Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2019shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2019 |
Document Transition Report | false |
Entity File Number | 001-10607 |
Entity Registrant Name | OLD REPUBLIC INTERNATIONAL CORPORATION |
Entity Central Index Key | 0000074260 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 36-2678171 |
Entity Address, Address Line One | 307 North Michigan Avenue |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60601 |
City Area Code | 312 |
Local Phone Number | 346-8100 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Title of 12(b) Security | Common Stock / $1 par value |
Entity Common Stock, Shares Outstanding | 303,201,054 |
Trading Symbol | ORI |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Available for sale: | |||
Fixed maturity securities (at fair value) (amortized cost: $8,371.5 and $8,285.0) | $ 8,583.6 | $ 8,182.8 | |
Short-term investments (at fair value which approximates cost) | 353.7 | 354.9 | |
Total | 8,937.3 | 8,537.8 | |
Held to maturity | |||
Fixed maturity securities (at amortized cost) (fair value: $1,061.3 and $1,034.5) | 1,033.3 | 1,044.8 | |
Equity securities (at fair value) (cost: $3,170.7 and $3,039.1) | 3,894.6 | 3,380.9 | |
Other investments | 23.2 | 31 | |
Total investments | 13,888.6 | 12,994.6 | |
Other Assets: | |||
Cash | 99.8 | 100.3 | |
Accrued investment income | 93 | 92.4 | |
Accounts and notes receivable | 1,736.1 | 1,499.4 | |
Federal income tax recoverable: Current | 0 | 16.8 | |
Prepaid federal income taxes | 129.8 | 129.8 | |
Reinsurance balances and funds held | 179.3 | 166.2 | |
Reinsurance recoverable: Paid losses | 78.4 | 55.9 | |
Reinsurance recoverable: Policy and claim reserves | 3,719.8 | 3,428.6 | |
Deferred policy acquisition costs | 324.7 | 316.3 | |
Sundry assets | 737.6 | 526.3 | |
Total Other Assets | 7,099 | 6,332.4 | |
Total Assets | 20,987.7 | 19,327.1 | |
Liabilities, Preferred Stock, and Common Shareholders' Equity Liabilities: | |||
Losses, claims, and settlement expenses | 9,636.3 | 9,471.2 | |
Unearned premiums | 2,352.5 | 2,104.9 | |
Other policyholders' benefits and funds | 195.2 | 198.6 | |
Total policy liabilities and accruals | 12,184.1 | 11,774.8 | |
Commissions, expenses, fees, and taxes | 485 | 525.4 | |
Reinsurance balances and funds | 814.3 | 600.4 | |
Taxes Payable, Current | 0.3 | 0 | |
Deferred Income Tax Liabilities, Net | 147 | 10.3 | |
Debt | 975.4 | 981.4 | |
Sundry liabilities | 487.3 | 288.3 | |
Commitments and contingent liabilities | |||
Total Liabilities | 15,093.7 | 14,180.8 | |
Preferred Stock | [1] | 0 | 0 |
Common Shareholders' Equity: | |||
Common stock | [1] | 303.2 | 302.7 |
Additional paid-in capital | 1,288.6 | 1,277.6 | |
Retained earnings | 4,326.7 | 3,849.8 | |
Accumulated other comprehensive income (loss) | 44.8 | (210) | |
Unallocated ESSOP shares (at cost) | (69.4) | (73.9) | |
Total Common Shareholders' Equity | 5,893.9 | 5,146.2 | |
Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ 20,987.7 | $ 19,327.1 | |
[1] | At June 30, 2019 and December 31, 2018 , there were 75,000,000 shares of $0.01 par value preferred stock authorized, of which no shares were outstanding. As of the same dates, there were 500,000,000 shares of common stock, $1.00 par value, authorized, of which 303,201,054 and 302,714,502 were issued as of June 30, 2019 and December 31, 2018 , respectively. At June 30, 2019 and December 31, 2018 , there were 100,000,000 shares of Class B Common Stock, $1.00 par value, authorized, of which no shares were issued. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Available for sale: | ||
Fixed maturity securities (amortized costs) | $ 8,371.5 | $ 8,285 |
Held to maturity securities | ||
Fixed maturity securities (fair value) | 1,061.3 | 1,034.5 |
Equity securities - cost | $ 3,170.7 | $ 3,039.1 |
Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, authorized shares (in shares) | 75,000,000 | 75,000,000 |
Preferred Stock, outstanding shares (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, authorized shares (in shares) | 500,000,000 | 500,000,000 |
Common Stock, issued shares (in shares) | 303,201,054 | 302,714,502 |
Common Class B [Member] | ||
Held to maturity securities | ||
Common Stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, authorized shares (in shares) | 100,000,000 | 100,000,000 |
Common Stock, issued shares (in shares) | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Net premiums earned | $ 1,329.6 | $ 1,294.7 | $ 2,593 | $ 2,525.8 |
Title, escrow, and other fees | 130.9 | 125.5 | 225.6 | 224.8 |
Total premiums and fees | 1,460.5 | 1,420.2 | 2,818.6 | 2,750.6 |
Net investment income | 113 | 106.9 | 225.1 | 212.7 |
Other income | 34.1 | 30.1 | 64.5 | 60.7 |
Total operating revenues | 1,607.7 | 1,557.3 | 3,108.3 | 3,024.2 |
Investment gains (losses): | ||||
Realized from actual transactions | 12.5 | 32 | 24.9 | 47.5 |
Realized from impairments | (2) | 0 | (2) | 0 |
Unrealized from changes in fair value of equity securities | 26.3 | 41.3 | 382 | (110.6) |
Total realized and unrealized investment gains (losses) | 36.9 | 73.3 | 405 | (63.1) |
Total revenues | 1,644.7 | 1,630.7 | 3,513.4 | 2,961.1 |
Benefits, Claims and Expenses: | ||||
Benefits, claims and settlement expenses | 629.9 | 601 | 1,228.4 | 1,191.2 |
Dividends to policyholders | 5.3 | 6.3 | 12.9 | 10.1 |
Underwriting, acquisition, and other expenses | 793.5 | 766.6 | 1,526.9 | 1,494.7 |
Interest and other charges | 10.4 | 10 | 21 | 24.4 |
Total expenses | 1,439.2 | 1,384 | 2,789.4 | 2,720.5 |
Income (loss) before income taxes (credits) | 205.4 | 246.6 | 723.9 | 240.6 |
Income Taxes (Credits): | ||||
Current | 30.6 | 35.4 | 74.3 | 61.4 |
Deferred | 9.3 | 13.4 | 71.8 | (22.7) |
Total | 39.9 | 48.8 | 146.1 | 38.7 |
Net Income (Loss) | $ 165.5 | $ 197.7 | $ 577.7 | $ 201.8 |
Net Income (Loss) Per Share: | ||||
Net income (loss) per share: Basic (in dollars per share) | $ 0.55 | $ 0.66 | $ 1.93 | $ 0.70 |
Net income (loss) per share: Diluted (in dollars per share) | $ 0.55 | $ 0.66 | $ 1.92 | $ 0.68 |
Average shares outstanding: Basic (in shares) | 299,418,182 | 299,738,944 | 299,341,472 | 289,117,369 |
Average shares outstanding: Diluted (in shares) | 300,752,992 | 301,075,469 | 300,580,764 | 301,329,249 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 165.5 | $ 197.7 | $ 577.7 | $ 201.8 |
Unrealized gains (losses) on securities: | ||||
Unrealized gains (losses) on securities before reclassifications | 138.8 | (62.9) | 313.2 | (211.6) |
Amounts reclassified as realized investment gains from sales in the statements of income | 2.4 | (1.2) | 3.3 | (1.7) |
Pretax unrealized gains (losses) on securities | 141.2 | (64.1) | 316.5 | (213.3) |
Less: Deferred income taxes (credits) | 29.7 | (13.5) | 66.7 | (44.8) |
Net unrealized gains (losses) on securities, net of tax | 111.4 | (50.6) | 249.8 | (168.4) |
Defined benefit pension plans: | ||||
Net pension adjustment before reclassifications | 0 | 0 | (2.6) | 0 |
Amounts reclassified as underwriting, acquisition, and other expenses in the statements of income | 1 | 0.8 | 2 | 1.6 |
Net adjustment related to defined benefit pension plans | 1 | 0.8 | (0.5) | 1.6 |
Deferred income taxes (credits) | 0.2 | 0.1 | (0.1) | 0.3 |
Net adjustment related to defined benefit pension plans, net of tax | 0.8 | 0.6 | (0.4) | 1.2 |
Foreign currency translation and other adjustments | 3.1 | (3.6) | 5.4 | (7.3) |
Total other comprehensive income (loss) | 115.4 | (53.6) | 254.8 | (174.6) |
Comprehensive Income (Loss) | $ 280.9 | $ 144.1 | $ 832.6 | $ 27.2 |
Consolidated Statements of Pref
Consolidated Statements of Preferred Stock and Common Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Unallocated ESSOP Shares | Convertible Preferred StockPreferred Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 502.1 | $ (502.1) | |||||
Balance at Dec. 31, 2017 | $ 269.2 | $ 815.2 | 3,206.9 | 474.2 | $ (32.4) | $ 0 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Dec. 31, 2017 | 3,708.9 | (27.9) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividend reinvestment plan | 0 | 1.2 | |||||
Net issuance of shares under stock based compensation plans | 0.9 | 13.1 | |||||
Conversion of senior debentures | 32.2 | 438.1 | |||||
Stock based compensation | 3.2 | ||||||
ESSOP shares released | 1.2 | 3.4 | |||||
Net income (loss) | $ 201.8 | 201.8 | |||||
Dividends on common stock | (113.1) | ||||||
Foreign currency translation and other adjustments | (7.3) | (7.3) | |||||
Net unrealized gains (losses) on securities, net of tax | (168.4) | (168.4) | |||||
Net adjustment related to defined benefit pension plans, net of tax | 1.2 | 1.2 | |||||
Origination of Loans to Employee Stock Ownership Plans | (37.4) | (37.4) | |||||
Balance at Jun. 30, 2018 | 302.4 | 1,272.2 | 3,797.7 | (202.6) | (66.4) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | |||||
Balance at Mar. 31, 2018 | 302.1 | 1,267.9 | 3,658.1 | (148.9) | (30.6) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2018 | 3,658.1 | (148.9) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividend reinvestment plan | 0 | 0.2 | |||||
Net issuance of shares under stock based compensation plans | 0.2 | 2.9 | |||||
Conversion of senior debentures | 0 | 0 | |||||
Stock based compensation | 0.4 | ||||||
ESSOP shares released | 0.6 | 1.7 | |||||
Net income (loss) | 197.7 | 197.7 | |||||
Dividends on common stock | (58.1) | ||||||
Foreign currency translation and other adjustments | (3.6) | (3.6) | |||||
Net unrealized gains (losses) on securities, net of tax | (50.6) | (50.6) | |||||
Net adjustment related to defined benefit pension plans, net of tax | 0.6 | 0.6 | |||||
Origination of Loans to Employee Stock Ownership Plans | (37.4) | ||||||
Balance at Jun. 30, 2018 | 302.4 | 1,272.2 | 3,797.7 | (202.6) | (66.4) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 18.4 | 0 | |||||
Balance at Dec. 31, 2018 | 5,146.2 | 302.7 | 1,277.6 | 3,849.8 | (210) | (73.9) | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Dec. 31, 2018 | 3,868.3 | (210) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividend reinvestment plan | 0 | 0.4 | |||||
Net issuance of shares under stock based compensation plans | 0.4 | 5.9 | |||||
Conversion of senior debentures | 0 | 0 | |||||
Stock based compensation | 3.2 | ||||||
ESSOP shares released | 1.3 | 4.5 | |||||
Net income (loss) | 577.7 | 577.7 | |||||
Dividends on common stock | (119.4) | ||||||
Foreign currency translation and other adjustments | 5.4 | 5.4 | |||||
Net unrealized gains (losses) on securities, net of tax | 249.8 | 249.8 | |||||
Net adjustment related to defined benefit pension plans, net of tax | (0.4) | (0.4) | |||||
Origination of Loans to Employee Stock Ownership Plans | 0 | 0 | |||||
Balance at Jun. 30, 2019 | 5,893.9 | 303.2 | 1,288.6 | 4,326.7 | 44.8 | (69.4) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | |||||
Balance at Mar. 31, 2019 | 302.9 | 1,284.1 | 4,220.8 | (70.6) | (71.7) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance at Mar. 31, 2019 | 4,220.8 | (70.6) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividend reinvestment plan | 0 | 0.2 | |||||
Net issuance of shares under stock based compensation plans | 0.2 | 3.1 | |||||
Conversion of senior debentures | 0 | 0 | |||||
Stock based compensation | 0.3 | ||||||
ESSOP shares released | 0.7 | 2.2 | |||||
Net income (loss) | 165.5 | 165.5 | |||||
Dividends on common stock | (59.7) | ||||||
Foreign currency translation and other adjustments | 3.1 | 3.1 | |||||
Net unrealized gains (losses) on securities, net of tax | 111.4 | 111.4 | |||||
Net adjustment related to defined benefit pension plans, net of tax | 0.8 | 0.8 | |||||
Origination of Loans to Employee Stock Ownership Plans | 0 | ||||||
Balance at Jun. 30, 2019 | $ 5,893.9 | $ 303.2 | $ 1,288.6 | $ 4,326.7 | $ 44.8 | $ (69.4) | $ 0 |
Consolidated Statements of Pr_2
Consolidated Statements of Preferred Stock and Common Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stockholders' Equity Attributable to Parent | $ 5,893.9 | $ 5,893.9 | ||
Dividends on common share (in usd per share) | $ 0.2000 | $ 0.1950 | $ 0.4000 | $ 0.3900 |
Preferred Stock | Convertible Preferred Stock | ||||
Stockholders' Equity Attributable to Parent | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 577.7 | $ 201.8 |
Adjustments to reconcile net income (loss) to | ||
Deferred policy acquisition costs | (8.3) | (14.8) |
Premiums and other receivables | (236.8) | (210.4) |
Unpaid claims and related items | 84.6 | 93.5 |
Unearned premiums and other policyholders' liabilities | 33.3 | 70.9 |
Income taxes | 87.1 | (20.7) |
Reinsurance balances and funds | 178 | 151.4 |
Realized Investment Gains (Losses) | 22.9 | 47.5 |
Unrealized investment (gains) losses from changes in fair value of equity securities | (382) | 110.6 |
Accounts payable, accrued expenses and other | 2.6 | (47.4) |
Total | 313.4 | 287.3 |
Available for sale | ||
Maturities and early calls | 298.7 | 473.8 |
Sales | 303.5 | 181.5 |
Sales of: | ||
Equity securities | 208.7 | 278.6 |
Other - net | 25.8 | 8.2 |
Purchases of: | ||
Available for sale | (689.6) | (600.6) |
Equity securities | (313.1) | (350.8) |
Other - net | (30.9) | (23.6) |
Net decrease (increase) in short-term investments | 1.5 | 152.8 |
Other - net | 0 | (0.7) |
Total | (195.1) | 119.2 |
Cash flows from financing activities: | ||
Issuance of common shares | 6.9 | 9.7 |
Redemption of debentures and notes | (6.5) | (4.7) |
Origination of Loans to Employee Stock Ownership Plans | 0 | (37.4) |
December 2017 and paid in January 2018 of $269.2) | (119.4) | (382.3) |
Other - net | 0 | (9.8) |
Total | (118.8) | (424.6) |
Increase (decrease) in cash | (0.5) | (18) |
Cash, beginning of period | 100.3 | 125.9 |
Cash, end of period | 99.8 | 107.9 |
Supplemental cash flow information: | ||
Cash paid (received) during the period for: Interest | 20.9 | 29.7 |
Cash paid (received) during the period for: Income taxes | $ 59.6 | $ 59.6 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statement of Cash Flows [Abstract] | |
Special dividend declared in December 2017 and paid in January 2018 | $ 269.2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | Accounting Policies and Basis of Presentation: The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP"). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2018 Annual Report on Form 10-K incorporated herein by reference. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. Recent ones are discussed below. a) Effective January 1, 2019, the Company adopted FASB guidance on lease accounting which requires balance sheet recognition of all leases with a term greater than 12 months. The Company's adoption of this guidance is discussed in Note 7. b) Effective January 1, 2018, the Company adopted FASB guidance on the recognition and measurement of financial instruments. See Note 3. c) Effective January 1, 2018, the Company adopted the FASB's comprehensive revenue recognition standard which applies to contracts with customers, except for those that fall within the scope of other standards, such as insurance contracts. The Company’s adoption of this standard did not have an effect on its insurance contract revenues, and based on its evaluation of certain less significant revenue streams generated from contracts with customers, did not have a material impact on the consolidated financial statements taken as a whole. d) In June 2016, the FASB issued guidance on accounting for credit losses on financial instruments which will be effective in 2020. The guidance will require immediate recognition of expected credit losses for certain financial instruments including (1) reinsurance recoverables, (2) held to maturity securities and (3) accounts and notes receivable. Additionally, the guidance modifies the impairment model for available for sale fixed maturity securities. The Company is currently evaluating the guidance to determine the potential impact of its adoption on its consolidated financial statements. |
Common Share Data
Common Share Data | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Common Share Data | Common Share Data: Earnings Per Share - Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the quarterly and year-to-date periods. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations. Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 165.5 $ 197.7 $ 577.7 $ 201.8 Numerator for basic earnings per share - income (loss) available to common stockholders 165.5 197.7 577.7 201.8 Adjustment for interest expense incurred on assumed conversion of convertible notes — — — 3.1 Numerator for diluted earnings per share - income (loss) available to common stockholders after assumed conversion of convertible notes $ 165.5 $ 197.7 $ 577.7 $ 204.9 Denominator: Denominator for basic earnings per share - weighted-average shares (a) 299,418,182 299,738,944 299,341,472 289,117,369 Effect of dilutive securities - stock based compensation awards 1,334,810 1,336,525 1,239,292 1,385,141 Effect of dilutive securities - convertible notes — — — 10,826,739 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversion of convertible notes (a) 300,752,992 301,075,469 300,580,764 301,329,249 Earnings per share: Basic $ .55 $ .66 $ 1.93 $ .70 Diluted $ .55 $ .66 $ 1.92 $ .68 Anti-dilutive common stock equivalents excluded from earnings per share computations: Stock based compensation awards 1,163,250 1,539,500 3,268,875 1,539,500 Convertible senior notes — — — — Total 1,163,250 1,539,500 3,268,875 1,539,500 __________ (a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Investments | Investments: The Company classifies its fixed maturity securities as those it either (1) has the positive intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. Fixed maturity securities classified as "available for sale" are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Fixed maturity securities classified as "held to maturity" are carried at amortized cost. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values for fixed maturity securities and equity securities are based on quoted market prices or estimates using values obtained from recognized independent pricing services. The status and fair value changes of each of the fixed maturity investments are reviewed at least once per quarter during the year, and estimates of other-than-temporary impairments ("OTTI") in the portfolio's value are evaluated and established at each quarterly balance sheet date. In reviewing investments for OTTI, the Company, in addition to a security's market price history, considers the totality of such factors as the issuer's operating results, financial condition and liquidity, its ability to access capital markets, credit rating trends, most current audited financial statements, industry and securities markets conditions, and analyst expectations to reach its conclusions. Sudden fair value declines caused by such adverse developments as newly emerged or imminent bankruptcy filings, issuer default on significant obligations, or reports of financial accounting developments that bring into question the validity of the issuer's previously reported earnings or financial condition, are recognized as realized losses as soon as credible publicly available information emerges to confirm such developments. In the event the Company's estimate of OTTI is insufficient at any point in time, future periods' net income (loss) would be adversely affected by the recognition of additional impairment losses, but its financial position would not necessarily be affected adversely inasmuch as such losses, or a portion of them, could have been recognized previously as unrealized losses directly in shareholders' equity. The Company recognized $2.0 of OTTI adjustments for the quarter and six months ended June 30, 2019 and no OTTI adjustments for the same periods of 2018 . The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed Maturity Securities by Type: June 30, 2019: Available for sale: U.S. & Canadian Governments $ 1,569.4 $ 34.6 $ .7 $ 1,603.3 Corporate 6,802.0 186.1 7.8 6,980.2 $ 8,371.5 $ 220.7 $ 8.6 $ 8,583.6 Held to maturity: Tax-exempt $ 1,033.3 $ 28.2 $ .2 $ 1,061.3 December 31, 2018: Available for sale: U.S. & Canadian Governments $ 1,535.3 $ 5.7 $ 16.5 $ 1,524.4 Corporate 6,749.6 31.4 122.7 6,658.3 $ 8,285.0 $ 37.1 $ 139.2 $ 8,182.8 Held to maturity: Tax-exempt $ 1,044.8 $ 3.5 $ 13.7 $ 1,034.5 Amortized Cost Estimated Fair Value Fixed Maturity Securities Stratified by Contractual Maturity at June 30, 2019: Available for sale: Due in one year or less $ 729.9 $ 732.8 Due after one year through five years 4,757.3 4,850.2 Due after five years through ten years 2,839.0 2,951.5 Due after ten years 45.1 48.9 $ 8,371.5 $ 8,583.6 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 260.5 264.3 Due after five years through ten years 772.7 797.0 Due after ten years — — $ 1,033.3 $ 1,061.3 The following tables reflect the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale and held to maturity fixed maturity securities have been in an unrealized loss position. Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019: Fixed Maturity Securities: Available for sale: U.S. & Canadian Governments $ — $ — $ 308.3 $ .7 $ 308.3 $ .7 Corporate 130.9 2.5 444.5 5.3 575.5 7.8 $ 130.9 $ 2.5 $ 752.8 $ 6.0 $ 883.8 $ 8.6 Number of available for sale securities in unrealized loss position 27 165 192 Held to maturity: Tax-exempt $ — $ — $ 81.5 $ .2 $ 81.5 $ .2 Number of held to maturity securities in unrealized loss position — 34 34 December 31, 2018: Fixed Maturity Securities: Available for sale: U.S. & Canadian Governments $ 616.7 $ 8.4 $ 487.1 $ 8.1 $ 1,103.9 $ 16.5 Corporate 3,440.8 77.9 1,096.4 44.7 4,537.3 122.7 $ 4,057.6 $ 86.4 $ 1,583.6 $ 52.8 $ 5,641.2 $ 139.2 Number of available for sale securities in unrealized loss position 760 335 1,095 Held to maturity: Tax-exempt $ 271.9 $ 2.3 $ 407.7 $ 11.4 $ 679.7 $ 13.7 Number of held to maturity securities in unrealized loss position 94 145 239 The unrealized losses on fixed income securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of other-than-temporary impairments, the Company considers: a) intent to continue to hold the securities, b) the likelihood that it will not be required to sell investment securities in an unrealized loss position until cost recovery, and c) the benefits of its asset and liability matching objectives. The following table shows cost and fair value information for equity securities: Equity Securities Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2019 $ 3,170.7 $ 812.3 $ 88.5 $ 3,894.6 December 31, 2018 $ 3,039.1 $ 517.3 $ 175.4 $ 3,380.9 During the second quarter and first six months of 2019 and 2018 , the Company recognized pretax unrealized investment gains (losses) of $26.3 and $382.0 , respectively for 2019 , and $41.3 and $(110.6) , respectively for 2018 , emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at June 30, 2019 and 2018 were $39.6 and $401.4 for the quarter and first six months of 2019 , respectively, and $59.2 and $(69.1) for the quarter and first six months of 2018 , respectively. Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources ("inputs") used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value. The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed maturity and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value. Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of June 30, 2019 and December 31, 2018 . The following tables show a summary of the fair value of financial assets segregated among the various input levels described above: Fair Value Measurements As of June 30, 2019: Level 1 Level 2 Level 3 Total Available for sale: Fixed maturity securities: U.S. & Canadian Governments $ 809.5 $ 793.8 $ — $ 1,603.3 Corporate — 6,969.7 10.5 6,980.2 Short-term investments 353.7 — — 353.7 Held to maturity: Fixed maturity securities: Tax-exempt — 1,061.3 — 1,061.3 Equity securities $ 3,892.9 $ — $ 1.7 $ 3,894.6 As of December 31, 2018: Available for sale: Fixed maturity securities: U.S. & Canadian Governments $ 714.0 $ 810.3 $ — $ 1,524.4 Corporate — 6,647.8 10.5 6,658.3 Short-term investments 354.9 — — 354.9 Held to maturity: Fixed maturity securities: Tax-exempt — 1,034.5 — 1,034.5 Equity securities $ 3,379.2 $ — $ 1.7 $ 3,380.9 There were no transfers between Levels 1, 2 or 3 during the quarter ended June 30, 2019 . Investment income is reported net of expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed maturity securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At June 30, 2019 , the Company and its subsidiaries had no non-income producing fixed maturity or equity securities. Realized investment gains and losses, which result from sales or impairments of securities, are reflected as revenues in the income statement and are determined on the basis of amortized value at date of sale for fixed maturity securities, and cost in regard to equity securities; such bases apply to the specific securities sold. The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown. Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Investment income: Fixed maturity securities $ 75.2 $ 75.5 $ 149.8 $ 149.8 Equity securities 35.3 29.4 70.3 59.8 Short-term investments 2.5 2.2 4.9 4.1 Other sources 1.7 1.1 3.3 2.1 Gross investment income 114.7 108.4 228.6 215.9 Investment expenses (a) 1.7 1.4 3.4 3.1 Net investment income $ 113.0 $ 106.9 $ 225.1 $ 212.7 Investment gains (losses): From actual transactions: Fixed maturity securities: Gains $ 3.6 $ — $ 3.7 $ .3 Losses (4.1 ) — (5.1 ) (.1 ) Net (.4 ) — (1.4 ) .2 Equity securities: Gains 13.1 37.9 54.3 52.9 Losses — (7.1 ) (28.0 ) (7.1 ) Net 13.0 30.8 26.3 45.7 Other long-term investments, net — 1.2 .1 1.5 Total from actual transactions 12.5 32.0 24.9 47.5 From impairments (2.0 ) — (2.0 ) — From unrealized changes in fair value of equity securities 26.3 41.3 382.0 (110.6 ) Total realized and unrealized investment gains (losses) 36.9 73.3 405.0 (63.1 ) Current and deferred income taxes (credits)(b) 7.7 15.4 85.1 (13.3 ) Post tax realized and unrealized investment gains (losses) $ 29.1 $ 57.9 $ 319.8 $ (49.7 ) Changes in unrealized investment gains (losses) reflected directly in shareholders' equity: Fixed maturity securities $ 141.0 $ (64.2 ) $ 315.4 $ (212.9 ) Less: Deferred income taxes (credits) 29.7 (13.5 ) 66.5 (44.8 ) 111.3 (50.6 ) 248.9 (168.1 ) Other long-term investments .2 — 1.1 (.3 ) Less: Deferred income taxes (credits) — — .2 — .1 — .8 (.3 ) Net changes in unrealized investment gains (losses) $ 111.4 $ (50.6 ) $ 249.8 $ (168.4 ) __________ (a) Investment expenses largely consist of personnel costs and investment management and custody service fees. (b) Reflects primarily the combination of fully taxable investment gains or losses and judgments about the recoverability of deferred tax assets. |
Losses, Claims and Settlement E
Losses, Claims and Settlement Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Insurance [Abstract] | |
Losses, Claims and Settlement Expenses | Losses, Claims and Settlement Expenses: The establishment of claim reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work‑related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the incurrence of possibly higher or lower than anticipated claim costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts. All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging claim experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of claims in future years, may offset, in whole or in part, favorable or unfavorable claim developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. The Company believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of claims incurred. However, no representation is made nor is any guaranty given that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates. The Company’s accounting policy regarding the establishment of claim reserve estimates is described in Note 1(h) to the consolidated financial statements included in Old Republic’s 2018 Annual Report on Form 10-K. The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the periods shown. This space left intentionally blank Summary of changes in aggregate reserves for claims and related costs: Six Months Ended June 30, 2019 2018 Gross reserves at beginning of period $ 9,471.2 $ 9,237.6 Less: reinsurance losses recoverable 3,006.3 2,921.1 Net reserves at beginning of period: General Insurance 5,766.1 5,471.5 Title Insurance 533.4 559.7 RFIG Run-off 154.5 271.7 Other 10.8 13.5 Sub-total 6,464.9 6,316.4 Incurred claims and claim adjustment expenses: Provisions for insured events of the current year: General Insurance 1,181.3 1,118.0 Title Insurance 44.0 45.5 RFIG Run-off (a) 20.2 33.9 Other 8.2 11.2 Sub-total 1,253.9 1,208.7 Change in provision for insured events of prior years: General Insurance (7.1 ) 16.0 Title Insurance (11.4 ) (15.5 ) RFIG Run-off (a) (4.3 ) (15.8 ) Other (1.5 ) (2.4 ) Sub-total (24.5 ) (17.7 ) Total incurred claims and claim adjustment expenses (a) 1,229.3 1,190.9 Payments: Claims and claim adjustment expenses attributable to insured events of the current year: General Insurance 301.2 300.2 Title Insurance .7 1.0 RFIG Run-off .2 .5 Other 4.8 6.3 Sub-total 307.1 308.1 Claims and claim adjustment expenses attributable to insured events of prior years: General Insurance 758.1 688.5 Title Insurance 31.7 31.9 RFIG Run-off 45.0 65.3 Other 2.5 3.4 Sub-total 837.4 789.2 Total payments 1,144.6 1,097.4 Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable: General Insurance 5,880.8 5,616.8 Title Insurance 533.5 556.7 RFIG Run-off 125.1 223.9 Other 10.0 12.4 Sub-total 6,549.6 6,409.9 Reinsurance losses recoverable 3,086.7 2,982.6 Gross reserves at end of period $ 9,636.3 $ 9,392.5 __________ (a) In common with all other insurance coverages, RFIG Run-off mortgage guaranty settled and incurred claim and claim adjustment expenses include only those costs actually or expected to be paid by the Company. Changes in mortgage guaranty aggregate case, IBNR, and loss adjustment expense reserves entering into the determination of incurred claim costs, take into account, among a large number of variables, claim cost reductions for anticipated coverage rescissions and claims denials. Estimates of coverage rescissions and claim denials are no longer material to Old Republic's consolidated financial statements. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension Plans | Employee Benefit Plans: The Company had an active pension plan (the "Plan") covering a portion of its work force until December 31, 2013 . The Plan is a defined benefit plan pursuant to which pension payments are based primarily on years of service and employee compensation near retirement. The Plan had been previously closed to new participants and benefits were frozen as of December 31, 2013 . As a result, eligible employees retained all of the vested rights as of the effective date of the freeze. While additional benefits no longer accrue, the Company's cumulative obligation continues to be subject to further adjustment due to changes in actuarial assumptions such as expected mortality and changes in interest rates. Net periodic pension costs for the quarterly and year-to-date periods ended June 30, 2019 and 2018 were not material to Old Republic's consolidated statements of income. |
Information About Segments of B
Information About Segments of Business | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Information About Segments of Business | Information About Segments of Business: Old Republic is engaged in the single business of insurance underwriting and related services. The Company conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments, namely its General Insurance Group (property and liability insurance), Title Insurance Group, and the Republic Financial Indemnity Group ("RFIG") Run-off Business. The results of a small life and accident insurance business are included with those of the parent holding company and its internal corporate services subsidiaries. Each of the Company's segments underwrites and services only those insurance coverages which may be written by it pursuant to state insurance regulations and corporate charter provisions. Segment results exclude investment gains or losses and other-than-temporary impairments as these are aggregated in the consolidated totals. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table. This space left intentionally blank Segmented and Consolidated Results: Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 General Insurance: Net premiums earned $ 850.1 $ 808.5 $ 1,681.6 $ 1,599.7 Net investment income and other income 122.8 114.5 241.3 228.1 Total revenues excluding investment gains (losses) $ 972.9 $ 923.0 $ 1,923.0 $ 1,827.8 Segment pretax operating income (loss) (a) $ 86.7 $ 90.7 $ 195.0 $ 174.0 Income tax expense (credits) on above $ 16.1 $ 17.1 $ 36.9 $ 28.7 Title Insurance: Net premiums earned $ 460.6 $ 463.4 $ 872.9 $ 878.0 Title, escrow and other fees 130.9 125.5 225.6 224.8 Sub-total 591.6 588.9 1,098.5 1,102.8 Net investment income and other income 10.4 9.6 20.8 19.4 Total revenues excluding investment gains (losses) $ 602.0 $ 598.6 $ 1,119.4 $ 1,122.3 Segment pretax operating income (loss) (a) $ 60.2 $ 60.9 $ 80.8 $ 90.4 Income tax expense (credits) on above $ 12.6 $ 13.0 $ 17.0 $ 19.3 RFIG Run-off Business: Net premiums earned $ 15.3 $ 19.6 $ 31.5 $ 41.0 Net investment income and other income 4.3 5.4 8.9 10.8 Total revenues excluding investment gains (losses) $ 19.7 $ 25.1 $ 40.5 $ 51.8 Segment pretax operating income (loss) $ 8.2 $ 13.7 $ 16.5 $ 24.7 Income tax expense (credits) on above $ 1.6 $ 2.8 $ 3.2 $ 5.0 Consolidated Revenues: Total revenues of above Company segments $ 1,594.8 $ 1,546.8 $ 3,082.9 $ 3,002.0 Other sources (b) 44.1 40.2 88.1 81.7 Consolidated investment gains (losses): Realized from actual transactions and impairments 10.5 32.0 22.9 47.5 Unrealized from changes in fair value of equity securities 26.3 41.3 382.0 (110.6 ) Total realized and unrealized investment gains (losses) 36.9 73.3 405.0 (63.1 ) Consolidation elimination adjustments (31.1 ) (29.8 ) (62.7 ) (59.5 ) Consolidated revenues $ 1,644.7 $ 1,630.7 $ 3,513.4 $ 2,961.1 Consolidated Pretax Income (Loss): Total segment pretax operating income (loss) of above Company segments $ 155.2 $ 165.3 $ 292.4 $ 289.2 Other sources - net (b) 13.2 7.9 26.4 14.4 Consolidated investment gains (losses): Realized from actual transactions and impairments 10.5 32.0 22.9 47.5 Unrealized from changes in fair value of equity securities 26.3 41.3 382.0 (110.6 ) Total realized and unrealized investment gains (losses) 36.9 73.3 405.0 (63.1 ) Consolidated income (loss) before income taxes (credits) $ 205.4 $ 246.6 $ 723.9 $ 240.6 Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Consolidated Income Tax Expense (Credits): Total income tax expense (credits) of above Company segments $ 30.4 $ 33.0 $ 57.2 $ 53.1 Other sources - net (b) 1.6 .4 3.7 (1.1 ) Income tax expense (credits) on consolidated realized and unrealized investment gains (losses) 7.7 15.4 85.1 (13.3 ) Consolidated income tax expense (credits) $ 39.9 $ 48.8 $ 146.1 $ 38.7 June 30, December 31, 2019 2018 Consolidated Assets: General Insurance $ 17,645.3 $ 16,411.4 Title Insurance 1,588.2 1,452.2 RFIG Run-off Business 714.2 736.7 Total assets for the above company segments 19,947.9 18,600.3 Other assets (b) 1,231.7 1,028.9 Consolidation elimination adjustments (191.9 ) (302.2 ) Consolidated assets $ 20,987.7 $ 19,327.1 (a) Segment pretax operating income (loss) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $17.9 and $36.4 compared to $16.6 and $32.0 for the quarters and six months ended June 30, 2019 and 2018 , respectively, and Title - $1.5 and $3.0 for both quarterly and six month periods ended June 30, 2019 and 2018 , respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities: (a) Legal Proceedings - Legal proceedings against the Company and its subsidiaries routinely arise in the normal course of business and usually pertain to claim matters related to insurance policies and contracts issued by its insurance subsidiaries. At June 30, 2019 , the Company had no material non-claim litigation exposures in its consolidated business. (b) Leases - Several of the Company’s subsidiaries maintain their offices in leased premises. A number of these leases provide for the payment of real estate taxes, insurance, and other operating expenses. In addition, many of the subsidiaries also lease equipment for use in their businesses. Substantially all of the Company’s leases are classified as operating leases. Effective January 1, 2019, the Company adopted new lease accounting guidance issued by the FASB which requires the balance sheet recognition of all leases with a term greater than 12 months. The Company’s adoption of this standard resulted in the establishment of a right of use asset ( $226.9 ) and corresponding lease liability ( $241.4 ) equal to the present value of future lease payments, reflected within sundry assets and liabilities in the consolidated balance sheet. Furthermore, the Company recognized $18.4 , net of tax, in previously deferred gains associated with sale leaseback transactions as an adjustment to beginning retained earnings. The Company elected not to restate comparative periods' financial statements and related disclosures. The Company has made certain elections available under the guidance, primarily regarding lease classification and the treatment of certain lease executory costs resulting in an immaterial effect on the Company’s consolidated financial statements. In determining the lease liability, the Company estimated the discount rate (weighted average 5.62% ) for each lease based upon the type of underlying asset and remaining term (weighted average 8.1 years ). Total lease costs for the quarter and year-to-date periods ended June 30, 2019 were $18.6 and $37.4 , respectively. Fixed lease payments for the same periods were $16.3 and $32.1 , respectively. The following table presents a summary of future undiscounted lease payments as of the dates shown. Lease Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Discount Liability June 30, 2019 $ 60.1 49.3 40.3 32.8 22.6 101.0 $ 306.2 $ 68.0 $ 238.2 December 31, 2018 $ 60.4 48.9 39.5 32.7 24.0 103.6 $ 309.4 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt: Consolidated debt of Old Republic and its subsidiaries is summarized below: June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 4.875% Senior Notes issued in 2014 and due 2024 $ 397.0 $ 434.4 $ 396.8 $ 415.6 3.875% Senior Notes issued in 2016 and due 2026 546.0 564.8 545.7 523.3 Other miscellaneous debt 32.3 32.3 38.8 38.8 Total debt $ 975.4 $ 1,031.6 $ 981.4 $ 977.9 Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt securities that are classified within Level 2 of the fair value hierarchy as presented below. The Company uses an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt securities that are classified within Level 3. The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above: Carrying Fair Value Value Level 1 Level 2 Level 3 Financial Liabilities: Debt: June 30, 2019 $ 975.4 $ 1,031.6 $ — $ 999.2 $ 32.3 December 31, 2018 $ 981.4 $ 977.9 $ — $ 939.0 $ 38.8 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes: |
Common Share Data (Tables)
Common Share Data (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations. Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 165.5 $ 197.7 $ 577.7 $ 201.8 Numerator for basic earnings per share - income (loss) available to common stockholders 165.5 197.7 577.7 201.8 Adjustment for interest expense incurred on assumed conversion of convertible notes — — — 3.1 Numerator for diluted earnings per share - income (loss) available to common stockholders after assumed conversion of convertible notes $ 165.5 $ 197.7 $ 577.7 $ 204.9 Denominator: Denominator for basic earnings per share - weighted-average shares (a) 299,418,182 299,738,944 299,341,472 289,117,369 Effect of dilutive securities - stock based compensation awards 1,334,810 1,336,525 1,239,292 1,385,141 Effect of dilutive securities - convertible notes — — — 10,826,739 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversion of convertible notes (a) 300,752,992 301,075,469 300,580,764 301,329,249 Earnings per share: Basic $ .55 $ .66 $ 1.93 $ .70 Diluted $ .55 $ .66 $ 1.92 $ .68 Anti-dilutive common stock equivalents excluded from earnings per share computations: Stock based compensation awards 1,163,250 1,539,500 3,268,875 1,539,500 Convertible senior notes — — — — Total 1,163,250 1,539,500 3,268,875 1,539,500 __________ (a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Amortized Cost and Estimated Fair Values Of Fixed Maturities | The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Fixed Maturity Securities by Type: June 30, 2019: Available for sale: U.S. & Canadian Governments $ 1,569.4 $ 34.6 $ .7 $ 1,603.3 Corporate 6,802.0 186.1 7.8 6,980.2 $ 8,371.5 $ 220.7 $ 8.6 $ 8,583.6 Held to maturity: Tax-exempt $ 1,033.3 $ 28.2 $ .2 $ 1,061.3 December 31, 2018: Available for sale: U.S. & Canadian Governments $ 1,535.3 $ 5.7 $ 16.5 $ 1,524.4 Corporate 6,749.6 31.4 122.7 6,658.3 $ 8,285.0 $ 37.1 $ 139.2 $ 8,182.8 Held to maturity: Tax-exempt $ 1,044.8 $ 3.5 $ 13.7 $ 1,034.5 |
Amortized Cost and Estimated Fair Values Of Fixed Maturities By Contractual Maturities | Amortized Cost Estimated Fair Value Fixed Maturity Securities Stratified by Contractual Maturity at June 30, 2019: Available for sale: Due in one year or less $ 729.9 $ 732.8 Due after one year through five years 4,757.3 4,850.2 Due after five years through ten years 2,839.0 2,951.5 Due after ten years 45.1 48.9 $ 8,371.5 $ 8,583.6 Held to maturity: Due in one year or less $ — $ — Due after one year through five years 260.5 264.3 Due after five years through ten years 772.7 797.0 Due after ten years — — $ 1,033.3 $ 1,061.3 |
Gross Unrealized Losses and Fair Value, Aggregated | The following tables reflect the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale and held to maturity fixed maturity securities have been in an unrealized loss position. Less than 12 Months 12 Months or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2019: Fixed Maturity Securities: Available for sale: U.S. & Canadian Governments $ — $ — $ 308.3 $ .7 $ 308.3 $ .7 Corporate 130.9 2.5 444.5 5.3 575.5 7.8 $ 130.9 $ 2.5 $ 752.8 $ 6.0 $ 883.8 $ 8.6 Number of available for sale securities in unrealized loss position 27 165 192 Held to maturity: Tax-exempt $ — $ — $ 81.5 $ .2 $ 81.5 $ .2 Number of held to maturity securities in unrealized loss position — 34 34 December 31, 2018: Fixed Maturity Securities: Available for sale: U.S. & Canadian Governments $ 616.7 $ 8.4 $ 487.1 $ 8.1 $ 1,103.9 $ 16.5 Corporate 3,440.8 77.9 1,096.4 44.7 4,537.3 122.7 $ 4,057.6 $ 86.4 $ 1,583.6 $ 52.8 $ 5,641.2 $ 139.2 Number of available for sale securities in unrealized loss position 760 335 1,095 Held to maturity: Tax-exempt $ 271.9 $ 2.3 $ 407.7 $ 11.4 $ 679.7 $ 13.7 Number of held to maturity securities in unrealized loss position 94 145 239 |
Equity Securities Reflecting Reported Cost | Equity Securities Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2019 $ 3,170.7 $ 812.3 $ 88.5 $ 3,894.6 December 31, 2018 $ 3,039.1 $ 517.3 $ 175.4 $ 3,380.9 |
Fair Value, Assets Measured on Recurring Basis | The following tables show a summary of the fair value of financial assets segregated among the various input levels described above: Fair Value Measurements As of June 30, 2019: Level 1 Level 2 Level 3 Total Available for sale: Fixed maturity securities: U.S. & Canadian Governments $ 809.5 $ 793.8 $ — $ 1,603.3 Corporate — 6,969.7 10.5 6,980.2 Short-term investments 353.7 — — 353.7 Held to maturity: Fixed maturity securities: Tax-exempt — 1,061.3 — 1,061.3 Equity securities $ 3,892.9 $ — $ 1.7 $ 3,894.6 As of December 31, 2018: Available for sale: Fixed maturity securities: U.S. & Canadian Governments $ 714.0 $ 810.3 $ — $ 1,524.4 Corporate — 6,647.8 10.5 6,658.3 Short-term investments 354.9 — — 354.9 Held to maturity: Fixed maturity securities: Tax-exempt — 1,034.5 — 1,034.5 Equity securities $ 3,379.2 $ — $ 1.7 $ 3,380.9 |
Investment Income | The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown. Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Investment income: Fixed maturity securities $ 75.2 $ 75.5 $ 149.8 $ 149.8 Equity securities 35.3 29.4 70.3 59.8 Short-term investments 2.5 2.2 4.9 4.1 Other sources 1.7 1.1 3.3 2.1 Gross investment income 114.7 108.4 228.6 215.9 Investment expenses (a) 1.7 1.4 3.4 3.1 Net investment income $ 113.0 $ 106.9 $ 225.1 $ 212.7 Investment gains (losses): From actual transactions: Fixed maturity securities: Gains $ 3.6 $ — $ 3.7 $ .3 Losses (4.1 ) — (5.1 ) (.1 ) Net (.4 ) — (1.4 ) .2 Equity securities: Gains 13.1 37.9 54.3 52.9 Losses — (7.1 ) (28.0 ) (7.1 ) Net 13.0 30.8 26.3 45.7 Other long-term investments, net — 1.2 .1 1.5 Total from actual transactions 12.5 32.0 24.9 47.5 From impairments (2.0 ) — (2.0 ) — From unrealized changes in fair value of equity securities 26.3 41.3 382.0 (110.6 ) Total realized and unrealized investment gains (losses) 36.9 73.3 405.0 (63.1 ) Current and deferred income taxes (credits)(b) 7.7 15.4 85.1 (13.3 ) Post tax realized and unrealized investment gains (losses) $ 29.1 $ 57.9 $ 319.8 $ (49.7 ) Changes in unrealized investment gains (losses) reflected directly in shareholders' equity: Fixed maturity securities $ 141.0 $ (64.2 ) $ 315.4 $ (212.9 ) Less: Deferred income taxes (credits) 29.7 (13.5 ) 66.5 (44.8 ) 111.3 (50.6 ) 248.9 (168.1 ) Other long-term investments .2 — 1.1 (.3 ) Less: Deferred income taxes (credits) — — .2 — .1 — .8 (.3 ) Net changes in unrealized investment gains (losses) $ 111.4 $ (50.6 ) $ 249.8 $ (168.4 ) __________ (a) Investment expenses largely consist of personnel costs and investment management and custody service fees. (b) Reflects primarily the combination of fully taxable investment gains or losses and judgments about the recoverability of deferred tax assets. |
Losses, Claims and Settlement_2
Losses, Claims and Settlement Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Insurance [Abstract] | |
Schedule of Changes in Aggregate Reserves for Losses, Claims and Settlement Expenses | The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the periods shown. This space left intentionally blank Summary of changes in aggregate reserves for claims and related costs: Six Months Ended June 30, 2019 2018 Gross reserves at beginning of period $ 9,471.2 $ 9,237.6 Less: reinsurance losses recoverable 3,006.3 2,921.1 Net reserves at beginning of period: General Insurance 5,766.1 5,471.5 Title Insurance 533.4 559.7 RFIG Run-off 154.5 271.7 Other 10.8 13.5 Sub-total 6,464.9 6,316.4 Incurred claims and claim adjustment expenses: Provisions for insured events of the current year: General Insurance 1,181.3 1,118.0 Title Insurance 44.0 45.5 RFIG Run-off (a) 20.2 33.9 Other 8.2 11.2 Sub-total 1,253.9 1,208.7 Change in provision for insured events of prior years: General Insurance (7.1 ) 16.0 Title Insurance (11.4 ) (15.5 ) RFIG Run-off (a) (4.3 ) (15.8 ) Other (1.5 ) (2.4 ) Sub-total (24.5 ) (17.7 ) Total incurred claims and claim adjustment expenses (a) 1,229.3 1,190.9 Payments: Claims and claim adjustment expenses attributable to insured events of the current year: General Insurance 301.2 300.2 Title Insurance .7 1.0 RFIG Run-off .2 .5 Other 4.8 6.3 Sub-total 307.1 308.1 Claims and claim adjustment expenses attributable to insured events of prior years: General Insurance 758.1 688.5 Title Insurance 31.7 31.9 RFIG Run-off 45.0 65.3 Other 2.5 3.4 Sub-total 837.4 789.2 Total payments 1,144.6 1,097.4 Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable: General Insurance 5,880.8 5,616.8 Title Insurance 533.5 556.7 RFIG Run-off 125.1 223.9 Other 10.0 12.4 Sub-total 6,549.6 6,409.9 Reinsurance losses recoverable 3,086.7 2,982.6 Gross reserves at end of period $ 9,636.3 $ 9,392.5 __________ (a) In common with all other insurance coverages, RFIG Run-off mortgage guaranty settled and incurred claim and claim adjustment expenses include only those costs actually or expected to be paid by the Company. Changes in mortgage guaranty aggregate case, IBNR, and loss adjustment expense reserves entering into the determination of incurred claim costs, take into account, among a large number of variables, claim cost reductions for anticipated coverage rescissions and claims denials. Estimates of coverage rescissions and claim denials are no longer material to Old Republic's consolidated financial statements. |
Information About Segments of_2
Information About Segments of Business (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table. This space left intentionally blank Segmented and Consolidated Results: Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 General Insurance: Net premiums earned $ 850.1 $ 808.5 $ 1,681.6 $ 1,599.7 Net investment income and other income 122.8 114.5 241.3 228.1 Total revenues excluding investment gains (losses) $ 972.9 $ 923.0 $ 1,923.0 $ 1,827.8 Segment pretax operating income (loss) (a) $ 86.7 $ 90.7 $ 195.0 $ 174.0 Income tax expense (credits) on above $ 16.1 $ 17.1 $ 36.9 $ 28.7 Title Insurance: Net premiums earned $ 460.6 $ 463.4 $ 872.9 $ 878.0 Title, escrow and other fees 130.9 125.5 225.6 224.8 Sub-total 591.6 588.9 1,098.5 1,102.8 Net investment income and other income 10.4 9.6 20.8 19.4 Total revenues excluding investment gains (losses) $ 602.0 $ 598.6 $ 1,119.4 $ 1,122.3 Segment pretax operating income (loss) (a) $ 60.2 $ 60.9 $ 80.8 $ 90.4 Income tax expense (credits) on above $ 12.6 $ 13.0 $ 17.0 $ 19.3 RFIG Run-off Business: Net premiums earned $ 15.3 $ 19.6 $ 31.5 $ 41.0 Net investment income and other income 4.3 5.4 8.9 10.8 Total revenues excluding investment gains (losses) $ 19.7 $ 25.1 $ 40.5 $ 51.8 Segment pretax operating income (loss) $ 8.2 $ 13.7 $ 16.5 $ 24.7 Income tax expense (credits) on above $ 1.6 $ 2.8 $ 3.2 $ 5.0 Consolidated Revenues: Total revenues of above Company segments $ 1,594.8 $ 1,546.8 $ 3,082.9 $ 3,002.0 Other sources (b) 44.1 40.2 88.1 81.7 Consolidated investment gains (losses): Realized from actual transactions and impairments 10.5 32.0 22.9 47.5 Unrealized from changes in fair value of equity securities 26.3 41.3 382.0 (110.6 ) Total realized and unrealized investment gains (losses) 36.9 73.3 405.0 (63.1 ) Consolidation elimination adjustments (31.1 ) (29.8 ) (62.7 ) (59.5 ) Consolidated revenues $ 1,644.7 $ 1,630.7 $ 3,513.4 $ 2,961.1 Consolidated Pretax Income (Loss): Total segment pretax operating income (loss) of above Company segments $ 155.2 $ 165.3 $ 292.4 $ 289.2 Other sources - net (b) 13.2 7.9 26.4 14.4 Consolidated investment gains (losses): Realized from actual transactions and impairments 10.5 32.0 22.9 47.5 Unrealized from changes in fair value of equity securities 26.3 41.3 382.0 (110.6 ) Total realized and unrealized investment gains (losses) 36.9 73.3 405.0 (63.1 ) Consolidated income (loss) before income taxes (credits) $ 205.4 $ 246.6 $ 723.9 $ 240.6 Quarters Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Consolidated Income Tax Expense (Credits): Total income tax expense (credits) of above Company segments $ 30.4 $ 33.0 $ 57.2 $ 53.1 Other sources - net (b) 1.6 .4 3.7 (1.1 ) Income tax expense (credits) on consolidated realized and unrealized investment gains (losses) 7.7 15.4 85.1 (13.3 ) Consolidated income tax expense (credits) $ 39.9 $ 48.8 $ 146.1 $ 38.7 June 30, December 31, 2019 2018 Consolidated Assets: General Insurance $ 17,645.3 $ 16,411.4 Title Insurance 1,588.2 1,452.2 RFIG Run-off Business 714.2 736.7 Total assets for the above company segments 19,947.9 18,600.3 Other assets (b) 1,231.7 1,028.9 Consolidation elimination adjustments (191.9 ) (302.2 ) Consolidated assets $ 20,987.7 $ 19,327.1 (a) Segment pretax operating income (loss) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $17.9 and $36.4 compared to $16.6 and $32.0 for the quarters and six months ended June 30, 2019 and 2018 , respectively, and Title - $1.5 and $3.0 for both quarterly and six month periods ended June 30, 2019 and 2018 , respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Undiscounted Lease Payments | The following table presents a summary of future undiscounted lease payments as of the dates shown. Lease Year 1 Year 2 Year 3 Year 4 Year 5 Thereafter Total Discount Liability June 30, 2019 $ 60.1 49.3 40.3 32.8 22.6 101.0 $ 306.2 $ 68.0 $ 238.2 December 31, 2018 $ 60.4 48.9 39.5 32.7 24.0 103.6 $ 309.4 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated debt of Old Republic and its subsidiaries is summarized below: June 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value 4.875% Senior Notes issued in 2014 and due 2024 $ 397.0 $ 434.4 $ 396.8 $ 415.6 3.875% Senior Notes issued in 2016 and due 2026 546.0 564.8 545.7 523.3 Other miscellaneous debt 32.3 32.3 38.8 38.8 Total debt $ 975.4 $ 1,031.6 $ 981.4 $ 977.9 |
Fair Value, Debt Measured on Recurring Basis | The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above: Carrying Fair Value Value Level 1 Level 2 Level 3 Financial Liabilities: Debt: June 30, 2019 $ 975.4 $ 1,031.6 $ — $ 999.2 $ 32.3 December 31, 2018 $ 981.4 $ 977.9 $ — $ 939.0 $ 38.8 |
Common Share Data (Details)
Common Share Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ 165.5 | $ 197.7 | $ 577.7 | $ 201.8 | ||
Numerator for basic earnings per share - income (loss) available to common stockholders | 165.5 | 197.7 | 577.7 | 201.8 | ||
Adjustment for interest expense incurred on assumed conversions of convertible notes | 0 | 0 | 0 | 3.1 | ||
Numerator for diluted earnings per share - income (loss) available to common stockholders after assumed conversions | $ 165.5 | $ 197.7 | $ 577.7 | $ 204.9 | ||
Denominator for basic earnings per share - weighted-average shares (a) | 299,418,182 | 299,738,944 | 299,341,472 | [1] | 289,117,369 | [1] |
Effect of dilutive securities - stock based compensation awards | 1,334,810 | 1,336,525 | 1,239,292 | 1,385,141 | ||
Effect of dilutive securities - convertible notes | 0 | 0 | 0 | 10,826,739 | ||
Denominator for diluted earnings per shares adjusted weighted average shares and assumed conversions (a) (in shares) | 300,752,992 | 301,075,469 | 300,580,764 | [1] | 301,329,249 | [1] |
Net income (loss) per share: Basic (in dollars per share) | $ 0.55 | $ 0.66 | $ 1.93 | $ 0.70 | ||
Net income (loss) per share: Diluted (in dollars per share) | $ 0.55 | $ 0.66 | $ 1.92 | $ 0.68 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive common stock equivalents excluded from earnings per share computations | 1,163,250 | 1,539,500 | 3,268,875 | 1,539,500 | ||
Stock based compensation awards [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive common stock equivalents excluded from earnings per share computations | 1,163,250 | 1,539,500 | 3,268,875 | 1,539,500 | ||
Convertible senior notes [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive common stock equivalents excluded from earnings per share computations | 0 | 0 | 0 | 0 | ||
[1] | (a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares. |
Investments Fixed Maturity Secu
Investments Fixed Maturity Securities by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||||
Realized Investment Gains Losses From Impairment | $ (2) | $ 0 | $ (2) | $ 0 | |
Available for sale, Fixed maturity securities (amortized cost) | 8,371.5 | 8,371.5 | $ 8,285 | ||
Available for sale, Fixed maturity securities (estimated fair value) | 8,583.6 | 8,583.6 | 8,182.8 | ||
Held to maturity (estimated fair value) | 1,061.3 | 1,061.3 | 1,034.5 | ||
U.S. & Canadian Governments [Member] | |||||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||||
Available for sale, Fixed maturity securities (amortized cost) | 1,569.4 | 1,569.4 | 1,535.3 | ||
Available for sale, Fixed maturity securities (gross unrealized gains) | 34.6 | 34.6 | 5.7 | ||
Available for sale, Fixed maturity securities (gross unrealized losses) | 0.7 | 0.7 | 16.5 | ||
Available for sale, Fixed maturity securities (estimated fair value) | 1,603.3 | 1,603.3 | 1,524.4 | ||
Tax-exempt [Member] | |||||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||||
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 1,033.3 | 1,033.3 | 1,044.8 | ||
Held to maturity (gross unrealized gains) | 28.2 | 28.2 | 3.5 | ||
Held to maturity (gross unrealized losses) | 0.2 | 0.2 | 13.7 | ||
Held to maturity (estimated fair value) | 1,061.3 | 1,061.3 | 1,034.5 | ||
Corporate [Member] | |||||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||||
Available for sale, Fixed maturity securities (amortized cost) | 6,802 | 6,802 | 6,749.6 | ||
Available for sale, Fixed maturity securities (gross unrealized gains) | 186.1 | 186.1 | 31.4 | ||
Available for sale, Fixed maturity securities (gross unrealized losses) | 7.8 | 7.8 | 122.7 | ||
Available for sale, Fixed maturity securities (estimated fair value) | 6,980.2 | 6,980.2 | 6,658.3 | ||
Fixed Maturity Securities [Member] | |||||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | |||||
Available for sale, Fixed maturity securities (amortized cost) | 8,371.5 | 8,371.5 | 8,285 | ||
Available for sale, Fixed maturity securities (gross unrealized gains) | 220.7 | 220.7 | 37.1 | ||
Available for sale, Fixed maturity securities (gross unrealized losses) | 8.6 | 8.6 | 139.2 | ||
Available for sale, Fixed maturity securities (estimated fair value) | $ 8,583.6 | $ 8,583.6 | $ 8,182.8 |
Investments Fair Value (Details
Investments Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity (amortized cost) | $ 1,033.3 | $ 1,044.8 |
Equity securities | 3,894.6 | 3,380.9 |
Available for sale, Fixed maturity securities | 8,583.6 | 8,182.8 |
Short-term investments | 353.7 | 354.9 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 353.7 | 354.9 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. & Canadian Governments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 1,603.3 | 1,524.4 |
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 809.5 | 714 |
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 793.8 | 810.3 |
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 0 | 0 |
Tax-exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity (amortized cost) | 1,061.3 | 1,034.5 |
Tax-exempt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity (amortized cost) | 0 | 0 |
Tax-exempt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity (amortized cost) | 1,061.3 | 1,034.5 |
Tax-exempt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held to maturity (amortized cost) | 0 | 0 |
Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 6,980.2 | 6,658.3 |
Corporate [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 0 | 0 |
Corporate [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 6,969.7 | 6,647.8 |
Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed maturity securities | 10.5 | 10.5 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,894.6 | 3,380.9 |
Available-for-sale, equity securities | 3,894.6 | 3,380.9 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,892.9 | 3,379.2 |
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 1.7 | $ 1.7 |
Investments Net Investment Inco
Investments Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Gain (Loss) on Securities [Line Items] | |||||
Gross investment income | $ 114.7 | $ 108.4 | $ 228.6 | $ 215.9 | |
Investment expenses | [1] | 1.7 | 1.4 | 3.4 | 3.1 |
Net investment income | 113 | 106.9 | 225.1 | 212.7 | |
Net realized gains (losses) | 29.1 | 57.9 | 319.8 | (49.7) | |
Realized from actual transactions | 12.5 | 32 | 24.9 | 47.5 | |
Realized Investment Gains Losses From Impairment | (2) | 0 | (2) | 0 | |
Unrealized from changes in fair value of equity securities | 26.3 | 41.3 | 382 | (110.6) | |
Total realized and unrealized investment gains (losses) | 36.9 | 73.3 | 405 | (63.1) | |
Current and deferred income taxes (credits)(b) | [2] | 7.7 | 15.4 | 85.1 | (13.3) |
Changes in unrealized investment gains (losses) on, fixed maturity securities | 141.2 | (64.1) | 316.5 | (213.3) | |
Less: Deferred income taxes (credits) | 29.7 | (13.5) | 66.7 | (44.8) | |
Unrealized Gain (Loss) on Investments | 111.4 | (50.6) | 249.8 | (168.4) | |
Equity Securities [Member] | |||||
Gain (Loss) on Securities [Line Items] | |||||
Equity securities, gross realized gains | 13.1 | 37.9 | 54.3 | 52.9 | |
Equity securities, gross realized losses | 0 | (7.1) | (28) | (7.1) | |
Equity securities, net realized gains (losses) | 13 | 30.8 | 26.3 | 45.7 | |
Fixed Maturity Securities [Member] | |||||
Gain (Loss) on Securities [Line Items] | |||||
Fixed maturity securities, gross realized gains | 3.6 | 0 | 3.7 | 0.3 | |
Fixed maturity securities, gross realized losses | (4.1) | 0 | (5.1) | (0.1) | |
Net realized gains (losses) | (0.4) | 0 | (1.4) | 0.2 | |
Changes in unrealized investment gains (losses) on, fixed maturity securities | 141 | (64.2) | 315.4 | (212.9) | |
Less: Deferred income taxes (credits) | 29.7 | (13.5) | 66.5 | (44.8) | |
Net changes in unrealized investment gains (losses) | 111.3 | (50.6) | 248.9 | (168.1) | |
Equity securities & other long-term investments [Member] | |||||
Gain (Loss) on Securities [Line Items] | |||||
Changes in unrealized investment gains (losses) on, fixed maturity securities | 0.2 | 0 | 1.1 | (0.3) | |
Less: Deferred income taxes (credits) | 0 | 0 | 0.2 | 0 | |
Net changes in unrealized investment gains (losses) | 0.1 | 0 | 0.8 | (0.3) | |
Other Investments | |||||
Gain (Loss) on Securities [Line Items] | |||||
Investment gains (losses) - other long-term investments | 0 | 1.2 | 0.1 | 1.5 | |
Fixed Maturity Securities [Member] | |||||
Gain (Loss) on Securities [Line Items] | |||||
Gross investment income | 75.2 | 75.5 | 149.8 | 149.8 | |
Equity Securities [Member] | |||||
Gain (Loss) on Securities [Line Items] | |||||
Gross investment income | 35.3 | 29.4 | 70.3 | 59.8 | |
Short-term Investments [Member] | |||||
Gain (Loss) on Securities [Line Items] | |||||
Gross investment income | 2.5 | 2.2 | 4.9 | 4.1 | |
Investments [Member] | |||||
Gain (Loss) on Securities [Line Items] | |||||
Gross investment income | $ 1.7 | $ 1.1 | $ 3.3 | $ 2.1 | |
[1] | Investment expenses largely consist of personnel costs and investment management and custody service fees. | ||||
[2] | Reflects primarily the combination of fully taxable investment gains or losses and judgments about the recoverability of deferred tax assets. |
Investments Textuals (Details)
Investments Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held | $ 39.6 | $ 59.2 | $ 401.4 | $ (69.1) |
Unrealized from changes in fair value of equity securities | 26.3 | 41.3 | 382 | (110.6) |
Realized Investment Gains Losses From Impairment | $ 2 | $ 0 | $ 2 | $ 0 |
Investments Fixed Maturity Se_2
Investments Fixed Maturity Securities Stratified by Contractual Maturity (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Investments [Abstract] | ||
Available for sale, Due in one year or less (amortized cost) | $ 729.9 | |
Available for sale, Due after one year through five years (amortized cost) | 4,757.3 | |
Available for sale, Due after five years through ten years (amortized cost) | 2,839 | |
Available for sale, Due after ten years (amortized cost) | 45.1 | |
Available for sale, Fixed maturity securities (amortized cost) | 8,371.5 | $ 8,285 |
Available for sale, Due in one year or less (estimated fair value) | 732.8 | |
Available for sale, Due after one year through five years (estimated fair value) | 4,850.2 | |
Available for sale, Due after five years through ten years (estimated fair value) | 2,951.5 | |
Available for sale, Due after ten years (estimated fair value) | 48.9 | |
Available for sale, Fixed maturity securities (estimated fair value) | 8,583.6 | 8,182.8 |
Held to maturity, Due within one year or less (amortized cost) | 0 | |
Held to maturity, Due after one year through five years (amortized cost) | 260.5 | |
Held to maturity, Due after five years through then years (amortized cost) | 772.7 | |
Held to maturity, Due after ten years (amortized cost) | 0 | |
Held to maturity (amortized cost) | 1,033.3 | 1,044.8 |
Held to maturity, Due in one year or less (estimated fair value) | 0 | |
Held to maturity, Due after one year through five years (estimated fair value) | 264.3 | |
Held to maturity, Due after five years through ten years (estimated fair value) | 797 | |
Held to maturity, Due after ten years (estimated fair value) | 0 | |
Held to maturity (estimated fair value) | $ 1,061.3 | $ 1,034.5 |
Investments Gross Unrealized Lo
Investments Gross Unrealized Losses and Fair Value (Details) $ in Millions | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fair Value, 12 Months or Less | $ 130.9 | $ 4,057.6 |
Available for sale, Unrealized Losses, 12 Months or Less | 2.5 | 86.4 |
Available for sale, Fair Value, Greater than 12 Months | 752.8 | 1,583.6 |
Available for sale, Unrealized Losses, Greater than 12 Months | 6 | 52.8 |
Available for sale, Fair Value, Total | 883.8 | 5,641.2 |
Available for sale, Unrealized Losses, Total | 8.6 | 139.2 |
U.S. & Canadian Governments [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fair Value, 12 Months or Less | 0 | 616.7 |
Available for sale, Unrealized Losses, 12 Months or Less | 0 | 8.4 |
Available for sale, Fair Value, Greater than 12 Months | 308.3 | 487.1 |
Available for sale, Unrealized Losses, Greater than 12 Months | 0.7 | 8.1 |
Available for sale, Fair Value, Total | 308.3 | 1,103.9 |
Available for sale, Unrealized Losses, Total | 0.7 | 16.5 |
Tax-exempt [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fair Value, 12 Months or Less | 0 | 271.9 |
Available for sale, Unrealized Losses, 12 Months or Less | 0 | 2.3 |
Available for sale, Fair Value, Greater than 12 Months | 81.5 | 407.7 |
Available for sale, Unrealized Losses, Greater than 12 Months | 0.2 | 11.4 |
Available for sale, Fair Value, Total | 81.5 | 679.7 |
Available for sale, Unrealized Losses, Total | $ 0.2 | $ 13.7 |
Held-to-maturity Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Number of securities in continuous unrealized loss position for 12 months or less | 0 | 94 |
Number of securities in continuous unrealized loss position for more than 12 months | 34 | 145 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 34 | 239 |
Corporate [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fair Value, 12 Months or Less | $ 130.9 | $ 3,440.8 |
Available for sale, Unrealized Losses, 12 Months or Less | 2.5 | 77.9 |
Available for sale, Fair Value, Greater than 12 Months | 444.5 | 1,096.4 |
Available for sale, Unrealized Losses, Greater than 12 Months | 5.3 | 44.7 |
Available for sale, Fair Value, Total | 575.5 | 4,537.3 |
Available for sale, Unrealized Losses, Total | $ 7.8 | $ 122.7 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Number of securities in continuous unrealized loss position for 12 months or less | 27 | 760 |
Number of securities in continuous unrealized loss position for more than 12 months | 165 | 335 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 192 | 1,095 |
Investments Equity Securities (
Investments Equity Securities (Details) - Equity Securities [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities - cost | $ 3,170.7 | $ 3,039.1 |
Equity securities, gross unrealized gains | 812.3 | 517.3 |
Equity securities, gross unrealized losses | 88.5 | 175.4 |
Available-for-sale, equity securities | $ 3,894.6 | $ 3,380.9 |
Losses, Claims and Settlement_3
Losses, Claims and Settlement Expenses (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Liability for Unpaid Claims and Claims Adjustment Expense | |||||
Gross reserves at beginning of period | $ 9,471.2 | $ 9,237.6 | |||
Net reserves at beginning of period | $ 6,464.9 | $ 6,316.4 | |||
Provisions for insured events of the current year | 1,253.9 | 1,208.7 | |||
Change in provision for insured events of prior years | (24.5) | (17.7) | |||
Total incurred claims and claim adjustment expenses | [1] | 1,229.3 | 1,190.9 | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 307.1 | 308.1 | |||
Claims and claim adjustment expenses attributable to insured events of prior years | 837.4 | 789.2 | |||
Total payments | 1,144.6 | 1,097.4 | |||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 6,549.6 | 6,409.9 | |||
Gross reserves at end of period | 9,636.3 | 9,392.5 | |||
Reinsurance losses recoverable | |||||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | 3,006.3 | 2,921.1 | |||
Liability for Unpaid Claims and Claims Adjustment Expense | |||||
Less: reinsurance losses recoverable | 3,086.7 | 2,982.6 | |||
General Insurance | |||||
Liability for Unpaid Claims and Claims Adjustment Expense | |||||
Net reserves at beginning of period | 5,766.1 | 5,471.5 | |||
Provisions for insured events of the current year | 1,181.3 | 1,118 | |||
Change in provision for insured events of prior years | (7.1) | 16 | |||
Claims and claim adjustment expenses attributable to insured events of the current year | 301.2 | 300.2 | |||
Claims and claim adjustment expenses attributable to insured events of prior years | 758.1 | 688.5 | |||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 5,880.8 | 5,616.8 | |||
Title Insurance | |||||
Liability for Unpaid Claims and Claims Adjustment Expense | |||||
Net reserves at beginning of period | 533.4 | 559.7 | |||
Provisions for insured events of the current year | 44 | 45.5 | |||
Change in provision for insured events of prior years | (11.4) | (15.5) | |||
Claims and claim adjustment expenses attributable to insured events of the current year | 0.7 | 1 | |||
Claims and claim adjustment expenses attributable to insured events of prior years | 31.7 | 31.9 | |||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 533.5 | 556.7 | |||
RFIG Run-off | |||||
Liability for Unpaid Claims and Claims Adjustment Expense | |||||
Net reserves at beginning of period | 154.5 | 271.7 | |||
Provisions for insured events of the current year | [1] | 20.2 | 33.9 | ||
Change in provision for insured events of prior years | [1] | (4.3) | (15.8) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 0.2 | 0.5 | |||
Claims and claim adjustment expenses attributable to insured events of prior years | 45 | 65.3 | |||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 125.1 | 223.9 | |||
Other | |||||
Liability for Unpaid Claims and Claims Adjustment Expense | |||||
Net reserves at beginning of period | $ 10.8 | $ 13.5 | |||
Provisions for insured events of the current year | 8.2 | 11.2 | |||
Change in provision for insured events of prior years | (1.5) | (2.4) | |||
Claims and claim adjustment expenses attributable to insured events of the current year | 4.8 | 6.3 | |||
Claims and claim adjustment expenses attributable to insured events of prior years | 2.5 | 3.4 | |||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | $ 10 | $ 12.4 | |||
[1] | In common with all other insurance coverages, RFIG Run-off mortgage guaranty settled and incurred claim and claim adjustment expenses include only those costs actually or expected to be paid by the Company. Changes in mortgage guaranty aggregate case, IBNR, and loss adjustment expense reserves entering into the determination of incurred claim costs, take into account, among a large number of variables, claim cost reductions for anticipated coverage rescissions and claims denials. Estimates of coverage rescissions and claim denials are no longer material to Old Republic's consolidated financial statements. |
Information About Segments of_3
Information About Segments of Business (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Segment Reporting Information | |||||
Premiums Earned, Net | $ 1,329.6 | $ 1,294.7 | $ 2,593 | $ 2,525.8 | |
Realized from actual transactions | 12.5 | 32 | 24.9 | 47.5 | |
Unrealized from changes in fair value of equity securities | 26.3 | 41.3 | 382 | (110.6) | |
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | 1,644.7 | 1,630.7 | 3,513.4 | 2,961.1 | |
Title, escrow and other fees | 130.9 | 125.5 | 225.6 | 224.8 | |
Total premiums and fees | 1,460.5 | 1,420.2 | 2,818.6 | 2,750.6 | |
Total realized and unrealized investment gains (losses) | 36.9 | 73.3 | 405 | (63.1) | |
Total Operating Revenues | 1,607.7 | 1,557.3 | 3,108.3 | 3,024.2 | |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | |||||
Income (loss) before income taxes (credits) | 205.4 | 246.6 | 723.9 | 240.6 | |
Total realized and unrealized investment gains (losses) | 36.9 | 73.3 | 405 | (63.1) | |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 39.9 | 48.8 | 146.1 | 38.7 | |
Income tax expense (credits) on consolidated net realized investment gains (losses) | [1] | 7.7 | 15.4 | 85.1 | (13.3) |
Realized Investment Gains (Losses) | 10.5 | 32 | 22.9 | 47.5 | |
Total Company Segments [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | 1,594.8 | 1,546.8 | 3,082.9 | 3,002 | |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | |||||
Income (loss) before income taxes (credits) | 155.2 | 165.3 | 292.4 | 289.2 | |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 30.4 | 33 | 57.2 | 53.1 | |
General Insurance Group [Member] | |||||
Segment Reporting Information | |||||
Premiums Earned, Net | 850.1 | 808.5 | 1,681.6 | 1,599.7 | |
Income (loss) before income taxes (credits) and realized investment gains or losses | [2] | 86.7 | 90.7 | 195 | 174 |
Consolidated Revenues [Abstract] | |||||
Net investment income and other income | 122.8 | 114.5 | 241.3 | 228.1 | |
Total Operating Revenues | 972.9 | 923 | 1,923 | 1,827.8 | |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 16.1 | 17.1 | 36.9 | 28.7 | |
Interest charges on intercompany financing arrangements | 17.9 | 16.6 | 36.4 | 32 | |
Title Insurance Segment [Member] | |||||
Segment Reporting Information | |||||
Premiums Earned, Net | 460.6 | 463.4 | 872.9 | 878 | |
Income (loss) before income taxes (credits) and realized investment gains or losses | [2] | 60.2 | 60.9 | 80.8 | 90.4 |
Consolidated Revenues [Abstract] | |||||
Title, escrow and other fees | 130.9 | 125.5 | 225.6 | 224.8 | |
Total premiums and fees | 591.6 | 588.9 | 1,098.5 | 1,102.8 | |
Net investment income and other income | 10.4 | 9.6 | 20.8 | 19.4 | |
Total Operating Revenues | 602 | 598.6 | 1,119.4 | 1,122.3 | |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 12.6 | 13 | 17 | 19.3 | |
Interest charges on intercompany financing arrangements | 1.5 | 1.5 | 3 | 3 | |
RFIG Run-off Business [Member] | |||||
Segment Reporting Information | |||||
Premiums Earned, Net | 15.3 | 19.6 | 31.5 | 41 | |
Income (loss) before income taxes (credits) and realized investment gains or losses | 8.2 | 13.7 | 16.5 | 24.7 | |
Consolidated Revenues [Abstract] | |||||
Net investment income and other income | 4.3 | 5.4 | 8.9 | 10.8 | |
Total Operating Revenues | 19.7 | 25.1 | 40.5 | 51.8 | |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 1.6 | 2.8 | 3.2 | 5 | |
Other sources - net [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | [3] | 44.1 | 40.2 | 88.1 | 81.7 |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | |||||
Income (loss) before income taxes (credits) | [3] | 13.2 | 7.9 | 26.4 | 14.4 |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | [3] | 1.6 | 0.4 | 3.7 | (1.1) |
Consolidation elimination adjustments [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | $ (31.1) | $ (29.8) | $ (62.7) | $ (59.5) | |
[1] | Reflects primarily the combination of fully taxable investment gains or losses and judgments about the recoverability of deferred tax assets. | ||||
[2] | Segment pretax operating income (loss) is reported net of interest charges on intercompany financing arrangements with Old Republic's holding company parent for the following segments: General - $17.9 and $36.4 compared to $16.6 and $32.0 for the quarters and six months ended June 30, 2019 and 2018 , respectively, and Title - $1.5 and $3.0 for both quarterly and six month periods ended June 30, 2019 and 2018 | ||||
[3] | Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. |
Information About Segments of_4
Information About Segments of Business Textuals (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Segment Reporting Information | ||||
Number of major segments | segment | 3 | |||
General Insurance Group [Member] | ||||
Segment Reporting Information | ||||
Interest charges on intercompany financing arrangements | $ 17.9 | $ 16.6 | $ 36.4 | $ 32 |
Title Insurance Segment [Member] | ||||
Segment Reporting Information | ||||
Interest charges on intercompany financing arrangements | $ 1.5 | $ 1.5 | $ 3 | $ 3 |
Information About Segments of_5
Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Segment Reporting, Asset Reconciling Item | |||
Assets | $ 20,987.7 | $ 19,327.1 | |
General Insurance Group [Member] | |||
Segment Reporting, Asset Reconciling Item | |||
Assets | 17,645.3 | 16,411.4 | |
Title Insurance Segment [Member] | |||
Segment Reporting, Asset Reconciling Item | |||
Assets | 1,588.2 | 1,452.2 | |
RFIG Run-off Business [Member] | |||
Segment Reporting, Asset Reconciling Item | |||
Assets | 714.2 | 736.7 | |
Total Company Segments [Member] | |||
Segment Reporting, Asset Reconciling Item | |||
Assets | 19,947.9 | 18,600.3 | |
All Other Segments [Member] | |||
Segment Reporting, Asset Reconciling Item | |||
Assets | [1] | 1,231.7 | 1,028.9 |
Intersegment Elimination [Member] | |||
Segment Reporting, Asset Reconciling Item | |||
Assets | $ (191.9) | $ (302.2) | |
[1] | Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries. |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Lease liability | $ (238.2) | $ (238.2) | ||||
Retained earnings | $ 4,326.7 | $ 4,326.7 | $ 3,849.8 | |||
Weighted average discount rate | 5.62% | 5.62% | ||||
Weighted average remaining lease term | 8 years 1 month 6 days | 8 years 1 month 6 days | ||||
Lease cost | $ 18.6 | $ 37.4 | ||||
Lease payments | $ 16.3 | $ 32.1 | ||||
ASU 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Right-of-use asset | $ 226.9 | |||||
Lease liability | 241.4 | |||||
Retained earnings | $ 18.4 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Summary of Future Undiscounted Lease Payments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Operating Lease Liabilities, Payments Due After Adoption | ||
Year 1 | $ 60.1 | |
Year 2 | 49.3 | |
Year 3 | 40.3 | |
Year 4 | 32.8 | |
Year 5 | 22.6 | |
Thereafter | 101 | |
Total | 306.2 | |
Discount | (68) | |
Lease liability | $ 238.2 | |
Operating Leases, Future Minimum Payments Due, Before Adoption | ||
Year 1 | $ 60.4 | |
Year 2 | 48.9 | |
Year 3 | 39.5 | |
Year 4 | 32.7 | |
Year 5 | 24 | |
Thereafter | 103.6 | |
Total | $ 309.4 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Fair value | $ 1,031.6 | $ 977.9 |
Debt and Lease Obligation | 975.4 | 981.4 |
Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Fair value | 434.4 | 415.6 |
Debt and Lease Obligation | $ 397 | $ 396.8 |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% |
Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fair value | $ 564.8 | $ 523.3 |
Debt and Lease Obligation | $ 546 | $ 545.7 |
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% |
Debt [Member] | ||
Debt Instrument [Line Items] | ||
Fair value | $ 32.3 | $ 38.8 |
Debt and Lease Obligation | $ 32.3 | $ 38.8 |
Debt Financial Liabilities Disc
Debt Financial Liabilities Disclosed, but not Carried, at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 975.4 | $ 981.4 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 1,031.6 | 977.9 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 999.2 | 939 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | 32.3 | 38.8 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 975.4 | $ 981.4 |