Exhibit 99, ORI Fourth Quarter 2006 Earnings Press Release

Financial Highlights
(unaudited; amounts in millions except per share data and percentages; all per share amounts are shown on a diluted basis)

	Quarters Ended December 31,						Years Ended December 31,
	2006		2005		Change		2006		2005			Change
Operating Revenues	$	936.4	$	985.5		-5.0%	$	3,775.2	$	3,741.0			.9%
Net Operating Income	$	103.9	$	116.8		-11.1%	$	452.4	$	509.1	*		-11.1%
Net Income	$	104.6	$	143.1		-26.9%	$	464.8	$	551.4	*		-15.7%
Diluted Earnings Per Share:
Net operating income:
Before non-recurring tax benefit	$	0.45	$	0.50		-10.0%	$	1.94	$	1.99			-2.5%
2005 non-recurring tax benefit		-		-				-		0.20	*
Total		0.45		0.50		-10.0%		1.94		2.19			-11.4%
Net realized investment gains		-		0.11				0.05		0.18
Net income	$	0.45	$	0.61		-26.2%	$	1.99	$	2.37	*		-16.0%

* Includes non-recurring income tax and related accumulated interest recovery of $45.9 after tax, or 20 cents per share.

During 2006, Old Republic’s business posted new financial performance records. Assets exceeded $12.6 billion and common shareholders’ equity climbed above $4.3 billion. Consolidated earnings for the year and quarter ended December 31, 2006, benefited from the continued strength of General Insurance lines. The Company’s Mortgage Guaranty segment posted slightly lower results, while Title operations were affected by significant downturns in housing and related mortgage lending markets. Favorable investment income trends throughout Old Republic’s operating groups attenuated moderately lower underwriting/service profitability. Consolidated results for 2006 and 2005 were also affected differently by certain unusual charges or credits. Pursuant to recently issued accounting rules, 2006 earnings were constrained by accelerated recognition of stock option costs which resulted in an incremental expense of $3.7 million ($2.4 million after tax, or one cent per diluted share). On the other hand, 2005 earnings were enhanced by a non-recurring recovery of income taxes and related accumulated interest of $57.9 million ($45.9 million net of tax, or 20 cents per diluted share). The recovery was related to tax returns for the three years ended December 31, 1990.

	($ in millions, except share data)
	Quarters Ended December 31,							Years Ended December 31,
	2006		2005			Change		2006		2005			Change
Operating revenues:
General insurance	$	539.0	$	511.1		5.5	%	$	2,138.7	$	2,017.6		6.0	%
Mortgage guaranty		135.5		129.4		4.7			529.9		516.0		2.7
Title insurance		238.5		313.2		-23.8			1,007.3		1,108.6		-9.1
Corporate and other		23.1		31.7					99.2		98.6
Total	$	936.4	$	985.5		-5.0	%	$	3,775.2	$	3,741.0		.9	%
Pretax operating income (loss):
General insurance	$	103.3	$	91.1		13.3	%	$	401.6	$	350.0		14.7	%
Mortgage guaranty		46.4		55.2		-16.0			228.4		243.7		-6.3
Title insurance		0.3		22.3		-98.2			31.0		88.7		-65.0
Corporate and other		1.4		2.3					-		(.1	)
Sub-total		151.5		171.0		-11.4			661.1		682.4		-3.1
Realized investment gains (losses):
From sales		1.0		43.1					19.0		74.1
From impairments		-		(2.7	)				-		(9.2	)
Net realized investment gains		1.0		40.3					19.0		64.9
Consolidated pretax income		152.6		211.4		-27.8			680.1		747.3		-9.0
Income taxes		48.0		68.3		-29.7			215.2		195.9		9.9
Net income	$	104.6	$	143.1		-26.9	%	$	464.8	$	551.4		-15.7	%

Consolidated underwriting ratio:
Benefits and claims ratio	47.5%	42.1%	45.3%	43.3%
Expense ratio	44.6	47.4	44.7	45.2
Composite ratio	92.1%	89.5%	90.0%	88.5%

Components of diluted net income per share:
Net operating income:
Before non-recurring tax benefit	$	0.45	$	0.50	-10.0	%	$	1.94	$	1.99	-2.5	%
2005 non-recurring tax benefit		-		-				-		0.20
Total		0.45		0.50	-10.0			1.94		2.19	-11.4
Net realized investment gains		-		0.11				0.05		0.18
Net income	$	0.45	$	0.61	-26.2	%	$	1.99	$	2.37	-16.0	%

The table above presents consolidated results in terms of both operating and net income to highlight the effects of investment gain or loss recognition and non-recurring items on period-to-period comparisons. Operating income, however, does not replace net income computed in accordance with Generally Accepted Accounting Principles (“GAAP”) as a measure of total profitability. The recognition of investment gains or losses can be highly discretionary and arbitrary due to such factors as the timing of individual securities sales, recognition of estimated losses from write-downs for impaired securities, tax-planning considerations, and changes in investment management judgments relative to the direction of securities markets or the future prospects of individual investees or industry sectors. Likewise, non-recurring items such as the income tax recovery described above, can distort the comparability of the Company’s operating performance from period-to-period. Accordingly, management uses the non-GAAP financial measures to evaluate and explain operating performance, and believes their use enhances an understanding of Old Republic’s results.

In the final quarter of 2006, general insurance earned premiums grew at the same approximate rate registered for the first nine months of the year. For 2006 as a whole, the increase in earned premiums of 5.4 percent was at the lower end of the range anticipated at the beginning of the year. Substantially all 2006 premium growth stemmed from trucking, home warranty, and financial indemnity insurance coverages. Loss costs remained at very acceptable levels for most major coverages, continuing to benefit from reasonably contained inflationary pressures on claim settlement costs and favorable overall development of prior years’ reserves. Production and general operating expenses remained well aligned with premium growth. Through year end 2006, the composite underwriting ratio of claims and expenses, the most widely accepted indicator of performance in the industry, has now registered positive outcomes for 19consecutive quarters. Net investment income for Old Republic’s group of general insurance companies rose on the strength of higher market yields and a greater invested asset base.

For 2006 and the year’s fourth quarter, premium revenue trends responded to a combination of greater business persistency, lower overall mortgage originations, and higher levels of bulk insurance transactions. In concert with higher market yields, net investment income rose even though the invested asset base remained relatively flat due to high shareholder dividend payments by the Group. Nonetheless, overall profitability slipped to a greater degree in this year’s final quarter. The profit margin compression arose from more significant claim costs as evidenced by the higher claims ratios in the above table. For both the quarter and full year, these greater costs were driven by a rise in paid claim trends, as well as higher claim frequency and severity levels.

Title premium and fee revenues continued to drop as housing and related mortgage lending activity reflected significant downtrends throughout 2006. As a result, title profit margins from underwriting/service operations deteriorated. Substantially all the margin compression occurred in the segment’s direct operations, most of which are concentrated in the Western United States. Revenues in that region alone dropped by 29.5 percent in the year’s final quarter and by 29.7 percent for all of 2006. The resulting production levels have been lower than necessary to absorb the fixed portion of the operating expense structure. Fourth quarter 2006 title pretax operating income was also affected by special charges of approximately $7.0 million. The charges stem from estimated adjustments to filed premium rate classifications, and from additional expense provisions associated with ongoing industry-wide class action litigation. As a consequence of all these factors, Old Republic’s Title segment posted the higher 2006 composite underwriting ratios shown in the above table. While investment income reflected moderate growth, the increase was largely insufficient to counteract the reduction in underwriting/service profitability.

Corporate and Other Operations - Old Republic’s small life and health business, and net costs associated with the parent holding company and its corporate services subsidiaries produced pretax income of $1.4 million in the final quarter of 2006 and near break-even results for the year as a whole. Period-to-period variability in the results of these relatively minor elements of Old Republic’s operations usually stems from the volatility inherent to the Company’s small scaled life and health business, and fluctuations in the timing of expense recognition related to such costs as the aforementioned stock option expenses.

The investment portfolio reflects a current allocation of approximately 85 percent to fixed-maturity securities, and 8 percent to equities most of which are committed to several indexed stock portfolios. As has been the case for many years, Old Republic’s invested asset base is structured to address enterprise-wide risk management considerations, and to assure solid funding of its subsidiaries’ long-term obligations to insurance beneficiaries. As a result, it contains little or no exposure to real estate investments, mortgage-backed securities, derivatives, junk bonds, illiquid private equity investments, or mortgage loans.

Effective January 1, 2006, the Company reclassified the long-term investments in U.S. Treasury Tax and Loss Bonds held by its mortgage guaranty insurance subsidiaries. The reclassification is intended to conform to more common industry reporting practices and to better align such assets with the corresponding long-term deferred income tax liabilities to which they relate. As a result of this reclassification, invested asset balances have been reduced, the prepaid income tax asset has been increased, and periodic cash flow from operating and investing activities have been adjusted by the correspondingly identical amounts shown in the following tables. The reclassification has no effect on the financial position or net income of the Company, nor does it call for the receipt or disbursement of any additional cash resources. The following table shows the effect of these adjustments on pertinent financial statement performance indicators as of the balance sheet dates and for the periods shown.

	Years Ended
	December 31,
	2006			2005
Cash flows from operating activities:
Previous classification	$	927.4		$	880.0
After reclassification		1,004.7			833.6
Change		77.3			(46.4	)
Cash flows from investing activities:
Previous classification		(810.1	)		(589.9	)
After reclassification		(887.4	)		(543.5	)
Change	$	(77.3	)	$	46.4

2006 cash flows from operating activities of $1,004.7 million compare with the $833.6 million registered in 2005. 2006 operating cash flow was enhanced by approximately $198 million as a result of the previously announced acquisition of a casualty book of insurance business in the final quarter of the year. On the other hand, 2005 operating cash flow benefited from the aforementioned non-recurring tax recovery of $45.9 million.

Chicago-based Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages primarily in the liability, mortgage guaranty, and title insurance fields. One of the nation’s 50 largest publicly owned insurance organizations, Old Republic has assets of approximately $12.6 billion and shareholders’ equity of $4.3 billion or $18.91 per share. Its current stock market valuation is approximately $5.3 billion, or $23.10 per share.

Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.

Some of the statements made in this News Release and Company published reports, as well as oral statements or commentaries made by the Company’s management in conference calls following earnings releases, can constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Of necessity, any such forward-looking statements, commentaries, or inferences involve assumptions, uncertainties, and risks that may affect the Company’s future performance. With regard to Old Republic’s General Insurance segment, its results can be affected, in particular, by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors, the levels of interest and inflation rates, and periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, work-related injuries, and unanticipated external events. Mortgage Guaranty and Title insurance results can be affected by similar factors and, most particularly, by changes in national and regional housing demand and values, the availability and cost of mortgage loans, employment trends, and default rates on mortgage loans. Mortgage guaranty results, in particular, may also be affected by various risk-sharing arrangements with business producers as well as the risk management and pricing policies of government sponsored enterprises. Life and health insurance earnings can be affected by the levels of employment and consumer spending, variations in mortality and health trends, and changes in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income on temporary holdings of short-term investments, and period-to-period variations in the costs of administering the Company’s widespread operations. A more detailed discussion of all the foregoing risks appears in Part I, Item 1A - Risk Factors, of the Company’s 2005 Form 10-K, which is specifically incorporated herein by reference.

Old Republic International Corporation
FINANCIAL HIGHLIGHTS
($ in Millions, Except Share Data)
FINANCIAL POSITION SUMMARY:	December 31,
	2006		2005
Assets:
Cash and fixed maturity securities	$	7,397.9	$	6,675.4
Equity securities		669.1		552.4
Other invested assets		163.7		166.3
Cash and invested assets		8,230.8		7,394.1
Accounts and premiums receivable		962.1		803.4
Federal income tax recoverable: current		15.5		-
Reinsurance balances recoverable		2,231.3		2,167.2
Prepaid federal income taxes		468.4		545.7
Sundry assets		703.9		632.5
Total	$	12,612.2	$	11,543.2
Liabilities and Shareholders' Equity:
Policy liabilities	$	1,398.1	$	1,228.1
Benefit and claim reserves		5,534.7		4,939.8
Federal income tax payable: current		-		129.3
deferred		469.4		421.6
Debt		144.3		142.7
Sundry liabilities		696.4		657.4
Shareholders' equity		4,369.2		4,024.0
Total	$	12,612.2	$	11,543.2

INCOME STATEMENT SUMMARY:	Quarters Ended				Years Ended
	December 31,				December 31,
	2006		2005		2006		2005
Net premiums and fees earned	$	838.9	$	886.4	$	3,400.5	$	3,386.9
Net investment income		90.6		80.7		341.6		310.1
Net realized investment gains		1.0		40.3		19.0		64.9
Other income		6.7		18.3		33.0		43.9
Total revenues		937.4		1,025.9		3,794.2		3,805.9
Benefits and claims		398.3		373.6		1,539.6		1,465.4
Sales and other expenses		386.5		440.8		1,574.3		1,593.0
Total expenses		784.8		814.4		3,114.0		3,058.5
Revenues, net of expenses		152.6		211.4		680.1		747.3
Income taxes		48.0		68.3		215.2		195.9
Net income	$	104.6	$	143.1	$	464.8	$	551.4

COMMON STOCK STATISTICS (a):
Net income: Basic	$	.45	$	.62	$	2.01	$	2.40
Diluted	$	.45	$	.61	$	1.99	$	2.37
Components of earnings per share:
Basic, net operating income	$	.45	$	.51	$	1.96	$	2.22
Realized investment gains		-		.11		.05		.18
Basic net income	$	.45	$	.62	$	2.01	$	2.40
Diluted, net operating income	$	.45	$	.50	$	1.94	$	2.19
Realized investment gains		-		.11		.05		.18
Diluted net income	$	.45	$	.61	$	1.99	$	2.37
Cash dividends on common stock:
Regular	$	.150	$	.136	$	.590	$	.512
Special (b)		-		.800		-		.800
Total	$	.150	$	.936	$	.590	$	1.312
Stock dividends		-%		25%		-%		25%
Book value per share					$	18.91	$	17.53
Common shares outstanding:
Average basic		231,037,520		229,511,029		231,017,947		229,487,273
Average diluted		233,244,626		232,587,552		233,034,986		232,108,491
Actual, end of period						231,047,890		229,575,404

(a) All per share statistics herein have been adjusted to reflect all stock dividends or splits declared through December 31, 2006.
(b) In December 2005, a special cash dividend of $.800 per share was declared and paid.
-more-

Old Republic International Corporation
SEGMENTED OPERATING SUMMARY
($ in Millions)

	Net														Pretax
	Premiums		Net								Sales				Operating			Composite
	& Fees		Investment		Other		Operating		Benefits		& Other		Total		Income			Underwriting
Segment	Earned		Income		Income		Revenues		& Claims		Expenses		Expenses		(Loss)			Ratios

Quarter Ended December 31, 2006
General	$	476.3	$	59.7	$	2.9	$	539.0	$	315.6	$	120.1	$	435.7	$	103.3			90.5	%
Mortgage		114.3		18.9		2.3		135.5		61.3		27.7		89.1		46.4			76.0	%
Title		231.4		7.0		.1		238.5		13.0		225.1		238.2		.3			102.8	%
Other		16.8		4.8		1.4		23.1		8.2		13.4		21.7		1.4			-
Consolidated	$	838.9	$	90.6	$	6.7	$	936.4	$	398.3	$	386.5	$	784.8	$	151.5			92.1	%

Quarter Ended December 31, 2005
General	$	455.2	$	52.2	$	3.5	$	511.1	$	301.0	$	118.9	$	419.9	$	91.1			91.4	%
Mortgage		107.9		17.8		3.6		129.4		45.9		28.2		74.1		55.2			65.3	%
Title		306.2		6.8		.1		313.2		18.9		272.0		290.9		22.3			95.0	%
Other		16.9		3.7		10.9		31.7		7.7		21.6		29.3		2.3			-
Consolidated	$	886.4	$	80.7	$	18.3	$	985.5	$	373.6	$	440.8	$	814.4	$	171.0			89.5	%


Year Ended December 31, 2006
General	$	1,902.1	$	221.5	$	14.9	$	2,138.7	$	1,254.2	$	482.8	$	1,737.0	$	401.6			90.3	%
Mortgage		444.3		74.3		11.3		529.9		189.9		111.4		301.4		228.4			65.3	%
Title		980.0		26.9		.3		1,007.3		58.1		918.1		976.2		31.0			99.5	%
Other		74.1		18.7		6.3		99.2		37.3		61.9		99.2		-			-
Consolidated	$	3,400.5	$	341.6	$	33.0	$	3,775.2	$	1,539.6	$	1,574.3	$	3,114.0	$	661.1			90.0	%

Year Ended December 31, 2005
General	$	1,805.2	$	197.0	$	15.3	$	2,017.6	$	1,206.8	$	460.7	$	1,667.5	$	350.0			91.5	%
Mortgage		429.5		70.1		16.4		516.0		159.7		112.5		272.2		243.7			59.6	%
Title		1,081.8		26.0		.7		1,108.6		64.8		955.0		1,019.8		88.7			94.2	%
Other		70.3		16.9		11.3		98.6		34.0		64.7		98.7		(.1	)		-
Consolidated	$	3,386.9	$	310.1	$	43.9	$	3,741.0	$	1,465.4	$	1,593.0	$	3,058.5	$	682.4			88.5	%

Old Republic International Corporation

SEGMENTED OPERATING STATISTICS

($ in Millions)

Quarters Ended

Years Ended

December 31,

2006

2005

2006

2005

General Insurance:

Benefits and claims ratio

66.3%

66.1%

65.9%

66.9%

Expense ratio

24.2%

25.3%

24.4%

24.6%

Composite ratio

90.5%

91.4%

90.3%

91.5%

Paid loss ratio

49.7%

59.8%

50.4%

53.4%

Mortgage Guaranty:

New insurance written: Traditional Primary

$ 4,272.4

$ 4,968.9

$ 17,187.0

$ 20,554.5

Bulk

6,128.2

2,478.3

13,716.7

9,944.3

Other

63.6

435.0

583.7

498.2

Total

$ 10,464.2

$ 7,882.3

$ 31,487.5

$ 30,997.1

Net risk in force: Traditional Primary

$ 14,582.1

$ 14,711.2

Bulk

2,471.1

1,758.8

Other

578.9

586.1

Total

$ 17,632.2

$ 17,056.2

Earned premiums: Direct

$ 135.0

$ 128.3

$ 524.7

$ 508.0

Net

$ 114.3

$ 107.9

$ 444.3

$ 429.5

Persistency: Traditional Primary

73.1%

65.5%

Delinquency ratio: Traditional Primary

4.41%

4.67%

Bulk

3.29%

3.67%

Claims ratio

53.7%

42.5%

42.8%

37.2%

Expense ratio

22.3%

22.8%

22.5%

22.4%

Composite ratio

76.0%

65.3%

65.3%

59.6%

Paid loss ratio

36.7%

35.3%

34.9%

33.7%

Title Insurance:

Direct orders opened

83,757

83,133

345,278

394,094

Direct orders closed

64,977

74,600

271,054

328,239

Claims ratio

5.6%

6.2%

5.9%

6.0%

Expense ratio

97.2%

88.8%

93.6%

88.2%

Composite ratio

102.8%

95.0%

99.5%

94.2%

Paid loss ratio

5.1%

3.2%

5.1%

4.3%

Consolidated:

Benefits and claims ratio

47.5%

42.1%

45.3%

43.3%

Expense ratio

44.6%

47.4%

44.7%

45.2%

Composite ratio

92.1%

89.5%

90.0%

88.5%

Paid loss ratio

35.5%

34.8%

35.3%

34.5%

* Excludes the effect resulting from the previously announced acquisition of a casualty book of business in the final quarter of 2006.

-30-

	($ in millions)
	Quarters Ended December 31,								Years Ended December 31,
	2006			2005			Change		2006			2005			Change
Net premiums earned	$	476.3		$	455.2		4.6	%	$	1,902.1		$	1,805.2		5.4	%
Net investment income		59.7			52.2		14.4			221.5			197.0		12.4
Pretax operating income	$	103.3		$	91.1		13.3	%	$	401.6		$	350.0		14.7	%

Claims ratio	66.3		%	66.1		%			65.9		%	66.9		%
Expense ratio	24.2			25.3					24.4			24.6
Composite ratio	90.5		%	91.4		%			90.3		%	91.5		%