AM Best Affirms Credit Ratings of Subsidiaries of Old Republic International Corporation

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of the members of Old Republic Insurance Companies (Old Republic). Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Old Republic National Title Insurance Company (Tampa, FL) and American Guaranty Title Insurance Company (Oklahoma City, OK) (collectively referred to as Old Republic Title Insurance Group [ORTIG]). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Old Republic Insurance Company of Canada (Old Republic Canada) (Hamilton, Ontario). In addition, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Old Republic Life Insurance Company (ORL) (Chicago, IL). The outlook of these Credit Ratings (ratings) is stable. All companies are subsidiaries of Old Republic International Corporation (ORI) [NYSE: ORI].

The ratings of Old Republic, which is considered the lead rating unit in the Old Republic International Corporation enterprise, reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Old Republic is the flagship group for the Old Republic Insurance enterprise and one of the top 35 property/casualty insurers in the United States. The group is made up of commercial lines insurance carriers that focus predominantly on providing liability insurance for specific sectors of the North American economy. Major lines of business include workers’ compensation, commercial auto and general liability. Old Republic benefits from its expertise within the alternative risk transfer market and specialty commercial segments, as well as historically solid profitability, expertise in its respective individual business specialties and well-recognized franchises. The company continues to have a very modest exposure to asbestos liabilities.

The ratings of ORTIG reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings of ORTIG also reflect the implicit support the group receives from its position in the Old Republic enterprise and its strategic role within the organization.