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Yesterday, 1:37 PM| Comment!
Thu, Jul. 24, 12:08 PM
- 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
Thu, Jul. 24, 9:02 AM
Fri, Jul. 11, 8:38 AM
- An update on the mortgage insurers as a premarket slump in their stock prices has turned into a rout in the wake of proposed new rules from the FHFA which would force sizable capital raises. MGIC Investment (MTG) -15%, Radian (RDN) -7.2%, Genworth (GNW) -4.8%. Also worth keeping an eye on is Old Republic (ORI).
- Goldman chimes in, removing MGIC from its Conviction Buy list.
- There's no action in newer mortgage insurers National MI (NMIH) and Essent Group (ESNT), but neither are burdened by any legacy issues and both welcome the new rules, with Essent saying it's already in compliance.
- NMIH response
- Previously: Radian is not pleased
- Previously: Genworth will need to raise about $500M
Thu, May. 8, 3:17 PM| Comment!
Fri, Apr. 25, 4:43 AM
- The amount that lenders originated in mortgage loans plunged 58% on year Q1 to a 14-year low of $235B, almost entirely due to drop in refinancing. The figures are from industry newsletter Inside Mortgage Finance.
- Loans for acquisitions were flat on year and lower than in Q4.
- The trend is the latest indication that increasing interest rates are hampering the housing recovery. The average 30-year fixed-rate mortgage was 4.5% last week, up from 3.6% in May last year, when rates spiked after the Fed indicated it would scale back its QE program.
- Tickers: DHI, PHM, RYL, MHO, NVR, LEN, SPF, MDC, HOV, TOL ORI, NLY, AGNC, MTGE, ARR, TWO, IVR, CMO, MFA, WMC, FMCC, FNMA, RDN, NMIH, ESNT, GNW
- ETFs/ETNs: ITB, XHB, MORT, MORL, REM, MORT, MORT
Thu, Apr. 24, 12:11 PM
- "While title insurance operations remained profitable, a transitory real estate and mortgage market downturn halted the fast-paced earnings progress of the past three years," says Old Republic (ORI -3.6%), leading off its Q1 earnings report.
- General insurance net premiums earned of $663.2M up 9.1% Y/Y. Net investment income of $66.1M up 6.1%. Benefit and claim costs of $500.9M up 12.2%. Pretax operating income of $64.6M falls 6.2%.
- Title insurance net premiums earned of $393.8M falls 14.5% Y/Y. Net investment income of $7.1M up 9%. Pretax operating income of $4.7M falls 77.8%.
- Mortgage insurance and consumer credit run-off business post pretax operating income of $19.5M vs. a $20.2M loss one year ago.
- Source: Press Release
- Previously: Old Republic International EPS in-line, misses on revenue
Thu, Apr. 24, 9:13 AM| Comment!
Tue, Apr. 22, 5:08 PM
- A check of action in the mortgage insurers today following MGIC Investment's (MTG +7.3%) Q1 results finds them accentuating the positive. MGIC's earnings came in ahead of expectations as legacy issues continue to fade, but the mortgage/housing slowdown is also leaving a mark. New insurance written fell from a year ago, as did revenue and net premiums written.
- CEO Curt Culver notes the "significant decline in refinance transactions compared to last year and the slow start in home sales."
- Genworth (GNW +4.7%), Radian (RDN +3.7%), Old Republic (ORI +2.1%), NMI Holdings (NMIH +1.1%), Essent Group (ESNT +0.2%).
Mon, Apr. 7, 5:36 PM
Tue, Apr. 1, 3:07 PM
- The move to reduce the outlook for Old Republic's (ORI +0.2%) Baa3 credit rating from Positive to Stable comes following ORI's cancellation of its recapitalization plan. "The company was unable to exit its troubled and financially weak mortgage insurance unit over the short term," says Moody's Paul Bauer. "Over the longer term however, we believe the risk of Old Republic's mortgage unit negatively impacting the overall consolidated group will continue to gradually decline."
Thu, Mar. 20, 10:23 AM
- 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
Fri, Feb. 21, 11:44 AM| 1 Comment
Fri, Jan. 24, 5:39 PM
Thu, Jan. 23, 9:01 AM| Comment!
Thu, Jan. 23, 12:05 AM
ORI vs. ETF Alternatives
Old Republic International Corporation is engaged in insurance underwriting. It conducts its operations through its subsidiaries, namely, it's General Insurance Group, Title Insurance Group, & the Republic Financial Indemnity Group Run-off Business.
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