At issue for the bottom-line miss for Old Republic (ORI -3.5%) were "significantly higher case settlement and protracted litigation costs in the consumer credit indemnity portion of the run-off business." Indeed: RFIG pre-tax operating loss of $34.2M compares to a profit of $55.4M one year ago.
In other segments, General Insurance pre-tax profit of 59.7M vs. $63.1M a year ago. Title Insurance pre-tax profit of $26M vs. $40.4M.
June 30 book value per share of $15.29 vs. $13.95 a year ago.
The earnings call begins at 3 ET.
Previously: Old Republic misses by $0.02, misses on revenue