capital Group Ltd.	Approximately $140 million	Expected at closing (H1 2024)
Final 4th Quarter Dividend Expected from RMIC	$25 million	Expected upon closing
Total Dividends Received from Run-off Reserves (5 Years Pre-Sale)	Exceeding $398 million	Leading up to the sale announcement
Risk In Force (RIF) Portfolio Size	$1 billion	As of September 30, 2023

If onboarding your new technology strategy with Qualia takes longer than expected, churn risk rises for your agency partners.

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

The core of Old Republic International Corporation's operations centers on highly specialized underwriting and disciplined capital deployment. For the third quarter ended September 30, 2025, consolidated net premiums and fees earned reached $2.1 billion, marking an 8.1% increase year-over-year, which speaks directly to the success of their niche risk selection. This underwriting activity is supported by a disciplined investment management approach, which yielded net investment income of $182.6 million in the same quarter, a 6.7% increase over the prior year period. You see the result of this dual focus in the core operating performance: net income excluding investment gains (net operating income) was $196.7 million for Q3 2025, up from $182.7 million last year.

Claims processing and loss reserve management remain a critical activity, directly impacting the combined ratio. For Q3 2025, the consolidated combined ratio stood at 95.3%, a slight increase from 95.0% the previous year, but this was achieved while recording favorable loss reserve development of 2.5 points, significantly higher than the 1.3 points seen last year. This active management of liabilities underpins the company's financial strength. Speaking of strength, Old Republic International Corporation maintains its commitment to a robust balance sheet, evidenced by a book value per share of $26.19 as of September 30, 2025, which represents an 18.5% increase since the end of 2024, and an annualized operating return on equity of 14.4%. Financial ratings remain strong, with the company holding an A+ rating from both AM Best and S&P Global as of mid-2025.

Expanding the specialty footprint through launching new underwriting subsidiaries is a key strategic activity. This is not a new tactic; Old Republic Environmental, Inc., announced in September 2025, is the seventh new specialty company launched in the last eight years. This continuous expansion into niche areas is designed to capture profitable growth outside of the more cyclical title insurance market.

Here's a quick look at the key financial metrics from the Q3 2025 period that reflect these activities:

Metric	Amount / Ratio (Q3 2025)	Comparison to Prior Year Q3
Consolidated Net Premiums Earned	$2.1 billion	Up 8.1%
Net Investment Income	$182.6 million	Up 6.7%
Net Operating Income (Excl. Inv. Gains/Losses)	$196.7 million	Up from $182.7 million
Consolidated Combined Ratio	95.3%	Up from 95.0%
Favorable Loss Reserve Development	2.5 points	Up from 1.3 points
Book Value Per Share	$26.19	Up 18.5% since year-end 2024

The focus on launching new specialty subsidiaries involves integrating experienced leadership to manage specific, complex risks. These launches are strategic additions to the Old Republic Specialty Insurance Group:

• Launching Old Republic Environmental, Inc. in Q3 2025, led by George Holderied.
• Launching Old Republic Cyber earlier in 2025, led by CJ Pruzinsky.
• The Specialty Insurance segment posted a combined ratio of 94.8% in Q3 2025.
• Commercial premiums accounted for 26% of total title premiums, with a combined ratio of 96.4%.

The investment management activity strictly adheres to quality and liquidity, with the portfolio as of September 30, 2025, allocated approximately 84% to fixed income securities and short-term investments, and 16% to equity securities. This conservative structure helps ensure solid funding for policyholder obligations. Finance: draft next quarter's capital allocation plan by Monday.

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

You're looking at the core assets that Old Republic International Corporation (ORI) uses to generate its results, and honestly, the numbers from late 2025 tell a clear story of stability and asset deployment.

Invested Asset Base and Investment Income

The capital base supporting the insurance operations is a primary resource, directly translating into steady income streams. For the third quarter of 2025, the invested asset base generated a Net Investment Income of $182.6 million. This income reflects a 6.7% increase over the same period last year, driven by higher investment yields.

Financial Strength and Shareholder Equity

The stability of Old Republic International Corporation is underpinned by strong financial backing, which is a key resource for policyholder confidence and operational continuity. As of the third quarter of 2025, the Book Value per Share stood at $26.19, representing an 18.5% increase since the end of 2024. Furthermore, the financial strength is recognized by high ratings for its key insurance subsidiaries, including A+ from AM Best, A2 from Moody's, and A+ from Standard & Poor's.

Here's a quick look at some key financial metrics from the Q3 2025 report:

Metric	Q3 2025 Amount	Change vs. Prior Year
Net Investment Income	$182.6 million	6.7% increase
Book Value Per Share	$26.19	18.5% increase since year-end 2024
Consolidated Net Premiums and Fees Earned	$2.1 billion	8.1% increase
Net Operating Income (Excluding Investment Gains/Losses)	$196.7 million	7.7% increase
Annualized Operating Return on Equity	14.4%	N/A

Specialized Underwriting Talent and Structure

The depth of expertise is concentrated in its decentralized structure. The Old Republic Specialty Insurance Group (ORSIG) is the largest segment and includes 18 underwriting subsidiaries. Management recently announced an agreement to acquire Everett Cash Mutual (ECM), which is projected to become the eighteenth specialty operating company upon closing. This structure empowers subsidiary leaders, which is a core element of the operating model.

Title Operations Network Reach

The extensive network in title operations shows a clear reliance on agency distribution, though direct operations are also growing. For the third quarter of 2025, the Title Insurance segment saw growth across both channels:

• Agency-produced premiums grew nearly 11%.
• Directly produced premiums grew more than 8% for the quarter.
• Agency-produced premiums accounted for nearly 80% of Title Insurance revenue, up from 78% in Q3 2024.
• Commercial premiums represented 26% of net premiums earned, up from 20% in the third quarter of last year.

Finance: draft 13-week cash view by Friday.

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.