OLD REPUBLIC INTERNATIONAL Business Summary

Old Republic International Corporation (ORI) is a diversified insurance holding company that generates revenue through insurance premiums, service fees from title and escrow products, and investment income from its substantial asset portfolio. The business is primarily structured into two segments: General Insurance, which provides specialized property and casualty coverage for commercial sectors like trucking and manufacturing; and Title Insurance, which offers search and underwriting services for real estate transactions. ORI utilizes a decentralized business model, granting its subsidiaries operational autonomy to maintain high retention in niche markets. In the competitive landscape, ORI is a major force alongside Fidelity National Financial, First American Financial, and Stewart Information Services in the title space, and competes with specialty P&C firms like W.R. Berkley and The Travelers Companies. Positioned as a "Dividend King" with over four decades of consecutive dividend increases, ORI occupies a unique market niche focused on long-term capital preservation and underwriting discipline rather than aggressive market-share expansion. The executive leadership is anchored by President and CEO Craig R. Smiddy, who joined the firm in 2013 after serving as President of the Specialty Markets Division at Munich Reinsurance America. He is joined by Frank J. Sodaro, Senior Vice President and Chief Financial Officer, a CPA who previously held the CFO role at Kemper Corporation and currently oversees the firm's corporate IT and financial strategies. The Title Insurance segment is spearheaded by Carolyn Monroe, an industry veteran with over 40 years of experience, while Stephen J. Oberst serves as Executive Vice President and head of the General Insurance group. Founded in 1923, the company’s governance is overseen by a board that includes notable professionals like Fredricka Taubitz, former CFO of Zenith National Insurance. ORI maintains a strong institutional investor base, with major positions held by Vanguard, BlackRock, and State Street, reflecting its status as a stable, shareholder-aligned Fortune 500 entity.