8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report:  (Date of earliest event reported) October 25, 2007

OLD REPUBLIC INTERNATIONAL CORPORATION

-------------------------------------------------------

(Exact name of registrant as specified in its charter)

Delaware	001-10607	36-2678171
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

307 North Michigan Avenue, Chicago, Illinois 60601

---------------------------------------------------

(Address of principal executive offices) (Zip Code)

(312) 346-8100

----------------------------------------------------

(Registrant’s telephone number, including area code)

N/A

------------------------------------------------------------

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2 below):

r Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

r Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

r Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 140.14d-2(b))

r Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of  Operations and Financial Condition

On October 25, 2007, Old Republic International Corporation announced the results of its operations and its financial condition for the quarter ended September 30, 2007.  The full text of the earnings release is included as Exhibit 99.1 hereto.

Item 9.01.  Financial Statements and Exhibits

(c) Exhibits

         99.1Earnings Release dated October 25, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

OLD REPUBLIC INTERNATIONAL CORPORATION

Registrant

Date:  October 26, 2007 By:___________________________________________

                Karl W. Mueller

Senior Vice President and

Chief Financial Officer

INDEX TO EXHIBITS

-----------------

Exhibits

99.1   Earnings Release dated October 25, 2007.

EX-99.1

 NEWS BULLETIN

For Further Information:

AT OLD REPUBLIC:	AT FINANCIAL RELATIONS BOARD:
A.C. Zucaro Chairman & CEO (312) 346-8100	Leslie Loyet                             Tim Grace Analysts/Investors                Media Inquires (312) 640-6672                          (312) 640-6667 lloyet@frbir.com                     tgrace@frbir.com

FOR IMMEDIATE RELEASE	NYSE:  ORI
THURSDAY, OCTOBER 25, 2007

OLD REPUBLIC REPORTS THIRD QUARTER AND FIRST NINE MONTHS 2007 FINANCIAL RESULTS

Chicago-October 25, 2007-Old Republic International Corporation (NYSE: ORI), today reported the following results for the third quarter and first nine months of 2007:

Financial Highlights
(unaudited; amounts in millions except per share data and percentages)
	Quarters Ended September 30,							Nine Months Ended September 30,
	2007		2006		Change			2007		2006		Change
Operating Revenues	$	1,025.9	$	962.6		6.6	%	$	3,015.7	$	2,838.8		6.2	%
Net Operating Income		26.6		114.7		-76.7			238.9		348.5		-31.4
Net Income		29.2		116.1		-74.8			252.1		360.2		-30.0
Diluted Earnings Per Share:
Net Operating Income		0.11		0.49		-77.6			1.02		1.50		-32.0
Net Income	$	0.12	$	0.50		-76.0	%		1.08		1.55		-30.3
Book Value Per Share								$	19.81	$	18.71		5.9	%

Consolidated results for this year’s third quarter and first nine months were constrained by difficult operating environments for insurance provided to the housing and mortgage lending industries. As a consequence, Old Republic’s Mortgage Guaranty and Title insurance lines sustained significant reductions in underwriting profitability. Both segments registered pretax operating losses in this year’s third quarter and substantial year-over-year reductions in profits for the nine months ended September 30, 2007. Increased profitability in the Company’s General Insurance business provided a meaningful counterbalance to Mortgage Guaranty and Title insurance results but its earnings contribution was not sufficient to offset fully the profit downturn in those two segments.

      

        - more -      

    

Old Republic International Corporation

Add 1

Consolidated Results – The major components of Old Republic’s consolidated results were as follows for the periods shown:

	Quarters Ended September 30,									Nine Months Ended September 30,
	2007			2006			Change			2007			2006			Change
Operating revenues:
General insurance	$	619.5		$	551.1			12.4	%	$	1,821.5		$	1,599.6			13.9	%
Mortgage guaranty		157.0			132.0			18.9			443.4			394.3			12.4
Title insurance		226.1			254.5			-11.1			679.9			768.7			-11.5
Corporate and other		23.1			24.9						70.7			76.0
Total	$	1,025.9		$	962.6			6.6	%	$	3,015.7		$	2,838.8			6.2	%
Pretax operating income (loss):
General insurance	$	112.7		$	96.0			17.5	%	$	324.5		$	298.3			8.8	%
Mortgage guaranty		(83.0	)		58.1			-242.8			2.1			182.0			-98.8
Title insurance		(3.3	)		10.9			-130.6			1.0			30.6			-96.6
Corporate and other		4.6			1.8						9.9			(1.5	)
Sub-total		31.0			166.8			-81.4			337.6			509.5			-33.7
Realized investment gains (losses):
From sales		3.9			2.2						20.3			17.9
From impairments		-			-						-			-
Net realized investment gains		3.9			2.2						20.3			17.9
Consolidated pretax income		35.0			169.1			-79.3			357.9			527.4			-32.1
Income taxes		5.8			52.9			-89.0			105.7			167.2			-36.8
Net income	$	29.2		$	116.1			-74.8	%	$	252.1		$	360.2			-30.0	%
Consolidated underwriting ratio:
Benefits and claims ratio		66.4	%		46.2	%					55.6	%		44.6	%
Expense ratio		40.2			43.9						41.7			44.7
Composite ratio		106.6	%		90.1	%					97.3	%		89.3	%
Components of diluted net income per share:
Net operating income	$	0.11		$	0.49			-77.6	%	$	1.02		$	1.50			-32.0	%
Net realized investment gains		0.01			0.01						.06			.05
Net income	$	0.12		$	0.50			-76.0	%	$	1.08		$	1.55			-30.3	%

        Note: In this and all other tables and statements, dollar amounts are stated in millions, except per share data.

The above table shows both operating and net income to highlight the effects of realized investment gain or loss recognition and any 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 realized 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 which may emerge from time to time, can distort the comparability of the Company’s results from period to period. Accordingly, management uses net operating income, a non-GAAP financial measure, to evaluate and better explain operating performance, and believes its use enhances an understanding of Old Republic’s basic business results.

      

        - more -      

    

Old Republic International Corporation

Add 2

General Insurance Results – Favorable year-over-year earnings comparisons for Old Republic’s General Insurance Group resulted from very positive underwriting performance and continued growth of net investment income. Key indicators of that performance follow:

	Quarters Ended September 30,									Nine Months Ended September 30,
	2007			2006			Change			2007			2006			Change
Net premiums earned	$	549.5		$	492.7			11.5	%	$	1,611.4		$	1,425.7			13.0	%
Net investment income		65.3			55.1			18.6			192.8			161.8			19.2
Pretax operating income	$	112.7		$	96.0			17.5	%	$	324.5		$	298.3			8.8	%
Claims ratio		67.7	%		67.3	%					66.5	%		65.8	%
Expense ratio		23.0			24.3						24.5			24.5
Composite ratio		90.7	%		91.6	%					91.0	%		90.3	%

Substantially all general insurance premium growth in this year’s third quarter and first nine months stemmed from a new book of contractors liability insurance acquired in late 2006. Premiums from all other sources combined were slightly higher as a moderately declining rate environment is making it more difficult to retain or attract business meeting Old Republic’s underwriting standards. Premium production aside, however, the composite ratio of claim costs and expenses, the most widely accepted indicator of underwriting performance in the industry, continued at the very favorable levels shown in the above table. This marks the 22^nd consecutive quarter of positive underwriting performance for the Company’s general insurance business. Net investment income for the latest reporting periods of 2007 reflected continued growth by virtue of a greater invested asset base and slightly higher investment yields.

Mortgage Guaranty Results – A substantial increase in claims costs in this year’s third quarter drove Mortgage Guaranty operating results into negative territory for the first time in 19 years. Key indicators of this reversal in profitability are shown below.

	Quarters Ended September 30,									Nine Months Ended September 30,
	2007			2006			Change			2007			2006			Change
Net premiums earned	$	133.9		$	110.7			21.0	%	$	377.0		$	330.0			14.2	%
Net investment income		19.9			18.4			8.1			57.9			55.3			4.7
Pretax operating income (loss)	$	(83.0	)	$	58.1			-242.8	%	$	2.1		$	182.0			-98.8	%
Claims ratio		161.9	%		42.5	%					96.4	%		39.0	%
Expense ratio		15.0			21.7						18.4			22.6
Composite ratio		176.9	%		64.2	%					114.8	%		61.6	%

Mortgage Guaranty premiums rebounded throughout 2007 due to greater utilization of traditional mortgage insurance products by lending institutions. Higher persistency of traditional insured loans underwritten in prior years improved to 76.6 percent as of September 30, 2007 from 71.0 percent as of the same date in 2006. An unprecedented, cyclical downturn in housing and related mortgage finance markets, however, contributed to much higher claim costs. Such costs reflect a continuation of unfavorable loan default trends since 2006, most pronouncedly in this year’s third quarter. Loans in default status rose by 18.6 percent in the latest quarter compared with average increases of 6.1 percent in several recent quarters. While year-to-date paid loss ratios were 13.7 percent higher when compared to the nine months ended in September, 2006, greater claim reserve provisions were required to address a deteriorating claims environment. As of September 30, 2007, claim reserves of $466.5 were 102.0 percent higher than the like amount twelve months earlier. Year over year, however, the most significant factor in these regards stems from greater claim severity emanating from higher insured values and fewer loss mitigation opportunities. A declining home price environment, reduced home sales activity, and tighter lending standards in most parts of the nation have conspired to reduce such opportunities. As a consequence of all these factors, the composite ratios of claims and expenses were materially unfavorable for the third quarter and first nine months of this year. In the circumstances, the Company does not expect claims costs to return to more normal levels before 2009.

The statistical table accompanying this report provides a comparison of the key factors underlying mortgage guaranty premium growth and rising claim costs.

-more-

Old Republic International Corporation

Add 3

Title Insurance Results – Old Republic’s Title insurance segment registered a reduction in profitability in this year’s third quarter. Key performance indicators follow:

	Quarters Ended September 30,									Nine Months Ended September 30,
	2007			2006			Change			2007			2006			Change
Net premiums and fees earned	$	219.1		$	247.8			-11.6	%	$	658.7		$	748.5			-12.0	%
Net investment income		6.7			6.5			2.2			20.2			19.9			1.9
Pretax operating income (loss)	$	(3.3	)	$	10.9			-130.6	%	$	1.0		$	30.6			-96.6	%
Claims ratio		6.8	%		6.0	%					6.4	%		6.0	%
Expense ratio		97.5			92.2						96.3			92.4
Composite ratio		104.3	%		98.2	%					102.7	%		98.4	%

The Company’s title business experienced further reductions in premium and fee revenues amid a continuing downturn in the housing and related mortgage lending industries. Consistent with the experience of the prior eighteen months, direct production facilities in the Western United States sustained the greatest adverse impact in the latest quarter.

Consolidated title premium and fee revenues dropped by 11.6 percent in this year’s third quarter, while operating expenses fell by a lesser 6.2 percent. For the first nine months of the year, these amounts declined by 12.0 percent and 8.1 percent, respectively. Significant efforts to reduce operating costs have been made in the past several quarters but substantial challenges remain in redressing the imbalance between operating revenues and certain relatively fixed costs. In combination with a slightly higher claims ratio, these fluctuations produced the negative underwriting margins evidenced by the composite ratios shown in the above table. At this juncture, the Company believes that current market conditions affecting the title industry are not likely to improve much before 2009.

Corporate and Other Operations – Old Republic’s small life and health business, and the net costs associated with the parent holding company and its corporate services subsidiaries produced higher income contributions in 2007. Period-to-period variability in the results of these relatively minor elements of the Company’s operations usually stems from the volatility inherent to the Company’s small scaled life and health business, fluctuations in the timing of expense recognition related to such variable costs as stock option expenses, interest income on intercompany financing arrangements, and costs associated with a relatively small debt level.

      

        - more -      

    

Old Republic International Corporation

Add 4

Cash, Invested Assets, and Shareholders’ Equity – The following table reflects Old Republic’s consolidated cash and invested assets as well as shareholders’ equity at the dates shown:

							% Change
	September 2007		December 2006		September 2006		Sept ‘07/ Dec ‘06			Sept ‘07/ Sept ‘06
Cash and invested assets	$	8,762.4	$	8,230.8	$	7,839.3		6.4	%		11.8	%
Shareholders’ equity:
Total		4,563.9		4,369.2		4,311.6		4.5			5.9
Per share	$	19.81	$	18.91	$	18.71		4.8	%		5.9	%
Composition of shareholders’ equity per share:
Equity before items below	$	19.37	$	18.72	$	18.42		3.5	%		5.2	%
Unrealized investment gains or losses and other accumulated comprehensive income		0.44		0.19		0.29
Total	$	19.81	$	18.91	$	18.71		4.8	%		5.9	%

Cash flow from operating activities of $642.7 for the first nine months of 2007 compares with the $557.1 registered in the same period of 2006. These cash flows were additive to the invested asset base although their full benefit was curbed somewhat by the June 2007 repayment of matured corporate debt of $115.0. Through September 30, 2007 the Company raised its commercial paper borrowings by $71.0 to $90.0 to accommodate general corporate uses.

The investment portfolio reflects a current allocation of approximately 85 percent to fixed-maturity securities and 9 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 assets are managed in consideration of enterprise-wide risk management objectives and to assure solid funding of its subsidiaries’ long-term obligations to insurance policyholders and other beneficiaries. As a result, it contains little or no exposure to real estate investments, mortgage-backed securities, collateralized debt obligations, derivatives, junk bonds, illiquid private equity investments, or mortgage loans.

Substantially all of the changes in the shareholders’ equity account for the periods reported upon reflect earnings retained in excess of dividend payments.  Pursuant to standing authority, the Company reacquired a total of 1,566,100 shares of its common stock during this year’s third quarter for $28.3 or $18.13 per share.  A summary of all changes affecting book value per share follows:

	Nine Months Ended September 30, 2007			Fiscal Year Ended September 30, 2007
Beginning book value per share	$	18.91		$	18.71
Changes in shareholders’ equity for the periods:
Net operating income		1.03			1.49
Net realized investment gains (losses)		.06			.06
Net unrealized investment gains (losses)		.16			.22
Cash dividends		(.47	)		(.62	)
Treasury stock acquired		.01			.01
Stock issuance, foreign exchange, and other transactions		.11			(.06	)
Net change		.90			1.10
Ending book value per share	$	19.81		$	19.81

-more-

Old Republic International Corporation

Add 5

Conference Call Information

Old Republic has scheduled a conference call at 3:00 p.m. EDT (2:00 p.m. CDT) today to discuss its third quarter 2007 performance and review major operating trends and business developments. To access this call, log on to www.oldrepublic.com 15 minutes before the call to download the necessary software.

Investors may access a replay of the call by dialing 888-203-1112, passcode 4461318, which will be available through November 1, 2007. The replay will also be available on Old Republic International’s website through November 25, 2007.

About Old Republic

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 property & liability, mortgage guaranty, and title insurance fields. One of the nation’s 50 largest publicly owned insurance organizations, Old Republic has assets of approximately $13.1 billion and shareholders’ equity of $4.5 billion or $19.81 per share. Its current stock market valuation is approximately $3.6 billion, or $15.62 per share.

The nature of Old Republic’s business demands that it be managed for the long run. For the 25 years ended in 2006, the Company’s total market return, with dividends reinvested, has grown at a compounded annual rate of 15.8 percent per share. For the same period, the total market return, with dividends reinvested, for the S&P 500 Index has grown at a 13.3 percent annual compound rate. During those years, Old Republic’s shareholders’ equity account, inclusive of cash dividends, has risen at an average annual rate of 14.1 percent per share, and the regular cash dividend has grown at a 10.1 percent annual compound rate. According to the Fall 2007 edition of Mergent’s Dividend Achievers, Old Republic is one of just 117 companies, out of 10,000-plus publicly held corporations, that have posted at least 25 consecutive years of annual dividend growth.

Safe Harbor Statement

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 other 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 

-more-

Old Republic International Corporation

Add 6

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 2006 Form 10-K, which is specifically incorporated herein by reference.

Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.

For the latest news releases and other corporate documents on Old Republic:

Please write to:

Investor Relations

Old Republic International Corporation

307 North Michigan Avenue

Chicago, IL  60601

312-346-8100

or visit us at www.oldrepublic.com

Financial Tables Follow….

      

        - more -      

    

Old Republic International Corporation

Add 7

Old Republic International Corporation

Financial Summary (Unaudited)

	September 30,		December 31,		September 30,
FINANCIAL POSITION SUMMARY:	2007		2006		2006
Assets:
Cash and fixed maturity securities	$	7,829.2	$	7,397.9	$	7,057.7
Equity securities		760.9		669.1		630.5
Other invested assets		172.3		163.7		151.1
Cash and invested assets		8,762.4		8,230.8		7,839.3
Accounts and premiums receivable		936.1		962.1		828.2
Federal income tax recoverable: current		-		15.5		5.4
Reinsurance balances recoverable		2,249.9		2,231.3		2,317.5
Prepaid federal income taxes		536.5		468.4		468.4
Sundry assets		687.9		703.9		654.0
Total	$	13,173.1	$	12,612.2	$	12,113.1
Liabilities and Shareholders’ Equity:
Policy liabilities	$	1,458.3	$	1,398.1	$	1,349.1
Benefit and claim reserves		5,908.4		5,534.7		5,240.0
Federal income tax payable: current		9.7		-		-
Federal income tax payable: deferred		462.7		469.4		459.8
Debt		93.8		144.3		144.0
Sundry liabilities		675.9		696.4		608.4
Shareholders’ equity		4,563.9		4,369.2		4,311.6
Total	$	13,173.1	$	12,612.2	$	12,113.1

INCOME STATEMENT SUMMARY:	Quarters Ended  September 30,						Nine Months Ended September 30,						Fiscal Twelve Months Ended September 30,
	2007			2006			2007			2006			2007			2006
Net premiums and fees earned	$	921.1		$	869.2		$	2,704.2		$	2,561.5		$	3,543.2		$	3,448.0
Net investment income		95.1			85.6			280.4			250.9			371.0			331.7
Net realized investment gains		3.9			2.2			20.3			17.9			21.3			58.3
Other income		9.6			7.7			31.1			26.2			37.9			44.5
Total revenues		1,029.8			964.9			3,036.0			2,856.7			3,973.5			3,882.7
Benefits and claims		611.8			401.9			1,503.2			1,141.3			1,901.5			1,515.0
Sales and other expenses		382.9			393.8			1,174.8			1,187.8			1,561.3			1,628.7
Total expenses		994.8			795.7			2,678.1			2,329.2			3,462.9			3,143.7
Revenues, net of expenses		35.0			169.1			357.9			527.4			510.6			738.9
Income taxes		5.8			52.9			105.7			167.2			153.8			235.6
Net income	$	29.2		$	116.1		$	252.1		$	360.2		$	356.7		$	503.3
COMMON STOCK STATISTICS (a):
Net income: Basic	$	.13		$	.50		$	1.09		$	1.56		$	1.55		$	2.18
Diluted	$	.12		$	.50		$	1.08		$	1.55		$	1.52		$	2.16
Components of earnings per share:
Basic, net operating income	$	.12		$	.49		$	1.03		$	1.51		$	1.49		$	2.02
Realized investment gains		.01			.01			.06			.05			.06			.16
Basic net income	$	.13		$	.50		$	1.09		$	1.56		$	1.55		$	2.18
Diluted, net operating income	$	.11		$	.49		$	1.02		$	1.50		$	1.46		$	2.00
Realized investment gains		.01			.01			.06			.05			.06			.16
Diluted net income	$	.12		$	.50		$	1.08		$	1.55		$	1.52		$	2.16
Cash dividends on common stock:
Regular	$	.160		$	.150		$	.470		$	.440		$	.620		$	.576
Special (b)		-			-			-			-			-			.800
Total	$	.160		$	.150		$	.470		$	.440		$	.620		$	1.376
Stock dividends		-	%		-	%		-	%		-	%		-	%		25	%
Book value per share													$	19.81		$	18.71
Common shares outstanding:
Average basic		231,014,468			230,470,356			231,627,204			230,456,409			231,309,353			230,436,013
Average diluted		232,298,642			232,517,359			233,448,109			232,551,819			233,310,027			232,814,754
Actual, end of period														230,404,322			230,480,228

(a) Per share statistics herein have been adjusted to reflect all stock dividends or splits declared through September 30, 2007.

(b) In December 2005, a special cash dividend of $.800 per share was declared and paid.

-more-

Old Republic International Corporation

Add 8

Old Republic International Corporation

Segmented Operating Summary (Unaudited)

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

Quarter Ended September 30, 2007

General	$	549.5	$	65.3	$	4.7	$	619.5	$	371.8	$	134.9	$	506.7	$	112.7		90.7	%
Mortgage		133.9		19.9		3.1		157.0		216.8		23.2		240.0		(83.0	)	176.9
Title		219.1		6.7		.3		226.1		14.9		214.5		229.5		(3.3	)	104.3
Other		18.6		3.0		1.4		23.1		8.2		10.2		18.4		4.6		-
Consolidated	$	921.1	$	95.1	$	9.6	$	1,025.9	$	611.8	$	382.9	$	994.8	$	31.0		106.6	%

Quarter Ended September 30, 2006

General	$	492.7	$	55.1	$	3.2	$	551.1	$	331.8	$	123.3	$	455.1	$	96.0	91.6	%
Mortgage		110.7		18.4		2.8		132.0		47.0		26.8		73.9		58.1	64.2
Title		247.8		6.5		.1		254.5		14.8		228.7		243.6		10.9	98.2
Other		18.0		5.4		1.5		24.9		8.2		14.9		23.1		1.8	-
Consolidated	$	869.2	$	85.6	$	7.7	$	962.6	$	401.9	$	393.8	$	795.7	$	166.8	90.1	%

Nine Months Ended September 30, 2007

General	$	1,611.4	$	192.8	$	17.2	$	1,821.5	$	1,072.2	$	424.7	$	1,497.0	$	324.5	91.0	%
Mortgage		377.0		57.9		8.4		443.4		363.3		77.9		441.2		2.1	114.8
Title		658.7		20.2		.9		679.9		42.1		636.7		678.9		1.0	102.7
Other		57.0		9.2		4.4		70.7		25.5		35.3		60.8		9.9	-
Consolidated	$	2,704.2	$	280.4	$	31.1	$	3,015.7	$	1,503.2	$	1,174.8	$	2,678.1	$	337.6	97.3	%

Nine Months Ended September 30, 2006

General	$	1,425.7	$	161.8	$	12.0	$	1,599.6	$	938.5	$	362.7	$	1,301.3	$	298.3		90.3	%
Mortgage		330.0		55.3		8.9		394.3		128.5		83.7		212.3		182.0		61.6
Title		748.5		19.9		.2		768.7		45.0		692.9		738.0		30.6		98.4
Other		57.2		13.9		4.8		76.0		29.1		48.4		77.5		(1.5	)	-
Consolidated	$	2,561.5	$	250.9	$	26.2	$	2,838.8	$	1,141.3	$	1,187.8	$	2,329.2	$	509.5		89.3	%

Fiscal Twelve Months Ended September 30, 2007

General	$	2,087.8	$	252.6	$	20.1	$	2,360.6	$	1,387.8	$	544.9	$	1,932.7	$	427.8	90.9	%
Mortgage		491.3		76.9		10.7		579.0		424.7		105.6		530.4		48.5	105.8
Title		890.1		27.3		1.0		918.5		55.2		861.9		917.1		1.4	102.7
Other		73.9		14.0		5.9		93.9		33.7		48.8		82.6		11.3	-
Consolidated	$	3,543.2	$	371.0	$	37.9	$	3,952.1	$	1,901.5	$	1,561.3	$	3,462.9	$	489.2	96.1	%

Fiscal Twelve Months Ended September 30, 2006

General	$	1,881.0	$	214.0	$	15.6	$	2,110.7	$	1,239.6	$	481.6	$	1,721.2	$	389.5	90.6	%
Mortgage		437.9		73.2		12.5		523.7		174.4		111.9		286.5		237.2	62.5
Title		1,054.8		26.7		.4		1,082.0		64.0		964.9		1,029.0		53.0	97.5
Other		74.2		17.6		15.8		107.7		36.8		70.1		106.9		.8	-
Consolidated	$	3,448.0	$	331.7	$	44.5	$	3,824.3	$	1,515.0	$	1,628.7	$	3,143.7	$	680.6	89.3	%

In the above tables, 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 -- $3.4, $11.7, and $13.9 compared to $.3, $.9, and $1.0 for the quarter, nine months and fiscal twelve month periods ending September 30, 2007 and 2006, respectively; Title -- $.6, $1.5, and $1.6 for the quarter, nine months and fiscal twelve month periods ending September 30, 2007 compared to zero for the corresponding 2006 periods.

-more-

Old Republic International Corporation

Add 9

Old Republic International Corporation

Segmented Operating Statistics

	Quarters Ended						Nine Months Ended						Fiscal Twelve Months Ended
	September 30,						September 30,						September 30,
	2007			2006			2007			2006			2007			2006
General Insurance:
Benefits and claims ratio		67.7	%		67.3	%		66.5	%		65.8	%		66.5	%		65.9	%
Expense ratio		23.0			24.3			24.5			24.5			24.4			24.7
Composite ratio		90.7	%		91.6	%		91.0	%		90.3	%		90.9	%		90.6	%
Paid loss ratio		56.2	%		51.2	%		54.5	%		50.7	%		53.4	%*		52.9	%
Mortgage Guaranty:
New insurance written:
Traditional Primary	$	9,398.8		$	4,561.5		$	21,174.3		$	12,914.6		$	25,446.7		$	17,883.6
Bulk		2,180.5			3,349.5			10,667.5			7,588.4			16,795.7			10,066.8
Other		197.1			379.3			443.9			520.1			507.5			955.1
Total	$	11,776.5		$	8,290.4		$	32,285.7		$	21,023.2		$	42,750.0		$	28,905.6
Net risk in force:
Traditional Primary													$	17,070.6		$	14,544.5
Bulk														2,641.7			1,986.3
Other														507.3			595.0
Total													$	20,219.7		$	17,125.8
By loan type:
Traditional Primary:
Fixed rate														93.6	%		91.9	%
Adjustable rate														6.4	%		8.1	%
Bulk:
Fixed rate														70.7	%		62.2	%
Adjustable rate														29.3	%		37.8	%
Earned premiums:
Direct	$	157.4		$	130.8		$	444.2		$	389.6		$	579.3		$	517.9
Net	$	133.9		$	110.7		$	377.0		$	330.0		$	491.3		$	437.9
Persistency:
Traditional Primary														76.6	%		71.0	%
Bulk														67.6	%		69.8	%
Delinquency ratio:
Traditional Primary														4.75	%		4.28	%
Bulk														4.84	%		3.48	%
Claims ratio		161.9	%		42.5	%		96.4	%		39.0	%		86.5	%		39.8	%
Expense ratio		15.0			21.7			18.4			22.6			19.3			22.7
Composite ratio		176.9	%		64.2	%		114.8	%		61.6	%		105.8	%		62.5	%
Paid loss ratio		44.1	%		33.3	%		39.0	%		34.3	%		38.5	%		34.6	%
Risk to capital ratio														11.4			9.7
Title Insurance:
Direct orders opened		71,931			85,457			241,350			261,521			325,107			344,654
Direct orders closed		53,787			68,107			177,439			206,077			242,416			280,677
Claims ratio		6.8	%		6.0	%		6.4	%		6.0	%		6.2	%		6.1	%
Expense ratio		97.5			92.2			96.3			92.4			96.5			91.4
Composite ratio		104.3	%		98.2	%		102.7	%		98.4	%		102.7	%		97.5	%
Paid loss ratio		5.8	%		5.0	%		7.0	%		5.1	%		6.5	%		4.5	%
Consolidated:
Benefits and claims ratio		66.4	%		46.2	%		55.6	%		44.6	%		53.7	%		43.9	%
Expense ratio		40.2			43.9			41.7			44.7			42.4			45.4
Composite ratio		106.6	%		90.1	%		97.3	%		89.3	%		96.1	%		89.3	%
Paid loss ratio		41.9	%		35.6	%		40.5	%		35.3	%		39.3	%*		35.2	%

*Excludes the effect of a casualty book of business acquired in the final quarter of 2006.

-30-