AM Best Affirms Credit Ratings of Subsidiaries of Old Republic International Corporation; Revises Outlook to Positive for Old Republic Life Insurance Company

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). The outlook of these Credit Ratings (ratings) is stable. In addition, AM Best has revised the outlooks to positive from stable and affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Old Republic Life Insurance Company (ORL) (Chicago, IL). All companies are subsidiaries of Old Republic International Corporation (ORI) [NYSE: ORI]. (See below for a detailed listing of the companies and ratings for the members of Old Republic.)

The ratings of Old Republic, which is considered the lead rating unit in the ORI 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 50 property/casualty insurers in the United States. The group is made up of commercial lines insurance carriers that focus on specific sectors of the North American economy. Its largest lines of business include commercial auto and workers’ compensation; however, the group continues to expand its product capabilities beyond the traditional focus within these lines. 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 organization continues to have very modest exposure to asbestos liabilities.