- Unable to get terms acceptable to it, Old Republic (ORI -0.8%) cancels plans to go to the markets to recapitalize its mortgage guaranty subsidiary. Instead ORI will shore up capital with an infusion from the holding company.
- CEO Al Zucaro: "While this outcome is disappointing, it does not alter our overall, long-term business objectives ... Contemporaneously, RMICC is seeking regulatory approval to increase substantially or possibly restore to 100% the pay-out on deferred claim obligations and on all legitimate new claim settlements from 2014 forward."
- CC at 11 ET
- Press release
at CNBC.com (Aug 6, 2014)