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 ORI: NYSE
FRIDAY, JULY 22, 2005
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OLD REPUBLIC ANNOUNCES RECEIPT
OF 1988-1990 TAX REFUND
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Chicago, July 22, 2005 - Old Republic International Corporation (NYSE: ORI)
today announced that it has obtained a favorable resolution of the Company's
claim for a Federal income tax refund pertaining to the three years ended
December 31, 1990. As a result, Old Republic will record a combined recovery of
income taxes and related accumulated interest of approximately $57.9 million in
its second quarter 2005 statement of income. The net of tax effect of this
recovery will result in a non-recurring addition to net income of approximately
$46.0 million or $.25 per diluted share.
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, principally 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
approximately $10.6 billion and capitalization of $4.0 billion. Its current
stock market valuation is approximately $4.3 billion.
For the latest news releases and other corporate documents on Old Republic
International visit www.oldrepublic.com
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