10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM	10-Q

☒	Quarterly report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934
	for the quarterly period ended:	June 30, 2021
or
☐	Transition report pursuant to section 13 or 15(d) of the Security Exchange Act of 1934

Commission File Number: 001-10607

OLD REPUBLIC INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	36-2678171
(State or other jurisdiction of	(IRS Employer Identification No.)
incorporation or organization)

307 North Michigan Avenue	Chicago	Illinois	60601
(Address of principal executive office)			(Zip Code)

Registrant's telephone number, including area code: 312-346-8100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock / $1 par value	ORI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒ No: ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes: ☒ No: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).Yes: ☐  No: ☒

The number of shares of the Registrant's Common Stock outstanding at June 30, 2021 was 305,738,392.

There are 48 pages in this report

OLD REPUBLIC INTERNATIONAL CORPORATION
Report on Form 10-Q / June 30, 2021
INDEX
		PAGE NO.
PART I	FINANCIAL INFORMATION:
	CONSOLIDATED BALANCE SHEETS	3
	CONSOLIDATED STATEMENTS OF INCOME	4
	CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	5
	CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND COMMON
	SHAREHOLDERS' EQUITY	6
	CONSOLIDATED STATEMENTS OF CASH FLOWS	7
	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	8 - 18
	MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS	19 - 43
	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	44
	CONTROLS AND PROCEDURES	44
PART II	OTHER INFORMATION:
	ITEM 1 - LEGAL PROCEEDINGS	45
	ITEM 1A - RISK FACTORS	45
	ITEM 6 - EXHIBITS	46
SIGNATURE		47
EXHIBIT INDEX		48

2

Old Republic International Corporation and Subsidiaries
Consolidated Balance Sheets
($ in Millions, Except Share Data)
	(Unaudited)
	June 30,		December 31,
	2021		2020
Assets
Investments:
Available for sale:
Fixed maturity securities (at fair value) (amortized cost: $10,063.4 and $9,897.6)	$	10,481.2	$	10,496.8
Short-term investments (at fair value which approximates cost)	634.1		749.6
Total	11,115.4		11,246.4
Equity securities (at fair value) (cost: $3,931.5 and $3,269.7)	5,204.1		4,054.8
Other investments	29.3		28.8
Total Investments	16,348.8		15,330.1
Other Assets:
Cash	109.2		118.7
Accrued investment income	85.8		86.4
Accounts and notes receivable	1,828.7		1,593.9
Federal income tax recoverable: Current	18.2		—
Reinsurance balances and funds held	258.2		205.0
Reinsurance recoverable: Paid losses	86.8		67.6
Policy and claim reserves	4,792.2		4,295.1
Deferred policy acquisition costs	346.4		328.0
Sundry assets	803.5		790.0
Total Other Assets	8,329.5		7,485.0
Total Assets	$	24,678.4	$	22,815.2
Liabilities, Preferred Stock, and Common Shareholders' Equity
Liabilities:
Losses, claims, and settlement expenses	$	11,175.2	$	10,671.0
Unearned premiums	2,638.4		2,397.1
Other policyholders' benefits and funds	199.5		195.9
Total policy liabilities and accruals	14,013.2		13,264.2
Commissions, expenses, fees, and taxes	611.9		663.5
Reinsurance balances and funds	966.5		725.4
Federal income tax payable: Current	—		4.2
Deferred	211.1		137.3
Debt	1,590.1		966.4
Sundry liabilities	506.8		867.3
Commitments and contingent liabilities
Total Liabilities	17,899.8		16,628.5
Preferred Stock (1)	—		—
Common Shareholders' Equity:
Common stock (1)	305.7		304.1
Additional paid-in capital	1,337.6		1,306.9
Retained earnings	5,082.1		4,394.8
Accumulated other comprehensive income (loss)	150.4		284.0
Unallocated ESSOP shares (at cost)	(97.3)		(103.2)
Total Common Shareholders' Equity	6,778.6		6,186.6
Total Liabilities, Preferred Stock and Common Shareholders' Equity	$	24,678.4	$	22,815.2

________

(1)    At June 30, 2021 and December 31, 2020, there were 75,000,000 shares of $0.01 par value preferred stock authorized, of which no shares were outstanding. As of the same dates, there were 500,000,000 shares of common stock, $1.00 par value, authorized, of which 305,738,392 and 304,122,180 were issued as of June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, there were 100,000,000 shares of Class B Common Stock, $1.00 par value, authorized, of which no shares were issued.

See accompanying Notes to Consolidated Financial Statements.

3

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
($ in Millions, Except Share Data)
	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Revenues:
Net premiums earned	$	1,868.5	$	1,453.0	$	3,600.7	$	2,931.1
Title, escrow, and other fees	118.7		86.3		225.4		167.6
Total premiums and fees	1,987.3		1,539.4		3,826.2		3,098.8
Net investment income	107.6		108.7		211.9		222.9
Other income	37.8		32.0		74.1		66.7
Total operating revenues	2,132.8		1,680.2		4,112.4		3,388.5
Investment gains (losses):
Realized from actual transactions	1.0		(7.3)		8.9		11.2
Unrealized from changes in fair value of
equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment
gains (losses)	120.9		346.7		496.4		(597.4)
Total revenues	2,253.7		2,027.0		4,608.8		2,791.0
Benefits, Claims and Expenses:
Benefits, claims and settlement expenses	615.8		617.8		1,213.8		1,237.5
Dividends to policyholders	9.1		6.2		14.5		9.1
Underwriting, acquisition, and other expenses	1,220.6		893.2		2,330.9		1,792.7
Interest and other charges	12.1		10.4		22.8		22.3
Total expenses	1,857.7		1,527.8		3,582.2		3,061.8
Income (loss) before income taxes (credits)	396.0		499.1		1,026.6		(270.8)
Income Taxes (Credits):
Current	46.6		25.9		97.4		65.9
Deferred	32.9		75.5		110.6		(129.7)
Total	79.5		101.4		208.0		(63.7)
Net Income (Loss)	$	316.4	$	397.7	$	818.5	$	(207.0)
Net Income (Loss) Per Share:
Basic	$	1.06	$	1.34	$	2.73	$	(.69)
Diluted	$	1.05	$	1.34	$	2.72	$	(.69)
Average shares outstanding: Basic	299,934,621		297,523,559		299,831,932		298,915,853
Diluted	302,328,012		297,776,315		301,381,955		298,915,853

See accompanying Notes to Consolidated Financial Statements.

4

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
($ in Millions)
	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Net Income (Loss) As Reported	$	316.4	$	397.7	$	818.5	$	(207.0)
Other comprehensive income (loss):
Unrealized gains (losses) on securities:
Unrealized gains (losses) before reclassifications,
not included in the statements of income	61.4		462.4		(180.9)		289.2
Amounts reclassified as realized investment (gains)
losses in the statements of income	(.6)		8.8		(1.0)		8.5
Pretax unrealized gains (losses) on securities	60.7		471.3		(182.0)		297.7
Deferred income taxes (credits)	12.7		99.2		(38.4)		62.8
Net unrealized gains (losses) on securities, net of tax	47.9		372.0		(143.6)		234.8
Defined benefit pension plans:
Net pension adjustment before reclassifications	—		—		—		—
Amounts reclassified as underwriting, acquisition,
and other expenses in the statements of income	1.8		.9		3.6		1.8
Pretax net adjustment related to defined benefit
pension plans	1.8		.9		3.6		1.8
Deferred income taxes (credits)	.3		.1		.7		.3
Net adjustment related to defined benefit pension
plans, net of tax	1.4		.7		2.9		1.4
Foreign currency translation adjustment	4.0		4.0		7.0		(6.5)
Total other comprehensive income (loss)	53.4		376.8		(133.6)		229.8
Comprehensive Income (Loss)	$	369.8	$	774.5	$	684.9	$	22.7

See accompanying Notes to Consolidated Financial Statements.

5

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Preferred Stock
and Common Shareholders' Equity (Unaudited)
($ in Millions)
	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Preferred Stock:
Balance, beginning and end of period	$	—	$	—	$	—	$	—
Common Stock:
Balance, beginning of period	$	304.7	$	303.9	$	304.1	$	303.6
Dividend reinvestment plan	—		—		—		—
Net issuance of shares under stock based compensation plans	.9		—		1.5		.3
Balance, end of period	$	305.7	$	304.0	$	305.7	$	304.0
Additional Paid-in Capital:
Balance, beginning of period	$	1,318.9	$	1,304.2	$	1,306.9	$	1,297.5
Dividend reinvestment plan	.2		.2		1.4		.4
Net issuance of shares under stock based compensation plans	16.6		.3		24.4		4.7
Stock based compensation	.2		.3		2.6		1.5
ESSOP shares released	1.5		—		2.1		.8
Balance, end of period	$	1,337.6	$	1,305.1	$	1,337.6	$	1,305.1
Retained Earnings:
Balance, beginning of period	$	4,831.4	$	3,715.8	$	4,394.8	$	4,386.0
Adoption of new accounting principle (1)	—		—		—		(2.3)
Balance, beginning of period, as adjusted	4,831.4		3,715.8		4,394.8		4,383.6
Net income (loss)	316.4		397.7		818.5		(207.0)
Dividends on common shares ($.22, $.21, $.44 and $.42 per
common share)	(65.7)		(62.3)		(131.2)		(125.3)
Balance, end of period	$	5,082.1	$	4,051.2	$	5,082.1	$	4,051.2
Accumulated Other Comprehensive Income (Loss):
Balance, beginning of period	$	96.9	$	(69.2)	$	284.0	$	77.7
Net unrealized gains (losses) on securities, net of tax	47.9		372.0		(143.6)		234.8
Net adjustment related to defined benefit pension plans,
net of tax	1.4		.7		2.9		1.4
Foreign currency translation adjustment	4.0		4.0		7.0		(6.5)
Balance, end of period	$	150.4	$	307.5	$	150.4	$	307.5
Unallocated ESSOP Shares:
Balance, beginning of period	$	(100.3)	$	(111.9)	$	(103.2)	$	(64.8)
ESSOP shares released	2.9		2.8		5.9		5.7
Purchase of unallocated ESSOP shares	—		—		—		(50.0)
Balance, end of period	$	(97.3)	$	(109.0)	$	(97.3)	$	(109.0)

_______

(1)Reflects the Company's adoption of a new accounting principle relating to credit losses effective January 1, 2020. Refer to additional discussion in Note 1 to the Consolidated Financial Statements.    

See accompanying Notes to Consolidated Financial Statements.

6

Old Republic International Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
($ in Millions)
	Six Months Ended
	June 30,
	2021		2020
Cash flows from operating activities:
Net income (loss)	$	818.5	$	(207.0)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Deferred policy acquisition costs	(18.3)		5.9
Premiums and other receivables	(234.7)		(301.4)
Unpaid claims and related items	205.3		208.6
Unearned premiums and other policyholders' liabilities	46.1		(23.7)
Income taxes	89.0		(140.8)
Reinsurance balances	168.7		244.7
Realized investment (gains) losses from actual transactions	(8.9)		(11.2)
Unrealized investment (gains) losses from changes in fair value
of equity securities	(487.4)		608.7
Accounts payable, accrued expenses and other	(62.7)		54.7
Total	515.4		438.3
Cash flows from investing activities:
Fixed maturity securities:
Maturities and early calls	740.6		543.3
Sales	168.3		194.2
Sales of:
Equity securities	197.7		151.6
Other - net	4.8		4.9
Purchases of:
Fixed maturity securities	(1,086.2)		(518.1)
Equity securities	(850.5)		(271.2)
Other - net	(30.2)		(19.9)
Net decrease (increase) in short-term investments	115.7		(311.5)
Other - net	—		—
Total	(739.6)		(226.7)
Cash flows from financing activities:
Issuance of debentures and notes	642.5		—
Issuance of common shares	27.5		5.6
Redemption of debentures and notes	(19.5)		(6.5)
Purchase of unallocated common shares by ESSOP	—		(50.0)
Dividends on common shares (including a special dividend paid in January
2021 of $304.0)	(435.3)		(125.3)
Other - net	(.6)		(.2)
Total	214.7		(176.3)
Increase (decrease) in cash	(9.4)		35.2
Cash, beginning of period	118.7		78.8
Cash, end of period	$	109.2	$	114.0
Supplemental cash flow information:
Cash paid (received) during the period for: Interest	$	20.4	$	20.7
Income taxes	$	119.2	$	78.0

See accompanying Notes to Consolidated Financial Statements.

7

OLD REPUBLIC INTERNATIONAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

($ in Millions, Except Share Data)

1. Accounting Policies and Basis of Presentation:

The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP"). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2020 Annual Report on Form 10-K incorporated herein by reference.

Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. Recent pronouncements are discussed below.

Effective January 1, 2020, the Company adopted the FASB’s accounting guidance on current expected credit loss ("CECL") which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of certain financial assets measured at amortized cost, primarily including the Company’s reinsurance recoverables, and its accounts and notes receivable. CECL replaced the incurred loss impairment model that recognized losses when a probability threshold was met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased and at subsequent measurement dates. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheet.

The guidance relating to financial assets measured at amortized cost was adopted on a modified retrospective basis, resulting in a net of tax adjustment to January 1, 2020 retained earnings of $2.3. The Company’s January 1, 2020 credit loss allowance of $30.1 was comprised of $14.5 related to reinsurance recoverables, $15.5 related to accounts and notes receivable, and an immaterial amount related to held to maturity securities. The June 30, 2021 allowance included $16.0 related to reinsurance recoverables and $19.6 related to accounts and notes receivable. No significant charges were made to the allowance during the six months ended June 30, 2021.

The guidance also modified the impairment model for available for sale fixed maturity securities by requiring the recognition of credit losses through an allowance account, as opposed to a charge that cannot be revised should the underlying security recover. Under the guidance, the length of time a security has been in an unrealized loss position will no longer impact the determination as to whether a credit loss exists. The revised guidance for available for sale fixed maturity securities was adopted on a prospective basis and the related disclosures summarizing this standard’s impact on the Company’s investment portfolio are included in Note 3.

The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation.

Reclassifications - Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation.

Immaterial Adjustment - The Company recorded immaterial adjustments to present revenues gross of the applicable commission expenses in the June 30, 2020 consolidated statements of income and comprehensive income by: increasing net premiums earned by $99.9 and $201.3 for the quarter and six months, respectively, decreasing title, escrow and other fees by $43.6 and $82.4 for the quarter and six months, respectively, and increasing underwriting, acquisition, and other expenses by $56.3 and $118.8. These immaterial adjustments were made to conform all prior periods to the current presentation and had no impact on net income (loss), comprehensive income (loss) or shareholders' equity.

2. Common Share Data:

Earnings Per Share - Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.

8

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Basic and diluted earnings per share -
income (loss) available to common stockholders	$	316.4	$	397.7	$	818.5	$	(207.0)
Denominator:
Basic earnings per share -
weighted-average shares (a)	299,934,621		297,523,559		299,831,932		298,915,853
Effect of dilutive securities - stock based
compensation awards	2,393,391		252,756		1,550,023		—
Diluted earnings per share -
adjusted weighted-average shares (a)	302,328,012		297,776,315		301,381,955		298,915,853
Earnings per share: Basic	$	1.06	$	1.34	$	2.73	$	(.69)
Diluted	$	1.05	$	1.34	$	2.72	$	(.69)
Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock based compensation awards	—		8,065,611		350,000		9,570,275

__________

(a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.

3. Investments:

The Company classifies its fixed maturity securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. The Company's entire fixed maturity portfolio is classified as available for sale. As of June 30, 2020 the Company changed its intent to hold its tax exempt municipal bond portfolio until maturity and consequently, reclassified these securities from their previous held to maturity designation to available for sale. As a result, a net of tax unrealized gain of $48.5 was recognized in other comprehensive income for the quarter and six months ended June 30, 2020.

Fixed maturity securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values for fixed maturity securities and equity securities are based on quoted market prices or estimates using values obtained from recognized independent pricing services. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).

The status and fair value changes of each of the fixed maturity investments are reviewed at least once per quarter during the year to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Factors considered in making this assessment include a security's market price history, as well as the issuer's operating results, financial condition and liquidity, its ability to access capital markets and to make scheduled principal or interest payments, credit rating trends, most current audited financial statements, industry and securities markets conditions and analyst expectations. Sudden fair value declines caused by such adverse developments as newly emerged or imminent bankruptcy filings, issuer default on significant obligations, or reports of financial accounting developments that bring into question the validity of the issuer's previously reported earnings or financial condition, are recognized as realized losses as soon as credible publicly available information emerges to confirm such developments. The Company recorded no allowance for credit losses as of June 30, 2021, and December 31, 2020.

The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

9

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed Maturity Securities by Type:
June 30, 2021:
U.S. & Canadian Governments	$	2,033.1	$	66.7	$	4.3	$	2,095.6
Tax-exempt	973.1		53.5		—		1,026.7
Corporate	7,057.0		335.8		34.0		7,358.9
	$	10,063.4	$	456.1	$	38.3	$	10,481.2
December 31, 2020:
U.S. & Canadian Governments	$	1,967.1	$	96.4	$	.3	$	2,063.2
Tax-exempt	997.1		66.3		—		1,063.5
Corporate	6,933.3		440.1		3.4		7,370.0
	$	9,897.6	$	602.9	$	3.8	$	10,496.8

	Amortized Cost		Estimated Fair Value
Fixed Maturity Securities Stratified by Contractual Maturity at June 30, 2021:
Due in one year or less	$	1,067.7	$	1,077.7
Due after one year through five years	5,307.3		5,578.6
Due after five years through ten years	3,606.5		3,741.2
Due after ten years	81.8		83.5
	$	10,063.4	$	10,481.2

The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:

	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2021:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	497.8	$	4.3	$	—	$	—	$	497.8	$	4.3
Corporate	1,237.3		34.0		—		—		1,237.3		34.0
	$	1,735.1	$	38.3	$	—	$	—	$	1,735.1	$	38.3
Number of securities in
unrealized loss position			236				2				238
December 31, 2020:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	416.4	$	.3	$	—	$	—	$	416.4	$	.3
Corporate	333.6		3.4		—		—		333.6		3.4
	$	750.0	$	3.8	$	—	$	—	$	750.0	$	3.8
Number of securities in
unrealized loss position			74				3				77

In the above tables the unrealized losses on fixed maturity securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers its intent and ability to continue to hold the securities until cost recovery, principally in consideration of its asset and liability matching objectives.

10

The following table shows cost and fair value information for equity securities:

	Equity Securities
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2021	$	3,931.5	$	1,350.9	$	78.3	$	5,204.1
December 31, 2020	$	3,269.7	$	1,028.1	$	243.0	$	4,054.8

During the second quarter and first six months of 2021 and 2020, the Company recognized pretax unrealized investment gains (losses) of $119.9 and $487.4, respectively for 2021, and $354.0 and $(608.7), respectively for 2020, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at June 30, 2021 and 2020 were $119.9 and $479.7 for the second quarter and first six months of 2021, respectively, and $351.9 and $(602.7) for the second quarter and first six months of 2020, respectively.

Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources ("inputs") used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value.

The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed maturity and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value.

Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of June 30, 2021 and December 31, 2020.

The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:

	Fair Value Measurements
As of June 30, 2021:	Level 1		Level 2		Level 3		Total
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	1,324.0	$	771.6	$	—	$	2,095.6
Tax-exempt	—		1,026.7		—		1,026.7
Corporate	—		7,348.4		10.5		7,358.9
Short-term investments	634.1		—		—		634.1
Equity securities	$	5,202.2	$	—	$	1.8	$	5,204.1
As of December 31, 2020:
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	1,262.2	$	801.0	$	—	$	2,063.2
Tax-exempt	—		1,063.5		—		1,063.5
Corporate	—		7,359.5		10.5		7,370.0
Short-term investments	749.6		—		—		749.6
Equity securities	$	4,052.9	$	—	$	1.8	$	4,054.8

There were no transfers between Levels 1, 2 or 3 during the quarter ended June 30, 2021.

11

Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed maturity securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date.

Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at date of sale for fixed maturity securities, and cost in regard to equity securities; such bases apply to the specific securities sold. Unrealized gains and (losses) from changes in fair value of equity securities are recorded as investment gains (losses) in the income statement. Unrealized investment gains (losses) on fixed maturity securities, net of any deferred income taxes, are recorded directly as a component of accumulated other comprehensive income in shareholders' equity. At June 30, 2021, the Company and its subsidiaries did not have significant amounts of non-income producing fixed maturity or equity securities.

The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Investment income:
Fixed maturity securities	$	72.6	$	72.4	$	142.4	$	147.0
Equity securities	35.4		36.8		71.6		75.0
Short-term investments	—		.2		—		2.1
Other sources	.7		1.1		.7		2.3
Gross investment income	108.9		110.6		214.9		226.5
Investment expenses (a)	1.3		1.9		2.9		3.6
Net investment income	$	107.6	$	108.7	$	211.9	$	222.9
Investment gains (losses):
From actual transactions:
Fixed maturity securities:
Gains	$	1.0	$	2.7	$	1.6	$	3.6
Losses	(.3)		(11.6)		(.5)		(12.2)
Net	.6		(8.8)		1.0		(8.5)
Equity securities:
Gains	.3		1.5		36.7		21.0
Losses	—		—		(28.8)		(1.2)
Net	.3		1.5		7.8		19.8
Total from actual transactions	1.0		(7.3)		8.9		11.2
From unrealized changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Current and deferred income taxes (credits)	25.4		72.8		105.0		(125.7)
Net of tax realized and unrealized investment gains (losses)	$	95.5	$	273.8	$	391.3	$	(471.7)
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed maturity securities	$	60.2	$	467.2	$	(180.8)	$	294.4
Less: Deferred income taxes (credits)	12.6		98.3		(38.1)		62.1
	47.6		368.8		(142.6)		232.2
Other investments	.4		4.0		(1.2)		3.3
Less: Deferred income taxes (credits)	—		.8		(.2)		.7
	.3		3.2		(.9)		2.6
Net changes in unrealized investment gains (losses),
net of tax	$	47.9	$	372.0	$	(143.6)	$	234.8

__________

(a)    Investment expenses largely consist of personnel costs and investment management and custody service fees.

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4. Losses, Claims and Settlement Expenses:

The establishment of claim reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the incurrence of possibly higher or lower than anticipated claim costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.

All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging claim experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of claims in future years, may offset, in whole or in part, favorable or unfavorable claim developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. The Company believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of claims incurred. However, no representation is made nor is any guaranty given that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates.

The Company’s accounting policy regarding the establishment of claim reserve estimates is described in Note 1(h) to the consolidated financial statements included in Old Republic’s 2020 Annual Report on Form 10-K. The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the periods shown.

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Summary of changes in aggregate reserves for claims and related costs:

	Six Months Ended
	June 30,
	2021		2020
Gross reserves at beginning of period	$	10,671.0	$	9,929.5
Less: reinsurance losses recoverable	3,650.5		3,249.7
Net reserves at beginning of period:
General Insurance	6,328.0		6,021.3
Title Insurance	556.1		530.9
RFIG Run-off	127.6		118.9
Other	8.6		8.4
Sub-total	7,020.4		6,679.7
Incurred claims and claim adjustment expenses:
Provisions for insured events of the current year:
General Insurance	1,191.6		1,178.7
Title Insurance	75.9		50.1
RFIG Run-off	7.9		21.0
Other	5.9		5.8
Sub-total	1,281.5		1,255.7
Change in provision for insured events of prior years:
General Insurance	(48.2)		(4.9)
Title Insurance	(13.5)		(10.7)
RFIG Run-off	(3.3)		.6
Other	(2.3)		(1.9)
Sub-total	(67.4)		(17.0)
Total incurred claims and claim adjustment expenses	1,214.0		1,238.6
Payments:
Claims and claim adjustment expenses attributable to
insured events of the current year:
General Insurance	276.5		282.5
Title Insurance	2.6		.9
RFIG Run-off	—		.1
Other	3.0		2.3
Sub-total	282.2		285.9
Claims and claim adjustment expenses attributable to
insured events of prior years:
General Insurance	688.5		696.5
Title Insurance	27.8		25.3
RFIG Run-off	8.7		20.4
Other	1.1		1.9
Sub-total	726.2		744.2
Total payments	1,008.5		1,030.2
Amount of reserves for unpaid claims and claim adjustment expenses
at the end of each period, net of reinsurance losses recoverable:
General Insurance	6,506.3		6,216.0
Title Insurance	588.1		544.0
RFIG Run-off	123.4		119.9
Other	8.0		8.1
Sub-total	7,226.0		6,888.1
Reinsurance losses recoverable	3,949.2		3,342.7
Gross reserves at end of period	$	11,175.2	$	10,230.9

5. Employee Benefit Plans:

The Company had an active pension plan (the "Plan") covering a portion of its work force until December 31, 2013. The Plan is a defined benefit plan pursuant to which pension payments are based primarily on years of service and employee compensation near retirement. The Plan was closed to new participants and benefits were frozen as of December 31, 2013. As a result, eligible employees retained all of the vested rights as of the effective date of the freeze. While additional benefits no longer accrue, the Company's cumulative obligation continues to be subject to

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further adjustment due to changes in actuarial assumptions such as expected mortality and changes in interest rates. Net periodic pension costs for the quarterly periods ended June 30, 2021 and 2020 were not material to Old Republic's consolidated statements of income.

6. Information About Segments of Business:

Old Republic is engaged in the single business of insurance underwriting and related services. The Company conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments, namely its General Insurance (property and liability insurance), Title Insurance, and the Republic Financial Indemnity Group ("RFIG") Run-off Business. The results of a small life and accident insurance business are included with those of the parent holding company and its internal corporate services subsidiaries. Each of the Company's segments underwrites and services only those insurance coverages which may be written by it pursuant to state insurance regulations and corporate charter provisions. Segment results exclude investment gains or losses as these are aggregated in the consolidated totals. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.

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Segmented and Consolidated Results:

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
General Insurance:
Net premiums earned	$	867.2	$	818.0	$	1,726.3	$	1,670.8
Net investment income and other income	124.7		119.6		245.6		244.8
Total revenues excluding investment gains (losses)	$	991.9	$	937.6	$	1,972.0	$	1,915.6
Segment pretax operating income (loss) (a)	$	123.4	$	85.2	$	264.2	$	195.3
Income tax expense (credits)	$	23.5	$	15.5	$	50.9	$	36.4
Title Insurance:
Net premiums earned (c)	$	990.0	$	620.4	$	1,851.0	$	1,229.8
Title, escrow and other fees (c)	118.7		86.3		225.4		167.6
Sub-total (c)	1,108.8		706.7		2,076.5		1,397.5
Net investment income and other income	11.3		10.5		22.1		21.5
Total revenues excluding investment gains (losses) (c)	$	1,120.2	$	717.3	$	2,098.7	$	1,419.0
Segment pretax operating income (loss) (a)	$	138.9	$	65.4	$	242.6	$	108.7
Income tax expense (credits)	$	29.1	$	13.6	$	51.0	$	22.8
RFIG Run-off Business:
Net premiums earned	$	8.5	$	11.6	$	17.7	$	24.3
Net investment income and other income	2.9		3.9		6.1		8.3
Total revenues excluding investment gains (losses)	$	11.4	$	15.6	$	23.8	$	32.6
Segment pretax operating income (loss)	$	7.5	$	(4.9)	$	12.4	$	3.4
Income tax expense (credits)	$	1.4	$	(1.1)	$	2.3	$	.4

Consolidated Revenues:
Total revenues of Company segments (c)	$	2,123.6	$	1,670.6	$	4,094.6	$	3,367.3
Other sources (b)	36.7		36.3		71.8		76.1
Consolidated investment gains (losses):
Realized from actual transactions	1.0		(7.3)		8.9		11.2
Unrealized from changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Consolidation elimination adjustments	(27.5)		(26.7)		(54.0)		(55.0)
Consolidated revenues (c)	$	2,253.7	$	2,027.0	$	4,608.8	$	2,791.0
Consolidated Pretax Income (Loss):
Total segment pretax operating income (loss) of
Company segments	$	269.8	$	145.6	$	519.3	$	307.5
Other sources - net (b)	5.1		6.7		10.8		19.0
Consolidated investment gains (losses):
Realized from actual transactions	1.0		(7.3)		8.9		11.2
Unrealized from changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Consolidated income (loss) before income
taxes (credits)	$	396.0	$	499.1	$	1,026.6	$	(270.8)

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	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Consolidated Income Tax Expense (Credits):
Total income tax expense (credits)
of Company segments	$	54.1	$	28.0	$	104.2	$	59.7
Other sources - net (b)	—		.5		(1.3)		2.2
Income tax expense (credits) on consolidated realized
and unrealized investment gains (losses)	25.4		72.8		105.0		(125.7)
Consolidated income tax expense (credits)	$	79.5	$	101.4	$	208.0	$	(63.7)

	June 30,		December 31,
	2021		2020
Consolidated Assets:
General Insurance	$	20,376.0	$	19,226.1
Title Insurance	2,053.9		1,920.9
RFIG Run-off Business	555.1		582.9
Total assets of company segments	22,985.0		21,730.0
Other assets (b)	1,903.8		1,318.2
Consolidation elimination adjustments	(210.4)		(233.0)
Consolidated assets	$	24,678.4	$	22,815.2

(a)    Segment 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 - $15.9 and $31.8 compared to $15.7 and $32.1 for the quarters and six months ended June 30, 2021 and 2020, respectively, and Title - $.4 and $.9 compared to $.6 and $1.6 for the quarters and six months ended June 30, 2021 and 2020, respectively.

(b)    Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries.

(c)    Reclassification adjustments were made to certain Title segment revenues and expenses in the quarter and six months ended June 30, 2020 to conform to the current presentation. See Note 1.

7. Commitments and Contingent Liabilities:

Legal Proceedings - Legal proceedings against the Company and its subsidiaries routinely arise in the normal course of business and usually pertain to claim matters related to insurance policies and contracts issued by its insurance subsidiaries. At June 30, 2021, the Company had no material non-claim litigation exposures in its consolidated business.

8. Debt:

Consolidated debt of Old Republic and its subsidiaries is summarized below:

	June 30, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.875% Senior Notes issued in 2014 and due 2024	$	398.1	$	446.9	$	397.9	$	457.7
3.875% Senior Notes issued in 2016 and due 2026	547.1		614.7		546.8		634.1
3.850% Senior Notes issued in 2021 and due 2051	642.5		690.1		—		—
Other miscellaneous debt	2.2		2.2		21.7		21.7
Total debt	$	1,590.1	$	1,754.0	$	966.4	$	1,113.6

On June 11, 2021, the Company completed a public offering of $650.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.850% per year and mature on June 11, 2051.

Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt securities that are classified within Level 2 of the fair value hierarchy as presented below. The Company uses an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt securities that are classified within Level 3.

The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above:

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	Carrying		Fair
	Value		Value		Level 1		Level 2		Level 3
Financial Liabilities:
Debt:
June 30, 2021	$	1,590.1	$	1,754.0	$	—	$	1,751.7	$	2.2
December 31, 2020	$	966.4	$	1,113.6	$	—	$	1,091.9	$	21.7

9. Income Taxes:

Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge, there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. Such differences relate principally to the timing of deductions for loss and premium reserves. As in prior examinations, the Internal Revenue Service ("IRS") could assert that claim reserve deductions were overstated thereby reducing the Company's statutory taxable income in any particular year. The Company believes that it establishes its reserves fairly and consistently at each balance sheet date, and that it would succeed in defending its tax position in these regards. Because of the impact of deferred tax accounting, the possible accelerated payment of tax to the IRS would not necessarily affect the annual effective tax rate. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2017 and subsequent tax years remain open.

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OLD REPUBLIC INTERNATIONAL CORPORATION

MANAGEMENT ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS

Six Months Ended June 30, 2021 and 2020

($ in Millions, Except Share Data)

OVERVIEW

This management analysis of financial position and results of operations pertains to the consolidated accounts of Old Republic International Corporation ("Old Republic", "ORI", or "the Company"). The Company conducts its operations principally through three major regulatory segments, namely, its General (property and liability), Title, and the RFIG Run-off Business. A small life and accident insurance business, accounting for .2% of consolidated operating revenues for the six months ended June 30, 2021 and .5% of consolidated assets as of that date, is included within the corporate and other caption of this report.

The consolidated accounts are presented in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP"). As a publicly held company, Old Republic utilizes GAAP largely to comply with the financial reporting requirements of the Securities and Exchange Commission ("SEC"). From time to time the FASB and the SEC issue various releases, many of which require additional financial statement disclosures and provide related application guidance. Recent guidance issued by the FASB is summarized further in Note 1 of the Notes to Consolidated Financial Statements.

As a state regulated financial institution vested with the public interest, however, business of the Company's insurance subsidiaries is managed pursuant to the laws, regulations, and accounting practices of the various states in the U.S. and those of a small number of other jurisdictions outside the U.S. in which they operate. In comparison with GAAP, the statutory accounting practices reflect greater conservatism and comparability among insurers, and are intended to address the primary financial security interests of policyholders and their beneficiaries. Additionally, these practices also affect a significant number of important factors such as product pricing, risk bearing capacity and capital adequacy, the determination of Federal income taxes payable currently among ORI's tax-consolidated entities, and the upstreaming of dividends by insurance subsidiaries to the parent holding company. The major differences between these statutory financial accounting practices and GAAP are summarized in Note 1(a) to the consolidated financial statements included in Old Republic's 2020 Annual Report on Form 10-K.

The insurance business is distinguished from most others in that the prices (premiums) charged for various insurance products are set without certainty of the ultimate benefit and claim costs that will emerge, often many years after issuance and expiration of a policy. This basic fact casts Old Republic as a risk-taking enterprise managed for the long run. Management therefore conducts the business with a primary focus on achieving favorable underwriting results over cycles, and on the maintenance of financial soundness in support of the insurance subsidiaries' long-term obligations to policyholders and their beneficiaries. To achieve these objectives, adherence to insurance risk management principles is stressed, and asset diversification and quality are emphasized. In addition, management engages in an ongoing assessment of operating risks, such as cybersecurity risks, that could adversely affect the Company's business and reputation.

In addition to income arising from Old Republic's basic underwriting and related services functions, significant investment income is earned from invested funds generated by those functions and from capital resources. Investment management aims for stability of income from interest and dividends, protection of capital, and for sufficiency of liquidity to meet insurance underwriting and other obligations as they become payable in the future. Securities trading and the realization of capital gains are not primary objectives. The investment philosophy is therefore best characterized as emphasizing value, credit quality, and relatively long-term holding periods. The Company's ability to hold both fixed maturity and equity securities for long periods of time is in turn enabled by the scheduling of maturities in contemplation of an appropriate matching of assets and liabilities, and by investments in large capitalization, highly liquid equity securities.

In light of the above factors, the Company's affairs are managed for the long run and without significant regard to the arbitrary strictures of quarterly or even annual reporting periods that American industry must observe. In Old Republic's view, such short reporting time frames do not comport well with the long-term nature of much of its business. Management therefore believes that the Company's operating results and financial condition can best be evaluated by observing underwriting and overall operating performance trends over succeeding five- or preferably ten-year intervals. A ten-year period in particular can likely encompass at least one economic and/or underwriting cycle and thereby provide an appropriate time frame for such cycle to run its course, and for premium rate changes and reserved claim costs to be quantified and emerge in financial results with greater finality and effect.

This management analysis should be read in conjunction with the consolidated financial statements and the footnotes appended to them.

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EXECUTIVE SUMMARY

Old Republic International Corporation reported the following consolidated results:
OVERALL RESULTS
	Quarters Ended June 30,						Six Months Ended June 30,
	2021		2020		% Change		2021		2020		% Change
Pretax income (loss)	$	396.0	$	499.1			$	1,026.6	$	(270.8)
Pretax investment gains (losses)	120.9		346.7				496.4		(597.4)
Pretax income (loss) excluding investment gains (losses)	$	275.0	$	152.4	80.4	%	$	530.2	$	326.6	62.3	%
Net income (loss)	$	316.4	$	397.7			$	818.5	$	(207.0)
Net of tax investment gains (losses)	95.5		273.8				391.3		(471.7)
Net income (loss) excluding investment gains (losses)	$	220.9	$	123.8	78.4	%	$	427.2	$	264.6	61.4	%
PER DILUTED SHARE
	Quarters Ended June 30,						Six Months Ended June 30,
	2021		2020		% Change		2021		2020		% Change
Net income (loss)	$	1.05	$	1.34			$	2.72	$	(.69)
Net of tax investment gains (losses)	0.32		0.92				1.30		(1.58)
Net income (loss) excluding investment gains (losses)	$	0.73	$	0.42	73.8	%	$	1.42	$	.89	59.6	%
SHAREHOLDERS' EQUITY
							June 30,		Dec. 31,
							2021		2020		% Change
Total							$	6,778.6	$	6,186.6	9.6	%
Per Common Share							$	22.59	$	20.75	8.9	%

This year’s second quarter and first half consolidated pretax income, excluding investment gains or losses continued to show strong growth in profitability in the General Insurance and Title Insurance businesses. Solid underwriting results produced consolidated combined ratios of 90.6% for the second quarter and 90.8% for the first six months of 2021, compared to 96.1% and 95.6% in the comparative 2020 periods. Total and per share year-to-date net income reflect significant increases in the fair value of equity securities by comparison to 2020 when equity markets were disrupted by the onset of the COVID-19 pandemic.

Consolidated net premiums and fees earned increased 29.1% for the quarter and 23.5% for the year-to-date period. General Insurance earned premiums experienced mid-single digit growth over similar 2020 periods where exposure levels were impacted by the economic effects of the pandemic, while Title Insurance continued to experience robust growth in premium and fee revenues as low interest rates and a favorable real estate market persisted.

Net investment income decreased for the quarter and year-to-date periods as growth in the average invested asset base was offset by lower investment yields. Favorable investment valuation trends, along with higher retained earnings, contributed to an increased book value per share of $22.59 as of June 30, 2021 from $20.75 at December 31, 2020.

20

Old Republic's business is managed for the long run. In this context management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the primary needs of the insurance subsidiaries' underwriting and related services business. In this view, the evaluation of periodic and long-term results excludes consideration of all investment gains and (losses). Under Generally Accepted Accounting Principles (GAAP), however, net income (loss), which includes all specifically defined realized and unrealized investment gains and (losses), is the measure of total profitability.

In management's opinion, the focus on income (loss) excluding all investment gains and losses provides a better way to realistically analyze, evaluate, and establish accountability for the results and benefits that arise from the basic operations of the business. The inclusion of realized investment gains and (losses) in net income (loss) can mask the reality and trends in the fundamental operating results of the insurance business. That is because their realization is, more often than not, highly discretionary. It is usually affected by the timing of individual securities sales, tax-planning considerations, and modifications of investment management judgments about the direction of securities markets or the prospects of individual investees or industry sectors. Moreover, the inclusion of unrealized investment gains and (losses) in equity securities can further distort such operating results and trends therein and thus lead to even greater period-to-period fluctuations in reported net income (loss). The impact of the continuous volatility in stock market valuations is most evident in its net of tax effect on net income (loss) for the periods reported upon.

	FINANCIAL HIGHLIGHTS
		Quarters Ended June 30,						Six Months Ended June 30,
	SUMMARY INCOME STATEMENTS (a):	2021		2020		% Change		2021		2020		% Change
	Revenues:
	Net premiums and fees earned	$	1,987.3	$	1,539.4	29.1	%	$	3,826.2	$	3,098.8	23.5	%
	Net investment income	107.6		108.7		-1.0		211.9		222.9		-4.9
	Other income	37.8		32.0		18.1		74.1		66.7		11.1
	Total operating revenues	2,132.8		1,680.2		26.9		4,112.4		3,388.5		21.4
	Investment gains (losses):
	Realized from actual transactions	1.0		(7.3)				8.9		11.2
	Unrealized from changes in fair value of equity securities	119.9		354.0				487.4		(608.7)
	Total investment gains (losses)	120.9		346.7				496.4		(597.4)
	Total revenues	2,253.7		2,027.0				4,608.8		2,791.0
	Operating expenses:
	Claim costs	624.9		624.1		0.1		1,228.3		1,246.7		-1.5
	Sales and general expenses	1,220.6		893.2		36.6		2,330.9		1,792.7		30.0
	Interest and other charges	12.1		10.4		16.3		22.8		22.3		2.0
	Total operating expenses	1,857.7		1,527.8		21.6	%	3,582.2		3,061.8		17.0	%
	Pretax income (loss)	396.0		499.1				1,026.6		(270.8)
	Income taxes (credits)	79.5		101.4				208.0		(63.7)
	Net income (loss)	$	316.4	$	397.7			$	818.5	$	(207.0)
	COMMON STOCK STATISTICS:
	Components of net income (loss) per share:
	Basic net income (loss) excluding investment gains (losses)	$	0.74	$	0.42	76.2	%	$	1.43	$	0.89	60.7	%
	Net investment gains (losses):
	Realized from actual transactions	—		(0.02)				0.02		0.03
	Unrealized from changes in fair value of equity securities	0.32		0.94				1.28		(1.61)
	Basic net income (loss)	$	1.06	$	1.34			$	2.73	$	(0.69)
	Diluted net income (loss) excluding investment gains (losses)	$	0.73	$	0.42	73.8	%	$	1.42	$	0.89	59.6	%
	Net investment gains (losses):
	Realized from actual transactions	—		(0.02)				0.02		0.03
	Unrealized from changes in fair value of equity securities	0.32		0.94				1.28		(1.61)
	Diluted net income (loss)	$	1.05	$	1.34			$	2.72	$	(0.69)
	Cash dividends on common stock	$	0.22	$	0.21			$	0.44	$	0.42
	Book value per share							$	22.59	$	19.68	14.8	%
(a) Certain reclassification adjustments were made to increase net premiums and fees earned with a corresponding increase to sales and general expenses in the quarter and first six months ended June 30, 2020 to conform the prior period to the current presentation. See Note (a) in Title Insurance Segment Results.

Management believes the information in sections A to G and J of the table on the following page highlight the most meaningful, realistic indicators of ORI's segmented and consolidated financial performance. The information underscores the necessity of reviewing reported results by separating the inherent volatility of securities markets and their above-noted impact on reported net income (loss).

21

	Major Segmented and Consolidated Elements of Income (Loss)
	Quarters Ended June 30,								Six Months Ended June 30,
	2021			2020			% Change		2021			2020			% Change
A. Net premiums, fees, and other income (c):
General insurance	$	867.2		$	818.0		6.0	%	$	1,726.3		$	1,670.8		3.3	%
Title insurance	1,108.8			706.7			56.9		2,076.5			1,397.5			48.6
Corporate and other	2.7			2.9			-9.2		5.5			6.1			-9.3
Other income	37.8			32.0			18.1		74.1			66.7			11.1
Subtotal	2,016.6			1,559.8			29.3		3,882.6			3,141.2			23.6
RFIG run-off business	8.5			11.6			-27.1		17.7			24.3			-26.9
Consolidated	$	2,025.1		$	1,571.5		28.9	%	$	3,900.4		$	3,165.5		23.2	%
B. Underwriting and related services income (loss):
General insurance	$	52.4		$	13.3		293.4	%	$	124.3		$	50.8		144.6	%
Title insurance	128.6			55.7			131.0		222.5			89.0			149.8
Corporate and other	(6.0)			(5.9)			-2.6		(12.1)			(8.9)			-36.3
Subtotal	174.9			63.0			177.4		334.7			130.9			155.5
RFIG run-off business	4.6			(8.9)			151.4		6.3			(4.9)			229.6
Consolidated	$	179.5		$	54.1		231.7	%	$	341.0		$	126.0		170.5	%
C. Consolidated underwriting ratio (c):
Claim ratio	31.4		%	40.5		%			32.1		%	40.2		%
Expense ratio	59.2			55.6					58.7			55.4
Combined ratio	90.6		%	96.1		%			90.8		%	95.6		%
D. Net investment income:
General insurance	$	87.1		$	87.7		-0.7	%	$	172.0		$	178.3		-3.6	%
Title insurance	11.0			10.3			7.2		21.5			21.1			2.0
Corporate and other	6.4			6.6			-2.7		12.2			15.0			-18.5
Subtotal	104.7			104.7			-0.1		205.8			214.5			-4.1
RFIG run-off business	2.9			3.9			-26.6		6.1			8.3			-26.5
Consolidated	$	107.6		$	108.7		-1.0	%	$	211.9		$	222.9		-4.9	%
E. Interest and other charges (credits):
General insurance	$	16.0		$	15.8				$	32.0		$	33.8
Title insurance	0.8			0.6					1.5			1.4
Corporate and other (a)	(4.7)			(6.0)					(10.7)			(12.9)
Subtotal	12.1			10.4					22.8			22.3
RFIG run-off business	—			—					—			—
Consolidated	$	12.1		$	10.4		16.3	%	$	22.8		$	22.3		2.0	%
F. Segmented and consolidated pretax income (loss)
excluding investment gains (losses)(B+D-E):
General insurance	$	123.4		$	85.2		44.9	%	$	264.2		$	195.3		35.3	%
Title insurance	138.9			65.4			112.3		242.6			108.7			123.0
Corporate and other	5.1			6.7			-23.6		10.8			19.0			-43.2
Subtotal	267.5			157.4			70.0		517.7			323.1			60.2
RFIG run-off business	7.5			(4.9)			250.6		12.4			3.4			263.7
Consolidated	275.0			152.4			80.4	%	530.2			326.6			62.3	%
Income taxes (credits) on above (b)	54.1			28.5					102.9			61.9
G. Net income (loss) excluding
investment gains (losses)	220.9			123.8			78.4	%	427.2			264.6			61.4	%
H. Consolidated pretax investment
gains (losses):
Realized from actual transactions
and impairments	1.0			(7.3)					8.9			11.2
Unrealized from changes in
fair value of equity securities	119.9			354.0					487.4			(608.7)
Total	120.9			346.7					496.4			(597.4)
Income taxes (credits) on above	25.4			72.8					105.0			(125.7)
Net of tax investment gains (losses)	95.5			273.8					391.3			(471.7)
I. Net income (loss)	$	316.4		$	397.7				$	818.5		$	(207.0)
J. Consolidated operating cash flow	$	219.4		$	221.9				$	515.4		$	438.3

(a) Includes consolidation/elimination entries. (b) The effective tax rates applicable to pretax income excluding investment gains and (losses) were 19.7% and 19.4% for the second quarter and first half of 2021, respectively, and 18.8% and 19.0% for the second quarter and first half of 2020, respectively. (c) Certain reclassification adjustments were made to increase net premiums and fees earned with a corresponding increase to sales and general expenses in the quarter and first six months ended June 30, 2020 to conform the prior period to the current presentation. See Note (a) in Title Insurance Segment results.

22

General Insurance Segment Results

	General Insurance Summary Operating Results
	Quarters Ended June 30,								Six Months Ended June 30,
	2021			2020			% Change		2021			2020			% Change
Net premiums written	$	898.3		$	792.7		13.3	%	$	1,769.5		$	1,653.5		7.0	%
Net premiums earned	867.2			818.0			6.0		1,726.3			1,670.8			3.3
Net investment income	87.1			87.7			-0.7		172.0			178.3			-3.6
Other income	37.6			31.8			18.0		73.6			66.4			10.9
Operating revenues	991.9			937.6			5.8		1,972.0			1,915.6			2.9
Claim costs	590.5			587.4			0.5		1,157.9			1,182.9			-2.1
Sales and general expenses	261.9			249.0			5.2		517.7			503.5			2.8
Interest and other charges	16.0			15.8			1.3		32.0			33.8			-5.3
Operating expenses	868.5			852.4			1.9		1,707.7			1,720.3			-0.7
Segment pretax operating income (loss)	$	123.4		$	85.2		44.9	%	$	264.2		$	195.3		35.3	%
Claim ratio	68.1		%	71.8		%			67.1		%	70.8		%
Expense ratio	25.9			26.6					25.7			26.2
Combined ratio	94.0		%	98.4		%			92.8		%	97.0		%

General Insurance net premiums earned increased 6.0% and 3.3% for the second quarter and year-to-date periods, respectively. Strong premium rate increases for most lines of coverage, and new business production continued. Rising premiums in commercial auto, financial indemnity and property coverages more than offset the decline in workers’ compensation and general liability premiums. Net investment income decreased in both 2021 periods reflecting a moderately growing asset base offset by lower investment yields.

The General Insurance reported claim ratio improved in both 2021 periods, driven by favorable reserve development from prior periods and a lower current period claim provision, reflecting several years of premium rate increases and underwriting actions. The expense ratio remained relatively consistent with the prior year’s quarterly and year-to-date periods, and generally reflects the line of coverage mix, and the variability of sales and general expenses for these lines of coverage.

Together, these factors produced significantly greater pretax operating income for the periods reported.

The following table shows recent annual and interim periods' claim ratios and the effects of claim development trends:

				Effect of Prior Periods'
				(Favorable)/			Claim Ratio Excluding
	Reported			Unfavorable Claim			Prior Periods' Claim
	Claim Ratio			Reserves Development			Reserves Development
2016		73.0	%		0.3	%		72.7	%
2017		71.8			0.7			71.1
2018		72.2			—			72.2
2019		71.8			0.4			71.4
2020		69.9	%		(0.8)	%		70.7	%
2nd Quarter 2020		71.8	%		0.1	%		71.7	%
2nd Quarter 2021		68.1	%		(2.9)	%		71.0	%
1st Six Months 2020		70.8	%		(0.3)	%		71.1	%
1st Six Months 2021		67.1	%		(2.8)	%		69.9	%

Quarterly and annual claim ratios and trends may not be particularly meaningful indicators of future outcomes for a liability-oriented mix of business with relatively long claim payment patterns. Assuming the current line of coverage mix, management's targets are claim ratio averages in the high 60% to low 70% range, expense ratio averages of 25% or below, and a combined ratio between 90% and 95%.

23

Title Insurance Segment Results

	Title Insurance Summary Operating Results
	Quarters Ended June 30,								Six Months Ended June 30,
	2021			2020			% Change		2021			2020			% Change
Net premiums and fees earned (a)	$	1,108.8		$	706.7		56.9	%	$	2,076.5		$	1,397.5		48.6	%
Net investment income	11.0			10.3			7.2		21.5			21.1			2.0
Other income	0.2			0.2			18.3		0.5			0.3			40.0
Operating revenues	1,120.2			717.3			56.2		2,098.7			1,419.0			47.9
Claim costs	33.1			17.7			86.7		62.4			39.3			58.8
Sales and general expenses (a)	947.3			633.5			49.5		1,792.1			1,269.4			41.2
Interest and other charges	0.8			0.6			40.9		1.5			1.4			2.5
Operating expenses	981.3			651.9			50.5		1,856.0			1,310.2			41.7
Segment pretax operating income (loss)	$	138.9		$	65.4		112.3	%	$	242.6		$	108.7		123.0	%
Claim ratio	3.0		%	2.5		%			3.0		%	2.8		%
Expense ratio	85.4			89.6					86.3			90.8
Combined ratio	88.4		%	92.1		%			89.3		%	93.6		%

________

(a) Certain reclassification adjustments were made to increase net premiums and fees earned with a corresponding increase to sales and general expenses of $56.3 and $118.8 in the quarter and six months ended June 30, 2020. These adjustments were made to conform the prior period to the current presentation to reflect such revenues gross of applicable commission expense and had no impact on segmented pretax operating income (loss).

Title Insurance net premiums and fees earned increased by nearly 57% in the second quarter and 48.6% for the year-to-date period, with strong results generated from both agency and direct production channels. This performance was driven by a continued low interest rate environment and a robust real estate market, resulting in an increase in purchase transactions and relatively stable levels of refinance activity. Net investment income increased in both 2021 periods reflecting a moderately growing invested asset base offset by lower investment yields.

The Title Insurance reported claim ratio trended slightly higher for the quarter and year-to-date periods, influenced by favorable reserve development from prior periods as shown in the table below. The expense ratio improved over the prior year’s second quarter and first half from greater leverage of the expense structure on significantly higher premium and fee volume.

Together, these factors produced significantly greater pretax operating income for the periods reported.

The following table shows recent annual and interim periods’ claim ratios and the effects of claim development trends:

				Effect of Prior Periods'
				(Favorable)/			Claim Ratio Excluding
	Reported			Unfavorable Claim			Prior Periods' Claim
	Claim Ratio			Reserves Development			Reserves Development
2016		3.5	%		(1.0)	%		4.5	%
2017		0.8			(3.0)			3.8
2018		1.9			(1.8)			3.7
2019		2.5			(1.2)			3.7
2020		2.3	%		(1.3)	%		3.6	%
2nd Quarter 2020		2.5	%		(1.1)	%		3.6	%
2nd Quarter 2021		3.0	%		(0.7)	%		3.7	%
1st Six Months 2020		2.8	%		(0.8)	%		3.6	%
1st Six Months 2021		3.0	%		(0.7)	%		3.7	%

24

RFIG Run-off Segment Results

	RFIG Run-off Summary Operating Results
	Quarters Ended June 30,								Six Months Ended June 30,
	2021			2020			% Change		2021			2020			% Change
Mortgage Insurance (MI)
Net premiums earned	$	8.5		$	11.6		-27.1	%	$	17.7		$	24.3		-26.9	%
Net investment income	2.9			3.9			-26.6		6.1			8.3			-26.5
Claim costs	0.3			16.8			-98.2		4.6			21.6			-78.7
MI pretax operating income (loss)	$	7.5		$	(4.9)		250.6	%	$	12.4		$	3.4		263.7	%
Claim ratio	3.6		%	144.5		%			26.0		%	89.1		%
Expense ratio	42.3			32.1					38.3			31.1
Combined ratio	45.9		%	176.6		%			64.3		%	120.2		%

Pretax operating results of RFIG Run-off reflect the continuing drop in net earned premiums from declining risk in force and significantly lower claim costs in comparison to 2020 periods which reflect the economic effects of the pandemic. Net investment income decreased in both 2021 periods reflecting a declining invested asset base and lower investment yields. Claim costs for the current quarter and year-to-date periods continue to be driven by fewer newly reported delinquencies in combination with improving trends in cure rates and claim severity influenced by the ongoing economic recovery and continued strength in the real estate market.

The following table shows recent annual and interim periods' claim ratios and the effects of claim development trends:

				Effect of Prior Periods'
				(Favorable)/			Claim Ratio Excluding
	Reported			Unfavorable Claim			Prior Periods' Claim
	Claim Ratio			Reserves Development			Reserves Development
2016		34.1	%		(39.8)	%		73.9	%
2017		57.6			(38.3)			95.9
2018		43.2			(27.0)			70.2
2019		55.0			(12.5)			67.5
2020		81.7	%		(26.5)	%		108.2	%
2nd Quarter 2020		144.5	%		21.0	%		123.5	%
2nd Quarter 2021		3.6	%		(24.8)	%		28.4	%
1st Six Months 2020		89.1	%		2.5	%		86.6	%
1st Six Months 2021		26.0	%		(18.9)	%		44.9	%

25

Corporate and Other Operating Results

	Corporate and Other Summary Operating Results
	Quarters Ended June 30,						Six Months Ended June 30,
	2021		2020		% Change		2021		2020		% Change
Net life and accident premiums earned	$	2.7	$	2.9	-9.2	%	$	5.5	$	6.1	-9.3	%
Net investment income	6.4		6.6		-2.7		12.2		15.0		-18.5
Other operating income	—		—		—		—		—		—
Operating revenues	9.1		9.6		-4.6		17.7		21.1		-15.9
Claim costs	0.9		2.0		-52.5		3.4		2.8		18.9
Insurance expenses	1.0		1.0		-4.5		1.8		2.3		-21.0
Corporate, interest and other expenses - net	2.0		(0.2)		N/M		1.6		(3.1)		151.4
Operating expenses	4.0		2.8		40.5		6.9		2.0		N/M
Corporate and other pretax operating income (loss)	$	5.1	$	6.7	-23.6	%	$	10.8	$	19.0	-43.2	%

This segment includes the combination of a small life and accident insurance business and the net costs associated with the parent holding company and its internal corporate services subsidiaries. The segment tends to produce highly variable results stemming from volatility inherent from the lack of scale. Throughout the remainder of 2021, interest expense will increase related to the issuance of $650 million of debt late in the current quarter. The increase is expected to be offset by net investment income from the investment of the proceeds.

Summary Consolidated Balance Sheet

	June 30,		December 31,		June 30,
	2021		2020		2020
Assets:
Cash and fixed maturity securities	$	11,224.7	$	11,365.1	$	10,769.0
Equity securities	5,204.1		4,054.8		3,560.1
Other invested assets	115.1		115.3		112.6
Cash and invested assets	16,544.0		15,535.3		14,441.8
Accounts and premiums receivable	1,828.7		1,593.9		1,771.9
Federal income tax recoverable: Current	18.2		—		15.8
Reinsurance balances recoverable	4,879.1		4,362.8		4,130.7
Deferred policy acquisition costs	346.4		328.0		319.5
Sundry assets	1,061.8		995.0		970.3
Total assets	$	24,678.4	$	22,815.2	$	21,650.3
Liabilities and Shareholders' Equity:
Policy liabilities	$	2,837.9	$	2,593.1	$	2,607.3
Claim reserves	11,175.2		10,671.0		10,230.9
Federal income tax payable: Current	—		4.2		—
Deferred	211.1		137.3		43.7
Reinsurance balances and funds	966.5		725.4		898.1
Debt	1,590.1		966.4		968.1
Sundry liabilities	1,118.7		1,530.8		1,043.0
Total liabilities	17,899.8		16,628.5		15,791.3
Shareholders' equity	6,778.6		6,186.6		5,858.9
Total liabilities and shareholders' equity	$	24,678.4	$	22,815.2	$	21,650.3

26

Cash, Invested Assets, and Shareholders' Equity

				Cash, Invested Assets, and Shareholders' Equity
										% Change
				June 30,		Dec. 31,		June 30,		June '21/		June '21/
				2021		2020		2020		Dec. '20		June '20
Cash and invested assets:
	Fixed maturity securities, cash and other invested assets			$	11,339.9	$	11,480.4	$	10,881.7	-1.2	%	4.2	%
	Equity securities			5,204.1		4,054.8		3,560.1		28.3		46.2
	Total per balance sheet			$	16,544.0	$	15,535.3	$	14,441.8	6.5	%	14.6	%
	Total at cost for all			$	14,853.8	$	14,151.6	$	13,555.8	5.0	%	9.6	%
Composition of shareholders' equity per share:
	Equity before items below			$	18.74	$	17.73	$	17.76	5.7	%	5.5	%
	Unrealized investment gains (losses) and other
		accumulated comprehensive income (loss)		3.85		3.02		1.92
			Total	$	22.59	$	20.75	$	19.68	8.9	%	14.8	%
Segmented composition of
shareholders' equity per share:
	Excluding RFIG run-off segment			$	21.19	$	19.25	$	18.24	10.1	%	16.2	%
	RFIG run-off segment			1.40		1.50		1.44
			Consolidated total	$	22.59	$	20.75	$	19.68	8.9	%	14.8	%

Old Republic's invested assets portfolio is directed in consideration of enterprise-wide risk management objectives. Most importantly, these are intended to ensure solid funding of the insurance subsidiaries' long-term obligations to customers, policyholders and their beneficiaries, as well as the long-term stability of the subsidiaries’ capital accounts. For these reasons, the investment portfolio contains no significant insurance risk-correlated asset exposures to real estate, mortgage-backed securities, collateralized debt obligations (CDO's), derivatives, hybrid securities, or illiquid private equity and hedge fund investments. Moreover, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities whose values are predicated on non-regulated financial instruments exhibiting amorphous or unfunded counter-party risk attributes.

As of June 30, 2021, the consolidated investment portfolio reflected an allocation of approximately 68% to fixed-maturity (bonds and notes) and short-term investments, and 32% to equity securities (common stock). The fixed-maturity portfolio continues to be the anchor for the insurance underwriting subsidiaries' obligations. The maturities are stratified and conservatively matched to the expected timing of paying those obligations in the future. The quality of the investment portfolio has remained at high levels.

In recent years, a significant portion of our investable funds have been directed toward high-quality common stocks of U.S. companies (currently limited to fewer than 100 issues). We favor those with long-term records of reasonable earnings growth and steadily increasing dividends. Pursuant to enterprise risk management guidelines and controls, we perform regular stress tests of the equities portfolio to gain reasonable assurance that periodic downdrafts in market prices would not seriously undermine our financial strength and the long-term continuity and prospects of our insurance underwriting business.

27

Changes in shareholders' equity per share are reflected in the following table. As shown, these resulted mostly from net income excluding net investment gains (losses), realized and unrealized investment gains or losses, and dividend payments to shareholders.

	Shareholders' Equity Per Share
	Quarter									Year
	Ended			Six Months Ended						Ended
	June 30,			June 30,						Dec. 31,
	2021			2021			2020			2020
Beginning balance	$	21.59		$	20.75		$	19.98		$	19.98
Changes in shareholders' equity:
Net income (loss) excluding net investment gains (losses)	0.74			1.43			0.89			2.24
Net of tax realized investment gains (losses)	—			0.02			0.03			0.04
Net of tax unrealized investment gains (losses) on
securities carried at fair value	0.48			0.80			(0.83)			0.50
Total net of tax realized and unrealized
investment gains (losses)	0.48			0.82			(0.80)			0.54
Cash dividends	(0.22)			(0.44)			(0.42)			(1.84)
Other	—			0.03			0.03			(0.17)
Net change	1.00			1.84			(0.30)			0.77
Ending balance	$	22.59		$	22.59		$	19.68		$	20.75
Percentage change for the period	4.6		%	8.9		%	-1.5		%	3.9		%

Capitalization

	Capitalization
	June 30,			December 31,			June 30,
	2021			2020			2020
Debt:
4.875% Senior Notes due 2024	$	398.1		$	397.9		$	397.6
3.875% Senior Notes due 2026	547.1			546.8			546.5
3.850% Senior Notes due 2051	642.5			—			—
Other miscellaneous debt	2.2			21.7			23.8
Total debt	1,590.1			966.4			968.1
Common shareholders' equity	6,778.6			6,186.6			5,858.9
Total capitalization	$	8,368.7		$	7,153.1		$	6,827.0
Capitalization ratios:
Debt	19.0		%	13.5		%	14.2		%
Common shareholders' equity	81.0			86.5			85.8
Total	100.0		%	100.0		%	100.0		%

As noted in the table above, the Company completed an offering of a $650 million, thirty year senior debt security in the public markets during the second quarter of 2021.

28

DETAILED MANAGEMENT ANALYSIS

This section of the Management Analysis of Financial Position and Results of Operations is additive to and should be read in conjunction with the Executive Summary which precedes it.

FINANCIAL ACCOUNTING AND REPORTING POLICIES

The Company's annual and interim financial statements incorporate a large number and types of estimates relative to matters which are highly uncertain at the time the estimates are made. The estimation process required of an insurance enterprise such as Old Republic is by its very nature highly dynamic inasmuch as it necessitates a continuous evaluation, analysis, and quantification of factual data as it becomes known to the Company. As a result, actual experienced outcomes can differ from the estimates made at any point in time and thus affect future periods' reported revenues, expenses, net income or loss, and financial condition.

Old Republic believes that its most critical accounting estimates relate to: a) the determination of credit losses in the value of investments; b) the recoverability of reinsured outstanding losses; and c) the establishment of reserves for losses and loss adjustment expenses. The major assumptions and methods used in setting these estimates are discussed in the Company's 2020 Annual Report on Form 10-K.

COVID-19 PANDEMIC AND OLD REPUBLIC'S BUSINESS

During the first half of 2021, the economy began to recover from the effects of the COVID-19 pandemic and the associated governmental responses (“COVID-19” or “the pandemic”) as the widespread distribution of effective vaccines commenced. Relaxed governmental restrictions meant that several of Old Republic’s business operations permitted most associates to return to the office during the second quarter of 2021. Old Republic experienced no meaningful interruption in its ability to service the needs of customers throughout the remote working environment or the beginning stages of the return to office.

Demand for several of the Company’s insurance coverages in the General Insurance Segment is related to overall economic conditions, however, the Company’s exposure to the sectors most significantly affected by COVID-19 has not been significant. Additionally, aside from higher reported delinquencies and resulting claims costs experienced within the RFIG-run off business during 2020, the overall impact of COVID-19 on the Company’s claims experience has not been significant.

The COVID-19 pandemic continues to adversely impact the U.S. economy and financial markets, however, to a much lesser degree than 2020. New variants of the COVID-19 virus or a resurgence in infection rates could lead to a further or continuing reduction in economic activity, resulting in a decline in demand for the Company’s products or increased claims experience in future periods. As a result, the Company’s operating results, business and financial condition could be adversely affected in subsequent periods by future economic disruptions caused by the COVID-19 pandemic.

As the economy emerges from the impacts of the pandemic, premium and fee revenues in General Insurance could continue growing, especially compared to the 2020 periods where exposure levels were lower due to the effects of the pandemic on economic activity and employment levels. Title Insurance premium and fee revenues could remain strong as long as low interest rates and a favorable real estate market continue. In the RFIG Run-off business, future claims experience could depend upon the continued, mitigating effects of loan forbearance programs mandated by the Federal government, and the rate at which employment levels recover. Management believes that the Company’s strong financial condition will enable it to thrive as the economy recovers.

FINANCIAL POSITION

The Company's financial position at June 30, 2021 reflected increases in assets, liabilities and common shareholders' equity of 8.2%, 7.6% and 9.6%, respectively, when compared to the immediately preceding year-end. Cash and invested assets represented 67.0% and 68.1% of consolidated assets as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the invested asset base, cash and accrued investment income increased by 6.5% to $16,544.0.

Investments - During the first six months of 2021 and 2020, the Company committed the majority of investable funds to short to intermediate-term fixed maturity securities and higher yielding publicly traded large capitalization equity securities. Old Republic continues to adhere to its long-term policy of investing primarily in investment grade, marketable securities. At both June 30, 2021 and December 31, 2020, nearly all of the Company's investments consisted of marketable securities. The investment portfolio contains no significant insurance risk-correlated asset exposures to real estate, mortgage-backed securities, collateralized debt obligations ("CDO's"), derivatives, hybrid securities, or illiquid private equity and hedge fund investments. Moreover, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities whose values are predicated on non-regulated financial instruments exhibiting amorphous or unfunded counter-party risk attributes. At June 30, 2021, the Company had no fixed maturity investments in default as to principal and/or interest.

Short-term investment positions reflect a large variety of seasonal and intermediate-term factors including current operating needs, expected operating cash flows, seasonality of quarterly cash flow, debt maturities, and investment

29

strategy considerations. Accordingly, the future level of short-term investments will vary and respond to the interplay of these factors and may, as a result, increase or decrease from current levels.

The Company does not own or utilize derivative financial instruments for the purpose of hedging, enhancing the overall return of its investment portfolio, or reducing the cost of its debt obligations. With regard to its equity portfolio, the Company does not own any options nor does it engage in any type of option writing. Traditional investment management tools and techniques are employed to address the yield and valuation exposures of the invested assets base. The long-term fixed maturity investment portfolio is managed so as to limit various risks inherent in the bond market. Credit risk is addressed through asset diversification and the purchase of investment grade securities. Reinvestment rate risk is reduced by concentrating on non-callable issues, and by taking asset-liability matching considerations into account. Purchases of mortgage and asset backed securities, which have variable principal prepayment options, are generally avoided. Market value risk is limited through the purchase of bonds of intermediate maturity. The combination of these investment management practices is expected to produce a more stable long-term fixed maturity investment portfolio that is not subject to extreme interest rate sensitivity and principal deterioration.

The fair value of the Company's long-term fixed maturity investment portfolio is sensitive, however, to fluctuations in the level of interest rates, but not materially affected by changes in anticipated cash flows caused by any prepayments. The impact of interest rate movements on the long-term fixed maturity investment portfolio generally affects net unrealized gains or losses. As a general rule, rising interest rates enhance currently available yields but typically lead to a reduction in the fair value of existing fixed maturity investments. By contrast, a decline in such rates reduces currently available yields but usually serves to increase the fair value of the existing fixed maturity investment portfolio. All such changes in fair value of available for sale securities are reflected, net of deferred income taxes, directly in the shareholders' equity account, and as a separate component of the statement of comprehensive income. Given the Company's inability to forecast or control the movement of interest rates, Old Republic sets the maturity spectrum of its fixed maturity securities portfolio within parameters of estimated liability payouts, and focuses the overall portfolio on high quality investments. By so doing, Old Republic believes it is reasonably assured of its ability to hold securities to maturity as it may deem necessary in changing environments, and of ultimately recovering their aggregate cost.

Possible future declines in fair values for Old Republic's available for sale fixed maturity portfolio would negatively affect the common shareholders' equity account at any point in time, but would not necessarily result in the recognition of realized investment losses.

The following tables show certain information relating to the Company's fixed maturity and equity portfolios as of the dates shown.

Fixed Maturity Securities Stratified by Credit Quality (a):
	June 30,		December 31,
	2021		2020
Aaa	24.7	%	24.6	%
Aa	12.6		13.1
A	32.2		33.0
Baa	27.7		26.5
Total investment grade	97.2		97.2
All other (b)	2.8		2.8
Total	100.0	%	100.0	%

__________

(a)    Credit quality ratings referred to herein are a blend of those assigned by the major credit rating agencies for U.S. and Canadian Governments, Agencies, Corporates and Municipal issuers.

(b)    "All other" includes non-investment grade or non-rated issuers.

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Gross Unrealized Losses Stratified by Industry Concentration for Investment Grade Fixed Maturity Securities
June 30, 2021			Amortized Cost			Gross Unrealized Losses
Fixed Maturity Securities by Industry Concentration:
	Utilities		$	262.7		$	8.0
	U.S. Governments & Agencies		460.5			3.4
	Consumer Staples		131.8			3.4
	Health Care		117.4			3.3
	Retail		126.3			3.0
	Industrial		109.6			2.3
	Technology		74.1			2.2
	Other (includes 13 industry groups)		490.7			12.3
		Total	$	1,773.5	(b)	$	38.3

__________

(b)    Represents 17.6% of the total fixed maturity securities portfolio.

Gross Unrealized Losses Stratified by Industry Concentration for Equity Securities
June 30, 2021			Cost			Gross Unrealized Losses
Equity Securities by Industry Concentration:
	Energy		$	360.1		$	51.3
	Telecom		105.9			12.2
	Utilities		161.1			8.1
	Retail		73.0			4.3
	Other (includes 2 industry groups)		109.3			2.2
		Total	$	809.5	(c)	$	78.3	(d)

__________

(c)    Represents 20.6% of the total equity securities portfolio.

(d)    Represents 2.0% of the cost of the total equity securities portfolio, while gross unrealized gains represent 34.4% of the portfolio.

Gross Unrealized Losses Stratified by Maturity Ranges for All Fixed Maturity Securities
		Amortized Cost of Fixed Maturity Securities				Gross Unrealized Losses
June 30, 2021		All		Non- Investment Grade Only		All		Non- Investment Grade Only
Maturity Ranges:
Due in one year or less		$	65.5	$	—	$	—	$	—
Due after one year through five years		362.0		—		1.8		—
Due after five years through ten years		1,321.2		—		35.4		—
Due after ten years		24.6		—		1.0		—
	Total	$	1,773.5	$	—	$	38.3	$	—

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Gross Unrealized Losses Stratified by Duration and Amount of Unrealized Losses
			Amount of Gross Unrealized Losses
June 30, 2021			Less than 20% of Cost		20% to 50% of Cost		More than 50% of Cost		Total Gross Unrealized Loss
Number of Months in Unrealized Loss Position:
Fixed Maturity Securities:
	One to six months		$	30.1	$	—	$	—	$	30.1
	Seven to twelve months		8.2		—		—		8.2
	More than twelve months		—		—		—		—
		Total	$	38.3	$	—	$	—	$	38.3
Number of Issues in Unrealized Loss Position:
Fixed Maturity Securities:
	One to six months		206		—		—		206
	Seven to twelve months		30		—		—		30
	More than twelve months		2		—		—		2
		Total	238		—		—		238		(e)

__________

(e)    At June 30, 2021 the number of issues in an unrealized loss position represent 12.6% of the total number of such fixed maturity issues held by the Company.

The aging of issues with unrealized losses employs balance sheet date fair value comparisons with an issue's cost. The percentage reduction from such cost reflects the decline as of a specific point in time (June 30, 2021 in the above table) and, accordingly, is not indicative of a security's value having been consistently below its cost at the percentages shown nor throughout the periods shown.

Age Distribution of Fixed Maturity Securities
			June 30,		December 31,
			2021		2020
Maturity Ranges:
	Due in one year or less		10.6	%	9.8	%
	Due after one year through five years		52.7		57.0
	Due after five years through ten years		35.8		31.4
	Due after ten years through fifteen years		.7		1.7
	Due after fifteen years		.2		.1
		Total	100.0	%	100.0	%
Average Maturity in Years			4.4		4.3
Duration (f)			4.0		3.8

___________

(f)    Duration is used as a measure of bond price sensitivity to interest rate changes. A duration of 4.0 as of June 30, 2021 implies that a 100 basis point parallel increase in interest rates from current levels would result in a possible decline in the fair value of the long-term fixed maturity investment portfolio of approximately 4.0%.

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Composition of Unrealized Gains (Losses)
			June 30,		December 31,
			2021		2020
Available for Sale Fixed Maturity Securities:
	Amortized cost		$	10,063.4	$	9,897.6
	Estimated fair value		10,481.2		10,496.8
		Net unrealized gains (losses)	$	417.8	$	599.1
	Components of net unrealized gains (losses):
	Gross unrealized gains		$	456.1	$	602.9
	Gross unrealized losses		(38.3)		(3.8)
		Net unrealized gains (losses)	$	417.8	$	599.1
Equity Securities:
	Cost		$	3,931.5	$	3,269.7
	Estimated fair value		5,204.1		4,054.8
		Net unrealized gains (losses)(g)	$	1,272.5	$	785.1
	Components of net unrealized gains (losses):
	Gross unrealized gains		$	1,350.9	$	1,028.1
	Gross unrealized losses		(78.3)		(243.0)
		Net unrealized gains (losses)(g)	$	1,272.5	$	785.1

___________

(g)    Unrealized gains and losses from changes in fair value of equity securities are included in total realized and unrealized investment gains (losses) in the consolidated statements of income.

Other Assets - Substantially all of the Company's receivables are not past due. Reinsurance recoverable balances on paid or estimated unpaid losses are deemed recoverable from solvent reinsurers or have otherwise been reduced by allowances for estimated credit losses. Deferred policy acquisition costs are estimated by taking into account the direct costs relating to the successful acquisition of new or renewal insurance contracts and evaluating their recoverability on the basis of recent trends in claims costs. The Company's deferred policy acquisition cost balances have not fluctuated substantially from period-to-period, and do not represent significant percentages of assets or shareholders' equity.

Liquidity - The parent holding company meets its liquidity and capital needs principally through dividends and interest on intercompany financing arrangements paid by its subsidiaries. The insurance subsidiaries' ability to pay cash dividends to the parent company is generally restricted by law or subject to approval of the insurance regulatory authorities. Based on December 31, 2020 statutory balances, the Company can receive up to $699.3 in dividends from its subsidiaries in 2021 without the prior approval of regulatory authorities. The liquidity achievable through such permitted dividend payments is considered sufficient to cover the parent holding company's currently expected cash outflows represented mostly by interest and scheduled repayments on outstanding debt, reasonably anticipated cash dividend payments to shareholders, modest operating expenses, and the near-term capital needs of its operating company subsidiaries.

Capitalization - Old Republic's total capitalization of $8,368.7 at June 30, 2021 consisted of debt of $1,590.1 and common shareholders' equity of $6,778.6. Changes in the common shareholders' equity account reflect primarily net income excluding net investment gains (losses), realized and unrealized gains (losses), and dividend payments to shareholders for the period then ended. At June 30, 2021, the Company's consolidated debt to equity ratio was 23.5%.

Old Republic has paid a cash dividend without interruption since 1942 (80 years), and it has raised the annual cash dividend payout for each of the past 40 years. The dividend rate is reviewed and approved by the Board of Directors on a quarterly basis each year. In establishing each year's cash dividend rate the Company does not follow a strict formulaic approach. Rather, it favors a gradual rise in the annual dividend rate that is largely reflective of long-term consolidated operating earnings trends. Accordingly, each year's dividend rate is set judgmentally in consideration of such key factors as the dividend paying capacity of the Company's insurance subsidiaries, the trends in average annual statutory and GAAP earnings for the five to ten most recent calendar years, and management's long-term expectations for the Company's consolidated business and its individual operating subsidiaries.

Under state insurance regulations, the Company's three mortgage guaranty insurance subsidiaries are required to hold minimum amounts of capital based on specified formulas. Since the Company's mortgage insurance subsidiaries have discontinued writing new business the risk-to-capital ratio considerations are therefore no longer of consequence.

33

RESULTS OF OPERATIONS

Revenues: Premiums & Fees

Pursuant to GAAP applicable to the insurance industry, revenues are recognized as follows:

Substantially all general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis in association with the related benefits, claims and expenses. Earned but unbilled premiums are generally taken into income on the billing date, while adjustments for retrospective premiums, commissions and similar charges or credits are accrued on the basis of periodic evaluations of current underwriting experience and contractual obligations.

Title premium and fee revenues stemming from the Company's direct operations (which include branch offices of its title insurers and wholly owned agency subsidiaries) represent approximately 23% of 2021 consolidated title business revenues. Such premiums are generally recognized as income at the escrow closing date which approximates the policy effective date. Fee income related to escrow and other closing services is recognized when the related services have been performed and completed. The remaining 77% of consolidated title premium and fee revenues is produced by independent title agents and underwritten title companies. Rather than making estimates that could be subject to significant variance from actual premium and fee production, the Company recognizes revenues from those sources upon receipt. Such receipts can reflect a three to four month lag relative to the effective date of the underlying title policy, and are offset concurrently by production expenses and claim reserve provisions.

The Company's mortgage guaranty premiums primarily stem from monthly installments paid on long-duration, guaranteed renewable insurance policies. Such premiums are written and earned in the month coverage is effective. With respect to relatively few annual or single premium policies, earned premiums are largely recognized on a pro-rata basis over the terms of the policies.

The major sources of Old Republic's consolidated earned premiums and fees for the periods shown were as follows:

	Net Earned Premiums and Fees
	General		Title (*)		RFIG Run-off		Other		Total (*)		% Change from prior period (*)
Years Ended December 31:
2018	$	3,277.1	$	2,573.1	$	75.9	$	14.6	$	5,940.9	3.0	%
2019	3,432.4		2,736.0		59.2		13.4		6,241.1		5.1
2020	3,394.2		3,286.3		45.1		12.0		6,737.8		8.0
Six Months Ended June 30:
2020	1,670.8		1,397.5		24.3		6.1		3,098.8		6.1
2021	1,726.3		2,076.5		17.7		5.5		3,826.2		23.5
Quarters Ended June 30:
2020	818.0		706.7		11.6		2.9		1,539.4		1.6
2021	$	867.2	$	1,108.8	$	8.5	$	2.7	$	1,987.3	29.1	%

__________

(*)    Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the current presentation. See Note 1 to the accompanying Notes to Consolidated Financial Statements.

34

The percentage allocation of net premiums earned for major insurance coverages in the General Insurance Group was as follows:

	General Insurance Net Earned Premiums by Type of Coverage
	Commercial Automobile (mostly trucking)		Workers' Compensation		Inland Marine and Property		Financial Indemnity		General Liability		Other
Years Ended December 31:
2018	36.8	%	31.1	%	7.7	%	5.3	%	6.2	%	12.9	%
2019	37.2		29.1		7.6		6.4		6.6		13.1
2020	38.4		25.4		8.7		8.0		6.0		13.5
Six Months Ended June 30:
2020	37.9		26.4		7.9		7.8		6.4		13.6
2021	40.2		22.2		9.5		9.4		5.1		13.6
Quarters Ended June 30:
2020	37.8		25.7		7.9		8.1		6.0		14.5
2021	40.2	%	21.5	%	9.7	%	9.4	%	5.0	%	14.2	%

The following table shows the percentage distribution of Title Group premium and fee revenues by production sources:

Title Premium and Fee Production by Source (*)
	Direct Operations		Independent Title Agents & Other
Years Ended December 31:
2018	23.7	%	76.3	%
2019	24.9		75.1
2020	24.9		75.1
Six Months Ended June 30:
2020	24.7		75.3
2021	23.0		77.0
Quarters Ended June 30:
2020	24.9		75.1
2021	22.8	%	77.2	%

__________

(*)    Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the current presentation. See Note 1 to the accompanying Notes to Consolidated Financial Statements.

The following tables provide information on production and related risk exposure trends for Old Republic's mortgage guaranty insurance operation:

Premium and Persistency Trends:	Net Earned Premiums		Persistency
Years Ended December 31:
2018	$	74.4	79.2	%
2019	58.8		77.5
2020	45.1		77.6
Six Months Ended June 30:
2020	24.3		76.7
2021	17.7		75.2	%
Quarters Ended June 30:
2020	11.6
2021	$	8.5

The Company's flagship mortgage guaranty insurance carrier ceased the underwriting of new policies effective August 31, 2011 and the existing book of business was placed in run-off operating mode.

35

Net Risk in Force
Net Risk in Force By Type:	Traditional Primary		Bulk & Other		Total
As of December 31:
2018	$	3,098.3	$	246.7	$	3,345.0
2019	2,388.3		201.8		2,590.1
2020	1,842.2		169.0		2,011.2
As of June 30:
2020	2,126.3		184.5		2,310.8
2021	$	1,583.2	$	156.6	$	1,739.8

Risk Distribution by Property State:

	FL		IL		GA		CA		NJ		MD		NY		TX		PA		OH
As of December 31:
2018	8.5	%	6.3	%	5.9	%	5.4	%	4.7	%	4.5	%	3.7	%	5.5	%	4.3	%	3.5	%
2019	8.9		6.7		6.1		5.7		5.0		4.9		3.9		4.8		4.1		3.7
2020	9.2		7.0		6.0		5.8		5.3		5.1		4.2		4.5		4.1		3.7
As of June 30:
2020	9.0		6.9		6.0		5.8		5.1		5.0		4.0		4.7		4.1		3.7
2021	9.7	%	7.2	%	6.1	%	5.8	%	5.4	%	5.2	%	4.6	%	4.4	%	4.1	%	3.7	%

Revenues: Net Investment Income

Net investment income is affected by trends in interest and dividend yields for the types of securities in which the Company's funds are invested during each reporting period. The following tables reflect the segmented and consolidated invested asset bases as of the indicated dates, and the investment income earned and resulting yields on such assets. Since the Company can exercise little control over fair values, yields are evaluated on the basis of investment income earned in relation to the cost of the underlying invested assets, though yields based on the fair values of such assets are also shown in the statistics below.

	Invested Assets at Cost										Fair Value Adjust- ment		Invested Assets at Fair Value (a)
	General		Title		RFIG Run-off		Corporate and Other		Total
As of December 31:
2019	$	10,577.9	$	1,172.3	$	566.3	$	841.7	$	13,158.4	$	1,200.7	$	14,359.2
2020	10,987.8		1,328.4		545.1		1,083.8		13,945.2		1,384.9		15,330.1
As of June 30:
2020	10,722.3		1,153.9		531.2		946.1		13,353.6		887.2		14,240.8
2021	$	11,152.8	$	1,408.4	$	501.8	$	1,594.9	$	14,657.9	$	1,690.9	$	16,348.8

__________

(a) The December 31, 2019 balances includes fixed maturity securities classified as held to maturity which are reported and reflected herein at amortized cost.

36

	Net Investment Income										Yield at
	General		Title		RFIG Run-off		Corporate and Other		Total		Original Cost		Fair Value
Years Ended
December 31:
2018	$	341.0	$	38.8	$	20.1	$	31.7	$	431.8	3.41	%	3.28	%
2019	356.4		41.4		17.6		35.1		450.7		3.48		3.30
2020	352.2		42.0		15.2		29.4		438.9		3.24		2.96
Six Months Ended
June 30:
2020	178.3		21.1		8.3		15.0		222.9		3.36		3.12
2021	172.0		21.5		6.1		12.2		211.9		2.96		2.68
Quarters Ended
June 30:
2020	87.7		10.3		3.9		6.6		108.7		3.28		3.16
2021	$	87.1	$	11.0	$	2.9	$	6.4	$	107.6	3.02	%	2.72	%

Revenues: Net Investment Gains (Losses)

The Company's investment policies are not designed to maximize or emphasize the realization of investment gains. Rather, these policies aim for a stable source of income from interest and dividends, protection of capital, and the providing of sufficient liquidity to meet insurance underwriting and other obligations as they become payable in the future. Dispositions of fixed maturity securities from scheduled maturities and early calls were 81.5% and 73.7% of total dispositions occurring in the first six months of 2021 and 2020, respectively.

The following table reflects the composition of net investment gains or losses for the periods shown.

	Realized Investment Gains (Losses) from Actual Transactions						Impairment Losses on Securities						Unrealized Gains (Losses) from Changes in Fair Value of Equity Securities
	Fixed Maturity Securities		Equity Securities and Miscel-laneous Investments		Total		Fixed Maturity Securities		Miscel-laneous Investments		Total				Total Investment Gains (Losses)
Years Ended
December 31:
2018	$	(4.8)	$	63.1	$	58.2	$	—	$	—	$	—	$	(293.8)	$	(235.6)
2019	(1.9)		40.6		38.6		(2.0)		—		(2.0)		599.5		636.1
2020	(7.4)		21.6		14.2		—		—		—		(156.2)		(142.0)
Six Months Ended
June 30:
2020	(8.5)		19.8		11.2		—		—		—		(608.7)		(597.4)
2021	1.0		7.9		8.9		—		—		—		487.4		496.4
Quarters Ended
June 30:
2020	(8.8)		1.5		(7.3)		—		—		—		354.0		346.7
2021	$	.6	$	.4	$	1.0	$	—	$	—	$	—	$	119.9	$	120.9

Expenses: Benefits and Claims

The Company records the benefits, claims and related settlement costs that have been incurred during each accounting period. Total claim costs are affected by the amount of paid claims and the adequacy of reserve estimates established for current and prior years' claim occurrences at each balance sheet date.

The following table shows a breakdown of gross and net of reinsurance claim reserve estimates for major types of insurance coverages as of June 30, 2021 and December 31, 2020:

37

			Claim and Loss Adjustment Expense Reserves
			June 30, 2021						December 31, 2020
			Gross			Net			Gross			Net
Workers' compensation			$	4,911.6		$	2,984.4		$	4,929.2		$	3,044.1
General liability			1,355.7			654.8			1,309.4			641.5
Commercial automobile (mostly trucking)			2,681.5			1,704.8			2,379.8			1,591.5
Other coverages			1,224.4			885.5			1,086.2			782.4
Unallocated loss adjustment expense reserves			276.7			276.6			269.1			268.3
		Total general insurance reserves	10,450.2			6,506.3			9,973.9			6,328.0
Title			588.1			588.1			556.1			556.1
RFIG Run-off			123.4			123.4			127.6			127.6
Life and accident			13.3			8.0			13.2			8.6
		Total claim and loss adjustment expense reserves	$	11,175.2		$	7,226.0		$	10,671.0		$	7,020.4
Asbestosis and environmental claim reserves included
	in the above general insurance reserves:
		Amount	$	128.9		$	83.0		$	127.6		$	82.4
		% of total general insurance reserves	1.2		%	1.3		%	1.3		%	1.3		%

The Company's reserve for loss and loss adjustment expenses represents the accumulation of estimates of ultimate losses payable, including incurred but not reported losses and loss adjustment expenses. The establishment of claim reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors as further discussed below. Consequently, reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the possibility of higher or lower than anticipated claim costs and the resulting changes in estimates are recorded in operations of the periods during which they are made. Increases to prior reserve estimates are often referred to as unfavorable development whereas any changes that decrease previous estimates of the Company's ultimate liability are referred to as favorable development.

Overview of Loss Reserving Process

The Company's reserve setting process reflects the nature of its insurance business and the operationally decentralized basis upon which it is conducted. Old Republic's general insurance operations encompasses a large variety of coverages or classes of commercial insurance; it has negligible exposure to personal insurance coverages such as homeowners or private passenger automobile insurance that exhibit wide diversification of risks, significant frequency of claim occurrences, and high degrees of statistical credibility. Additionally, the Company's insurance subsidiaries do not provide significant amounts of insurance protection for premises; most of its property insurance exposures relate to cargo, incidental property, and insureds' inland marine assets. Consequently, the wide variety of policies issued and commercial insurance customers served require that loss reserves be analyzed and established in the context of the unique or different attributes of each block or class of business produced by the Company. For example, accident liability claims emanating from insured trucking companies or from general aviation customers become known relatively quickly, whereas claims of a general liability nature arising from the building activities of a construction company may emerge over extended periods of time. Similarly, claims filed pursuant to errors and omissions or directors and officers liability coverages are usually not prone to immediate evaluation or quantification inasmuch as many such claims may be litigated over several years and their ultimate costs may be affected by the vagaries of judged or jury verdicts. Approximately 90% of the general insurance group's claim reserves stem from liability insurance coverages for commercial customers which typically require more extended periods of investigation and at times protracted litigation before they are finally settled. As a consequence of these and other factors, Old Republic does not utilize a single, overarching loss reserving approach.

The Company prepares periodic analyses of its loss reserve estimates for its significant insurance coverages. It establishes point estimates for most losses on an insurance coverage line-by-line basis for individual subsidiaries, sub-classes, individual accounts, blocks of business or other unique concentrations of insurance risks such as directors and officers liability, that have similar attributes. Actuarially or otherwise derived ranges of reserve levels are not utilized as such in setting these reserves. Instead the reported reserves encompass the Company's best point estimates at each reporting date and the overall reserve level at any point in time therefore represents the compilation of a very large number of reported reserve estimates and the results of a variety of formula calculations largely driven by analysis of historical data. Favorable or unfavorable developments of prior year reserves are implicitly covered by the point estimates incorporated in total reserves at each balance sheet date. The Company does not project future variability or make an explicit provision for uncertainty when determining its best estimate of loss reserves. Over the most recent decade actual incurred losses have developed within a reasonable range of their original estimates.

Aggregate loss reserves consist of liability estimates for claims that have been reported ("case") to the Company's insurance subsidiaries and reserves for claims that have been incurred but not yet reported ("IBNR") or whose ultimate costs may not become fully apparent until a future time. Additionally, the Company establishes unallocated loss adjustment expense reserves for loss settlement costs that are not directly related to individual claims. Such reserves are based on prior years' cost experience and trends, and are intended to cover the unallocated costs of

38

claim departments' administration of case and IBNR claims over time. Long-term, disability-type workers' compensation reserves are discounted to present value based on interest rates that generally range from 3.0% to 4.0%.

A large variety of statistical analyses and formula calculations are utilized to provide for IBNR claim costs as well as additional costs that can arise from such factors as monetary and social inflation, changes in claims administration processes, changes in reinsurance ceded and recoverability levels, and expected trends in claim costs and related ratios. Typically, such formulas take into account so-called link ratios that represent prior years' patterns of incurred or paid loss trends between succeeding years, or past experience relative to progressions of the number of claims reported over time and ultimate average costs per claim.

Overall, reserves pertaining to several hundred large individual commercial insurance accounts that exhibit sufficient statistical credibility, and at times may be subject to retrospective premium rating plans or the utilization of varying levels or types of self-insured retentions through captive insurers and similar risk management mechanisms are established on an account by account basis using case reserves and applicable formula-driven methods. Large account reserves are usually set and analyzed for groups of coverages such as workers' compensation, commercial automobile (trucking) and general liability that are typically underwritten jointly for many customers. For certain so-called long-tail categories of insurance such as retained or assumed excess liability or excess workers' compensation, officers and directors' liability, and commercial umbrella liability relative to which claim development patterns are particularly long, more volatile, and immature in their early stages of development, the Company judgmentally establishes the most current accident years' loss reserves on the basis of expected claim ratios. Such expected claim ratios typically reflect currently estimated claim ratios from prior accident years, adjusted for the effect of actual and anticipated rate changes, actual and anticipated changes in coverage, reinsurance, mix of business, and other anticipated changes in external factors such as trends in loss costs or the legal and claims environment. Expected claim ratios are generally used for the two to five most recent accident years depending on the individual class or category of business. As actual claims data emerges in succeeding interim and annual periods, the original accident year claim ratio assumptions are validated or otherwise adjusted sequentially through the application of statistical projection techniques such as the Bornhuetter/Ferguson method which utilizes data from the more mature experience of prior years to arrive at a likely indication of more recent years' loss trends and costs.

Title insurance and related escrow services loss and loss adjustment expense reserves are established as point estimates to cover the projected settlement costs of known as well as IBNR losses related to premium and escrow service revenues of each reporting period. Reserves for known claims are based on an assessment of the facts available to the Company during the settlement process. The point estimates covering all claim reserves take into account IBNR claims based on past experience and evaluations of such variables as changing trends in the types of policies issued, changes in real estate markets and interest rate environments, and changing levels of loan refinancing, all of which can have a bearing on the emergence, number, and ultimate costs of claims.

RFIG Run-off mortgage guaranty insurance reserves for unpaid claims and claim adjustment expenses are recognized only upon an instance of default, defined as an insured mortgage loan for which two or more consecutive monthly payments have been missed. Loss reserves are based on statistical calculations that take into account the number of reported insured mortgage loan defaults as of each balance sheet date, as well as experience-based estimates of loan defaults that have occurred but have not as yet been reported. Further, the loss reserve estimating process takes into account a large number of variables including trends in claim severity, potential salvage recoveries, expected cure rates for reported loan delinquencies at various stages of default, the level of coverage rescissions and claims denials due to material misrepresentation in key underwriting information or non-compliance with prescribed underwriting guidelines, and management judgments relative to future employment levels, housing market activity, and mortgage loan interest costs, demand, and extensions.

The Company has the legal right to rescind mortgage insurance coverage unilaterally as expressly stated in its policy. Moreover, two federal courts that have considered that policy wording have each affirmed that right. According to the policy, if any representations are materially false or misleading with respect to a loan, the Company has the right to cancel or rescind coverage for that loan retroactively to commencement of the coverage. In the case of mortgage guaranty insurance, rescissions have occurred regularly over the years but have been generally immaterial. During the period of the great recession the Company experienced a much greater incidence of rescissions due to increased levels of observed fraud and misrepresentations in insurance applications pertaining to business underwritten between 2004 and the first half of 2008 in particular. In recent years, the incidence of rescissions has returned to immaterial levels.

Incurred Loss Experience

Management believes that the Company's overall reserving practices have been consistently applied over many years. Previously established aggregate reserves have produced reasonable estimates of the cumulative ultimate net costs of claims incurred. However, there are no guarantees that such outcomes will continue, and, accordingly, no representation is made that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates. In management's opinion, however, such potential development is not likely to have a material effect on the Company's consolidated financial position, although it could affect materially its consolidated results of operations for any one annual or interim reporting period. See further discussion in the Company's 2020 Annual Report on Form 10-K under Item 1A - Risk Factors.

A summary of changes in aggregate reserves for claims and related costs is included in Note 4 of the Consolidated Financial Statements.

39

The percentage of net claims, benefits and related settlement expenses incurred as a percentage of premiums and related fee revenues of the Company's three major operating segments and for consolidated operations were as follows:

	General		Title (*)		RFIG Run-off		Consolidated (*)
Years Ended December 31:
2018	72.2	%	1.9	%	39.4	%	41.4	%
2019	71.8		2.5		53.5		41.2
2020	69.9		2.3		81.7		37.0
Six Months Ended June 30:
2020	70.8		2.8		89.1		40.2
2021	67.1		3.0		26.0		32.1
Quarters Ended June 30:
2020	71.8		2.5		144.5		40.5
2021	68.1	%	3.0	%	3.6	%	31.4	%

__________

(*)    Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the current presentation. See Note 1 to the accompanying Notes to Consolidated Financial Statements.

The percentage of net claims, benefits and related settlement expenses measured against premiums earned by major types of general insurance coverage were as follows:

	General Insurance Claim Ratios by Type of Coverage
	All Coverages		Commercial Automobile (mostly trucking)		Workers' Compen-sation		Inland Marine and Property		Financial Indemnity		General Liability		Other
Years Ended
December 31:
2018	72.2	%	79.3	%	70.7	%	62.8	%	73.8	%	68.9	%	60.1	%
2019	71.8		84.0		63.2		62.6		64.0		77.8		61.4
2020	69.9		80.8		60.8		58.3		57.1		73.6		67.2
Six Months Ended
June 30:
2020	70.8		80.2		68.4		58.1		60.2		64.0		65.7
2021	67.1		74.6		57.7		59.4		57.3		76.5		68.5
Quarters Ended
June 30:
2020	71.8		83.4		65.7		60.7		59.6		56.7		65.1
2021	68.1	%	75.4	%	59.6	%	63.4	%	53.8	%	60.4	%	70.4	%

The General Insurance reported claim ratio improved in both 2021 periods, driven by favorable reserve development from prior periods and a lower current period claim provision, reflecting several years of premium rate increases and underwriting actions. The group experienced (favorable) unfavorable development of prior years' reserves of (2.9) and (2.8) percentage points for the second quarter and first six months of 2021, respectively, compared to .1 and (.3) percentage points for the second quarter and first six months of 2020, respectively.

Unfavorable asbestos and environmental ("A&E") claim developments, although not material in any of the periods presented, are typically attributable to A&E claim reserves due to periodic re-evaluations of such reserves as well as subsequent reclassifications of other coverages' reserves, most often workers' compensation, deemed assignable to A&E category of losses. Except for a small portion that emanates from ongoing primary insurance operations, a large majority of the A&E claim reserves posted by Old Republic stem mainly from its participations in assumed reinsurance treaties and insurance pools which were discontinued during the 1980's and have since been in run-off status. With respect to the primary portion of gross A&E reserves, Old Republic administers the related claims through its claims personnel as well as outside attorneys, and posted reserves reflect its best estimates of ultimate claim costs. Claims administration for the assumed portion of the Company's A&E exposures is handled by the claims departments of unrelated primary or ceding reinsurance companies. While the Company performs periodic reviews of certain claim files managed by third parties, the overall A&E reserves it establishes respond to the paid claim and case reserve activity reported to the Company as well as available industry statistical data such as so-called survival ratios. Such ratios represent the number of years' average paid losses for the three or five most recent calendar years that are encompassed by an insurer's A&E reserve level at any point in time. According to this simplistic appraisal of an insurer's A&E loss reserve level, Old Republic's average five year survival ratios stood at 7.5 years (gross) and 7.9 years (net of reinsurance) as of June 30, 2021 and 6.3 years (gross) and 7.1 years (net of reinsurance) as of

40

December 31, 2020. Fluctuations in this ratio between years can be caused by the inconsistent pay out patterns associated with these types of claims. Incurred net losses for A&E claims have averaged .3% of general insurance group net incurred losses for the five years ended December 31, 2020.

Title insurance claim ratios have remained in the single digits for a number of years due to a continuation of favorable trends in claims frequency and severity. The reported claim ratio trended slightly higher for the quarter and year-to-date periods of 2021, influenced by favorable reserve development from prior periods. This favorable development of reserves established in prior years reduced the claim ratio by .7 percentage points in both the second quarter and first six months of 2021 and 1.1 and .8 percentage points for the same respective periods of 2020.

RFIG Run-off claim costs for the current quarter and year-to-date periods continue to be driven by fewer newly reported delinquencies in combination with improving trends in cure rates and claim severity influenced by the ongoing economic recovery and continued strength in the real estate market. Incurred claim ratios reflect favorable development of 24.8 and 18.9 percentage points in the second quarter and first six months of 2021, respectively. This compares to 21.0 and 2.5 percentage points of unfavorable development for the respective 2020 periods.

Certain mortgage guaranty average claims related trends are listed below:

	Average Settled Claim Amount (a)		Reported Delinquency Ratio at End of Period
Years Ended December 31:
2018	$	46,946	9.9	%
2019	49,195		10.1
2020	37,172		14.2
Six Months Ended June 30:
2020	44,202		13.9
2021	$	42,688	12.9	%

__________

(a)    Amounts are in whole dollars.

	Total Delinquency Rated for Top Ten States (includes "other" business) (b):
	FL		IL		GA		CA		NJ		MD		NY		TX		PA		OH
As of December 31:
2018	10.6	%	9.2	%	8.1	%	6.8	%	15.3	%	10.7	%	21.3	%	10.4	%	12.0	%	10.1	%
2019	8.8		9.0		8.6		6.5		12.4		10.4		20.7		12.4		12.4		10.5
2020	13.1		13.8		12.7		9.9		18.2		15.2		25.5		18.7		15.7		13.7
As of June 30:
2020	13.5		14.0		13.3		11.2		20.1		14.6		26.2		17.7		15.5		11.8
2021	11.5	%	13.0	%	11.4	%	9.5	%	15.9	%	13.9	%	23.5	%	17.8	%	14.4	%	11.8	%

__________

(b)    As determined by risk in force as of June 30, 2021, these 10 states represent approximately 56.1% of total risk in force.

Reinsurance Programs

To maintain premium production within its capacity and limit maximum losses and risks for which it might become liable under its policies, Old Republic may cede a portion or all of its premiums and liabilities on certain classes of insurance, individual policies, or blocks of business to other insurers and reinsurers. Further discussion of the Company's reinsurance programs can be found in Part 1 of the Company's 2020 Annual Report on Form 10-K.

41

Expenses: Underwriting Acquisition and Other Expenses

The following table sets forth the expense ratios registered by each major business segment and in consolidation for the periods shown:

					RFIG
	General		Title (*)		Run-off		Consolidated (*)
Years Ended December 31:
2018	25.0	%	90.9	%	21.5	%	53.5	%
2019	25.7		90.5		25.0		54.1
2020	25.6		88.4		30.2		56.3
Six Months Ended June 30:
2020	26.2		90.8		31.1		55.4
2021	25.7		86.3		38.3		58.7
Quarters Ended June 30:
2020	26.6		89.6		32.1		55.6
2021	25.9	%	85.4	%	42.3	%	59.2	%

__________

(*)    Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the current presentation. See Note 1 to the accompanying Notes to Consolidated Financial Statements.

Variations in the Company's consolidated expense ratios reflect a continually changing mix of coverages sold and attendant costs of producing business in the Company's three largest business segments. To a significant degree, expense ratios for both the general and title insurance segments are mostly reflective of variable costs, such as commissions or similar charges, that rise or decline along with corresponding changes in premium and fee income. Moreover, general operating expenses can contract or expand in differing proportions due to varying levels of operating efficiencies and expense management opportunities in the face of changing market conditions.

Expenses: Total

The combined ratios of the above summarized net claims, benefits and underwriting expenses that reflect the sum total of all the factors enumerated above have been as follows:

					RFIG
	General		Title (*)		Run-off		Consolidated (*)
Years Ended December 31:
2018	97.2	%	92.8	%	60.9	%	94.9	%
2019	97.5		93.0		78.5		95.3
2020	95.5		90.7		111.9		93.3
Six Months Ended June 30:
2020	97.0		93.6		120.2		95.6
2021	92.8		89.3		64.3		90.8
Quarters Ended June 30:
2020	98.4		92.1		176.6		96.1
2021	94.0	%	88.4	%	45.9	%	90.6	%

__________

(*)    Reclassification adjustments were made to certain Title segment revenues and expenses in prior periods to conform to the current presentation. See Note 1 to the accompanying Notes to Consolidated Financial Statements.

Expenses: Income Taxes

The effective consolidated income tax rates were 20.1% and 20.3% in the second quarter and first six months of 2021 compared to 20.3% and (23.5)% in the second quarter and first six months of 2020. The rates for each period reflect primarily the varying proportions of pretax operating income (loss) derived from partially tax sheltered investment income (principally tax-exempt interest and dividend income), the combination of fully taxable investment income, investment gains or losses, underwriting and service income and adjustments regarding the recoverability of deferred tax assets.

42

OTHER INFORMATION

Reference is here made to "Information About Segments of Business" appearing elsewhere herein.

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. It is possible that Old Republic's operating results, business and financial condition could be adversely affected in subsequent periods by future economic disruptions caused by the COVID-19 pandemic and the associated governmental responses.

Some of the oral or written statements made in the Company's reports, press releases, and 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 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 particularly affected 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 investment yields 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. Title Insurance and RFIG Run-off results can be affected by similar factors, and 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. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations 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.

The General Insurance, Title Insurance, Corporate and Other Segments, and the RFIG Run-off business maintain customer information and rely upon technology platforms to conduct their business. As a result, each of them and the Company are exposed to cyber risk. Many of the Company's operating subsidiaries maintain separate IT systems which are deemed to reduce enterprise-wide risks of potential cybersecurity incidents. However, given the potential magnitude of a significant breach, the Company continually evaluates on an enterprise-wide basis its IT hardware, security infrastructure and business practices to respond to these risks and to detect and remediate in a timely manner significant cybersecurity incidents or business process interruptions.

A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part II, Item 1A - Risk Factor of this report and Part I, Item 1A - Risk Factors, of the Company's 2020 Form 10-K Annual Report filing to the Securities and Exchange Commission, 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.

43

OLD REPUBLIC INTERNATIONAL CORPORATION

Item 3 - Quantitative and Qualitative Disclosure About Market Risk

Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments as a result of changes in interest rates, equity prices, foreign exchange rates and commodity prices. Old Republic's primary market risks consist of interest rate risk associated with investments in fixed maturities and equity price risk associated with investments in equity securities. The Company has no material foreign exchange or commodity risk.

Old Republic's market risk exposures at June 30, 2021, have not materially changed from those identified in the Company's 2020 Annual Report on Form 10-K.

Item 4 - Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company's principal executive officer and its principal accounting officer have evaluated the Company's disclosure controls and procedures as of the end of the period covered by this quarterly report. Based upon their evaluation, the principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective for the above referenced evaluation period.

Changes in Internal Control

During the three month period ended June 30, 2021, there were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Management's Report on Internal Control Over Financial Reporting

The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

44

OLD REPUBLIC INTERNATIONAL CORPORATION

FORM 10-Q

PART II - OTHER INFORMATION

Item 1 - Legal Proceedings

The information contained in Note 7 "Commitments and Contingent Liabilities" of the Notes to Consolidated Financial Statements filed as Part 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.

Item 1A - Risk Factors

The following items update the risk factors disclosed in the Company's 2020 Annual report on Form 10-K.

Technology and security breaches or failures, including cybersecurity incidents, could disrupt the Company’s operations, result in financial losses, the loss of critical and confidential information and expose the Company to additional liabilities, which could adversely affect its reputation and results of operations.

The Company depends upon technology to conduct business. The Company uses computer systems to store and use customer, employee, and company data and information. These include both proprietary and third party technology systems and tools. In addition, the Company routinely transmits, receives and stores personal, confidential and proprietary information by email and other electronic means. The Company and its employees and agents also transfer significant amounts of funds using electronic means.

The Company’s systems and processes have been, and will likely remain, subject to cyber-attacks and other intrusions. These attacks are occurring with greater frequency and sophistication, and include malware and computer virus attacks, ransomware, unauthorized access, misuse, denial-of-service attacks, system failures and disruptions. A breach of the Company’s systems or the systems of a third-party vendor or services provider could disrupt the Company’s ability to conduct business operations. During such an event, systems may be inaccessible to employees, customers or business partners for an extended period of time and employees may be unable to perform their duties. These attacks could expose the Company to substantial costs and negative consequences, including the loss of funds, remediation costs, lost revenues and reputational damage.

In addition, the email and computer systems used by the Company, its service providers and agents for the transfer of funds have been subject to fraudulent spoofing attacks. In some cases, unauthorized access or fraudulent attacks have not been immediately detected, thereby increasing the severity of the incident. Funds transferred to a fraudulent recipient are not always recoverable and the Company may be liable for those unrecovered funds. Losses resulting from unrecovered funds could result in a material adverse effect on the Company’s financial condition and results of operations.

Old Republic regularly monitors its networks, infrastructure and procedures in an effort to prevent, detect, address and mitigate these risks. There is no assurance that the Company’s security procedures will provide fully effective protection from such events. A cyber incident or fraud attack could have a material adverse effect on the Company’s business, financial condition and results of operations.

Furthermore, Old Republic’s businesses must comply with laws and regulations enacted by U.S. federal and state governments, as well as laws enacted by various regulatory organizations or exchanges relating to the privacy and security of the information of clients, employees or others. These laws and regulations are increasing in complexity and number, change frequently and sometimes conflict. The compromise of personal, confidential or proprietary information could expose the Company to liability under federal and state laws, and subject it to litigation and investigations and result in reputational harm, which could have a material adverse effect on the Company’s business, financial condition and results of operations.

The ongoing COVID-19 pandemic and the associated governmental responses could materially adversely affect Old Republic’s business.

The COVID-19 pandemic continues to adversely impact the U.S. economy and financial markets. New variants of the COVID-19 virus or a resurgence in infection rates could lead to a further or continuing reduction in economic activity, resulting in a decline in demand for the Company’s products. The pandemic could also have a more significant impact on Old Republic’s claims experience in future periods, resulting in a decrease in profitability.

In addition, actions taken in response to the pandemic by federal, state and local government authorities, including state insurance departments, could, individually or in the aggregate, adversely affect Old Republic’s business.

45

Item 6 - Exhibits

(a) Exhibits

31.1	Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
	adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
	adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title
	18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title
	18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

46

SIGNATURE

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:	July 30, 2021
		/s/ Frank J. Sodaro
		Frank J. Sodaro Senior Vice President, Chief Financial Officer, and Principal Accounting Officer

47

EXHIBIT INDEX

Exhibit
No.	Description
31.1	Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
	adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Rule 13a-14(a) and 15d-14(a), as
	adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification by Craig R. Smiddy, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title
	18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification by Frank J. Sodaro, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title
	18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase

48

EX-31.1

Exhibit 31.1 Rule 13a–14(a)/15d-14(a) Certifications

CERTIFICATIONS

I, Craig R. Smiddy, certify that:

    1.    I have reviewed this quarterly report on Form 10-Q of Old Republic International Corporation (“the registrant”);

    2.    Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

    3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

    4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

        (a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;

        (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

        (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

        (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.        The registrant’s other certifying officer(s) and I have disclosed, based upon our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

        (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

1

        (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 28, 2021

/s/ Craig R. Smiddy                    

                                Craig R. Smiddy, President and

                                Chief Executive Officer

2

EX-31.2

Exhibit 31.2 Rule 13a–14(a)/15d-14(a) Certifications

CERTIFICATIONS

I, Frank J. Sodaro, certify that:

    1.    I have reviewed this quarterly report on Form 10-Q of Old Republic International Corporation (“the registrant”);

    2.    Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

    3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

    4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

        (a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared;

        (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;

        (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

        (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.        The registrant’s other certifying officer(s) and I have disclosed, based upon our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

        (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

1

        (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 28, 2021

/s/ Frank J. Sodaro                    

                                Frank J. Sodaro

                                Senior Vice President,

                                Chief Financial Officer and

                                Principal Accounting Officer

2

EX-32.1

Item 32.1, 18 U.S.C. Section 1350 Certification

CERTIFICATION OF PERIODIC REPORT

    I, Craig R. Smiddy, the President and Chief Executive Officer of Old Republic International Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

    (1)    the quarterly report on Form 10-Q of the Company for the quarter ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

    (2)    the information contained in the Report fairly presents the financial condition and results of operations of the Company.

Dated: July 28, 2021

/s/ Craig R. Smiddy                        

                             Craig R. Smiddy, President and

                             Chief Executive Officer

EX-32.2

         Item 32.2, 18 U.S.C. Section 1350 Certification

CERTIFICATION OF PERIODIC REPORT

I, Frank J. Sodaro, the Senior Vice President and Chief Financial Officer of Old Republic International Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

(1)the quarterly report on Form 10-Q of the Company for the quarter ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents the financial condition and results of operations of the Company.

Dated: July 28, 2021

/s/ Frank J. Sodaro                    

                            Frank J. Sodaro, Senior Vice

                            President, Chief Financial

                            Officer and Principal

                            Accounting Officer

XML

Cover Page	6 Months Ended
	Jun. 30, 2021 shares
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-10607
Entity Registrant Name	OLD REPUBLIC INTERNATIONAL CORPORATION
Entity Central Index Key	0000074260
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2678171
Entity Address, Address Line One	307 North Michigan Avenue
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	346-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock / $1 par value
Entity Common Stock, Shares Outstanding	305,738,392
Trading Symbol	ORI
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Available for sale:
Fixed maturity securities (at fair value) (amortized cost: $10,063.4 and $9,897.6)		$ 10,481.2	$ 10,496.8
Short-term investments (at fair value which approximates cost)		634.1	749.6
Total		11,115.4	11,246.4
Equity securities (at fair value) (cost: $3,931.5 and $3,269.7)		5,204.1	4,054.8
Other investments		29.3	28.8
Total Investments		16,348.8	15,330.1
Other Assets:
Cash		109.2	118.7
Accrued investment income		85.8	86.4
Accounts and notes receivable		1,828.7	1,593.9
Federal income tax recoverable: Current		18.2	0.0
Reinsurance balances and funds held		258.2	205.0
Reinsurance recoverable: Paid losses		86.8	67.6
Reinsurance recoverable: Policy and claim reserves		4,792.2	4,295.1
Deferred policy acquisition costs		346.4	328.0
Sundry assets		803.5	790.0
Total Other Assets		8,329.5	7,485.0
Total Assets		24,678.4	22,815.2
Liabilities, Preferred Stock, and Common Shareholders' Equity Liabilities:
Losses, claims, and settlement expenses		11,175.2	10,671.0
Unearned premiums		2,638.4	2,397.1
Other policyholders' benefits and funds		199.5	195.9
Total policy liabilities and accruals		14,013.2	13,264.2
Commissions, expenses, fees, and taxes		611.9	663.5
Reinsurance balances and funds		966.5	725.4
Taxes Payable, Current		0.0	4.2
Deferred Income Tax Liabilities, Net		211.1	137.3
Debt		1,590.1	966.4
Sundry liabilities		506.8	867.3
Commitments and contingent liabilities
Total Liabilities		17,899.8	16,628.5
Preferred Stock	[1]	0.0	0.0
Common Shareholders' Equity:
Common stock	[1]	305.7	304.1
Additional paid-in capital		1,337.6	1,306.9
Retained earnings		5,082.1	4,394.8
Accumulated other comprehensive income (loss)		150.4	284.0
Unallocated ESSOP shares (at cost)		(97.3)	(103.2)
Total Common Shareholders' Equity		6,778.6	6,186.6
Total Liabilities, Preferred Stock and Common Shareholders' Equity		$ 24,678.4	$ 22,815.2

[1] At June 30, 2021 and December 31, 2020, there were 75,000,000 shares of $0.01 par value preferred stock authorized, of which no shares were outstanding. As of the same dates, there were 500,000,000 shares of common stock, $1.00 par value, authorized, of which 305,738,392 and 304,122,180 were issued as of June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, there were 100,000,000 shares of Class B Common Stock, $1.00 par value, authorized, of which no shares were issued.

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Available for sale:
Fixed maturity securities (amortized costs)	$ 10,063.4	$ 9,897.6
Equity securities - cost	$ 3,931.5	$ 3,269.7
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, authorized shares (in shares)	75,000,000	75,000,000
Preferred Stock, outstanding shares (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common Stock, authorized shares (in shares)	500,000,000	500,000,000
Common Stock, issued shares (in shares)	305,738,392	304,122,180
Common Class B [Member]
Available for sale:
Common Stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common Stock, authorized shares (in shares)	100,000,000	100,000,000
Common Stock, issued shares (in shares)	0	0

XML

Consolidated Statements of Income - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020
Revenues:
Net premiums earned		$ 1,868.5	$ 1,453.0		$ 3,600.7	$ 2,931.1
Title, escrow, and other fees		118.7	86.3		225.4	167.6
Total premiums and fees		1,987.3	1,539.4		3,826.2	3,098.8
Net investment income		107.6	108.7		211.9	222.9
Other income		37.8	32.0		74.1	66.7
Total operating revenues		2,132.8	1,680.2		4,112.4	3,388.5
Investment gains (losses):
Gain (Loss) on Investments, Excluding Other than Temporary Impairments		1.0	(7.3)		8.9	11.2
Equity Securities, FV-NI, Unrealized Gain (Loss)		119.9	354.0		487.4	(608.7)
Total realized and unrealized investment gains (losses)		120.9	346.7		496.4	(597.4)
Total revenues		2,253.7	2,027.0	[1]	4,608.8	2,791.0	[1]
Benefits, Claims and Expenses:
Benefits, claims and settlement expenses		615.8	617.8		1,213.8	1,237.5
Dividends to policyholders		9.1	6.2		14.5	9.1
Underwriting, acquisition, and other expenses		1,220.6	893.2		2,330.9	1,792.7
Interest and other charges		12.1	10.4		22.8	22.3
Total expenses		1,857.7	1,527.8		3,582.2	3,061.8
Income (loss) before income taxes (credits)		396.0	499.1		1,026.6	(270.8)
Income Taxes (Credits):
Current		46.6	25.9		97.4	65.9
Deferred		32.9	75.5		110.6	(129.7)
Total		79.5	101.4		208.0	(63.7)
Net Income (Loss)		$ 316.4	$ 397.7		$ 818.5	$ (207.0)
Net Income (Loss) Per Share:
Net income (loss) per share: Basic (in dollars per share)		$ 1.06	$ 1.34		$ 2.73	$ (0.69)
Net income (loss) per share: Diluted (in dollars per share)		$ 1.05	$ 1.34		$ 2.72	$ (0.69)
Average shares outstanding: Basic (in shares)	[2]	299,934,621	297,523,559		299,831,932	298,915,853
Weighted Average Number of Shares Outstanding, Diluted, Total	[2]	302,328,012	297,776,315		301,381,955	298,915,853

[1] Reclassification adjustments were made to certain Title segment revenues and expenses in the quarter and six months ended June 30, 2020 to conform to the current presentation. See Note 1.

[2] (a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 316.4	$ 397.7	$ 818.5	$ (207.0)
Unrealized gains (losses) on securities:
Unrealized gains (losses) on securities before reclassifications	61.4	462.4	(180.9)	289.2
Amounts reclassified as realized investment gains from sales in the statements of income	(0.6)	8.8	(1.0)	8.5
Pretax unrealized gains (losses) on securities	60.7	471.3	(182.0)	297.7
Less: Deferred income taxes (credits)	12.7	99.2	(38.4)	62.8
Net unrealized gains (losses) on securities, net of tax	47.9	372.0	(143.6)	234.8
Defined benefit pension plans:
Net pension adjustment before reclassifications	0.0	0.0	0.0	0.0
Amounts reclassified as underwriting, acquisition, and other expenses in the statements of income	1.8	0.9	3.6	1.8
Pretax net adjustment related to defined benefit pension plans	1.8	0.9	3.6	1.8
Deferred income taxes (credits)	0.3	0.1	0.7	0.3
Net adjustment related to defined benefit pension plans, net of tax	1.4	0.7	2.9	1.4
Foreign currency translation adjustment	4.0	4.0	7.0	(6.5)
Total other comprehensive income (loss)	53.4	376.8	(133.6)	229.8
Comprehensive Income (Loss)	$ 369.8	$ 774.5	$ 684.9	$ 22.7

XML

Consolidated Statements of Preferred Stock and Common Shareholders' Equity - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	AOCI Attributable to Parent	Unallocated ESSOP Shares
Common Stock, Dividends, Per Share, Cash Paid	$ 0.4200
Balance at Dec. 31, 2019		$ 0.0	$ 303.6	$ 1,297.5	$ 4,386.0	$ (2.3)	$ 4,383.6	$ 77.7	$ (64.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend reinvestment plan			0.0	0.4
Net issuance of shares under stock based compensation plans			0.3	4.7
Stock based compensation				1.5
ESSOP shares released				0.8					5.7
Net income (loss)	$ (207.0)				(207.0)
Dividends on common stock					(125.3)
Net unrealized gains (losses) on securities, net of tax	234.8							234.8
Net adjustment related to defined benefit pension plans, net of tax	1.4							1.4
Foreign currency translation adjustment	(6.5)							(6.5)
Origination of Loans to Employee Stock Ownership Plans	$ (50.0)								(50.0)
Balance at Jun. 30, 2020		0.0	304.0	1,305.1	4,051.2			307.5	(109.0)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.2100
Balance at Mar. 31, 2020			303.9	1,304.2	3,715.8	0.0	3,715.8	(69.2)	(111.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend reinvestment plan			0.0	0.2
Net issuance of shares under stock based compensation plans			0.0	0.3
Stock based compensation				0.3
ESSOP shares released				0.0					2.8
Net income (loss)	$ 397.7				397.7
Dividends on common stock					(62.3)
Net unrealized gains (losses) on securities, net of tax	372.0							372.0
Net adjustment related to defined benefit pension plans, net of tax	0.7							(0.7)
Foreign currency translation adjustment	$ 4.0							4.0
Origination of Loans to Employee Stock Ownership Plans									0.0
Balance at Jun. 30, 2020		0.0	304.0	1,305.1	4,051.2			307.5	(109.0)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.4400
Balance at Dec. 31, 2020		0.0	304.1	1,306.9	4,394.8	0.0	4,394.8	284.0	(103.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend reinvestment plan			0.0	1.4
Net issuance of shares under stock based compensation plans			1.5	24.4
Stock based compensation				2.6
ESSOP shares released				2.1					5.9
Net income (loss)	$ 818.5				818.5
Dividends on common stock					(131.2)
Net unrealized gains (losses) on securities, net of tax	(143.6)							(143.6)
Net adjustment related to defined benefit pension plans, net of tax	2.9							2.9
Foreign currency translation adjustment	7.0							7.0
Origination of Loans to Employee Stock Ownership Plans	$ 0.0								0.0
Balance at Jun. 30, 2021		0.0	305.7	1,337.6	5,082.1			150.4	(97.3)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.2200
Balance at Mar. 31, 2021			304.7	1,318.9	4,831.4	$ 0.0	$ 4,831.4	96.9	(100.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend reinvestment plan			0.0	0.2
Net issuance of shares under stock based compensation plans			0.9	16.6
Stock based compensation				0.2
ESSOP shares released				1.5					2.9
Net income (loss)	$ 316.4				316.4
Dividends on common stock					(65.7)
Net unrealized gains (losses) on securities, net of tax	47.9							47.9
Net adjustment related to defined benefit pension plans, net of tax	1.4							(1.4)
Foreign currency translation adjustment	$ 4.0							4.0
Origination of Loans to Employee Stock Ownership Plans									0.0
Balance at Jun. 30, 2021		$ 0.0	$ 305.7	$ 1,337.6	$ 5,082.1			$ 150.4	$ (97.3)

XML

Consolidated Statements of Preferred Stock and Common Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Attributable to Parent	$ 6,778.6		$ 6,778.6		$ 6,186.6
Dividends on common share (in usd per share)	$ 0.2200	$ 0.2100	$ 0.4400	$ 0.4200
Preferred Stock
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0	$ 0.0

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 818.5	$ (207.0)
Adjustments to reconcile net income (loss) to
Deferred policy acquisition costs	(18.3)	5.9
Premiums and other receivables	(234.7)	(301.4)
Unpaid claims and related items	205.3	208.6
Unearned premiums and other policyholders' liabilities	46.1	(23.7)
Income taxes	89.0	(140.8)
Reinsurance balances	168.7	244.7
Realized from actual transactions and impairments	8.9	11.2
Equity Securities, FV-NI, Unrealized Gain (Loss)	487.4	(608.7)
Accounts payable, accrued expenses and other	(62.7)	54.7
Total	515.4	438.3
Available for sale
Maturities and early calls	740.6	543.3
Sales	168.3	194.2
Sales of:
Equity securities	197.7	151.6
Other - net	4.8	4.9
Purchases of:
Fixed maturity securities	(1,086.2)	(518.1)
Equity securities	(850.5)	(271.2)
Other - net	(30.2)	(19.9)
Net decrease (increase) in short-term investments	115.7	(311.5)
Other - net	0.0	0.0
Total	(739.6)	(226.7)
Cash flows from financing activities:
Proceeds from Issuance of Debt	642.5	0.0
Issuance of common shares	27.5	5.6
Redemption of debentures and notes	(19.5)	(6.5)
Origination of Loans to Employee Stock Ownership Plans	0.0	(50.0)
2021 of $304.0)	(435.3)	(125.3)
Other - net	(0.6)	(0.2)
Total	214.7	(176.3)
Increase (decrease) in cash
Cash, beginning of period	118.7	78.8
Cash, end of period	109.2	114.0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(9.4)	35.2
Supplemental cash flow information:
Cash paid (received) during the period for: Interest	20.4	20.7
Cash paid (received) during the period for: Income taxes	$ 119.2	$ 78.0

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Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Statement of Cash Flows [Abstract]
Special dividend paid in January 2021	$ 303.4

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Accounting Policies and Basis of Presentation

Accounting Policies and Basis of Presentation:

The accompanying consolidated financial statements have been prepared in conformity with the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") of accounting principles generally accepted in the United States of America ("GAAP"). These interim financial statements should be read in conjunction with these notes and those included in the Company's 2020 Annual Report on Form 10-K incorporated herein by reference.

Pertinent accounting and disclosure pronouncements issued from time to time by the FASB are adopted by the Company as they become effective. Recent pronouncements are discussed below.

Effective January 1, 2020, the Company adopted the FASB’s accounting guidance on current expected credit loss ("CECL") which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of certain financial assets measured at amortized cost, primarily including the Company’s reinsurance recoverables, and its accounts and notes receivable. CECL replaced the incurred loss impairment model that recognized losses when a probability threshold was met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased and at subsequent measurement dates. The expected credit losses, and subsequent adjustment to such losses, are recorded through an allowance account that is deducted from the amortized cost basis of the financial asset, with the net carrying value of the asset presented on the consolidated balance sheet.

The guidance relating to financial assets measured at amortized cost was adopted on a modified retrospective basis, resulting in a net of tax adjustment to January 1, 2020 retained earnings of $2.3. The Company’s January 1, 2020 credit loss allowance of $30.1 was comprised of $14.5 related to reinsurance recoverables, $15.5 related to accounts and notes receivable, and an immaterial amount related to held to maturity securities. The June 30, 2021 allowance included $16.0 related to reinsurance recoverables and $19.6 related to accounts and notes receivable. No significant charges were made to the allowance during the six months ended June 30, 2021.

The guidance also modified the impairment model for available for sale fixed maturity securities by requiring the recognition of credit losses through an allowance account, as opposed to a charge that cannot be revised should the underlying security recover. Under the guidance, the length of time a security has been in an unrealized loss position will no longer impact the determination as to whether a credit loss exists. The revised guidance for available for sale fixed maturity securities was adopted on a prospective basis and the related disclosures summarizing this standard’s impact on the Company’s investment portfolio are included in Note 3.

The financial accounting and reporting process relies on estimates and on the exercise of judgment. In the opinion of management all adjustments consisting only of normal recurring accruals necessary for a fair presentation of interim periods' results and financial position have been recorded. Amounts shown in the consolidated financial statements and applicable notes are stated (except as otherwise indicated and as to share data) in millions, which amounts may not add to totals shown due to truncation.

Reclassifications - Reclassifications are made in prior periods' financial statements whenever appropriate to conform to the most current presentation.

Immaterial Adjustment - The Company recorded immaterial adjustments to present revenues gross of the applicable commission expenses in the June 30, 2020 consolidated statements of income and comprehensive income by: increasing net premiums earned by $99.9 and $201.3 for the quarter and six months, respectively, decreasing title, escrow and other fees by $43.6 and $82.4 for the quarter and six months, respectively, and increasing underwriting, acquisition, and other expenses by $56.3 and $118.8. These immaterial adjustments were made to conform all prior periods to the current presentation and had no impact on net income (loss), comprehensive income (loss) or shareholders' equity.

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Common Share Data

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Common Share Data

Common Share Data:Earnings Per Share - Consolidated basic earnings per share excludes the dilutive effect of common stock equivalents and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares actually outstanding for the periods presented. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Basic and diluted earnings per share -
income (loss) available to common stockholders	$	316.4	$	397.7	$	818.5	$	(207.0)
Denominator:
Basic earnings per share -
weighted-average shares (a)	299,934,621		297,523,559		299,831,932		298,915,853
Effect of dilutive securities - stock based
compensation awards	2,393,391		252,756		1,550,023		—
Diluted earnings per share -
adjusted weighted-average shares (a)	302,328,012		297,776,315		301,381,955		298,915,853
Earnings per share: Basic	$	1.06	$	1.34	$	2.73	$	(.69)
Diluted	$	1.05	$	1.34	$	2.72	$	(.69)
Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock based compensation awards	—		8,065,611		350,000		9,570,275

__________

(a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.

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Investments

6 Months Ended

Jun. 30, 2021

Investments [Abstract]

Investment

Investments:

The Company classifies its fixed maturity securities as those it either (1) has the intent and ability to hold until maturity, (2) has available for sale or (3) has the intention of trading. The Company's entire fixed maturity portfolio is classified as available for sale. As of June 30, 2020 the Company changed its intent to hold its tax exempt municipal bond portfolio until maturity and consequently, reclassified these securities from their previous held to maturity designation to available for sale. As a result, a net of tax unrealized gain of $48.5 was recognized in other comprehensive income for the quarter and six months ended June 30, 2020.

Fixed maturity securities classified as available for sale are reported at fair value with changes in such values, net of deferred income taxes, reflected directly in shareholders' equity. Equity securities are reported at fair value with changes in such values reflected as unrealized investment gains (losses) in the consolidated statements of income. Fair values for fixed maturity securities and equity securities are based on quoted market prices or estimates using values obtained from recognized independent pricing services. Credit losses are recorded through an allowance with the corresponding charge to realized investment gains (losses). If the Company intends to sell or is more likely than not required to sell a security, the asset is written down to fair value directly through realized investment gains (losses).

The status and fair value changes of each of the fixed maturity investments are reviewed at least once per quarter during the year to assess whether a decline in fair value of an investment below its cost basis is the result of a credit loss. Factors considered in making this assessment include a security's market price history, as well as the issuer's operating results, financial condition and liquidity, its ability to access capital markets and to make scheduled principal or interest payments, credit rating trends, most current audited financial statements, industry and securities markets conditions and analyst expectations. Sudden fair value declines caused by such adverse developments as newly emerged or imminent bankruptcy filings, issuer default on significant obligations, or reports of financial accounting developments that bring into question the validity of the issuer's previously reported earnings or financial condition, are recognized as realized losses as soon as credible publicly available information emerges to confirm such developments. The Company recorded no allowance for credit losses as of June 30, 2021, and December 31, 2020.

The amortized cost and estimated fair values by type and contractual maturity of fixed maturity securities are shown in the following tables. Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed Maturity Securities by Type:
June 30, 2021:
U.S. & Canadian Governments	$	2,033.1	$	66.7	$	4.3	$	2,095.6
Tax-exempt	973.1		53.5		—		1,026.7
Corporate	7,057.0		335.8		34.0		7,358.9
	$	10,063.4	$	456.1	$	38.3	$	10,481.2
December 31, 2020:
U.S. & Canadian Governments	$	1,967.1	$	96.4	$	.3	$	2,063.2
Tax-exempt	997.1		66.3		—		1,063.5
Corporate	6,933.3		440.1		3.4		7,370.0
	$	9,897.6	$	602.9	$	3.8	$	10,496.8

	Amortized Cost		Estimated Fair Value
Fixed Maturity Securities Stratified by Contractual Maturity at June 30, 2021:
Due in one year or less	$	1,067.7	$	1,077.7
Due after one year through five years	5,307.3		5,578.6
Due after five years through ten years	3,606.5		3,741.2
Due after ten years	81.8		83.5
	$	10,063.4	$	10,481.2

The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:

	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2021:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	497.8	$	4.3	$	—	$	—	$	497.8	$	4.3
Corporate	1,237.3		34.0		—		—		1,237.3		34.0
	$	1,735.1	$	38.3	$	—	$	—	$	1,735.1	$	38.3
Number of securities in
unrealized loss position			236				2				238
December 31, 2020:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	416.4	$	.3	$	—	$	—	$	416.4	$	.3
Corporate	333.6		3.4		—		—		333.6		3.4
	$	750.0	$	3.8	$	—	$	—	$	750.0	$	3.8
Number of securities in
unrealized loss position			74				3				77

In the above tables the unrealized losses on fixed maturity securities are primarily deemed to reflect changes in the interest rate environment. As part of its assessment of credit losses, the Company considers its intent and ability to continue to hold the securities until cost recovery, principally in consideration of its asset and liability matching objectives.

The following table shows cost and fair value information for equity securities:

	Equity Securities
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2021	$	3,931.5	$	1,350.9	$	78.3	$	5,204.1
December 31, 2020	$	3,269.7	$	1,028.1	$	243.0	$	4,054.8

During the second quarter and first six months of 2021 and 2020, the Company recognized pretax unrealized investment gains (losses) of $119.9 and $487.4, respectively for 2021, and $354.0 and $(608.7), respectively for 2020, emanating from changes in the fair value of equity securities in the consolidated statements of income. Changes in the fair value of equity securities still held at June 30, 2021 and 2020 were $119.9 and $479.7 for the second quarter and first six months of 2021, respectively, and $351.9 and $(602.7) for the second quarter and first six months of 2020, respectively.

Fair Value Measurements - Fair value is defined as the estimated price that is likely to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (an exit price) at the measurement date. A fair value hierarchy is established that prioritizes the sources ("inputs") used to measure fair value into three broad levels: Level 1 inputs are based on quoted market prices in active markets; Level 2 observable inputs are based on corroboration with available market data; and Level 3 unobservable inputs are based on uncorroborated market data or a reporting entity's own assumptions. Following is a description of the valuation methodologies and general classification used for financial instruments measured at fair value.

The Company uses quoted values and other data provided by a nationally recognized independent pricing source as inputs into its quarterly process for determining fair values of fixed maturity and equity securities. To validate the techniques or models used by pricing sources, the Company's review process includes, but is not limited to: (i) initial and ongoing evaluation of methodologies used by outside parties to calculate fair value; and (ii) comparisons with other sources including the fair value estimates based on current market quotations, and with independent fair value estimates provided by the independent investment custodian. The independent pricing source obtains market quotations and actual transaction prices for securities that have quoted prices in active markets and uses their own proprietary method for determining the fair value of securities that are not actively traded. In general, these methods involve the use of "matrix pricing" in which the independent pricing source uses observable market inputs including, but not limited to, investment yields, credit risks and spreads, benchmarking of like securities, broker-dealer quotes, reported trades and sector groupings to determine a reasonable fair value.

Level 1 securities include U.S. and Canadian Treasury notes, publicly traded common stocks, mutual funds, and short-term investments in highly liquid money market instruments. Level 2 securities generally include corporate bonds, municipal bonds, and certain U.S. and Canadian government agency securities. Securities classified within Level 3 include non-publicly traded bonds and equity securities. There were no significant changes in the fair value of Level 3 assets as of June 30, 2021 and December 31, 2020.

The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:

	Fair Value Measurements
As of June 30, 2021:	Level 1		Level 2		Level 3		Total
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	1,324.0	$	771.6	$	—	$	2,095.6
Tax-exempt	—		1,026.7		—		1,026.7
Corporate	—		7,348.4		10.5		7,358.9
Short-term investments	634.1		—		—		634.1
Equity securities	$	5,202.2	$	—	$	1.8	$	5,204.1
As of December 31, 2020:
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	1,262.2	$	801.0	$	—	$	2,063.2
Tax-exempt	—		1,063.5		—		1,063.5
Corporate	—		7,359.5		10.5		7,370.0
Short-term investments	749.6		—		—		749.6
Equity securities	$	4,052.9	$	—	$	1.8	$	4,054.8

There were no transfers between Levels 1, 2 or 3 during the quarter ended June 30, 2021.

Investment income is reported net of allocated expenses and includes appropriate adjustments for amortization of premium and accretion of discount on fixed maturity securities acquired at other than par value. Dividends on equity securities are credited to income on the ex-dividend date.

Investment gains and losses, which result from sales or write downs of securities, are reflected as revenues in the income statement and are determined on the basis of amortized cost at date of sale for fixed maturity securities, and cost in regard to equity securities; such bases apply to the specific securities sold. Unrealized gains and (losses) from changes in fair value of equity securities are recorded as investment gains (losses) in the income statement. Unrealized investment gains (losses) on fixed maturity securities, net of any deferred income taxes, are recorded directly as a component of accumulated other comprehensive income in shareholders' equity. At June 30, 2021, the Company and its subsidiaries did not have significant amounts of non-income producing fixed maturity or equity securities.

The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Investment income:
Fixed maturity securities	$	72.6	$	72.4	$	142.4	$	147.0
Equity securities	35.4		36.8		71.6		75.0
Short-term investments	—		.2		—		2.1
Other sources	.7		1.1		.7		2.3
Gross investment income	108.9		110.6		214.9		226.5
Investment expenses (a)	1.3		1.9		2.9		3.6
Net investment income	$	107.6	$	108.7	$	211.9	$	222.9
Investment gains (losses):
From actual transactions:
Fixed maturity securities:
Gains	$	1.0	$	2.7	$	1.6	$	3.6
Losses	(.3)		(11.6)		(.5)		(12.2)
Net	.6		(8.8)		1.0		(8.5)
Equity securities:
Gains	.3		1.5		36.7		21.0
Losses	—		—		(28.8)		(1.2)
Net	.3		1.5		7.8		19.8
Total from actual transactions	1.0		(7.3)		8.9		11.2
From unrealized changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Current and deferred income taxes (credits)	25.4		72.8		105.0		(125.7)
Net of tax realized and unrealized investment gains (losses)	$	95.5	$	273.8	$	391.3	$	(471.7)
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed maturity securities	$	60.2	$	467.2	$	(180.8)	$	294.4
Less: Deferred income taxes (credits)	12.6		98.3		(38.1)		62.1
	47.6		368.8		(142.6)		232.2
Other investments	.4		4.0		(1.2)		3.3
Less: Deferred income taxes (credits)	—		.8		(.2)		.7
	.3		3.2		(.9)		2.6
Net changes in unrealized investment gains (losses),
net of tax	$	47.9	$	372.0	$	(143.6)	$	234.8

__________

(a)    Investment expenses largely consist of personnel costs and investment management and custody service fees.

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Losses, Claims and Settlement Expenses

6 Months Ended

Jun. 30, 2021

Insurance [Abstract]

Losses, Claims and Settlement Expenses

Losses, Claims and Settlement Expenses:

The establishment of claim reserves by the Company's insurance subsidiaries is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience applicable to the anticipated costs of various types of claims, continually evolving and changing legal theories emanating from the judicial system, recurring accounting, statistical, and actuarial studies, the professional experience and expertise of the Company's claim departments' personnel or attorneys and independent claim adjusters, ongoing changes in claim frequency or severity patterns such as those caused by natural disasters, illnesses, accidents, work-related injuries, and changes in general and industry-specific economic conditions. Consequently, the reserves established are a reflection of the opinions of a large number of persons, of the application and interpretation of historical precedent and trends, of expectations as to future developments, and of management's judgment in interpreting all such factors. At any point in time, the Company is exposed to the incurrence of possibly higher or lower than anticipated claim costs due to all of these factors, and to the evolution, interpretation, and expansion of tort law, as well as the effects of unexpected jury verdicts.

All reserves are therefore based on estimates which are periodically reviewed and evaluated in the light of emerging claim experience and changing circumstances. The resulting changes in estimates are recorded in operations of the periods during which they are made. Return and additional premiums and policyholders' dividends, all of which tend to be affected by development of claims in future years, may offset, in whole or in part, favorable or unfavorable claim developments for certain coverages such as workers' compensation, portions of which are written under loss sensitive programs that provide for such adjustments. The Company believes that its overall reserving practices have been consistently applied over many years, and that its aggregate net reserves have generally resulted in reasonable approximations of the ultimate net costs of claims incurred. However, no representation is made nor is any guaranty given that ultimate net claim and related costs will not develop in future years to be greater or lower than currently established reserve estimates.

The Company’s accounting policy regarding the establishment of claim reserve estimates is described in Note 1(h) to the consolidated financial statements included in Old Republic’s 2020 Annual Report on Form 10-K. The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the periods shown.

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Summary of changes in aggregate reserves for claims and related costs:

	Six Months Ended
	June 30,
	2021		2020
Gross reserves at beginning of period	$	10,671.0	$	9,929.5
Less: reinsurance losses recoverable	3,650.5		3,249.7
Net reserves at beginning of period:
General Insurance	6,328.0		6,021.3
Title Insurance	556.1		530.9
RFIG Run-off	127.6		118.9
Other	8.6		8.4
Sub-total	7,020.4		6,679.7
Incurred claims and claim adjustment expenses:
Provisions for insured events of the current year:
General Insurance	1,191.6		1,178.7
Title Insurance	75.9		50.1
RFIG Run-off	7.9		21.0
Other	5.9		5.8
Sub-total	1,281.5		1,255.7
Change in provision for insured events of prior years:
General Insurance	(48.2)		(4.9)
Title Insurance	(13.5)		(10.7)
RFIG Run-off	(3.3)		.6
Other	(2.3)		(1.9)
Sub-total	(67.4)		(17.0)
Total incurred claims and claim adjustment expenses	1,214.0		1,238.6
Payments:
Claims and claim adjustment expenses attributable to
insured events of the current year:
General Insurance	276.5		282.5
Title Insurance	2.6		.9
RFIG Run-off	—		.1
Other	3.0		2.3
Sub-total	282.2		285.9
Claims and claim adjustment expenses attributable to
insured events of prior years:
General Insurance	688.5		696.5
Title Insurance	27.8		25.3
RFIG Run-off	8.7		20.4
Other	1.1		1.9
Sub-total	726.2		744.2
Total payments	1,008.5		1,030.2
Amount of reserves for unpaid claims and claim adjustment expenses
at the end of each period, net of reinsurance losses recoverable:
General Insurance	6,506.3		6,216.0
Title Insurance	588.1		544.0
RFIG Run-off	123.4		119.9
Other	8.0		8.1
Sub-total	7,226.0		6,888.1
Reinsurance losses recoverable	3,949.2		3,342.7
Gross reserves at end of period	$	11,175.2	$	10,230.9

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Employee Benefit Plans	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Pension Plans	Employee Benefit Plans:The Company had an active pension plan (the "Plan") covering a portion of its work force until December 31, 2013. The Plan is a defined benefit plan pursuant to which pension payments are based primarily on years of service and employee compensation near retirement. The Plan was closed to new participants and benefits were frozen as of December 31, 2013. As a result, eligible employees retained all of the vested rights as of the effective date of the freeze. While additional benefits no longer accrue, the Company's cumulative obligation continues to be subject to further adjustment due to changes in actuarial assumptions such as expected mortality and changes in interest rates. Net periodic pension costs for the quarterly periods ended June 30, 2021 and 2020 were not material to Old Republic's consolidated statements of income.

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Information About Segments of Business

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Information About Segments of Business

Information About Segments of Business:

Old Republic is engaged in the single business of insurance underwriting and related services. The Company conducts its operations through a number of regulated insurance company subsidiaries organized into three major segments, namely its General Insurance (property and liability insurance), Title Insurance, and the Republic Financial Indemnity Group ("RFIG") Run-off Business. The results of a small life and accident insurance business are included with those of the parent holding company and its internal corporate services subsidiaries. Each of the Company's segments underwrites and services only those insurance coverages which may be written by it pursuant to state insurance regulations and corporate charter provisions. Segment results exclude investment gains or losses as these are aggregated in the consolidated totals. The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.

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Segmented and Consolidated Results:

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
General Insurance:
Net premiums earned	$	867.2	$	818.0	$	1,726.3	$	1,670.8
Net investment income and other income	124.7		119.6		245.6		244.8
Total revenues excluding investment gains (losses)	$	991.9	$	937.6	$	1,972.0	$	1,915.6
Segment pretax operating income (loss) (a)	$	123.4	$	85.2	$	264.2	$	195.3
Income tax expense (credits)	$	23.5	$	15.5	$	50.9	$	36.4
Title Insurance:
Net premiums earned (c)	$	990.0	$	620.4	$	1,851.0	$	1,229.8
Title, escrow and other fees (c)	118.7		86.3		225.4		167.6
Sub-total (c)	1,108.8		706.7		2,076.5		1,397.5
Net investment income and other income	11.3		10.5		22.1		21.5
Total revenues excluding investment gains (losses) (c)	$	1,120.2	$	717.3	$	2,098.7	$	1,419.0
Segment pretax operating income (loss) (a)	$	138.9	$	65.4	$	242.6	$	108.7
Income tax expense (credits)	$	29.1	$	13.6	$	51.0	$	22.8
RFIG Run-off Business:
Net premiums earned	$	8.5	$	11.6	$	17.7	$	24.3
Net investment income and other income	2.9		3.9		6.1		8.3
Total revenues excluding investment gains (losses)	$	11.4	$	15.6	$	23.8	$	32.6
Segment pretax operating income (loss)	$	7.5	$	(4.9)	$	12.4	$	3.4
Income tax expense (credits)	$	1.4	$	(1.1)	$	2.3	$	.4

Consolidated Revenues:
Total revenues of Company segments (c)	$	2,123.6	$	1,670.6	$	4,094.6	$	3,367.3
Other sources (b)	36.7		36.3		71.8		76.1
Consolidated investment gains (losses):
Realized from actual transactions	1.0		(7.3)		8.9		11.2
Unrealized from changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Consolidation elimination adjustments	(27.5)		(26.7)		(54.0)		(55.0)
Consolidated revenues (c)	$	2,253.7	$	2,027.0	$	4,608.8	$	2,791.0
Consolidated Pretax Income (Loss):
Total segment pretax operating income (loss) of
Company segments	$	269.8	$	145.6	$	519.3	$	307.5
Other sources - net (b)	5.1		6.7		10.8		19.0
Consolidated investment gains (losses):
Realized from actual transactions	1.0		(7.3)		8.9		11.2
Unrealized from changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Consolidated income (loss) before income
taxes (credits)	$	396.0	$	499.1	$	1,026.6	$	(270.8)

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Consolidated Income Tax Expense (Credits):
Total income tax expense (credits)
of Company segments	$	54.1	$	28.0	$	104.2	$	59.7
Other sources - net (b)	—		.5		(1.3)		2.2
Income tax expense (credits) on consolidated realized
and unrealized investment gains (losses)	25.4		72.8		105.0		(125.7)
Consolidated income tax expense (credits)	$	79.5	$	101.4	$	208.0	$	(63.7)

	June 30,		December 31,
	2021		2020
Consolidated Assets:
General Insurance	$	20,376.0	$	19,226.1
Title Insurance	2,053.9		1,920.9
RFIG Run-off Business	555.1		582.9
Total assets of company segments	22,985.0		21,730.0
Other assets (b)	1,903.8		1,318.2
Consolidation elimination adjustments	(210.4)		(233.0)
Consolidated assets	$	24,678.4	$	22,815.2

(a)    Segment 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 - $15.9 and $31.8 compared to $15.7 and $32.1 for the quarters and six months ended June 30, 2021 and 2020, respectively, and Title - $.4 and $.9 compared to $.6 and $1.6 for the quarters and six months ended June 30, 2021 and 2020, respectively.

(b)    Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries.

(c)    Reclassification adjustments were made to certain Title segment revenues and expenses in the quarter and six months ended June 30, 2020 to conform to the current presentation. See Note 1.

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Commitments and Contingent Liabilities Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	Commitments and Contingent Liabilities:Legal Proceedings - Legal proceedings against the Company and its subsidiaries routinely arise in the normal course of business and usually pertain to claim matters related to insurance policies and contracts issued by its insurance subsidiaries. At June 30, 2021, the Company had no material non-claim litigation exposures in its consolidated business.

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Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes:Tax positions taken or expected to be taken in a tax return by the Company are recognized in the financial statements when it is more likely than not that the position would be sustained upon examination by tax authorities. To the best of management's knowledge, there are no tax uncertainties that are expected to result in significant increases or decreases to unrecognized tax benefits within the next twelve month period. The Company views its income tax exposures as primarily consisting of timing differences whereby the ultimate deductibility of a taxable amount is highly certain but the timing of its deductibility is uncertain. Such differences relate principally to the timing of deductions for loss and premium reserves. As in prior examinations, the Internal Revenue Service ("IRS") could assert that claim reserve deductions were overstated thereby reducing the Company's statutory taxable income in any particular year. The Company believes that it establishes its reserves fairly and consistently at each balance sheet date, and that it would succeed in defending its tax position in these regards. Because of the impact of deferred tax accounting, the possible accelerated payment of tax to the IRS would not necessarily affect the annual effective tax rate. The Company classifies interest and penalties as income tax expense in the consolidated statement of income. The Company is not currently under audit by the IRS and 2017 and subsequent tax years remain open.

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Common Share Data (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

The following table provides a reconciliation of net income (loss) and the number of shares used in basic and diluted earnings per share calculations.

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator:
Basic and diluted earnings per share -
income (loss) available to common stockholders	$	316.4	$	397.7	$	818.5	$	(207.0)
Denominator:
Basic earnings per share -
weighted-average shares (a)	299,934,621		297,523,559		299,831,932		298,915,853
Effect of dilutive securities - stock based
compensation awards	2,393,391		252,756		1,550,023		—
Diluted earnings per share -
adjusted weighted-average shares (a)	302,328,012		297,776,315		301,381,955		298,915,853
Earnings per share: Basic	$	1.06	$	1.34	$	2.73	$	(.69)
Diluted	$	1.05	$	1.34	$	2.72	$	(.69)
Anti-dilutive common stock equivalents
excluded from earnings per share computations:
Stock based compensation awards	—		8,065,611		350,000		9,570,275

__________

(a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.

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Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments [Abstract]

Amortized Cost and Estimated Fair Values Of Fixed Maturities

Expected maturities will differ from contractual maturities since borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed Maturity Securities by Type:
June 30, 2021:
U.S. & Canadian Governments	$	2,033.1	$	66.7	$	4.3	$	2,095.6
Tax-exempt	973.1		53.5		—		1,026.7
Corporate	7,057.0		335.8		34.0		7,358.9
	$	10,063.4	$	456.1	$	38.3	$	10,481.2
December 31, 2020:
U.S. & Canadian Governments	$	1,967.1	$	96.4	$	.3	$	2,063.2
Tax-exempt	997.1		66.3		—		1,063.5
Corporate	6,933.3		440.1		3.4		7,370.0
	$	9,897.6	$	602.9	$	3.8	$	10,496.8

Amortized Cost and Estimated Fair Values Of Fixed Maturities By Contractual Maturities

	Amortized Cost		Estimated Fair Value
Fixed Maturity Securities Stratified by Contractual Maturity at June 30, 2021:
Due in one year or less	$	1,067.7	$	1,077.7
Due after one year through five years	5,307.3		5,578.6
Due after five years through ten years	3,606.5		3,741.2
Due after ten years	81.8		83.5
	$	10,063.4	$	10,481.2

Gross Unrealized Losses and Fair Value, Aggregated

The following table reflects the Company's gross unrealized losses and fair value, aggregated by category and length of time that individual available for sale securities have been in an unrealized loss position. Fair value and issuer's cost comparisons follow:

	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2021:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	497.8	$	4.3	$	—	$	—	$	497.8	$	4.3
Corporate	1,237.3		34.0		—		—		1,237.3		34.0
	$	1,735.1	$	38.3	$	—	$	—	$	1,735.1	$	38.3
Number of securities in
unrealized loss position			236				2				238
December 31, 2020:
Fixed Maturity Securities:
U.S. & Canadian Governments	$	416.4	$	.3	$	—	$	—	$	416.4	$	.3
Corporate	333.6		3.4		—		—		333.6		3.4
	$	750.0	$	3.8	$	—	$	—	$	750.0	$	3.8
Number of securities in
unrealized loss position			74				3				77

Equity Securities Reflecting Reported Cost

	Equity Securities
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2021	$	3,931.5	$	1,350.9	$	78.3	$	5,204.1
December 31, 2020	$	3,269.7	$	1,028.1	$	243.0	$	4,054.8

Fair Value, Assets Measured on Recurring Basis

The following tables show a summary of the fair value of financial assets segregated among the various input levels described above:

	Fair Value Measurements
As of June 30, 2021:	Level 1		Level 2		Level 3		Total
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	1,324.0	$	771.6	$	—	$	2,095.6
Tax-exempt	—		1,026.7		—		1,026.7
Corporate	—		7,348.4		10.5		7,358.9
Short-term investments	634.1		—		—		634.1
Equity securities	$	5,202.2	$	—	$	1.8	$	5,204.1
As of December 31, 2020:
Available for sale:
Fixed maturity securities:
U.S. & Canadian Governments	$	1,262.2	$	801.0	$	—	$	2,063.2
Tax-exempt	—		1,063.5		—		1,063.5
Corporate	—		7,359.5		10.5		7,370.0
Short-term investments	749.6		—		—		749.6
Equity securities	$	4,052.9	$	—	$	1.8	$	4,054.8

Investment Income

The following table reflects the composition of net investment income, net realized gains or losses, and the net change in unrealized investment gains or losses for each of the periods shown.

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Investment income:
Fixed maturity securities	$	72.6	$	72.4	$	142.4	$	147.0
Equity securities	35.4		36.8		71.6		75.0
Short-term investments	—		.2		—		2.1
Other sources	.7		1.1		.7		2.3
Gross investment income	108.9		110.6		214.9		226.5
Investment expenses (a)	1.3		1.9		2.9		3.6
Net investment income	$	107.6	$	108.7	$	211.9	$	222.9
Investment gains (losses):
From actual transactions:
Fixed maturity securities:
Gains	$	1.0	$	2.7	$	1.6	$	3.6
Losses	(.3)		(11.6)		(.5)		(12.2)
Net	.6		(8.8)		1.0		(8.5)
Equity securities:
Gains	.3		1.5		36.7		21.0
Losses	—		—		(28.8)		(1.2)
Net	.3		1.5		7.8		19.8
Total from actual transactions	1.0		(7.3)		8.9		11.2
From unrealized changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Current and deferred income taxes (credits)	25.4		72.8		105.0		(125.7)
Net of tax realized and unrealized investment gains (losses)	$	95.5	$	273.8	$	391.3	$	(471.7)
Changes in unrealized investment gains (losses)
reflected directly in shareholders' equity:
Fixed maturity securities	$	60.2	$	467.2	$	(180.8)	$	294.4
Less: Deferred income taxes (credits)	12.6		98.3		(38.1)		62.1
	47.6		368.8		(142.6)		232.2
Other investments	.4		4.0		(1.2)		3.3
Less: Deferred income taxes (credits)	—		.8		(.2)		.7
	.3		3.2		(.9)		2.6
Net changes in unrealized investment gains (losses),
net of tax	$	47.9	$	372.0	$	(143.6)	$	234.8

__________

(a)    Investment expenses largely consist of personnel costs and investment management and custody service fees.

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Losses, Claims and Settlement Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Insurance [Abstract]

Schedule of Changes in Aggregate Reserves for Losses, Claims and Settlement Expenses

The following table shows an analysis of changes in aggregate reserves for the Company's losses, claims and settlement expenses for each of the periods shown.

This space left intentionally blank

Summary of changes in aggregate reserves for claims and related costs:

	Six Months Ended
	June 30,
	2021		2020
Gross reserves at beginning of period	$	10,671.0	$	9,929.5
Less: reinsurance losses recoverable	3,650.5		3,249.7
Net reserves at beginning of period:
General Insurance	6,328.0		6,021.3
Title Insurance	556.1		530.9
RFIG Run-off	127.6		118.9
Other	8.6		8.4
Sub-total	7,020.4		6,679.7
Incurred claims and claim adjustment expenses:
Provisions for insured events of the current year:
General Insurance	1,191.6		1,178.7
Title Insurance	75.9		50.1
RFIG Run-off	7.9		21.0
Other	5.9		5.8
Sub-total	1,281.5		1,255.7
Change in provision for insured events of prior years:
General Insurance	(48.2)		(4.9)
Title Insurance	(13.5)		(10.7)
RFIG Run-off	(3.3)		.6
Other	(2.3)		(1.9)
Sub-total	(67.4)		(17.0)
Total incurred claims and claim adjustment expenses	1,214.0		1,238.6
Payments:
Claims and claim adjustment expenses attributable to
insured events of the current year:
General Insurance	276.5		282.5
Title Insurance	2.6		.9
RFIG Run-off	—		.1
Other	3.0		2.3
Sub-total	282.2		285.9
Claims and claim adjustment expenses attributable to
insured events of prior years:
General Insurance	688.5		696.5
Title Insurance	27.8		25.3
RFIG Run-off	8.7		20.4
Other	1.1		1.9
Sub-total	726.2		744.2
Total payments	1,008.5		1,030.2
Amount of reserves for unpaid claims and claim adjustment expenses
at the end of each period, net of reinsurance losses recoverable:
General Insurance	6,506.3		6,216.0
Title Insurance	588.1		544.0
RFIG Run-off	123.4		119.9
Other	8.0		8.1
Sub-total	7,226.0		6,888.1
Reinsurance losses recoverable	3,949.2		3,342.7
Gross reserves at end of period	$	11,175.2	$	10,230.9

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Information About Segments of Business (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting

The contributions of Old Republic's insurance industry segments to consolidated totals are shown in the following table.

This space left intentionally blank

Segmented and Consolidated Results:

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
General Insurance:
Net premiums earned	$	867.2	$	818.0	$	1,726.3	$	1,670.8
Net investment income and other income	124.7		119.6		245.6		244.8
Total revenues excluding investment gains (losses)	$	991.9	$	937.6	$	1,972.0	$	1,915.6
Segment pretax operating income (loss) (a)	$	123.4	$	85.2	$	264.2	$	195.3
Income tax expense (credits)	$	23.5	$	15.5	$	50.9	$	36.4
Title Insurance:
Net premiums earned (c)	$	990.0	$	620.4	$	1,851.0	$	1,229.8
Title, escrow and other fees (c)	118.7		86.3		225.4		167.6
Sub-total (c)	1,108.8		706.7		2,076.5		1,397.5
Net investment income and other income	11.3		10.5		22.1		21.5
Total revenues excluding investment gains (losses) (c)	$	1,120.2	$	717.3	$	2,098.7	$	1,419.0
Segment pretax operating income (loss) (a)	$	138.9	$	65.4	$	242.6	$	108.7
Income tax expense (credits)	$	29.1	$	13.6	$	51.0	$	22.8
RFIG Run-off Business:
Net premiums earned	$	8.5	$	11.6	$	17.7	$	24.3
Net investment income and other income	2.9		3.9		6.1		8.3
Total revenues excluding investment gains (losses)	$	11.4	$	15.6	$	23.8	$	32.6
Segment pretax operating income (loss)	$	7.5	$	(4.9)	$	12.4	$	3.4
Income tax expense (credits)	$	1.4	$	(1.1)	$	2.3	$	.4

Consolidated Revenues:
Total revenues of Company segments (c)	$	2,123.6	$	1,670.6	$	4,094.6	$	3,367.3
Other sources (b)	36.7		36.3		71.8		76.1
Consolidated investment gains (losses):
Realized from actual transactions	1.0		(7.3)		8.9		11.2
Unrealized from changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Consolidation elimination adjustments	(27.5)		(26.7)		(54.0)		(55.0)
Consolidated revenues (c)	$	2,253.7	$	2,027.0	$	4,608.8	$	2,791.0
Consolidated Pretax Income (Loss):
Total segment pretax operating income (loss) of
Company segments	$	269.8	$	145.6	$	519.3	$	307.5
Other sources - net (b)	5.1		6.7		10.8		19.0
Consolidated investment gains (losses):
Realized from actual transactions	1.0		(7.3)		8.9		11.2
Unrealized from changes in fair value of equity securities	119.9		354.0		487.4		(608.7)
Total realized and unrealized investment gains (losses)	120.9		346.7		496.4		(597.4)
Consolidated income (loss) before income
taxes (credits)	$	396.0	$	499.1	$	1,026.6	$	(270.8)

	Quarters Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Consolidated Income Tax Expense (Credits):
Total income tax expense (credits)
of Company segments	$	54.1	$	28.0	$	104.2	$	59.7
Other sources - net (b)	—		.5		(1.3)		2.2
Income tax expense (credits) on consolidated realized
and unrealized investment gains (losses)	25.4		72.8		105.0		(125.7)
Consolidated income tax expense (credits)	$	79.5	$	101.4	$	208.0	$	(63.7)

	June 30,		December 31,
	2021		2020
Consolidated Assets:
General Insurance	$	20,376.0	$	19,226.1
Title Insurance	2,053.9		1,920.9
RFIG Run-off Business	555.1		582.9
Total assets of company segments	22,985.0		21,730.0
Other assets (b)	1,903.8		1,318.2
Consolidation elimination adjustments	(210.4)		(233.0)
Consolidated assets	$	24,678.4	$	22,815.2

(a)    Segment 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 - $15.9 and $31.8 compared to $15.7 and $32.1 for the quarters and six months ended June 30, 2021 and 2020, respectively, and Title - $.4 and $.9 compared to $.6 and $1.6 for the quarters and six months ended June 30, 2021 and 2020, respectively.

(b)    Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries.

(c)    Reclassification adjustments were made to certain Title segment revenues and expenses in the quarter and six months ended June 30, 2020 to conform to the current presentation. See Note 1.

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Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Consolidated debt of Old Republic and its subsidiaries is summarized below:

	June 30, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.875% Senior Notes issued in 2014 and due 2024	$	398.1	$	446.9	$	397.9	$	457.7
3.875% Senior Notes issued in 2016 and due 2026	547.1		614.7		546.8		634.1
3.850% Senior Notes issued in 2021 and due 2051	642.5		690.1		—		—
Other miscellaneous debt	2.2		2.2		21.7		21.7
Total debt	$	1,590.1	$	1,754.0	$	966.4	$	1,113.6

Fair Value, Debt Measured on Recurring Basis

The following table shows a summary of financial liabilities disclosed, but not carried at fair value, segregated among the various input levels described in Note 3 above:

	Carrying		Fair
	Value		Value		Level 1		Level 2		Level 3
Financial Liabilities:
Debt:
June 30, 2021	$	1,590.1	$	1,754.0	$	—	$	1,751.7	$	2.2
December 31, 2020	$	966.4	$	1,113.6	$	—	$	1,091.9	$	21.7

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Summary of Significant Accounting Policies Change in Accounting Principle (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 5,082.1	$ 4,394.8
Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounts Receivable, Allowance for Credit Loss	19.6		$ 15.5
Reinsurance Recoverable, Allowance for Credit Loss	$ 16.0		14.5
Total credit loss allowance relating to financial assets			30.1
Accounting Standards Update 2016-13 | Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings			$ 2.3

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification [Line Items]
Premiums Earned, Net	$ 1,868.5	$ 1,453.0	$ 3,600.7	$ 2,931.1
Title, escrow, and other fees	118.7	86.3	225.4	167.6
Underwriting Acquisition And Other Expenses	$ 1,220.6	893.2	$ 2,330.9	1,792.7
Revision of Prior Period, Adjustment
Reclassification [Line Items]
Premiums Earned, Net		99.9		201.3
Title, escrow, and other fees		43.6		82.4
Underwriting Acquisition And Other Expenses		$ 56.3		$ 118.8

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Common Share Data (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Numerator for basic earnings per share - income (loss) available to common stockholders		$ 316.4	$ 397.7	$ 818.5	$ (207.0)
Numerator for diluted earnings per share - income (loss) available to common stockholders		$ 316.4	$ 397.7	$ 818.5	$ (207.0)
Average shares outstanding: Basic (in shares)	[1]	299,934,621	297,523,559	299,831,932	298,915,853
Effect of dilutive securities - stock based compensation awards		2,393,391	252,756	1,550,023	0
Weighted Average Number of Shares Outstanding, Diluted, Total	[1]	302,328,012	297,776,315	301,381,955	298,915,853
Net income (loss) per share: Basic (in dollars per share)		$ 1.06	$ 1.34	$ 2.73	$ (0.69)
Net income (loss) per share: Diluted (in dollars per share)		$ 1.05	$ 1.34	$ 2.72	$ (0.69)
Stock based compensation awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from earnings per share computations		0	8,065,611	350,000	9,570,275

[1] (a) In calculating earnings per share, pertinent accounting rules require that common shares owned by the Company's Employee Savings and Stock Ownership Plan that are not yet allocated to participants in the plan be excluded from the calculation. Such shares are issued and outstanding, and have the same voting and other rights applicable to all common shares.

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Investments Fixed Maturity Securities by Type (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fixed maturity securities (amortized cost)	$ 10,063.4	$ 9,897.6
Available for sale, Fixed maturity securities (estimated fair value)	10,481.2	10,496.8
Debt Securities, Available-for-sale, Allowance for Credit Loss	0.0	0.0
U.S. & Canadian Governments [Member]
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fixed maturity securities (amortized cost)	2,033.1	1,967.1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	66.7	96.4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	4.3	0.3
Available for sale, Fixed maturity securities (estimated fair value)	2,095.6	2,063.2
Tax-exempt [Member]
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fixed maturity securities (amortized cost)	973.1	997.1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	53.5	66.3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0.0	0.0
Available for sale, Fixed maturity securities (estimated fair value)	1,026.7	1,063.5
Corporate [Member]
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fixed maturity securities (amortized cost)	7,057.0	6,933.3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	335.8	440.1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	34.0	3.4
Available for sale, Fixed maturity securities (estimated fair value)	7,358.9	7,370.0
Fixed Maturity Securities [Member]
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fixed maturity securities (amortized cost)	10,063.4	9,897.6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	456.1	602.9
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	38.3	3.8
Available for sale, Fixed maturity securities (estimated fair value)	$ 10,481.2	$ 10,496.8

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Investments Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 5,204.1	$ 4,054.8
Available for sale, Fixed maturity securities	10,481.2	10,496.8
Short-term investments	634.1	749.6
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	634.1	749.6
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
U.S. & Canadian Governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	2,095.6	2,063.2
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	1,324.0	1,262.2
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	771.6	801.0
U.S. & Canadian Governments [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	0.0	0.0
Tax-exempt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	1,026.7	1,063.5
Tax-exempt [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	0.0	0.0
Tax-exempt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	1,026.7	1,063.5
Tax-exempt [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	0.0	0.0
Corporate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	7,358.9	7,370.0
Corporate [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	0.0	0.0
Corporate [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	7,348.4	7,359.5
Corporate [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale, Fixed maturity securities	10.5	10.5
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	5,204.1	4,054.8
Available-for-sale, equity securities	5,204.1	4,054.8
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	5,202.2	4,052.9
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0.0	0.0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 1.8	$ 1.8

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Investments Net Investment Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gain (Loss) on Securities [Line Items]
Gross investment income		$ 108.9	$ 110.6	$ 214.9	$ 226.5
Investment expenses	[1]	1.3	1.9	2.9	3.6
Net investment income		107.6	108.7	211.9	222.9
Net realized gains (losses)		95.5	273.8	391.3	(471.7)
Gain (Loss) on Investments, Excluding Other than Temporary Impairments		1.0	(7.3)	8.9	11.2
Equity Securities, FV-NI, Unrealized Gain (Loss)		119.9	354.0	487.4	(608.7)
Total realized and unrealized investment gains (losses)		120.9	346.7	496.4	(597.4)
Current and deferred income taxes (credits)		25.4	72.8	105.0	(125.7)
Changes in unrealized investment gains (losses) on, fixed maturity securities		60.7	471.3	(182.0)	297.7
Less: Deferred income taxes (credits)		12.7	99.2	(38.4)	62.8
Unrealized Gain (Loss) on Investments		47.9	372.0	(143.6)	234.8
Equity Securities [Member]
Gain (Loss) on Securities [Line Items]
Equity securities, gross realized gains		0.3	1.5	36.7	21.0
Equity securities, gross realized losses		0.0	0.0	(28.8)	(1.2)
Equity securities, net realized gains (losses)		0.3	1.5	7.8	19.8
Fixed Maturity Securities [Member]
Gain (Loss) on Securities [Line Items]
Fixed maturity securities, gross realized gains		1.0	2.7	1.6	3.6
Fixed maturity securities, gross realized losses		(0.3)	(11.6)	(0.5)	(12.2)
Net realized gains (losses)		0.6	(8.8)	1.0	(8.5)
Changes in unrealized investment gains (losses) on, fixed maturity securities		60.2	467.2	(180.8)	294.4
Less: Deferred income taxes (credits)		12.6	98.3	(38.1)	62.1
Net changes in unrealized investment gains (losses)		47.6	368.8	(142.6)	232.2
Equity securities & other long-term investments [Member]
Gain (Loss) on Securities [Line Items]
Changes in unrealized investment gains (losses) on, fixed maturity securities		0.4	4.0	(1.2)	3.3
Less: Deferred income taxes (credits)		0.0	0.8	(0.2)	0.7
Net changes in unrealized investment gains (losses)		0.3	3.2	(0.9)	2.6
Fixed Maturity Securities [Member]
Gain (Loss) on Securities [Line Items]
Gross investment income		72.6	72.4	142.4	147.0
Equity Securities [Member]
Gain (Loss) on Securities [Line Items]
Gross investment income		35.4	36.8	71.6	75.0
Short-term Investments [Member]
Gain (Loss) on Securities [Line Items]
Gross investment income		0.0	0.2	0.0	2.1
Investments [Member]
Gain (Loss) on Securities [Line Items]
Gross investment income		$ 0.7	$ 1.1	$ 0.7	$ 2.3

[1] (a)    Investment expenses largely consist of personnel costs and investment management and custody service fees.

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Investments Textuals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains (losses) on securities, net of tax	$ 47.9	$ 372.0	$ (143.6)	$ 234.8
Equity Securities, FV-NI, Unrealized Gain (Loss)	119.9	354.0	487.4	(608.7)
Net Unrealized Gains Losses Recognized from Changes in Fair Value of Equity Securities Held	119.9	351.9	479.7	(602.7)
Changes in unrealized investment gains (losses) on, fixed maturity securities	60.7	471.3	(182.0)	$ 297.7
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0.0		$ 0.0		$ 0.0
Tax-exempt [Member]
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains (losses) on securities, net of tax		$ 48.5

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Investments Fixed Maturity Securities Stratified by Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments [Abstract]
Available for sale, Due in one year or less (amortized cost)	$ 1,067.7
Available for sale, Due after one year through five years (amortized cost)	5,307.3
Available for sale, Due after five years through ten years (amortized cost)	3,606.5
Available for sale, Due after ten years (amortized cost)	81.8
Available for sale, Fixed maturity securities (amortized cost)	10,063.4	$ 9,897.6
Available for sale, Due in one year or less (estimated fair value)	1,077.7
Available for sale, Due after one year through five years (estimated fair value)	5,578.6
Available for sale, Due after five years through ten years (estimated fair value)	3,741.2
Available for sale, Due after ten years (estimated fair value)	83.5
Available for sale, Fixed maturity securities (estimated fair value)	$ 10,481.2	$ 10,496.8

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Investments Gross Unrealized Losses and Fair Value (Details) $ in Millions	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fair Value, Less than 12 Months	$ 1,735.1	$ 750.0
Available for sale, Unrealized Losses, Less than 12 Months	38.3	3.8
Available for sale, Fair Value, 12 Months or Greater	0.0	0.0
Available for sale, Unrealized Losses, 12 Months or Greater	0.0	0.0
Available for sale, Fair Value, Total	1,735.1	750.0
Available for sale, Unrealized Losses, Total	38.3	3.8
U.S. & Canadian Governments [Member]
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fair Value, Less than 12 Months	497.8	416.4
Available for sale, Unrealized Losses, Less than 12 Months	4.3	0.3
Available for sale, Fair Value, 12 Months or Greater	0.0	0.0
Available for sale, Unrealized Losses, 12 Months or Greater	0.0	0.0
Available for sale, Fair Value, Total	497.8	416.4
Available for sale, Unrealized Losses, Total	4.3	0.3
Corporate [Member]
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Available for sale, Fair Value, Less than 12 Months	1,237.3	333.6
Available for sale, Unrealized Losses, Less than 12 Months	34.0	3.4
Available for sale, Fair Value, 12 Months or Greater	0.0	0.0
Available for sale, Unrealized Losses, 12 Months or Greater	0.0	0.0
Available for sale, Fair Value, Total	1,237.3	333.6
Available for sale, Unrealized Losses, Total	$ 34.0	$ 3.4
Available-for-sale Securities [Member]
Schedule of Available-for-sale and Held-to-maturity Securities [Table] [Line Items]
Number of securities in continuous unrealized loss position for less than 12 months	236	74
Number of securities in continuous unrealized loss position for 12 months or greater	2	3
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	238	77

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Investments Equity Securities (Details) - Equity Securities [Member] - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Equity securities - cost	$ 3,931.5	$ 3,269.7
Equity securities, gross unrealized gains	1,350.9	1,028.1
Equity securities, gross unrealized losses	78.3	243.0
Available-for-sale, equity securities	$ 5,204.1	$ 4,054.8

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Losses, Claims and Settlement Expenses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments			$ 3,650.5	$ 3,249.7
Liability for Unpaid Claims and Claims Adjustment Expense
Gross reserves at beginning of period	$ 10,671.0	$ 9,929.5
Less: reinsurance losses recoverable	3,949.2	3,342.7
Net reserves at beginning of period			7,020.4	6,679.7
Provisions for insured events of the current year	1,281.5	1,255.7
Change in provision for insured events of prior years	(67.4)	(17.0)
Total incurred claims and claim adjustment expenses	1,214.0	1,238.6
Claims and claim adjustment expenses attributable to insured events of the current year	282.2	285.9
Claims and claim adjustment expenses attributable to insured events of prior years	726.2	744.2
Total payments	1,008.5	1,030.2
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable	7,226.0	6,888.1
Gross reserves at end of period	11,175.2	10,230.9
General Insurance
Liability for Unpaid Claims and Claims Adjustment Expense
Net reserves at beginning of period			6,328.0	6,021.3
Provisions for insured events of the current year	1,191.6	1,178.7
Change in provision for insured events of prior years	(48.2)	(4.9)
Claims and claim adjustment expenses attributable to insured events of the current year	276.5	282.5
Claims and claim adjustment expenses attributable to insured events of prior years	688.5	696.5
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable	6,506.3	6,216.0
Title Insurance
Liability for Unpaid Claims and Claims Adjustment Expense
Net reserves at beginning of period			556.1	530.9
Provisions for insured events of the current year	75.9	50.1
Change in provision for insured events of prior years	(13.5)	(10.7)
Claims and claim adjustment expenses attributable to insured events of the current year	2.6	0.9
Claims and claim adjustment expenses attributable to insured events of prior years	27.8	25.3
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable	588.1	544.0
RFIG Run-off
Liability for Unpaid Claims and Claims Adjustment Expense
Net reserves at beginning of period			127.6	118.9
Provisions for insured events of the current year	7.9	21.0
Change in provision for insured events of prior years	(3.3)	0.6
Claims and claim adjustment expenses attributable to insured events of the current year	0.0	0.1
Claims and claim adjustment expenses attributable to insured events of prior years	8.7	20.4
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable	123.4	119.9
Other
Liability for Unpaid Claims and Claims Adjustment Expense
Net reserves at beginning of period			$ 8.6	$ 8.4
Provisions for insured events of the current year	5.9	5.8
Change in provision for insured events of prior years	(2.3)	(1.9)
Claims and claim adjustment expenses attributable to insured events of the current year	3.0	2.3
Claims and claim adjustment expenses attributable to insured events of prior years	1.1	1.9
Amount of reserves for unpaid claims and claim adjustment expenses at the end of each period, net of reinsurance losses recoverable	$ 8.0	$ 8.1

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Information About Segments of Business (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020		Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information
Premiums Earned, Net		$ 1,868.5	$ 1,453.0		$ 3,600.7	$ 2,931.1
Consolidated Revenues [Abstract]
Consolidated revenues		2,253.7	2,027.0	[1]	4,608.8	2,791.0	[1]
Title, escrow and other fees		118.7	86.3		225.4	167.6
Total premiums and fees		1,987.3	1,539.4		3,826.2	3,098.8
Total realized and unrealized investment gains (losses)		120.9	346.7		496.4	(597.4)
Total Operating Revenues		2,132.8	1,680.2		4,112.4	3,388.5
Consolidated Income (Loss) Before Taxes (Credits) [Abstract]
Income (loss) before income taxes (credits)		396.0	499.1		1,026.6	(270.8)
Total realized and unrealized investment gains (losses)		120.9	346.7		496.4	(597.4)
Consolidated Income Tax Expense (Credits) [Abstract]
Income tax expense (credits)		79.5	101.4		208.0	(63.7)
Income tax expense (credits) on consolidated net realized investment gains (losses)		25.4	72.8		105.0	(125.7)
Realized from actual transactions and impairments		1.0	(7.3)		8.9	11.2
Equity Securities, FV-NI, Unrealized Gain (Loss)		119.9	354.0		487.4	(608.7)
Total Company Segments [Member]
Consolidated Revenues [Abstract]
Consolidated revenues		2,123.6	1,670.6	[1]	4,094.6	3,367.3	[1]
Consolidated Income (Loss) Before Taxes (Credits) [Abstract]
Income (loss) before income taxes (credits)		269.8	145.6		519.3	307.5
Consolidated Income Tax Expense (Credits) [Abstract]
Income tax expense (credits)		54.1	28.0		104.2	59.7
Consolidation elimination adjustments [Member]
Consolidated Revenues [Abstract]
Consolidated revenues		(27.5)	(26.7)		(54.0)	(55.0)
General Insurance Group [Member]
Segment Reporting Information
Premiums Earned, Net		867.2	818.0		1,726.3	1,670.8
Income (loss) before income taxes (credits) and realized investment gains or losses	[2]	123.4	85.2		264.2	195.3
Consolidated Revenues [Abstract]
Net investment income and other income		124.7	119.6		245.6	244.8
Total Operating Revenues		991.9	937.6		1,972.0	1,915.6
Consolidated Income Tax Expense (Credits) [Abstract]
Income tax expense (credits)		23.5	15.5		50.9	36.4
Interest charges on intercompany financing arrangements		15.9	15.7		31.8	32.1
Title Insurance
Segment Reporting Information
Premiums Earned, Net		990.0	620.4	[1]	1,851.0	1,229.8	[1]
Income (loss) before income taxes (credits) and realized investment gains or losses	[2]	138.9	65.4		242.6	108.7
Consolidated Revenues [Abstract]
Title, escrow and other fees		118.7	86.3	[1]	225.4	167.6	[1]
Total premiums and fees		1,108.8	706.7	[1]	2,076.5	1,397.5	[1]
Net investment income and other income		11.3	10.5		22.1	21.5
Total Operating Revenues		1,120.2	717.3	[1]	2,098.7	1,419.0	[1]
Consolidated Income Tax Expense (Credits) [Abstract]
Income tax expense (credits)		29.1	13.6		51.0	22.8
Interest charges on intercompany financing arrangements		0.4	0.6		0.9	1.6
RFIG Run-off Business [Member]
Segment Reporting Information
Premiums Earned, Net		8.5	11.6		17.7	24.3
Income (loss) before income taxes (credits) and realized investment gains or losses		7.5	(4.9)		12.4	3.4
Consolidated Revenues [Abstract]
Net investment income and other income		2.9	3.9		6.1	8.3
Total Operating Revenues		11.4	15.6		23.8	32.6
Consolidated Income Tax Expense (Credits) [Abstract]
Income tax expense (credits)		1.4	(1.1)		2.3	0.4
Other sources - net [Member]
Consolidated Revenues [Abstract]
Consolidated revenues	[3]	36.7	36.3		71.8	76.1
Consolidated Income (Loss) Before Taxes (Credits) [Abstract]
Income (loss) before income taxes (credits)	[3]	5.1	6.7		10.8	19.0
Consolidated Income Tax Expense (Credits) [Abstract]
Income tax expense (credits)	[3]	$ 0.0	$ 0.5		$ (1.3)	$ 2.2

[1] Reclassification adjustments were made to certain Title segment revenues and expenses in the quarter and six months ended June 30, 2020 to conform to the current presentation. See Note 1.

[2] Segment 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 - $15.9 and $31.8 compared to $15.7 and $32.1 for the quarters and six months ended June 30, 2021 and 2020, respectively, and Title - $.4 and $.9 compared to $.6 and $1.6 for the quarters and six months ended June 30, 2021 and 2020, respectively.

[3] Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries.

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Information About Segments of Business Textuals (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information
Number of major segments | segment			3
Assets	$ 24,678.4		$ 24,678.4		$ 22,815.2
General Insurance Group [Member]
Segment Reporting Information
Interest charges on intercompany financing arrangements	15.9	$ 15.7	31.8	$ 32.1
Assets	20,376.0		20,376.0		19,226.1
Title Insurance
Segment Reporting Information
Interest charges on intercompany financing arrangements	0.4	$ 0.6	0.9	$ 1.6
Assets	2,053.9		2,053.9		1,920.9
RFIG Run-off Business [Member]
Segment Reporting Information
Assets	$ 555.1		$ 555.1		$ 582.9

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Information About Segments of Business Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions		Jun. 30, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item
Assets		$ 24,678.4	$ 22,815.2
Total Company Segments [Member]
Segment Reporting, Asset Reconciling Item
Assets		22,985.0	21,730.0
Intersegment Elimination [Member]
Segment Reporting, Asset Reconciling Item
Assets		(210.4)	(233.0)
General Insurance Group [Member]
Segment Reporting, Asset Reconciling Item
Assets		20,376.0	19,226.1
Title Insurance
Segment Reporting, Asset Reconciling Item
Assets		2,053.9	1,920.9
RFIG Run-off Business [Member]
Segment Reporting, Asset Reconciling Item
Assets		555.1	582.9
All Other Segments [Member]
Segment Reporting, Asset Reconciling Item
Assets	[1]	$ 1,903.8	$ 1,318.2

[1] Includes amounts for a small life and accident insurance business as well as those of the parent holding company and its internal corporate services subsidiaries.

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Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Fair value	$ 1,754.0	$ 1,113.6
Debt and Lease Obligation	1,590.1	966.4
Senior Notes Due 2024
Debt Instrument [Line Items]
Fair value	446.9	457.7
Debt and Lease Obligation	$ 398.1	$ 397.9
Debt Instrument, Interest Rate, Stated Percentage	4.875%	4.875%
Senior Notes Due 2026 [Member]
Debt Instrument [Line Items]
Fair value	$ 614.7	$ 634.1
Debt and Lease Obligation	$ 547.1	$ 546.8
Debt Instrument, Interest Rate, Stated Percentage	3.875%	3.875%
Debt [Member]
Debt Instrument [Line Items]
Fair value	$ 2.2	$ 21.7
Debt and Lease Obligation	2.2	21.7
Senior Notes Due 2051
Debt Instrument [Line Items]
Debt	650.0
Fair value	690.1	0.0
Debt and Lease Obligation	$ 642.5	$ 0.0
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Debt Instrument, Face Amount	$ 650.0
Debt and Lease Obligation [Abstract]
Debt Instrument, Maturity Date	Jun. 11, 2051

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Debt Financial Liabilities Disclosed, but not Carried, at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,590.1	$ 966.4
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	1,754.0	1,113.6
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0.0	0.0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	1,751.7	1,091.9
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	2.2	21.7
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,590.1	$ 966.4