Old Republic cancels RMICC recap

|About: Old Republic Internation... (ORI)|By:, SA News Editor

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