Exhibit 99.1
NEWS BULLETIN
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Old Republic International Corporation
307 North Michigan Avenue, Chicago, IL 60601-5382 312/346-8100
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For Further Information:
AT OLD REPUBLIC: AT FINANCIAL RELATIONS BOARD:
A.C. Zucaro George Zagoudis
Chairman & CEO General Information
(312) 346-8100 (312) 640-6663
gzagoudis@financialrelationsboard.com
AT FINANCIAL RELATIONS BOARD: AT FINANCIAL RELATIONS BOARD:
Leslie Loyet Tim Grace
Analysts/Investors Media Inquiries
(312) 640-6672 (312) 640-6667
lloyet@financialrelationsboard.com tgrace@financialrelationsboard.com
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FOR IMMEDIATE RELEASE NYSE: ORI
MONDAY, JANUARY 24, 2005
OLD REPUBLIC TO INCUR
SPECIAL CHARGES OF $25.5 MILLION AGAINST 2004 RESULTS
Chicago, IL - January 24, 2005 - Old Republic International Corporation (NYSE:
ORI), today announced that it would record special post tax charges of
approximately $25.5 million, or 14 cents per share in its fourth quarter and
year end 2004 results due to be released on Thursday, January 27, 2005. Nearly
75% of the charge represents an increase of reserves previously posted and stems
from a ruling on January 20 by the California Court of Appeals affirming a prior
trial court verdict against Old Republic Title Company. The remainder covers a
write down of previously deferred acquisition costs applicable to a life
insurance product discontinued near year-end 2004.
For the first nine months of 2004, Old Republic reported diluted net operating
earnings per share of $1.73 and net income of $1.81. For all of 2003 such
earnings were $2.44 and $2.51 respectively, and for the final quarter of 2003,
they were $0.59 and $0.62, respectively.
About Old Republic
Chicago-based Old Republic International Corporation is an insurance holding
company whose subsidiaries market, underwrite and provide risk management
services for a wide variety of coverages primarily in the property and
liability, mortgage guaranty, and title insurance fields. One of the nation's 50
largest publicly owned insurance organizations, Old Republic has assets of
nearly $10.4 billion and capitalization of $3.9 billion. Its current stock
market valuation is approximately $4.4 billion.
For the latest news releases and other corporate documents on Old Republic
International visit www.oldrepublic.com.
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