Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2022 |
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 | 2022 |
Document Fiscal Period Focus | Q3 |
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 / $1 par value |
Entity Common Stock, Shares Outstanding | 304,303,660 |
Trading Symbol | ORI |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Available for sale: | |||
Fixed income securities (at fair value) (amortized cost: $11,606.7 and $10,438.6) | $ 10,841.8 | $ 10,675.7 | |
Short-term investments (at fair value which approximates cost) | 1,371.5 | 565.7 | |
Total | 12,213.3 | 11,241.4 | |
Equity securities | 3,045.4 | 5,302.8 | |
Equity securities (at fair value) (cost: $2,151.0 and $3,766.5) | 3,045.4 | 5,302.8 | |
Other investments | 30.3 | 32 | |
Total investments | 15,289.1 | 16,576.3 | |
Other Assets: | |||
Cash | 102.4 | 158.1 | |
Accrued investment income | 100.2 | 84.4 | |
Accounts and notes receivable | 2,096.9 | 1,768.7 | |
Federal income tax recoverable: Current | 0 | 11.8 | |
Deferred Income Tax Assets, Net | 127.4 | 0 | |
Reinsurance balances and funds held | 330 | 258.1 | |
Reinsurance recoverable: Paid losses | 136.8 | 118.2 | |
Reinsurance recoverable: Policy and claim reserves | 5,542.8 | 4,825.1 | |
Deferred policy acquisition costs | 386.7 | 350.4 | |
Sundry assets | 834.2 | 830.3 | |
Total Other Assets | 9,657.9 | 8,405.5 | |
Total Assets | 24,947 | 24,981.8 | |
Liabilities and Common Shareholders' Equity Liabilities: | |||
Loss and loss adjustment expense reserves | 12,174.7 | 11,425.5 | |
Unearned premiums | 2,993.1 | 2,559.4 | |
Other policyholders' benefits and funds | 189.5 | 192.6 | |
Total policy liabilities and accruals | 15,357.3 | 14,177.5 | |
Commissions, expenses, fees, and taxes | 557.7 | 573.5 | |
Reinsurance balances and funds | 1,154.3 | 866 | |
Taxes Payable, Current | 2 | 0 | |
Deferred Income Tax Liabilities, Net | 0 | 249.5 | |
Debt | 1,596.6 | 1,588.5 | |
Sundry liabilities | 600.7 | 633.3 | |
Total Liabilities | 19,268.9 | 18,088.6 | |
Preferred Stock | [1] | 0 | 0 |
Common Shareholders' Equity: | |||
Common stock | [1] | 304.3 | 307.5 |
Additional paid-in capital | 1,299.7 | 1,376.1 | |
Retained earnings | 4,874.9 | 5,214 | |
Accumulated other comprehensive income (loss) | (728) | 78 | |
Unallocated ESSOP shares (at cost) | (72.7) | (82.5) | |
Total Common Shareholders' Equity | 5,678.1 | 6,893.2 | |
Total Liabilities, Preferred Stock and Common Shareholders' Equity | $ 24,947 | $ 24,981.8 | |
[1] At September 30, 2022 and December 31, 2021, 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, $1.00 par value, authorized, of which 304,303,660 and 307,565,632 were issued as of September 30, 2022 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Available for sale: | ||
Fixed income securities (amortized costs) | $ 11,606.7 | |
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) | 304,303,660 | 307,565,632 |
Stockholders' Equity Attributable to Parent | $ 5,678.1 | $ 6,893.2 |
Fixed Income Securities [Member] | ||
Available for sale: | ||
Fixed income securities (amortized costs) | 11,606.7 | 10,438.6 |
Equity Securities [Member] | ||
Available for sale: | ||
Equity securities - cost | $ 2,151 | $ 3,766.5 |
Common Class B [Member] | ||
Available for sale: | ||
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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Revenues: | |||||
Net premiums earned | $ 1,862.3 | $ 1,941.7 | $ 5,578.5 | $ 5,542.5 | |
Title, escrow, and other fees | 80.9 | 113.6 | 266.1 | 339.1 | |
Total premiums and fees | 1,943.3 | 2,055.4 | 5,844.6 | 5,881.6 | |
Net investment income | 115.1 | 111.6 | 329.2 | 323.6 | |
Other income | 39.7 | 37.8 | 113.7 | 112 | |
Total operating revenues | 2,098.2 | 2,204.9 | 6,287.7 | 6,317.3 | |
Net investment gains (losses): | |||||
Realized from actual transactions and impairments | (26.2) | 6.6 | 92.3 | 15.6 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (350.8) | (199.3) | (641.8) | 288.1 | |
Total realized and unrealized investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | |
Total revenues | 1,721 | 2,012.2 | 5,738.1 | 6,621 | |
Expenses: | |||||
Loss and loss adjustment expenses | 624.3 | 615.4 | 1,864.4 | 1,829.3 | |
Dividends to policyholders | 4.2 | 2.9 | 10.8 | 17.5 | |
Underwriting, acquisition, and other expenses | 1,195.8 | 1,270.8 | 3,604.5 | 3,601.8 | |
Interest and other charges | 16.3 | 16.8 | 49.9 | 39.7 | |
Total expenses | 1,840.7 | 1,906.2 | 5,529.7 | 5,488.4 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (119.6) | 106 | 208.3 | 1,132.6 | |
Income Taxes (Credits): | |||||
Current | 79.5 | 63 | 202.8 | 160.4 | |
Deferred | (107.3) | (45.7) | (168.7) | 64.8 | |
Total | (27.8) | 17.2 | 34 | 225.2 | |
Net income (loss) | $ (91.7) | $ 88.7 | $ 174.3 | $ 907.3 | |
Net Income (Loss) Per Share: | |||||
Net income (loss) per share: Basic (in dollars per share) | $ (0.31) | $ 0.29 | $ 0.57 | $ 3.01 | |
Net income (loss) per share: Diluted (in dollars per share) | $ (0.31) | $ 0.29 | $ 0.57 | $ 3 | |
Average shares outstanding: Basic (in shares) | [1] | 303,652,802 | 301,577,493 | 303,797,001 | 301,247,397 |
Weighted Average Number of Shares Outstanding, Diluted, Total | [1] | 303,652,802 | 303,539,358 | 305,381,348 | 302,908,488 |
[1](a) In calculating earnings per share, pertinent accounting standards 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. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (91.7) | $ 88.7 | $ 174.3 | $ 907.3 |
Unrealized gains (losses) on securities: | ||||
Unrealized gains (losses) on securities before reclassifications, not included in the statements of income | (387.5) | (67.9) | (1,277) | (248.9) |
Amounts reclassified as realized investment gains from sales in the statements of income | 207.2 | (0.8) | 267.6 | (1.9) |
Pretax unrealized gains (losses) on securities not included in the statements of income | (180.3) | (68.8) | (1,009.3) | (250.9) |
Less: Deferred income taxes (credits) | (37.9) | (14.5) | (212.9) | (52.9) |
Net unrealized gains (losses) on securities not included in the statements of income, net of tax | (142.3) | (54.3) | (796.3) | (197.9) |
Defined benefit pension plans: | ||||
Net pension adjustment before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified as underwriting, acquisition, and other expenses in the statements of income | 0.7 | 1.8 | 2.3 | 5.5 |
Pretax net adjustment related to defined benefit pension plans | 0.7 | 1.8 | 2.3 | 5.5 |
Deferred income taxes (credits) | 0.1 | 0.3 | 0.4 | 1.1 |
Net adjustment related to defined benefit pension plans, net of tax | 0.6 | 1.4 | 1.8 | 4.3 |
Foreign currency translation adjustment | (10.2) | (4.3) | (11.5) | 2.7 |
Total other comprehensive income (loss) | (151.9) | (57.2) | (806.1) | (190.8) |
Comprehensive Income (Loss) | $ (243.7) | $ 31.5 | $ (631.7) | $ 716.4 |
Consolidated Statements of Pref
Consolidated Statements of Preferred Stock and Common Shareholders' Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Unallocated ESSOP Shares | Treasury Stock | |
Balance at Dec. 31, 2020 | $ 0 | $ 304.1 | $ 1,306.9 | $ 4,394.8 | $ 284 | $ (103.2) | $ 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0 | 1.7 | |||||||
Net issuance of shares under stock based compensation plans | 2.7 | ||||||||
Stock Repurchased and Retired During Period, Value | 0 | 0 | 0 | ||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | 48.7 | ||||||||
ESSOP shares released | 6.3 | 15.2 | |||||||
Adjustments to Additional Paid in Capital, Other | 0 | ||||||||
Net income (loss) | $ 907.3 | 907.3 | |||||||
Dividends on common stock | [1] | (648.8) | |||||||
Net unrealized gains (losses) on securities, net of tax | (197.9) | (197.9) | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 4.3 | 4.3 | |||||||
Foreign currency translation adjustment | 2.7 | 2.7 | |||||||
Treasury Stock, Value, Acquired, Cost Method | 0 | ||||||||
Balance at Sep. 30, 2021 | 0 | 307 | 1,363.8 | 4,653.3 | 93.2 | (87.9) | 0 | ||
Balance at Jun. 30, 2021 | 0 | 305.7 | 1,337.6 | 5,082.1 | 150.4 | (97.3) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0 | 0.2 | |||||||
Net issuance of shares under stock based compensation plans | 1.2 | ||||||||
Stock Repurchased and Retired During Period, Value | 0 | 0 | 0 | ||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | 21.6 | ||||||||
ESSOP shares released | 4.1 | 9.3 | |||||||
Adjustments to Additional Paid in Capital, Other | 0 | ||||||||
Net income (loss) | 88.7 | 88.7 | |||||||
Dividends on common stock | [1] | (517.5) | |||||||
Net unrealized gains (losses) on securities, net of tax | (54.3) | (54.3) | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 1.4 | 1.4 | |||||||
Foreign currency translation adjustment | (4.3) | (4.3) | |||||||
Treasury Stock, Value, Acquired, Cost Method | 0 | ||||||||
Balance at Sep. 30, 2021 | 0 | 307 | 1,363.8 | 4,653.3 | 93.2 | (87.9) | 0 | ||
Balance at Dec. 31, 2021 | 0 | 307.5 | 1,376.1 | 5,214 | 78 | (82.5) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0 | 1.8 | |||||||
Net issuance of shares under stock based compensation plans | 1.5 | ||||||||
Stock Repurchased and Retired During Period, Value | (4.8) | (99.9) | 104.8 | ||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | 22 | ||||||||
ESSOP shares released | 4.8 | 9.8 | |||||||
Adjustments to Additional Paid in Capital, Other | (5.1) | ||||||||
Net income (loss) | 174.3 | 174.3 | |||||||
Dividends on common stock | [1] | (513.4) | |||||||
Net unrealized gains (losses) on securities, net of tax | (796.3) | (796.3) | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 1.8 | 1.8 | |||||||
Foreign currency translation adjustment | (11.5) | (11.5) | |||||||
Treasury Stock, Value, Acquired, Cost Method | 104.8 | (104.8) | |||||||
Balance at Sep. 30, 2022 | 0 | 304.3 | 1,299.7 | 4,874.9 | (728) | (72.7) | 0 | ||
Balance at Jun. 30, 2022 | 0 | 308.9 | 1,395.9 | 5,341 | (576) | (76.6) | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividend reinvestment plan | 0 | 1.3 | |||||||
Net issuance of shares under stock based compensation plans | 0.1 | ||||||||
Stock Repurchased and Retired During Period, Value | (4.8) | (99.9) | 104.8 | ||||||
APIC, Share-based Payment Arrangement, Recognition and Exercise | 5.6 | ||||||||
ESSOP shares released | 1.8 | 3.8 | |||||||
Adjustments to Additional Paid in Capital, Other | (5) | ||||||||
Net income (loss) | (91.7) | (91.7) | |||||||
Dividends on common stock | [1] | (374.3) | |||||||
Net unrealized gains (losses) on securities, net of tax | (142.3) | (142.3) | |||||||
Net adjustment related to defined benefit pension plans, net of tax | 0.6 | 0.6 | |||||||
Foreign currency translation adjustment | $ (10.2) | (10.2) | |||||||
Treasury Stock, Value, Acquired, Cost Method | (104.8) | ||||||||
Balance at Sep. 30, 2022 | $ 0 | $ 304.3 | $ 1,299.7 | $ 4,874.9 | $ (728) | $ (72.7) | $ 0 | ||
[1]Cash dividends per common share of $1.23 and $1.72 were declared for the quarters ended September 30, 2022 and 2021, respectively, and $1.69 and $2.16 were declared for the comparative nine month periods. |
Consolidated Statements of Pr_2
Consolidated Statements of Preferred Stock and Common Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Dividends on common share (in usd per share) | $ 1.23 | $ 1.72 | $ 1.69 | $ 2.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 174.3 | $ 907.3 |
Adjustments to reconcile net income (loss) to | ||
Deferred policy acquisition costs | (36.2) | (27.2) |
Premiums and other receivables | (328.1) | (267.5) |
Loss and loss adjustment expense reserves | 265 | 257.5 |
Unearned premiums and other policyholders' liabilities | 197 | 112 |
Income taxes | (150.6) | 63 |
Reinsurance balances and funds | 197.6 | 179.8 |
Realized from actual transactions and impairments | (92.3) | (15.6) |
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI | 641.8 | (288.1) |
Accounts payable, accrued expenses and other | 34.7 | 49.4 |
Total | 903.4 | 970.6 |
Available for sale | ||
Maturities and early calls | 1,128.6 | 1,121.4 |
Sales | 810.6 | 281 |
Proceeds from Sale of Equity Securities, FV-NI | 2,011.5 | 522.6 |
Sales of: | ||
Other investments | 7.4 | 6.5 |
Purchases of: | ||
Fixed income securities | (3,417.2) | (1,668.4) |
Payments to Acquire Equity Securities, FV-NI | (37.7) | (993.5) |
Other investments | (39.4) | (42) |
Net decrease (increase) in short-term investments | (806.3) | (352.2) |
Other - net | (12.3) | 0 |
Total | (354.7) | (1,124.5) |
Cash flows from financing activities: | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 642.5 |
Issuance of common shares | 19 | 50.3 |
Redemption of debentures and notes | 0 | (21.7) |
Dividends on common shares (including a special dividend of $308.4 paid in September 2022 and $304.0 paid in January 2021) | (512.5) | (501.5) |
Payments for Repurchase of Common Stock | 104.8 | 0 |
Treasury stock acquired | (5.9) | (0.8) |
Total | (604.3) | 168.7 |
Increase (decrease) in cash | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (55.7) | 14.7 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 158.1 | 118.7 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 102.4 | 133.4 |
Supplemental cash flow information: | ||
Cash paid (received) during the period for: Interest | 53.3 | 40.9 |
Cash paid (received) during the period for: Income taxes | $ 185.2 | $ 162.4 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Special dividend paid in September 2022 | $ 308.4 | |
Special dividend paid in January 2021 | $ 304 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | Summary of Significant Accounting Policies Accounting Principles - 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 2021 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation. Investments - The Company classifies its fixed income securities, also referred to as fixed maturity securities, as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale. Fixed income 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. 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 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 income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses). Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At September 30, 2022, the Company and its subsidiaries did not have significant amounts of non-income producing securities. Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold. Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows: Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses. Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 20% of 2022 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions. Loss and Loss Adjustment Expenses - The establishment of loss 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 possibility of higher or lower than anticipated loss 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 loss 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 losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management 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 losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates. The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 to the consolidated financial statements included in Old Republic's 2021 Annual Report on Form 10-K. Certain loss related financial statement captions and disclosures reflect minor wording changes when compared to the Company's 2021 Annual Report on Form 10-K. Employee Benefit Plans - The Company has a closed pension plan (the "Plan") for certain employees under which benefits were frozen as of December 31, 2013. The underfunded status of the Plan is recognized as a net pension liability with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides long-term incentive awards to certain employees. In March 2022, the Compensation Committee of the Company's Board of Directors approved the grant of stock-based awards to certain employees under the 2022 Incentive Compensation Plan which received shareholder approval in May 2022. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Investments [Abstract] | |
Investment | Investments The amortized cost and estimated fair values by type and contractual maturity of fixed income 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 Gross Gross Estimated Fixed Income Securities by Type: September 30, 2022: U.S. & Canadian Governments $ 2,131.8 $ — $ 122.0 $ 2,009.7 Tax-exempt 897.7 — 26.2 871.5 Corporate 8,577.1 1.7 618.3 7,960.5 $ 11,606.7 $ 1.7 $ 766.7 $ 10,841.8 December 31, 2021: U.S. & Canadian Governments $ 2,121.6 $ 44.8 $ 7.9 $ 2,158.5 Tax-exempt 944.9 44.3 — 989.2 Corporate 7,372.1 220.0 64.2 7,527.9 $ 10,438.6 $ 309.2 $ 72.2 $ 10,675.7 Amortized Estimated Fixed Income Securities Stratified by Contractual Maturity at September 30, 2022: Due in one year or less $ 1,324.2 $ 1,311.0 Due after one year through five years 5,605.1 5,331.7 Due after five years through ten years 4,566.1 4,093.5 Due after ten years 111.2 105.3 $ 11,606.7 $ 10,841.8 The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow: Less than 12 Months 12 Months or Greater Total Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses September 30, 2022: Fixed Income Securities: U.S. & Canadian Governments $ 1,601.5 $ 76.4 $ 408.2 $ 45.6 $ 2,009.7 $ 122.0 Tax-exempt 863.8 26.2 — — 863.8 26.2 Corporate 6,842.1 513.7 799.9 104.6 7,642.0 618.3 $ 9,307.4 $ 616.4 $ 1,208.1 $ 150.2 $ 10,515.6 $ 766.7 Number of securities in unrealized loss position 1,813 181 1,994 December 31, 2021: Fixed Income Securities: U.S. & Canadian Governments $ 761.8 $ 6.2 $ 43.2 $ 1.6 $ 805.0 $ 7.9 Corporate 2,032.8 55.5 174.1 8.7 2,207.0 64.2 $ 2,794.7 $ 61.8 $ 217.3 $ 10.3 $ 3,012.0 $ 72.2 Number of securities in unrealized loss position 419 32 451 In the above tables the unrealized losses on fixed income securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers whether it intends to sell or is more likely than not required to sell securities, principally in consideration of its asset and liability maturity matching objectives. Net realized investment gains (losses) in the third quarter and first nine months of 2022 included $120.9 and $123.5, respectively, of losses on fixed income securities for which management intends to dispose of, principally due to tax planning considerations. No such losses were recognized during the same periods of 2021. The Company recorded no allowance for credit losses as of September 30, 2022, and December 31, 2021. The following table shows cost and fair value information for equity securities: Equity Securities Cost Gross Gross Estimated September 30, 2022 $ 2,151.0 $ 953.7 $ 59.3 $ 3,045.4 December 31, 2021 $ 3,766.5 $ 1,620.8 $ 84.5 $ 5,302.8 During the third quarter and first nine months of 2022 and 2021, the Company recognized pretax unrealized investment gains (losses) of $(350.8) and $(641.8), respectively for 2022, and $(199.3) and $288.1, respectively for 2021, 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 September 30, 2022 and 2021 were $(215.8) and $(378.6) for the third quarter and first nine months of 2022, respectively, and $(178.3) and $245.9 for the third quarter and first nine months of 2021, 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 income 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 September 30, 2022 and December 31, 2021. 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 September 30, 2022: Level 1 Level 2 Level 3 Total Available for sale: Fixed income securities: U.S. & Canadian Governments $ 1,430.1 $ 579.6 $ — $ 2,009.7 Tax-exempt — 871.5 — 871.5 Corporate — 7,940.0 20.5 7,960.5 Short-term investments 1,371.5 — — 1,371.5 Equity securities $ 3,043.6 $ — $ 1.7 $ 3,045.4 As of December 31, 2021: Available for sale: Fixed income securities: U.S. & Canadian Governments $ 1,453.8 $ 704.6 $ — $ 2,158.5 Tax-exempt — 989.2 — 989.2 Corporate — 7,517.4 10.5 7,527.9 Short-term investments 565.7 — — 565.7 Equity securities $ 5,300.8 $ — $ 1.9 $ 5,302.8 There were no transfers between Levels 1, 2 or 3 during the quarter ended September 30, 2022. 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Investment income: Fixed income securities $ 80.0 $ 67.3 $ 219.6 $ 209.7 Equity securities 30.2 45.0 107.1 116.6 Short-term investments 6.0 — 7.3 .1 Other investments 1.2 .8 2.1 1.6 Gross investment income 117.6 113.2 336.2 328.1 Investment expenses 2.5 1.5 6.9 4.5 Net investment income $ 115.1 $ 111.6 $ 329.2 $ 323.6 Net investment gains (losses): Realized from actual transactions: Fixed income securities: Gains $ .6 $ 1.0 $ .7 $ 2.6 Losses (86.9) (.1) (146.2) (.7) Net (86.3) .8 (145.4) 1.9 Equity securities: Gains 219.0 31.2 439.2 68.0 Losses (38.1) (25.5) (79.2) (54.3) Net 180.9 5.7 359.9 13.6 Other investments, net — — 1.3 — Total realized from actual transactions 94.7 6.6 215.8 15.6 From impairments (120.9) — (123.5) — From unrealized changes in fair value of equity securities (350.8) (199.3) (641.8) 288.1 Total realized and unrealized investment gains (losses) (377.1) (192.6) (549.5) 303.7 Current and deferred income taxes (credits) (79.2) (40.9) (115.6) 64.0 Net of tax realized and unrealized investment gains (losses) $ (297.9) $ (151.6) $ (433.8) $ 239.6 Changes in unrealized investment gains (losses) reflected directly in shareholders' equity: Fixed income securities $ (177.8) $ (68.3) $ (999.8) $ (249.2) Less: Deferred income taxes (credits) (37.4) (14.4) (210.9) (52.6) (140.4) (53.9) (788.8) (196.6) Other investments (2.4) (.4) (9.5) (1.6) Less: Deferred income taxes (credits) (.5) (.1) (1.9) (.3) (1.9) (.3) (7.5) (1.3) Net changes in unrealized investment gains (losses), net of tax $ (142.3) $ (54.3) $ (796.3) $ (197.9) |
Losses, Claims and Settlement E
Losses, Claims and Settlement Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Losses, Claims and Settlement Expenses | Note 3 - Loss and Loss Adjustment Expenses The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses: Nine Months Ended September 30, 2022 2021 Gross reserves at beginning of period $ 11,425.5 $ 10,671.0 Less: reinsurance losses recoverable 4,125.3 3,650.5 Net reserves at beginning of period: General Insurance 6,587.0 6,328.0 Title Insurance 594.2 556.1 RFIG Run-off 111.2 127.6 Other 7.6 8.6 Sub-total 7,300.2 7,020.4 Incurred loss and loss adjustment expenses: Provisions for insured events of the current year: General Insurance 1,886.4 1,802.9 Title Insurance 107.6 118.0 RFIG Run-off 12.3 14.8 Other 6.8 9.0 Sub-total 2,013.3 1,944.8 Change in provision for insured events of prior years: General Insurance (92.2) (77.0) Title Insurance (22.9) (22.6) RFIG Run-off (29.8) (11.4) Other (3.1) (3.3) Sub-total (148.2) (114.4) Total incurred loss and loss adjustment expenses 1,865.1 1,830.4 Payments: Loss and loss adjustment expenses attributable to insured events of the current year: General Insurance 550.1 523.9 Title Insurance 8.1 17.7 RFIG Run-off .1 .2 Other 3.7 4.9 Sub-total 562.2 546.8 Loss and loss adjustment expenses attributable to insured events of prior years: General Insurance 977.7 971.4 Title Insurance 47.1 40.9 RFIG Run-off 11.7 12.3 Other 1.1 1.3 Sub-total 1,037.7 1,026.0 Total payments 1,599.9 1,572.8 Net reserves at end of period: General Insurance 6,853.4 6,558.5 Title Insurance 623.5 592.8 RFIG Run-off 81.9 118.5 Other 6.4 8.0 Sub-total 7,565.3 7,278.0 Reinsurance losses recoverable 4,609.3 4,155.7 Gross reserves at end of period $ 12,174.7 $ 11,433.7 For the nine months ended September 30, 2022, all operating segments experienced favorable loss reserve development. General Insurance favorable development came predominantly from the commercial auto and workers' compensation lines of coverage. This was partially offset by unfavorable development in the financial indemnity (which includes public company D&O) line of coverage, stemming from large security class action claims activity occurring from accident years 2018 and 2019, and to a lesser extent, general liability coverages. Favorable development |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesTax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge, there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2019 and subsequent tax years remain open. |
Common Share Data
Common Share Data | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Common Share Data | Net Income 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 periods presented. 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Basic and diluted earnings per share - income (loss) available to common stockholders $ (91.7) $ 88.7 $ 174.3 $ 907.3 Denominator: Basic earnings per share - weighted-average shares (a) 303,652,802 301,577,493 303,797,001 301,247,397 Effect of dilutive securities - stock based compensation awards — 1,961,865 1,584,347 1,661,091 Diluted earnings per share - adjusted weighted-average shares (a) 303,652,802 303,539,358 305,381,348 302,908,488 Earnings per share: Basic $ (.31) $ .29 $ .57 $ 3.01 Diluted $ (.31) $ .29 $ .57 $ 3.00 Anti-dilutive common stock equivalents excluded from earnings per share computations: Stock based compensation awards 10,651,301 — 2,653,750 292,500 __________ (a) In calculating earnings per share, pertinent accounting standards 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. |
Credit Losses
Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Credit Loss [Abstract] | |
Credit Loss, Financial Instrument | Credit Losses Credit losses on financial assets measured at amortized cost, primarily the Company's reinsurance recoverables and accounts and notes receivable, are recognized based on estimated losses expected to occur over the life of the asset. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheets. The Company's credit allowance was comprised of $16.0 related to reinsurance recoverables as of both September 30, 2022 and December 31, 2021, and $27.7 and $24.1 related to accounts and notes receivable, as of September 30, 2022 and December 31, 2021, respectively. The Company's evaluation of credit allowances on available for sale fixed income securities is discussed further in Note 2. The Company is not exposed to material concentrations of credit risks as to any one issuer of investment securities. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt of Old Republic and its subsidiaries is summarized below: September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Senior Notes: 4.875% issued in 2014 and due 2024 $ 398.8 $ 400.3 $ 398.4 $ 435.8 3.875% issued in 2016 and due 2026 547.8 520.5 547.3 597.0 3.850% issued in 2021 and due 2051 642.8 455.0 642.6 702.9 Other miscellaneous debt 7.1 7.1 — — Total debt $ 1,596.6 $ 1,383.1 $ 1,588.5 $ 1,735.7 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 used 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 were 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: September 30, 2022 $ 1,596.6 $ 1,383.1 $ — $ 1,375.9 $ 7.1 December 31, 2021 $ 1,588.5 $ 1,735.7 $ — $ 1,735.7 $ — |
Common Share Repurchases
Common Share Repurchases | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Treasury Stock | Common Share RepurchasesOn August 18, 2022, the Board of Directors authorized a $450.0 share repurchase program. During the quarter, the Company repurchased $104.8 of common shares (4.8 million shares at an average price of $21.49 per share). Following the close of the quarter and through November 3, the Company repurchased 6.0 million additional shares for $136.8 (average price of $22.48), leaving $208.2 remaining under the current repurchase authorization. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities 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 September 30, 2022, the Company had no material non-claim litigation exposures in its consolidated business. |
Information About Segments of B
Information About Segments of Business | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Information About Segments of Business | Information About Segments of BusinessThe Company is engaged in the single business of insurance underwriting and related services. It conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments: General Insurance (property and liability insurance), Title Insurance and the Republic Financial Indemnity Group ("RFIG") Run-off. The results of a small life and accident insurance business are included within the Corporate & Other caption of this report. Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of all investment gains (losses). Under GAAP, however, net income, inclusive of investment gains (losses), is the measure of total profitability. In management's opinion, the focus on income excluding investment gains (losses), also described herein as segment pretax operating income (loss), provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results, because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table. Quarters Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 General Insurance: Net premiums earned $ 967.3 $ 902.8 $ 2,821.8 $ 2,629.2 Net investment income and other income 128.3 121.7 367.8 367.4 Total revenues excluding investment gains (losses) $ 1,095.6 $ 1,024.6 $ 3,189.7 $ 2,996.7 Segment pretax operating income (loss) (a) $ 167.6 $ 145.8 $ 448.1 $ 410.0 Income tax expense (credits) $ 34.0 $ 29.0 $ 89.0 $ 79.9 Title Insurance: Net premiums earned $ 887.1 $ 1,028.5 $ 2,731.2 $ 2,879.6 Title, escrow and other fees 80.9 113.6 266.1 339.1 Sub-total 968.1 1,142.1 2,997.3 3,218.7 Net investment income and other income 12.0 11.2 35.0 33.3 Total revenues excluding investment gains (losses) $ 980.1 $ 1,153.3 $ 3,032.3 $ 3,252.0 Segment pretax operating income (loss) (a) $ 73.3 $ 135.7 $ 263.8 $ 378.3 Income tax expense (credits) $ 16.1 $ 29.8 $ 56.2 $ 80.8 RFIG Run-off: Net premiums earned $ 5.5 $ 7.7 $ 18.1 $ 25.4 Net investment income and other income 1.5 2.6 5.2 8.7 Total revenues excluding investment gains (losses) $ 7.1 $ 10.3 $ 23.3 $ 34.2 Segment pretax operating income (loss) $ 9.2 $ 8.4 $ 31.3 $ 20.9 Income tax expense (credits) $ 1.9 $ 1.6 $ 6.4 $ 4.0 Consolidated Revenues: Total revenues of Company segments $ 2,083.0 $ 2,188.3 $ 6,245.4 $ 6,283.0 Corporate & other (b) 53.2 50.1 146.9 122.0 Consolidated investment gains (losses): Realized from actual transactions and impairments (26.2) 6.6 92.3 15.6 Unrealized from changes in fair value of equity securities (350.8) (199.3) (641.8) 288.1 Total realized and unrealized investment gains (losses) (377.1) (192.6) (549.5) 303.7 Consolidation elimination adjustments (37.9) (33.6) (104.6) (87.7) Consolidated revenues $ 1,721.0 $ 2,012.2 $ 5,738.1 $ 6,621.0 Consolidated Pretax Income (Loss): Total segment pretax operating income (loss) of Company segments $ 250.2 $ 290.0 $ 743.3 $ 809.3 Corporate & other (b) 7.2 8.6 14.6 19.5 Consolidated investment gains (losses): Realized from actual transactions and impairments (26.2) 6.6 92.3 15.6 Unrealized from changes in fair value of equity securities (350.8) (199.3) (641.8) 288.1 Total realized and unrealized investment gains (losses) (377.1) (192.6) (549.5) 303.7 Consolidated income (loss) before income taxes (credits) $ (119.6) $ 106.0 $ 208.3 $ 1,132.6 Consolidated Income Tax Expense (Credits): Total income tax expense (credits) of Company segments $ 52.0 $ 60.5 $ 151.8 $ 164.8 Corporate & other (b) (.7) (2.3) (2.0) (3.6) Income tax expense (credits) on consolidated realized and unrealized investment gains (losses) (79.2) (40.9) (115.6) 64.0 Consolidated income tax expense (credits) $ (27.8) $ 17.2 $ 34.0 $ 225.2 September 30, December 31, 2022 2021 Consolidated Assets: General Insurance $ 21,054.4 $ 20,660.9 Title Insurance 2,016.7 2,234.2 RFIG Run-off 379.0 516.4 Total assets of company segments 23,450.2 23,411.6 Corporate & other (b) 1,672.9 1,716.3 Consolidation elimination adjustments (176.1) (146.1) Consolidated assets $ 24,947.0 $ 24,981.8 (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 - $17.5 and $50.2 compared to $15.9 and $47.7 for the quarters and nine months ended September 30, 2022 and 2021, respectively, and Title - $- and $.8 compared to $.4 and $1.4 for the quarters and nine months ended September 30, 2022 and 2021, respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy | Accounting Principles - 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 2021 Annual Report on Form 10-K incorporated herein by reference. The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. |
Consolidation, Policy | Statement Presentation - Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation. Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation. |
Investment, Policy | Investments - The Company classifies its fixed income securities, also referred to as fixed maturity securities, as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. The Company's entire fixed income portfolio is classified as available for sale. Fixed income 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. 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 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 income investments are reviewed at least once per quarter to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses). Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed income securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date. At September 30, 2022, the Company and its subsidiaries did not have significant amounts of non-income producing securities. Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at date of sale for fixed income securities, and cost in regard to equity securities; such bases apply to the specific securities sold. |
Insurance Premiums Revenue Recognition, Policy | Revenue Recognition - Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows: Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related loss and loss adjustment expenses. Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 20% of 2022 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining title premium and fee revenues are produced by independent title agents. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and loss reserve provisions. |
Unpaid Policy Claims and Claims Adjustment Expense, Policy | Loss and Loss Adjustment Expenses - The establishment of loss 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 possibility of higher or lower than anticipated loss 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 loss 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 losses in future years, may offset, in whole or in part, favorable or unfavorable loss developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. Management 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 losses incurred. However, no representation is made nor is any guaranty given that ultimate net losses and related costs will not develop in future years to be significantly greater or lower than currently established reserve estimates. The Company's accounting policy regarding the establishment of loss reserve estimates is described in Note 1 to the consolidated financial statements included in Old Republic's 2021 Annual Report on Form 10-K. Certain loss related financial statement captions and disclosures reflect minor wording changes when compared to the Company's 2021 Annual Report on Form 10-K. |
Postemployment Benefit Plans, Policy | Employee Benefit Plans - The Company has a closed pension plan (the "Plan") for certain employees under which benefits were frozen as of December 31, 2013. The underfunded status of the Plan is recognized as a net pension liability with offsetting entries reflected as a component of shareholders' equity in accumulated other comprehensive income, net of deferred taxes. The Company also provides long-term incentive awards to certain employees. In March 2022, the Compensation Committee of the Company's Board of Directors approved the grant of stock-based awards to certain employees under the 2022 Incentive Compensation Plan which received shareholder approval in May 2022. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments [Abstract] | |
Amortized Cost and Estimated Fair Values Of Fixed Income Securities | The amortized cost and estimated fair values by type and contractual maturity of fixed income 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 Gross Gross Estimated Fixed Income Securities by Type: September 30, 2022: U.S. & Canadian Governments $ 2,131.8 $ — $ 122.0 $ 2,009.7 Tax-exempt 897.7 — 26.2 871.5 Corporate 8,577.1 1.7 618.3 7,960.5 $ 11,606.7 $ 1.7 $ 766.7 $ 10,841.8 December 31, 2021: U.S. & Canadian Governments $ 2,121.6 $ 44.8 $ 7.9 $ 2,158.5 Tax-exempt 944.9 44.3 — 989.2 Corporate 7,372.1 220.0 64.2 7,527.9 $ 10,438.6 $ 309.2 $ 72.2 $ 10,675.7 |
Amortized Cost and Estimated Fair Values Of Fixed Income Securities By Contractual Maturities | Amortized Estimated Fixed Income Securities Stratified by Contractual Maturity at September 30, 2022: Due in one year or less $ 1,324.2 $ 1,311.0 Due after one year through five years 5,605.1 5,331.7 Due after five years through ten years 4,566.1 4,093.5 Due after ten years 111.2 105.3 $ 11,606.7 $ 10,841.8 |
Gross Unrealized Losses and Fair Value, Aggregated | The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow: Less than 12 Months 12 Months or Greater Total Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses September 30, 2022: Fixed Income Securities: U.S. & Canadian Governments $ 1,601.5 $ 76.4 $ 408.2 $ 45.6 $ 2,009.7 $ 122.0 Tax-exempt 863.8 26.2 — — 863.8 26.2 Corporate 6,842.1 513.7 799.9 104.6 7,642.0 618.3 $ 9,307.4 $ 616.4 $ 1,208.1 $ 150.2 $ 10,515.6 $ 766.7 Number of securities in unrealized loss position 1,813 181 1,994 December 31, 2021: Fixed Income Securities: U.S. & Canadian Governments $ 761.8 $ 6.2 $ 43.2 $ 1.6 $ 805.0 $ 7.9 Corporate 2,032.8 55.5 174.1 8.7 2,207.0 64.2 $ 2,794.7 $ 61.8 $ 217.3 $ 10.3 $ 3,012.0 $ 72.2 Number of securities in unrealized loss position 419 32 451 |
Equity Securities Reflecting Reported Cost | The following table shows cost and fair value information for equity securities: Equity Securities Cost Gross Gross Estimated September 30, 2022 $ 2,151.0 $ 953.7 $ 59.3 $ 3,045.4 December 31, 2021 $ 3,766.5 $ 1,620.8 $ 84.5 $ 5,302.8 |
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 September 30, 2022: Level 1 Level 2 Level 3 Total Available for sale: Fixed income securities: U.S. & Canadian Governments $ 1,430.1 $ 579.6 $ — $ 2,009.7 Tax-exempt — 871.5 — 871.5 Corporate — 7,940.0 20.5 7,960.5 Short-term investments 1,371.5 — — 1,371.5 Equity securities $ 3,043.6 $ — $ 1.7 $ 3,045.4 As of December 31, 2021: Available for sale: Fixed income securities: U.S. & Canadian Governments $ 1,453.8 $ 704.6 $ — $ 2,158.5 Tax-exempt — 989.2 — 989.2 Corporate — 7,517.4 10.5 7,527.9 Short-term investments 565.7 — — 565.7 Equity securities $ 5,300.8 $ — $ 1.9 $ 5,302.8 |
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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Investment income: Fixed income securities $ 80.0 $ 67.3 $ 219.6 $ 209.7 Equity securities 30.2 45.0 107.1 116.6 Short-term investments 6.0 — 7.3 .1 Other investments 1.2 .8 2.1 1.6 Gross investment income 117.6 113.2 336.2 328.1 Investment expenses 2.5 1.5 6.9 4.5 Net investment income $ 115.1 $ 111.6 $ 329.2 $ 323.6 Net investment gains (losses): Realized from actual transactions: Fixed income securities: Gains $ .6 $ 1.0 $ .7 $ 2.6 Losses (86.9) (.1) (146.2) (.7) Net (86.3) .8 (145.4) 1.9 Equity securities: Gains 219.0 31.2 439.2 68.0 Losses (38.1) (25.5) (79.2) (54.3) Net 180.9 5.7 359.9 13.6 Other investments, net — — 1.3 — Total realized from actual transactions 94.7 6.6 215.8 15.6 From impairments (120.9) — (123.5) — From unrealized changes in fair value of equity securities (350.8) (199.3) (641.8) 288.1 Total realized and unrealized investment gains (losses) (377.1) (192.6) (549.5) 303.7 Current and deferred income taxes (credits) (79.2) (40.9) (115.6) 64.0 Net of tax realized and unrealized investment gains (losses) $ (297.9) $ (151.6) $ (433.8) $ 239.6 Changes in unrealized investment gains (losses) reflected directly in shareholders' equity: Fixed income securities $ (177.8) $ (68.3) $ (999.8) $ (249.2) Less: Deferred income taxes (credits) (37.4) (14.4) (210.9) (52.6) (140.4) (53.9) (788.8) (196.6) Other investments (2.4) (.4) (9.5) (1.6) Less: Deferred income taxes (credits) (.5) (.1) (1.9) (.3) (1.9) (.3) (7.5) (1.3) Net changes in unrealized investment gains (losses), net of tax $ (142.3) $ (54.3) $ (796.3) $ (197.9) |
Losses, Claims and Settlement_2
Losses, Claims and Settlement Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Insurance [Abstract] | |
Schedule of Changes in Aggregate Reserves for Losses, Claims and Settlement Expenses | The following table shows changes in aggregate reserves for the Company's loss and loss adjustment expenses: Nine Months Ended September 30, 2022 2021 Gross reserves at beginning of period $ 11,425.5 $ 10,671.0 Less: reinsurance losses recoverable 4,125.3 3,650.5 Net reserves at beginning of period: General Insurance 6,587.0 6,328.0 Title Insurance 594.2 556.1 RFIG Run-off 111.2 127.6 Other 7.6 8.6 Sub-total 7,300.2 7,020.4 Incurred loss and loss adjustment expenses: Provisions for insured events of the current year: General Insurance 1,886.4 1,802.9 Title Insurance 107.6 118.0 RFIG Run-off 12.3 14.8 Other 6.8 9.0 Sub-total 2,013.3 1,944.8 Change in provision for insured events of prior years: General Insurance (92.2) (77.0) Title Insurance (22.9) (22.6) RFIG Run-off (29.8) (11.4) Other (3.1) (3.3) Sub-total (148.2) (114.4) Total incurred loss and loss adjustment expenses 1,865.1 1,830.4 Payments: Loss and loss adjustment expenses attributable to insured events of the current year: General Insurance 550.1 523.9 Title Insurance 8.1 17.7 RFIG Run-off .1 .2 Other 3.7 4.9 Sub-total 562.2 546.8 Loss and loss adjustment expenses attributable to insured events of prior years: General Insurance 977.7 971.4 Title Insurance 47.1 40.9 RFIG Run-off 11.7 12.3 Other 1.1 1.3 Sub-total 1,037.7 1,026.0 Total payments 1,599.9 1,572.8 Net reserves at end of period: General Insurance 6,853.4 6,558.5 Title Insurance 623.5 592.8 RFIG Run-off 81.9 118.5 Other 6.4 8.0 Sub-total 7,565.3 7,278.0 Reinsurance losses recoverable 4,609.3 4,155.7 Gross reserves at end of period $ 12,174.7 $ 11,433.7 |
Common Share Data (Tables)
Common Share Data (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Numerator: Basic and diluted earnings per share - income (loss) available to common stockholders $ (91.7) $ 88.7 $ 174.3 $ 907.3 Denominator: Basic earnings per share - weighted-average shares (a) 303,652,802 301,577,493 303,797,001 301,247,397 Effect of dilutive securities - stock based compensation awards — 1,961,865 1,584,347 1,661,091 Diluted earnings per share - adjusted weighted-average shares (a) 303,652,802 303,539,358 305,381,348 302,908,488 Earnings per share: Basic $ (.31) $ .29 $ .57 $ 3.01 Diluted $ (.31) $ .29 $ .57 $ 3.00 Anti-dilutive common stock equivalents excluded from earnings per share computations: Stock based compensation awards 10,651,301 — 2,653,750 292,500 __________ (a) In calculating earnings per share, pertinent accounting standards 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. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated debt of Old Republic and its subsidiaries is summarized below: September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Senior Notes: 4.875% issued in 2014 and due 2024 $ 398.8 $ 400.3 $ 398.4 $ 435.8 3.875% issued in 2016 and due 2026 547.8 520.5 547.3 597.0 3.850% issued in 2021 and due 2051 642.8 455.0 642.6 702.9 Other miscellaneous debt 7.1 7.1 — — Total debt $ 1,596.6 $ 1,383.1 $ 1,588.5 $ 1,735.7 |
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: September 30, 2022 $ 1,596.6 $ 1,383.1 $ — $ 1,375.9 $ 7.1 December 31, 2021 $ 1,588.5 $ 1,735.7 $ — $ 1,735.7 $ — |
Information About Segments of_2
Information About Segments of Business (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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. Quarters Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 General Insurance: Net premiums earned $ 967.3 $ 902.8 $ 2,821.8 $ 2,629.2 Net investment income and other income 128.3 121.7 367.8 367.4 Total revenues excluding investment gains (losses) $ 1,095.6 $ 1,024.6 $ 3,189.7 $ 2,996.7 Segment pretax operating income (loss) (a) $ 167.6 $ 145.8 $ 448.1 $ 410.0 Income tax expense (credits) $ 34.0 $ 29.0 $ 89.0 $ 79.9 Title Insurance: Net premiums earned $ 887.1 $ 1,028.5 $ 2,731.2 $ 2,879.6 Title, escrow and other fees 80.9 113.6 266.1 339.1 Sub-total 968.1 1,142.1 2,997.3 3,218.7 Net investment income and other income 12.0 11.2 35.0 33.3 Total revenues excluding investment gains (losses) $ 980.1 $ 1,153.3 $ 3,032.3 $ 3,252.0 Segment pretax operating income (loss) (a) $ 73.3 $ 135.7 $ 263.8 $ 378.3 Income tax expense (credits) $ 16.1 $ 29.8 $ 56.2 $ 80.8 RFIG Run-off: Net premiums earned $ 5.5 $ 7.7 $ 18.1 $ 25.4 Net investment income and other income 1.5 2.6 5.2 8.7 Total revenues excluding investment gains (losses) $ 7.1 $ 10.3 $ 23.3 $ 34.2 Segment pretax operating income (loss) $ 9.2 $ 8.4 $ 31.3 $ 20.9 Income tax expense (credits) $ 1.9 $ 1.6 $ 6.4 $ 4.0 Consolidated Revenues: Total revenues of Company segments $ 2,083.0 $ 2,188.3 $ 6,245.4 $ 6,283.0 Corporate & other (b) 53.2 50.1 146.9 122.0 Consolidated investment gains (losses): Realized from actual transactions and impairments (26.2) 6.6 92.3 15.6 Unrealized from changes in fair value of equity securities (350.8) (199.3) (641.8) 288.1 Total realized and unrealized investment gains (losses) (377.1) (192.6) (549.5) 303.7 Consolidation elimination adjustments (37.9) (33.6) (104.6) (87.7) Consolidated revenues $ 1,721.0 $ 2,012.2 $ 5,738.1 $ 6,621.0 Consolidated Pretax Income (Loss): Total segment pretax operating income (loss) of Company segments $ 250.2 $ 290.0 $ 743.3 $ 809.3 Corporate & other (b) 7.2 8.6 14.6 19.5 Consolidated investment gains (losses): Realized from actual transactions and impairments (26.2) 6.6 92.3 15.6 Unrealized from changes in fair value of equity securities (350.8) (199.3) (641.8) 288.1 Total realized and unrealized investment gains (losses) (377.1) (192.6) (549.5) 303.7 Consolidated income (loss) before income taxes (credits) $ (119.6) $ 106.0 $ 208.3 $ 1,132.6 Consolidated Income Tax Expense (Credits): Total income tax expense (credits) of Company segments $ 52.0 $ 60.5 $ 151.8 $ 164.8 Corporate & other (b) (.7) (2.3) (2.0) (3.6) Income tax expense (credits) on consolidated realized and unrealized investment gains (losses) (79.2) (40.9) (115.6) 64.0 Consolidated income tax expense (credits) $ (27.8) $ 17.2 $ 34.0 $ 225.2 September 30, December 31, 2022 2021 Consolidated Assets: General Insurance $ 21,054.4 $ 20,660.9 Title Insurance 2,016.7 2,234.2 RFIG Run-off 379.0 516.4 Total assets of company segments 23,450.2 23,411.6 Corporate & other (b) 1,672.9 1,716.3 Consolidation elimination adjustments (176.1) (146.1) Consolidated assets $ 24,947.0 $ 24,981.8 (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 - $17.5 and $50.2 compared to $15.9 and $47.7 for the quarters and nine months ended September 30, 2022 and 2021, respectively, and Title - $- and $.8 compared to $.4 and $1.4 for the quarters and nine months ended September 30, 2022 and 2021, respectively. (b) Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | Sep. 30, 2022 |
Accounting Policies [Abstract] | |
Title Premium And Fee Revenues Stemming From Direct Operations | 20% |
Investments Fixed Income Securi
Investments Fixed Income Securities by Type (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fixed income securities (amortized cost) | $ 11,606.7 | |
Available for sale, Fixed income securities (estimated fair value) | 10,841.8 | $ 10,675.7 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 |
U.S. & Canadian Governments [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fixed income securities (amortized cost) | 2,131.8 | 2,121.6 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 44.8 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 122 | 7.9 |
Available for sale, Fixed income securities (estimated fair value) | 2,009.7 | 2,158.5 |
Tax-exempt [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fixed income securities (amortized cost) | 897.7 | 944.9 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 44.3 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 26.2 | 0 |
Available for sale, Fixed income securities (estimated fair value) | 871.5 | 989.2 |
Corporate [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fixed income securities (amortized cost) | 8,577.1 | 7,372.1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1.7 | 220 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 618.3 | 64.2 |
Available for sale, Fixed income securities (estimated fair value) | 7,960.5 | 7,527.9 |
Fixed Income Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Fixed income securities (amortized cost) | 11,606.7 | 10,438.6 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1.7 | 309.2 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 766.7 | 72.2 |
Available for sale, Fixed income securities (estimated fair value) | $ 10,841.8 | $ 10,675.7 |
Investments Fair Value (Details
Investments Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 3,045.4 | $ 5,302.8 |
Available for sale, Fixed income securities | 10,841.8 | 10,675.7 |
Short-term investments | 1,371.5 | 565.7 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 1,371.5 | 565.7 |
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 income securities | 2,009.7 | 2,158.5 |
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 income securities | 1,430.1 | 1,453.8 |
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 income securities | 579.6 | 704.6 |
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 income securities | 0 | 0 |
Tax-exempt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed income securities | 871.5 | 989.2 |
Tax-exempt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed income securities | 0 | 0 |
Tax-exempt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed income securities | 871.5 | 989.2 |
Tax-exempt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed income securities | 0 | 0 |
Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, Fixed income securities | 7,960.5 | 7,527.9 |
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 income 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 income securities | 7,940 | 7,517.4 |
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 income securities | 20.5 | 10.5 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,045.4 | 5,302.8 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,043.6 | 5,300.8 |
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 | $ 1.9 |
Investments Net Investment Inco
Investments Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Gain (Loss) on Securities [Line Items] | ||||
Gross investment income | $ 117.6 | $ 113.2 | $ 336.2 | $ 328.1 |
Investment expenses | 2.5 | 1.5 | 6.9 | 4.5 |
Net investment income | 115.1 | 111.6 | 329.2 | 323.6 |
Net realized gains (losses) | (297.9) | (151.6) | (433.8) | 239.6 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (350.8) | (199.3) | (641.8) | 288.1 |
Total realized and unrealized investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 |
Current and deferred income taxes (credits) | (79.2) | (40.9) | (115.6) | 64 |
Changes in unrealized investment gains (losses) on, fixed income securities | (180.3) | (68.8) | (1,009.3) | (250.9) |
Less: Deferred income taxes (credits) | (37.9) | (14.5) | (212.9) | (52.9) |
Net unrealized gains (losses) on securities, net of tax | (142.3) | (54.3) | (796.3) | (197.9) |
Debt Securities, Available-for-sale, Realized Gain | 0.6 | 1 | 0.7 | 2.6 |
Debt Securities, Available-for-sale, Realized Loss | 86.9 | 0.1 | 146.2 | 0.7 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (86.3) | 0.8 | (145.4) | 1.9 |
Debt and Equity Securities, Realized Gain (Loss), Excluding Other-than-temporary Impairment | 94.7 | 6.6 | 215.8 | 15.6 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | (120.9) | 0 | (123.5) | 0 |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity securities, gross realized gains | 219 | 31.2 | 439.2 | 68 |
Equity securities, gross realized losses | (38.1) | (25.5) | (79.2) | (54.3) |
Equity securities, net realized gains (losses) | 180.9 | 5.7 | 359.9 | 13.6 |
Fixed Income Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Changes in unrealized investment gains (losses) on, fixed income securities | (177.8) | (68.3) | (999.8) | (249.2) |
Less: Deferred income taxes (credits) | (37.4) | (14.4) | (210.9) | (52.6) |
Net changes in unrealized investment gains (losses) | (140.4) | (53.9) | (788.8) | (196.6) |
Other long-term investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Changes in unrealized investment gains (losses) on, fixed income securities | (2.4) | (0.4) | (9.5) | (1.6) |
Less: Deferred income taxes (credits) | (0.5) | (0.1) | (1.9) | (0.3) |
Net changes in unrealized investment gains (losses) | (1.9) | (0.3) | (7.5) | (1.3) |
Other Investments | ||||
Gain (Loss) on Securities [Line Items] | ||||
Investment gains (losses) - other investments | 0 | 0 | 1.3 | 0 |
Fixed Income Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross investment income | 80 | 67.3 | 219.6 | 209.7 |
Equity Securities [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross investment income | 30.2 | 45 | 107.1 | 116.6 |
Short-term Investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross investment income | 6 | 0 | 7.3 | 0.1 |
Investments [Member] | ||||
Gain (Loss) on Securities [Line Items] | ||||
Gross investment income | $ 1.2 | $ 0.8 | $ 2.1 | $ 1.6 |
Investments Textuals (Details)
Investments Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (350.8) | $ (199.3) | $ (641.8) | $ 288.1 | |
Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held | (215.8) | (178.3) | (378.6) | 245.9 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | 0 | $ 0 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ (120.9) | $ 0 | $ (123.5) | $ 0 |
Investments Fixed Income Secu_2
Investments Fixed Income Securities Stratified by Contractual Maturity (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investments [Abstract] | ||
Available for sale, Due in one year or less (amortized cost) | $ 1,324.2 | |
Available for sale, Due after one year through five years (amortized cost) | 5,605.1 | |
Available for sale, Due after five years through ten years (amortized cost) | 4,566.1 | |
Available for sale, Due after ten years (amortized cost) | 111.2 | |
Available for sale, Fixed income securities (amortized cost) | 11,606.7 | |
Available for sale, Due in one year or less (estimated fair value) | 1,311 | |
Available for sale, Due after one year through five years (estimated fair value) | 5,331.7 | |
Available for sale, Due after five years through ten years (estimated fair value) | 4,093.5 | |
Available for sale, Due after ten years (estimated fair value) | 105.3 | |
Available for sale, Fixed income securities (estimated fair value) | $ 10,841.8 | $ 10,675.7 |
Investments Gross Unrealized Lo
Investments Gross Unrealized Losses and Fair Value (Details) $ in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | $ 616.4 | $ 61.8 |
Available for sale, Unrealized Losses, 12 Months or Greater | 150.2 | 10.3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 9,307.4 | 2,794.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,208.1 | 217.3 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 10,515.6 | $ 3,012 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 1,994 | 451 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 181 | 32 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | 1,813 | 419 |
U.S. & Canadian Governments [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | $ 76.4 | $ 6.2 |
Available for sale, Unrealized Losses, 12 Months or Greater | 45.6 | 1.6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,601.5 | 761.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 408.2 | 43.2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,009.7 | 805 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 122 | 7.9 |
Tax-exempt [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | 26.2 | |
Available for sale, Unrealized Losses, 12 Months or Greater | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 863.8 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 863.8 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 26.2 | 0 |
Corporate [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Available for sale, Unrealized Losses, Less than 12 Months | 513.7 | 55.5 |
Available for sale, Unrealized Losses, 12 Months or Greater | 104.6 | 8.7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 6,842.1 | 2,032.8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 799.9 | 174.1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 7,642 | 2,207 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 618.3 | 64.2 |
Fixed Income Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items] | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 766.7 | $ 72.2 |
Investments Equity Securities (
Investments Equity Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities | $ 3,045.4 | $ 5,302.8 |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, gross unrealized gains | 953.7 | 1,620.8 |
Equity securities, gross unrealized losses | 59.3 | 84.5 |
Equity securities - cost | 2,151 | 3,766.5 |
Equity securities | $ 3,045.4 | $ 5,302.8 |
Losses, Claims and Settlement_3
Losses, Claims and Settlement Expenses (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | ||||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments | $ 4,125.3 | $ 3,650.5 | ||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Gross reserves at beginning of period | $ 11,425.5 | $ 10,671 | ||
Less: reinsurance losses recoverable | 4,609.3 | 4,155.7 | ||
Net reserves at beginning of period | 7,300.2 | 7,020.4 | ||
Provisions for insured events of the current year | 2,013.3 | 1,944.8 | ||
Change in provision for insured events of prior years | (148.2) | (114.4) | ||
Total incurred claims and claim adjustment expenses | 1,865.1 | 1,830.4 | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 562.2 | 546.8 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 1,037.7 | 1,026 | ||
Total payments | 1,599.9 | 1,572.8 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 7,565.3 | 7,278 | ||
Gross reserves at end of period | 12,174.7 | 11,433.7 | ||
General Insurance | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 6,587 | 6,328 | ||
Provisions for insured events of the current year | 1,886.4 | 1,802.9 | ||
Change in provision for insured events of prior years | (92.2) | (77) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 550.1 | 523.9 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 977.7 | 971.4 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 6,853.4 | 6,558.5 | ||
Title Insurance | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 594.2 | 556.1 | ||
Provisions for insured events of the current year | 107.6 | 118 | ||
Change in provision for insured events of prior years | (22.9) | (22.6) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 8.1 | 17.7 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 47.1 | 40.9 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 623.5 | 592.8 | ||
RFIG Run-off | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | 111.2 | 127.6 | ||
Provisions for insured events of the current year | 12.3 | 14.8 | ||
Change in provision for insured events of prior years | (29.8) | (11.4) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 0.1 | 0.2 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 11.7 | 12.3 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | 81.9 | 118.5 | ||
Other | ||||
Liability for Unpaid Claims and Claims Adjustment Expense | ||||
Net reserves at beginning of period | $ 7.6 | $ 8.6 | ||
Provisions for insured events of the current year | 6.8 | 9 | ||
Change in provision for insured events of prior years | (3.1) | (3.3) | ||
Claims and claim adjustment expenses attributable to insured events of the current year | 3.7 | 4.9 | ||
Claims and claim adjustment expenses attributable to insured events of prior years | 1.1 | 1.3 | ||
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable | $ 6.4 | $ 8 |
Common Share Data (Details)
Common Share Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Earnings Per Share [Abstract] | |||||
Net income (loss) | $ (91.7) | $ 88.7 | $ 174.3 | $ 907.3 | |
Average shares outstanding: Basic (in shares) | [1] | 303,652,802 | 301,577,493 | 303,797,001 | 301,247,397 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,961,865 | 1,584,347 | 1,661,091 | |
Weighted Average Number of Shares Outstanding, Diluted, Total | [1] | 303,652,802 | 303,539,358 | 305,381,348 | 302,908,488 |
Net income (loss) per share: Basic (in dollars per share) | $ (0.31) | $ 0.29 | $ 0.57 | $ 3.01 | |
Net income (loss) per share: Diluted (in dollars per share) | $ (0.31) | $ 0.29 | $ 0.57 | $ 3 | |
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 | 10,651,301 | 0 | 2,653,750 | 292,500 | |
[1](a) In calculating earnings per share, pertinent accounting standards 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. |
Credit Losses (Details)
Credit Losses (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Credit Loss [Abstract] | ||
Reinsurance Recoverable, Allowance for Credit Loss | $ 16 | $ 16 |
Accounts Receivable, Allowance for Credit Loss | $ 27.7 | $ 24.1 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Fair value | $ 1,383.1 | $ 1,735.7 |
Debt and Lease Obligation | 1,596.6 | 1,588.5 |
Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Fair value | $ 400.3 | $ 435.8 |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% |
Debt and Lease Obligation | $ 398.8 | $ 398.4 |
Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Fair value | $ 520.5 | $ 597 |
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | 3.875% |
Debt and Lease Obligation | $ 547.8 | $ 547.3 |
Senior Notes Due 2051 | ||
Debt Instrument [Line Items] | ||
Fair value | $ 455 | $ 702.9 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | 3.85% |
Debt and Lease Obligation | $ 642.8 | $ 642.6 |
Other miscellaneous debt | ||
Debt Instrument [Line Items] | ||
Fair value | 7.1 | 0 |
Debt and Lease Obligation | $ 7.1 | $ 0 |
Debt Financial Liabilities Disc
Debt Financial Liabilities Disclosed, but not Carried, at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 1,596.6 | $ 1,588.5 |
Fair value | 1,383.1 | 1,735.7 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 1,375.9 | 1,735.7 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 7.1 | $ 0 |
Common Share Repurchases (Detai
Common Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 9 Months Ended |
Nov. 03, 2022 | Sep. 30, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 450 | |
Treasury Stock, Value, Acquired, Cost Method | $ 104.8 | |
Treasury Stock, Shares, Acquired | 4.8 | |
Treasury Stock Acquired, Average Cost Per Share | $ 21.49 | |
Subsequent Event | ||
Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock, Value, Acquired, Cost Method | $ 136.8 | |
Treasury Stock, Shares, Acquired | 6 | |
Treasury Stock Acquired, Average Cost Per Share | $ 22.48 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 208.2 |
Information About Segments of_3
Information About Segments of Business (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | $ 1,721 | $ 2,012.2 | $ 5,738.1 | $ 6,621 | |
Total realized and unrealized investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | |||||
Total realized and unrealized investment gains (losses) | (377.1) | (192.6) | (549.5) | 303.7 | |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | (27.8) | 17.2 | 34 | 225.2 | |
Income tax expense (credits) on consolidated net realized investment gains (losses) | (79.2) | (40.9) | (115.6) | 64 | |
Premiums Earned, Net | 1,862.3 | 1,941.7 | 5,578.5 | 5,542.5 | |
Title, escrow, and other fees | 80.9 | 113.6 | 266.1 | 339.1 | |
Total premiums and fees | 1,943.3 | 2,055.4 | 5,844.6 | 5,881.6 | |
Total Operating Revenues | 2,098.2 | 2,204.9 | 6,287.7 | 6,317.3 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (119.6) | 106 | 208.3 | 1,132.6 | |
Realized from actual transactions and impairments | (26.2) | 6.6 | 92.3 | 15.6 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (350.8) | (199.3) | (641.8) | 288.1 | |
General Insurance Group [Member] | |||||
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 34 | 29 | 89 | 79.9 | |
Premiums Earned, Net | 967.3 | 902.8 | 2,821.8 | 2,629.2 | |
Net investment income and other income | 128.3 | 121.7 | 367.8 | 367.4 | |
Total Operating Revenues | 1,095.6 | 1,024.6 | 3,189.7 | 2,996.7 | |
Income (loss) before income taxes (credits) and realized investment gains or losses | [1] | 167.6 | 145.8 | 448.1 | 410 |
Interest charges on intercompany financing arrangements | 17.5 | 15.9 | 50.2 | 47.7 | |
Title Insurance | |||||
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 16.1 | 29.8 | 56.2 | 80.8 | |
Premiums Earned, Net | 887.1 | 1,028.5 | 2,731.2 | 2,879.6 | |
Title, escrow, and other fees | 80.9 | 113.6 | 266.1 | 339.1 | |
Total premiums and fees | 968.1 | 1,142.1 | 2,997.3 | 3,218.7 | |
Net investment income and other income | 12 | 11.2 | 35 | 33.3 | |
Total Operating Revenues | 980.1 | 1,153.3 | 3,032.3 | 3,252 | |
Income (loss) before income taxes (credits) and realized investment gains or losses | [1] | 73.3 | 135.7 | 263.8 | 378.3 |
Interest charges on intercompany financing arrangements | 0 | 0.4 | 0.8 | 1.4 | |
RFIG Run-off Business [Member] | |||||
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 1.9 | 1.6 | 6.4 | 4 | |
Premiums Earned, Net | 5.5 | 7.7 | 18.1 | 25.4 | |
Net investment income and other income | 1.5 | 2.6 | 5.2 | 8.7 | |
Total Operating Revenues | 7.1 | 10.3 | 23.3 | 34.2 | |
Income (loss) before income taxes (credits) and realized investment gains or losses | 9.2 | 8.4 | 31.3 | 20.9 | |
Total of major segments | |||||
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | 52 | 60.5 | 151.8 | 164.8 | |
All Other Segments [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | [2] | 53.2 | 50.1 | 146.9 | 122 |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | |||||
Income (loss) before income taxes (credits) | [2] | 7.2 | 8.6 | 14.6 | 19.5 |
Consolidated Income Tax Expense (Credits) [Abstract] | |||||
Income tax expense (credits) | [2] | (0.7) | (2.3) | (2) | (3.6) |
Total Company Segments [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | 2,083 | 2,188.3 | 6,245.4 | 6,283 | |
Consolidated Income (Loss) Before Taxes (Credits) [Abstract] | |||||
Income (loss) before income taxes (credits) | 250.2 | 290 | 743.3 | 809.3 | |
Consolidation elimination adjustments [Member] | |||||
Consolidated Revenues [Abstract] | |||||
Consolidated revenues | $ (37.9) | $ (33.6) | $ (104.6) | $ (87.7) | |
[1]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 - $17.5 and $50.2 compared to $15.9 and $47.7 for the quarters and nine months ended September 30, 2022 and 2021, respectively, and Title - $- and $.8 compared to $.4 and $1.4 for the quarters and nine months ended September 30, 2022 and 2021, respectively.[2]Includes amounts for a small life and accident insurance business as well as those of the parent holding company and several internal corporate services subsidiaries. |
Information About Segments of_4
Information About Segments of Business Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
General Insurance Group [Member] | ||||
Segment Reporting Information | ||||
Interest charges on intercompany financing arrangements | $ 17.5 | $ 15.9 | $ 50.2 | $ 47.7 |
Title Insurance | ||||
Segment Reporting Information | ||||
Interest charges on intercompany financing arrangements | $ 0 | $ 0.4 | $ 0.8 | $ 1.4 |
Information About Segments of_5
Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item | ||
Assets | $ 24,947 | $ 24,981.8 |
Total Company Segments [Member] | ||
Segment Reporting, Asset Reconciling Item | ||
Assets | 23,450.2 | 23,411.6 |
Intersegment Elimination [Member] | ||
Segment Reporting, Asset Reconciling Item | ||
Assets | (176.1) | (146.1) |
General Insurance Group [Member] | ||
Segment Reporting, Asset Reconciling Item | ||
Assets | 21,054.4 | 20,660.9 |
Title Insurance | ||
Segment Reporting, Asset Reconciling Item | ||
Assets | 2,016.7 | 2,234.2 |
RFIG Run-off Business [Member] | ||
Segment Reporting, Asset Reconciling Item | ||
Assets | 379 | 516.4 |
All Other Segments [Member] | ||
Segment Reporting, Asset Reconciling Item | ||
Assets | $ 1,672.9 | $ 1,716.3 |