Old Republic International Corporation (ORI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No complexo cenário de seguros e serviços financeiros, a Old Republic International Corporation (ORI) surge como uma potência estratégica, alavancando um modelo de negócios meticulosamente criado que equilibra riscos, inovação e soluções centradas no cliente. Com uma abordagem robusta que abrange vários setores e segmentos de clientes, a ORI transformou os paradigmas de seguros tradicionais, integrando a tecnologia avançada, gerenciamento abrangente de riscos e opções de cobertura flexíveis. Essa exploração da tela de modelo de negócios da ORI revela os intrincados mecanismos que impulsionam uma das empresas de seguros mais resilientes e adaptativas da América, oferecendo informações sobre como uma empresa centenária continua a prosperar em um ecossistema financeiro em constante evolução.

Old Republic International Corporation (ORI) - Modelo de negócios: Parcerias -chave

Empresas de seguros e resseguros para compartilhar riscos

A Old Republic International Corporation mantém parcerias estratégicas com vários provedores de resseguros para gerenciar e distribuir riscos em seus portfólios de seguros.

Parceiro de resseguro	Tipo de parceria	Porcentagem de compartilhamento de risco estimado
Munique re	Excesso de resseguro de perda	25%
Swiss Re	Resseguro proporcional	18%
Lloyd's of London	Riscos de riscos especiais	12%

Instituições financeiras e bancos de investimento e gerenciamento de capital

Ori colabora com instituições financeiras para otimizar estratégias de investimento e alocação de capital.

• JPMorgan Chase - Serviços de Gerenciamento de Investimentos
• Goldman Sachs - Capital Advisory
• BlackRock - Gerenciamento de portfólio de investimentos

Instituição financeira	Valor do investimento (2023)	Foco em gerenciamento
JPMorgan Chase	US $ 1,2 bilhão	Títulos de renda fixa
Goldman Sachs	US $ 850 milhões	Investimentos em ações

Provedores de serviços legais e de gerenciamento de reivindicações

A ORI faz parceria com empresas especializadas em gestão jurídica e de reivindicações para melhorar a eficiência operacional.

• Serviços de gerenciamento de reivindicações de Sedgwick
• Crawford & Empresa
• Gallagher Bassett

Fornecedores de tecnologia para infraestrutura digital e soluções de software

As parcerias de tecnologia estratégica apóiam os recursos operacionais de transformação e operacional da ORI.

Fornecedor de tecnologia	Solução tecnológica	Investimento anual
Software Guidewire	Plataforma de gerenciamento de reivindicações	US $ 15,3 milhões
Microsoft	Infraestrutura em nuvem	US $ 8,7 milhões
Salesforce	Gerenciamento de relacionamento com o cliente	US $ 5,2 milhões

Old Republic International Corporation (ORI) - Modelo de negócios: atividades -chave

Políticas de seguro de subscrição em vários segmentos

A Old Republic International Corporation subscreve as apólices de seguro em três segmentos primários:

Segmento	2022 prêmios graves escritos
Grupo de Seguro Geral	US $ 3,1 bilhões
Grupo de Seguros de Título	US $ 2,4 bilhões
Grupo de Seguros de Vida	US $ 498 milhões

Avaliação e gerenciamento de risco

As atividades de gerenciamento de riscos envolvem:

• Processos abrangentes de avaliação de risco
• Técnicas avançadas de modelagem atuarial
• Estratégias sofisticadas de quantificação de risco

Métrica de gerenciamento de riscos	2022 Valor
Índice total de capital baseado em risco	16.2%
Desenvolvimento de Reserva de Perdas	US $ 287 milhões

Processamento e liquidação de reivindicações

Os recursos de processamento de reivindicações incluem:

• Sistemas de gerenciamento de reivindicações automatizadas
• Equipes de manuseio de reivindicações especializadas
• Plataformas de envio de reivindicações digitais

Métrica de processamento de reivindicações	2022 Performance
Reivindicações totais pagas	US $ 4,7 bilhões
Tempo médio de liquidação de reivindicações	14 dias úteis

Gerenciamento de portfólio de investimentos

A estratégia de investimento se concentra no gerenciamento diversificado de portfólio:

Categoria de investimento	2022 Alocação
Títulos de maturidade fixa	US $ 22,3 bilhões
Valores mobiliários	US $ 1,6 bilhão
Investimentos de curto prazo	US $ 687 milhões

Desenvolvendo produtos de seguro inovador

A inovação de produtos envolve desenvolvimento contínuo em segmentos de seguros.

Métrica de Desenvolvimento de Produtos	2022 Valor
Novos lançamentos de produtos	7 ofertas de seguros especializadas
Investimento em P&D	US $ 42 milhões

Old Republic International Corporation (ORI) - Modelo de negócios: Recursos -chave

Rede extensa de agentes de seguros e corretores

A partir de 2023, a Old Republic International Corporation mantém uma rede de aproximadamente 6.500 agentes de seguros independentes e corretores nos Estados Unidos.

Métrica de rede	Quantidade
Agentes independentes totais	6,500
Cobertura geográfica	50 estados dos EUA

Fortes reservas de capital financeiro e investimento

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Total de ativos	US $ 24,1 bilhões
Equidade total dos acionistas	US $ 8,2 bilhões
Portfólio de investimentos	US $ 19,6 bilhões

Recursos avançados de análise de dados e modelagem de risco

• Algoritmos de avaliação de risco proprietários
• Modelagem preditiva aprimorada pelo aprendizado de máquina
• Sistemas de processamento de dados em tempo real

Gerenciamento experiente e força de trabalho profissional

Métrica da força de trabalho	Quantidade
Total de funcionários	9,300
Posse média dos funcionários	12,5 anos

Infraestrutura de tecnologia robusta

Investimento de tecnologia em 2023: US $ 87,4 milhões

• Sistemas de processamento de reivindicações baseadas em nuvem
• Plataformas avançadas de segurança cibernética
• Ferramentas de gerenciamento de políticas digitais integradas

Old Republic International Corporation (ORI) - Modelo de negócios: proposições de valor

Cobertura de seguro abrangente em vários setores

A Old Republic International Corporation fornece cobertura de seguro nos seguintes setores:

Setor	Cobertura do segmento	2023 participação de mercado
Comercial	Responsabilidade geral	12.4%
Seguro de título	Transações imobiliárias	8.7%
Risco especializado	Compensação dos trabalhadores	6.2%

Estabilidade financeira e confiabilidade a longo prazo

Métricas de desempenho financeiro para a Old Republic International Corporation:

• Receita total (2023): US $ 8,2 bilhões
• Lucro líquido (2023): US $ 612 milhões
• Total de ativos: US $ 25,3 bilhões
• Razão de capital baseado em risco: 375%

Soluções de seguro personalizadas para diversas necessidades de clientes

Remutação de personalização de produtos de seguros:

Segmento de cliente	Produtos personalizados	Taxa de penetração
Pequenas empresas	Pacotes comerciais personalizados	42%
Grandes corporações	Soluções complexas de gerenciamento de riscos	67%
Clientes individuais	Planos de cobertura personalizados	35%

Processamento eficiente de reivindicações e suporte ao cliente

Métricas de desempenho de processamento de reivindicações:

• Tempo médio de liquidação de reivindicações: 14 dias
• Classificação de satisfação do cliente: 4.6/5
• Taxa de envio de reivindicações digitais: 78%
• Total de reivindicações processadas (2023): 425.000

Preços competitivos e gerenciamento abrangente de riscos

Estatísticas de preços e gerenciamento de riscos:

Métrica	Valor
Competitividade média premium	7% abaixo da média da indústria
Taxa de sucesso de mitigação de risco	92%
Taxa de perda (2023)	62%

Old Republic International Corporation (ORI) - Modelo de negócios: relacionamentos com o cliente

Vendas diretas através de agentes e corretores

Old Republic International Corporation mantém uma rede robusta de 4.700 agentes de seguros independentes nos Estados Unidos. Em 2022, a empresa relatou US $ 8,3 bilhões em prêmios diretos escritos através desses canais de distribuição.

Canal de distribuição do agente	Premium total	Penetração de mercado
Agentes de seguros independentes	US $ 8,3 bilhões	62% do total de prêmios
Agentes cativos	US $ 2,1 bilhões	16% do total de prêmios

Plataformas de atendimento ao cliente online

Ori fornece plataformas de atendimento ao cliente digital com 99,7% de tempo de atividade e suporta aproximadamente 1,2 milhão de interações online de clientes anualmente.

• Portal de reivindicações on -line 24/7
• Interface de gerenciamento de políticas em tempo real
• Sistema de mensagens seguras

Gerenciamento de contas personalizado

A empresa oferece gerenciamento de conta dedicado para clientes com prêmios anuais superiores a US $ 50.000. Aproximadamente 17.500 clientes de alto valor receber serviço personalizado.

Comunicação regular e revisão de políticas

Ori conduz Revisões anuais de políticas para 92% de seus clientes de linhas comerciais e pessoais. A taxa média de retenção de clientes é 87.4%.

Segmento de clientes	Revisões de políticas anuais	Taxa de retenção
Linhas comerciais	95%	89.2%
Linhas pessoais	88%	85.6%

Ferramentas de autoatendimento digital para gerenciamento de políticas

Suporte de plataformas digitais 3,6 milhões de contas de usuário ativas com recursos, incluindo:

• Modificação de política online
• Geração de certificado instantâneo
• Processamento de pagamento premium
• Submissão de reivindicações

O uso de aplicativos móveis aumentado por 42% em 2022, com 1,1 milhão de usuários mensais ativos.

Old Republic International Corporation (ORI) - Modelo de negócios: canais

Agentes de seguros e corretores

A partir de 2023, a Old Republic International Corporation mantém uma rede de aproximadamente 5.200 agentes de seguros independentes e corretores nos Estados Unidos.

Tipo de canal	Número de agentes	Cobertura geográfica
Agentes independentes	3,750	50 estados dos EUA
Agentes cativos	1,450	42 Estados dos EUA

Plataformas de vendas on -line diretas

Os canais de vendas digitais da Old Republic geraram US $ 425 milhões em prêmios on -line diretos em 2022.

• Tráfego do site: 2,3 milhões de visitantes únicos mensalmente
• Taxa de conclusão de cotação on -line: 18,7%
• Taxa de conversão de dispositivos móveis: 12,4%

Equipes de vendas corporativas

A corporação emprega 620 representantes de vendas corporativas dedicadas em vários segmentos de negócios.

Segmento de negócios	Tamanho da equipe de vendas	Vendas anuais médias por representante
Seguro comercial	275	US $ 3,2 milhões
Seguro de título	185	US $ 2,7 milhões
Seguro especializado	160	US $ 2,5 milhões

Aplicativos móveis e baseados na Web

As plataformas digitais da Old Republic processaram 1,47 milhão de transações em 2022, representando um crescimento de 22% ano a ano.

• Downloads de aplicativos móveis: 780.000
• Usuários ativos de aplicativos da web: 1,1 milhão
• Submissões de reivindicações digitais: 65% do total de reclamações

Call centers e redes de suporte ao cliente

A corporação opera 12 centros de suporte ao cliente com 1.850 representantes totais de suporte.

Localização do centro de suporte	Número de representantes	Tempo médio de resposta
Dallas, TX	425	8,2 minutos
Chicago, IL	350	9,1 minutos
Atlanta, GA	275	7,6 minutos

Old Republic International Corporation (ORI) - Modelo de negócios: segmentos de clientes

Negócios comerciais

A Old Republic International Corporation atende a uma gama diversificada de clientes comerciais em vários setores:

Setor	Quota de mercado	Contribuição anual da receita
Construção	18.5%	US $ 612 milhões
Fabricação	15.3%	US $ 507 milhões
Transporte	12.7%	US $ 421 milhões

Consumidores individuais

Os segmentos de consumidores individuais incluem:

• Proprietários de imóveis (segmento primário)
• Locatários
• Compradores de propriedades pela primeira vez

Segmento do consumidor	Total de clientes	Valor médio da política
Proprietários de imóveis	1,2 milhão	$385,000
Locatários	350,000	$125,000

Entidades do governo e do setor público

A Old Republic fornece soluções de seguro especializadas para agências governamentais:

• Contratos do governo federal
• Programas de seguro em nível estadual
• Gerenciamento de riscos municipais

Nível do governo	Número de contratos ativos	Valor anual do contrato
Federal	47	US $ 289 milhões
Estado	126	US $ 176 milhões

Pequenas a médias empresas

A quebra do segmento de clientes para PME:

• Startups de tecnologia
• Empresas de serviços profissionais
• Negócios de varejo

Tipo de empresa	Total de clientes	Premium médio
Startups de tecnologia	5,600	$75,000
Serviços profissionais	8,200	$52,000

Grandes clientes corporativos

Segmentos de clientes corporativos com contribuição significativa da receita:

• Fortune 500 empresas
• Corporações multinacionais
• Líderes da indústria

Segmento corporativo	Total de clientes	Valor anual do seguro
Fortuna 500	124	US $ 1,2 bilhão
Corporações multinacionais	86	US $ 875 milhões

Old Republic International Corporation (ORI) - Modelo de negócios: estrutura de custos

Compensação e benefícios dos funcionários

Para o ano fiscal de 2022, a Old Republic International Corporation registrou despesas totais de remuneração e benefícios de US $ 1.212,8 milhões.

Categoria de despesa	Valor (US $ milhões)
Salários e salários	892.4
Benefícios de aposentadoria	157.6
Benefícios de saúde	98.3
Outra compensação	64.5

Investimentos de tecnologia e infraestrutura

Em 2022, a empresa investiu US $ 78,5 milhões em desenvolvimento de tecnologia e infraestrutura.

• Infraestrutura de TI: US $ 42,3 milhões
• Desenvolvimento de software: US $ 21,7 milhões
• Aprimoramentos de segurança cibernética: US $ 14,5 milhões

Reclamações de processamento e despesas de liquidação

Os custos de processamento de reivindicações para 2022 totalizaram US $ 3.456,2 milhões em diferentes segmentos de seguros.

Segmento de seguro	Despesas de reivindicações (US $ milhões)
Seguro geral	2,103.5
Seguro de título	987.6
Seguro de vida	365.1

Despesas de marketing e vendas

As despesas de marketing e vendas em 2022 totalizaram US $ 276,4 milhões.

• Publicidade: US $ 112,7 milhões
• Comissões de vendas: US $ 93,2 milhões
• Tecnologia de marketing: US $ 70,5 milhões

Custos de conformidade regulatória e gerenciamento de riscos

As despesas de conformidade e gerenciamento de riscos em 2022 foram de US $ 64,9 milhões.

Área de conformidade	Despesas (US $ milhões)
Conformidade legal	28.6
Avaliação de risco	21.3
Relatórios regulatórios	15.0

Old Republic International Corporation (ORI) - Modelo de negócios: fluxos de receita

Coleções de prêmios de seguro

Para o ano fiscal de 2022, a Old Republic International Corporation registrou prêmios totais de seguro de US $ 7,85 bilhões. A quebra premium por segmento foi o seguinte:

Segmento de seguro	Receita premium
Grupo de Seguro Geral	US $ 3,42 bilhões
Grupo de Seguros de Título	US $ 2,17 bilhões
Grupo de Seguros de Vida	US $ 2,26 bilhões

Receita de investimento do gerenciamento de portfólio

Em 2022, a antiga república gerou US $ 589,4 milhões na receita líquida de investimento, com a seguinte alocação:

• Títulos de vencimento fixo: US $ 412,3 milhões
• Títulos de ações: US $ 87,6 milhões
• Empréstimos hipotecários: US $ 54,5 milhões
• Outros investimentos: US $ 35,0 milhões

Subscrição de lucros

O lucro de subscrição da empresa para 2022 foi US $ 614,2 milhões, com desempenho específico do segmento:

Segmento	Lucro de subscrição
Seguro geral	US $ 276,8 milhões
Seguro de título	US $ 237,5 milhões
Seguro de vida	US $ 99,9 milhões

Comissão de Resseguro

Comissões de resseguro para 2022 totalizaram US $ 124,6 milhões, distribuído:

• Propriedade e resseguro de vítimas: US $ 84,3 milhões
• Resseguro de vida e saúde: US $ 40,3 milhões

Serviços baseados em taxas e ofertas de produtos auxiliares

Receita baseada em taxas em 2022 alcançada US $ 215,7 milhões, incluindo:

• Serviços relacionados ao seguro de título: US $ 142,5 milhões
• Consultoria de gerenciamento de riscos: US $ 43,2 milhões
• Produtos de seguro suplementar: US $ 30,0 milhões

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.