1
As in effect
3/1/61
FORM 10K/A1
--------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
--------------------
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Sections 12, 13, or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
OLD REPUBLIC INTERNATIONAL CORPORATION
- -------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
-------
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 1994 on Form
10-K as set forth in the pages attached hereto: (List all such items,
financial statements, exhibits other portions amended)
SEE INDEX
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------
(Registrant)
Date April 28, 1995 By ________/s/ Paul D. Adams_________
---------------- (Signature)
Paul Dennis Adams
Senior Vice President,
Chief Financial Officer
and Treasurer
Total Pages: 11
----------------
2
INDEX
FINANCIAL STATEMENT SCHEDULES
- -------------------------------
Report of Independent Accountants
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
Schedule I - Summary of Investments - Other than Investments
in Related Parties as of December 31, 1994
Schedule II - Condensed Financial Information of Registrant for
the years ended December 31, 1994, 1993 and 1992
Schedule III - Supplementary Insurance Information for the years
ended December 31, 1994, 1993 and 1992
Schedule IV - Reinsurance for the years ended December 31, 1994,
1993 and 1992
Schedule VI - Supplemental Information Concerning Property -
Casualty Insurance Operations for the years ended
December 31, 1994, 1993 and 1992
Schedules other than those listed are omitted for the reason that they
are not required, are not applicable that equivalent information has
been included in the financial statements, and notes thereto, or
elsewhere herein.
EXHIBITS *
- ----------
(28) Consolidated Schedule P.
* Not covered in the Report of Independent Accountants.
3
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Board of Directors and Shareholders of
Old Republic International Corporation
Chicago, Illinois
Our report on the consolidated financial statements of Old Republic
International Corporation and subsidiaries as of December 31, 1994 and 1993,
and for each of the three years in the period ended December 31, 1994 is
included on page 47 of the Corporation's Annual Report on Form 10-K. In
connection with our audits of such financial statements, we have also audited
the related financial statement schedules listed in the index on page 2 of
this Form 10K/A1 amendment.
In our opinion, the financial statement schedules referred to above, when
considered in relation to the basic financial statements taken as a whole,
present fairly, in all material respects, the information required to be
included therein.
/s/ Coopers & Lybrand L.L.P.
Chicago, Illinois
March 14, 1995
4
4
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 1994
($ in Thousands)
-------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D
------------- ------------- ------------- ---------------
Amount at
Fair which shown in
Type of investment Cost (a) Value balance sheet
------------------ ------------- ------------- ---------------
Held to maturity:
Fixed maturities securities:
States, municipalities and political subdivisions $ 450,709 $ 430,393 $ 450,709
Foreign government 39,993 39,405 39,993
Public utilities 919,340 860,762 919,340
All other corporate 1,316,280 1,251,195 1,316,280
Redeemable preferred stocks 840 798 840
Certificates of deposit 53 53 53
------------- ------------- -------------
2,727,214 2,582,606 2,727,214
------------- ------------- -------------
Other long-term investments:
Mortgage loans on real estate 14,097 14,097
Policy loans 2,119 2,119
Other long-term investments 11,171 11,171
------------- -------------
27,388 27,388
------------- -------------
Total 2,754,603 2,754,603
------------- -------------
Available for sale:
Fixed maturities securities:
United States Government and government
agencies and authorities 646,308 620,181 620,181
Convertibles and bonds with warrants attached 500 125 125
------------- ------------- -------------
646,808 620,306 620,306
------------- ------------- -------------
Equity Securities:
Nonredeemable preferred stocks 4,643 4,537 4,537
Common stocks:
Public utilities 7,489 9,372 9,372
Banks, trusts and insurance companies 43,688 42,325 42,325
Industrial, miscellaneous and all other 198,907 207,575 207,575
------------- ------------- -------------
254,727 $ 263,809 263,809
------------- ------------- -------------
Short-term investments 172,160 172,160
------------- -------------
Total 1,073,695 1,056,276
------------- -------------
Total Investments $ 3,828,297 $ 3,810,880
============= =============
Note:
(a) Represents original cost of equity securities, and as to fixed maturities, original cost
reduced by repayments and adjusted for amortization of premium or accrual of discounts.
5
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
---------------------------------------------------------------------------------------------------------
December 31,
----------------------------
1994 1993
------------ ------------
Assets:
Bonds and notes $ 9,100 $ 9,100
Cash 2,001 4,857
Short-term investments 1,234 2,206
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 1,630,478 1,551,785
Indebtedness of affiliates 70,891 48,899
Preferred stock, at cost 20,500 20,500
Other assets 10,134 11,851
------------ ------------
Total Assets $ 1,744,339 $ 1,649,200
============ ============
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 24,733 $ 21,817
Debt and debt equivalents 229,484 230,784
Indebtedness to affiliates and subsidiaries 84,031 61,563
Commitments and contingent liabilities 1,327 ---
------------ ------------
Total Liabilities 339,577 314,166
------------ ------------
Redeemable convertible preferred stock 16,801 16,616
Convertible preferred stock 3,830 3,924
Cumulative preferred stock 54,802 57,500
------------ ------------
Total Preferred Stock 75,435 78,040
------------ ------------
Common Shareholders' Equity:
Common stock 57,661 57,538
Additional paid-in capital 456,912 455,273
Net unrealized appreciation (depreciation) of equity securities (10,427) 25,294
Retained earnings 865,077 750,251
Treasury stock (at cost) (39,895) (31,365)
------------ ------------
Total Common Shareholders' Equity 1,329,327 1,256,993
------------ ------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 1,744,339 $ 1,649,200
============ ============
6
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
---------------------------------------------------------------------------------------------------------
Years Ended December 31,
-----------------------------------------
1994 1993 1992
----------- ----------- -----------
Revenues:
Investment income from subsidiaries $ 6,488 $ 3,784 $ 2,376
Realized investment gains --- --- 2,077
Real estate and other income 3,107 2,951 3,746
Other investment income 152 372 479
----------- ----------- -----------
Total Revenues 9,749 7,108 8,679
----------- ----------- -----------
Expenses:
Interest -- subsidiaries 3,473 1,928 3,399
Interest -- other 17,443 17,362 14,801
Real estate and other expenses 2,397 2,728 2,761
General expenses, taxes and fees 4,532 5,824 5,471
----------- ----------- -----------
Total Expenses 27,847 27,842 26,433
----------- ----------- -----------
Revenues net of expenses (18,098) (20,734) (17,754)
Federal income tax credits (7,443) (7,797) (6,691)
----------- ----------- -----------
Income (loss)before items below (10,655) (12,937) (11,063)
Cumulative effect of accounting changes --- 350 ---
----------- ----------- -----------
Income (loss) before equity in earnings of subsidiaries (10,655) (12,587) (11,063)
Equity in Earnings of Subsidiaries:
Cash dividends 55,458 53,987 50,613
Earnings in excess of cash dividends 106,271 125,400 135,200
Cumulative effect of accounting changes --- 8,347 ---
----------- ----------- -----------
Net Income $ 151,073 $ 175,147 $ 174,750
=========== =========== ===========
7
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
--------------------------------------------------------------------------------------------------------
Years Ended December 31,
-----------------------------------------
1994 1993 1992
----------- ----------- -----------
Cash flows from operating activities:
Net income $ 151,073 $ 175,147 $ 174,750
Change in non-cash items:
Accounts receivable 2,135 405 (2,164)
Income taxes - net 3,146 (9,441) 14,001
Excess of equity in net income of subsidiaries
over dividends received (106,271) (133,747) (135,200)
Accounts payable, accrued expenses and other (10) (438) (2,494)
----------- ----------- -----------
Total 50,074 31,926 48,892
----------- ----------- -----------
Cash flows from investing activities:
Sales of fixed maturity securities --- 1,000 ---
Purchases of fixed assets for company use (182) (247) (421)
Investments in, and indebtedness of related parties - net (11,410) (25,353) (119,363)
----------- ----------- -----------
Total (11,593) (24,600) (119,784)
----------- ----------- -----------
Cash flows from financing activities:
Increase in term loans --- --- 1,635
Issuance of preferred and common stock 1,667 4,723 10,411
Issuance of debentures and notes --- --- 110,000
Repayments of term loans --- --- (2,107)
Dividends on common shares (24,537) (21,694) (19,082)
Dividends on preferred shares (8,211) (8,343) (8,957)
Purchase of treasury stock (8,530) --- ---
Purchase of cumulative preferred stock (2,697) --- ---
----------- ----------- -----------
Total (42,309) (25,314) 91,898
----------- ----------- -----------
Increase (decrease) in cash and short-term investments (3,828) (17,988) 21,006
Cash and short-term investments, beginning of year 7,063 25,052 4,045
----------- ----------- -----------
Cash and short-term investments, end of year $ 3,235 $ 7,063 $ 25,052
=========== =========== ===========
8
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1994, 1993 and 1992
($ in Thousands)
- -----------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
- ---------------------- -------------- -------------- -------------- -------------- --------------
Future Policy
Deferred Benefits, Other Policy
Policy Losses, Claims and
Acquisition Claims and Unearned Benefits Premium
Segment Costs Loss Expenses Premiums Payable Revenue
- ---------------------- -------------- -------------- -------------- -------------- --------------
Year Ended December 31, 1994
- -------------------------------
Insurance Underwriting:
General Insurance Group $50,710 $1,823,758 $266,534 $74,816 $864,031
Title Insurance Group --- 196,009 --- 64 244,427
Mortgage Insurance Group 34,011 64,695 80,244 611 134,515
Life Insurance Group 16,604 147,740 --- 3,631 39,973
Reinsurance Losses Recoverable (a) --- 1,467,483 58,745 --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 101,326 3,699,686 405,525 79,124 1,282,948
Corporate --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Consolidated $101,326 $3,699,686 $405,525 $79,124 $1,282,948
============== ============== ============== ============== ==============
Year Ended December 31, 1993
- -------------------------------
Insurance Underwriting:
General Insurance Group $50,216 $1,749,676 $278,983 $76,122 $866,530
Title Insurance Group --- 175,926 --- 2,826 249,631
Mortgage Insurance Group 29,481 51,273 79,582 629 96,799
Life Insurance Group 15,873 155,688 --- 3,346 33,042
Reinsurance Losses Recoverable (a) --- 1,463,164 60,705 --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 95,571 3,595,729 419,270 82,925 1,246,004
Corporate --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Consolidated $95,571 $3,595,729 $419,270 $82,925 $1,246,004
============== ============== ============== ============== ==============
Year Ended December 31, 1992:
- -------------------------------
Insurance Underwriting:
General Insurance Group $43,134 $1,615,181 $260,548 $106,104 $806,399
Title Insurance Group --- 169,749 --- 254 206,128
Mortgage Insurance Group 22,473 39,511 55,259 679 61,686
Life Insurance Group 13,387 151,360 --- 5,017 29,324
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 78,994 1,975,803 315,807 112,056 1,103,539
Corporate --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Consolidated $78,994 $1,975,803 $315,807 $112,056 $1,103,539
============== ============== ============== ============== ==============
Note: (a) Effective January 1, 1993, the Company adopted Financial Accounting Standard (FAS) No. 113 "Accounting and
Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" which eliminates the reporting of assets and
liabilities relating to reinsured contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned
premiums are to be reported as assets. At December 31, 1994 and 1993, assets and liabilities were, as a result, increased
by corresponding amounts of approximately $1.5 billion. FAS No. 113 did not have any effect on the Company's results of
ofoperations. As permitted, perior years' reports have not been changed retroactively for these changes.
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1994, 1993 and 1992
($ in Thousands)
- ---------------------------------------------------------------------------------------------------------------------
Column A Column G Column H Column I Column J Column K
- ---------------------- -------------- -------------- -------------- -------------- --------------
Benefits, Amortization
Claims, of Deferred
Net Losses and Policy Other
Investment Settlement Acquisition Operating Premiums
Segment Income Expenses Costs Expenses Written
- ---------------------- -------------- -------------- -------------- -------------- --------------
Year Ended December 31, 1994
- ----------------------------
Insurance Underwriting:
General Insurance Group $173,804 $644,159 $149,084 $96,338 $851,581
Title Insurance Group 16,784 44,837 --- 360,096 244,427
Mortgage Insurance Group 20,630 38,771 24,654 16,599 135,178
Life Insurance Group 15,374 25,762 4,475 19,073 37,505
Reinsurance Losses Recoverable (a) --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 226,594 753,531 178,214 492,107 1,268,694
Corporate 981 --- --- 21,589 ---
-------------- -------------- -------------- -------------- --------------
Consolidated $227,575 $753,531 $178,214 $513,697 $1,268,694
============== ============== ============== ============== ==============
Year Ended December 31, 1993
- ----------------------------
Insurance Underwriting:
General Insurance Group $170,115 $697,028 $145,390 $98,120 $876,082
Title Insurance Group 15,857 66,027 0 369,819 249,631
Mortgage Insurance Group 17,516 27,555 18,829 10,959 121,122
Life Insurance Group 15,984 27,249 1,883 13,855 31,154
Reinsurance Losses Recoverable (a) --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 219,473 817,860 166,103 492,755 1,277,990
Corporate 1,303 --- --- 22,755 ---
-------------- -------------- -------------- -------------- --------------
Consolidated $220,777 $817,860 $166,103 $515,510 $1,277,990
============== ============== ============== ============== ==============
Year Ended December 31, 1992:
- -----------------------------
Insurance Underwriting:
General Insurance Group $173,364 $609,274 $109,954 $121,448 $799,885
Title Insurance Group 15,512 62,042 --- 323,799 206,128
Mortgage Insurance Group 13,765 14,651 11,931 8,422 81,369
Life Insurance Group 18,294 23,719 4,687 12,729 24,839
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 220,937 709,686 126,573 466,400 1,112,222
Corporate 617 --- --- 21,256 ---
-------------- -------------- -------------- -------------- --------------
Consolidated $221,555 $709,686 $126,573 $487,656 $1,112,222
============== ============== ============== ============== ==============
Note: (a) Effective January 1, 1993, the Company adopted Financial Accounting Standard (FAS) No. 113 "Accounting and
Reporting for Reinsurance of Short-Duration and Long-Duration Contracts" which eliminates the reporting of assets and
liabilities relating to reinsured contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned
premiums are to be reported as assets. At December 31, 1994 and 1993, assets and liabilities were, as a result, increased
by corresponding amounts of approximately $1.5 billion. FAS No. 113 did not have any effect on the Company's results of
ofoperations. As permitted, perior years' reports have not been changed retroactively for these changes.
9
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 1994, 1993 and 1992
($ in Thousands)
- --------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
- ----------------------------------- ------------- ------------- ------------- ------------- -----------
Percentage
Ceded Assumed of amount
Gross to other from other Net assumed
amount companies companies amount to net
------------- ------------- ------------- ------------- -----------
Year Ended December 31, 1994
- ----------------------------
Life insurance in force $ 8,742,480 $ 4,318,984 $ --- $ 4,423,496 --- %
============= ============= ============= ============= ===========
Premiums:
General Insurance Group $ 1,174,566 $ 388,619 $ 78,084 $ 864,031 9.0 %
Title Insurance Group 243,659 185 953 244,427 0.4
Mortgage Insurance Group 138,288 3,772 --- 134,515 ---
Life Insurance Group:
Life insurance 30,676 16,218 --- 14,458 ---
Accident and health insurance 50,012 24,869 372 25,515 1.5
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 80,689 41,088 372 39,973 0.9
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (372) (372) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,637,204 $ 433,293 $ 79,038 $ 1,282,948 6.2 %
============= ============= ============= ============= ===========
Year Ended December 31, 1993
- ----------------------------
Life insurance in force $ 8,848,757 $ 4,561,958 $ --- $ 4,286,799 --- %
============= ============= ============= ============= ===========
Premiums:
General Insurance Group $ 1,170,377 $ 411,449 $ 107,602 $ 866,530 12.4 %
Title Insurance Group 248,854 93 871 249,632 0.3
Mortgage Insurance Group 102,543 5,744 1 96,800 ---
Life Insurance Group:
Life insurance 31,758 16,744 12 15,026 0.1
Accident and health insurance 39,253 21,568 331 18,016 1.8
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 71,011 38,312 343 33,042 1.0
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (331) (331) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,592,785 $ 455,272 $ 108,486 $ 1,246,004 8.7 %
============= ============= ============= ============= ===========
Year Ended December 31, 1992:
- -----------------------------
Life insurance in force $ 7,669,689 $ 4,154,179 $ --- $ 3,515,510 --- %
============= ============= ============= ============= ===========
Premiums:
General Insurance Group $ 1,091,491 $ 362,006 $ 76,914 $ 806,399 9.5 %
Title Insurance Group 205,486 170 812 206,128 0.4
Mortgage Insurance Group 70,206 8,523 3 61,686 ---
Life Insurance Group:
Life insurance 29,993 17,910 --- 12,083 ---
Accident and health insurance 37,414 20,638 465 17,241 2.7
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 67,407 38,548 465 29,324 1.6
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (366) (366) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,434,590 $ 408,881 $ 77,828 $ 1,103,539 7.1 %
============= ============= ============= ============= ===========
10
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1994, 1993 and 1992
($ in Thousands)
- ----------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
- ----------------------------------- ------------- ------------- ------------- ------------- -------------
Reserves for
Deferred Unpaid Claims Discount,
Policy and Claim If Any,
Acquisition Adjustment Deducted in Unearned Earned
Affiliation With Registrant Costs Expenses Column C Premiums Premiums
- ----------------------------------- ------------- ------------- ------------- ------------- -------------
Year Ended December 31, 1994:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $50,710 $1,823,758 $169,157 $266,534 $864,031
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------ -------------
$50,710 $1,823,758 $169,157 $266,534 $864,031
============= ============= ============= ============ =============
Year Ended December 31, 1993:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $50,216 $1,749,676 $154,293 $278,983 $866,530
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$50,216 $1,749,676 $154,293 $278,983 $866,530
============= ============= ============= ============= =============
Year Ended December 31, 1992:
- ----------------------------
(a) Consolidated property-casualty
entities $43,134 $1,615,181 $149,116 $260,548 $806,399
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$43,134 $1,615,181 $149,116 $260,548 $806,399
============= ============= ============= ============= =============
Note: (a) These amounts are immaterial and have, therefore, been omitted from this schedule.
(b) See note (a) to Schedule V.
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1994, 1993 and 1992
($ in Thousands)
- --------------------------------------------------------------------------------------------------------------------------
Column A Column G Column H Column I Column J Column K
- ------------------------------------ ------------- ------------------------ ------------- ------------- ------------
Claims and Claim Amortization Paid
Adjustment Expenses of Deferred Claims
Net Incurred Related to Policy and Claim
------------------------
Investment Current Prior Acquisition Adjustment Premiums
Affiliation With Registrant Income Year Years Costs Expenses Written
- ----------------------------------- ------------- ------------- --------- ------------- ------------- ------------
Year Ended December 31, 1994:
- -----------------------------
(a) Consolidated property-casualty
entities (b) $173,804 $733,363 ($89,199) $149,084 $570,079 $851,581
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ----------- ----------- ------------- ------------- -------------
$173,804 $733,363 ($89,199) $149,084 $570,079 $851,581
============= =========== =========== ============= ============= =============
Year Ended December 31, 1993:
- -----------------------------
(a) Consolidated property-casualty
entities (b) $170,115 $761,040 ($64,012) $145,390 $566,336 $876,082
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ----------- ----------- ------------- ------------- -------------
$170,115 $761,040 ($64,012) $145,390 $566,336 $876,082
============= =========== =========== ============= ============= =============
Year Ended December 31, 1992:
- -----------------------------
(a) Consolidated property-casualty
entities $173,364 $640,330 ($31,056) $109,954 $570,475 $799,885
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ----------- ----------- ------------- ------------- -------------
$173,364 $640,330 ($31,056) $109,954 $570,475 $799,885
============= =========== =========== ============= ============= =============
Note: (a) These amounts are immaterial and have, therefore, been omitted from this schedule.
(b) See note (a) to Schedule V.
11
Exhibit 28 - Consolidated Schedule P
--------------------------------------------------
Schedule P-Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ in thousands) (a)
Premiums
were earned Allocated Unallocated
& Losses Premiums Loss Salvage Loss Expense Loss Expense
incurred Earned Payments Received Payments Ratio Payments Ratio
- ----------- ----------- ----------- ----------- ------------- --------- ------------- ---------
Prior $1,767,199 $1,088,725 $58,834 $122,766 11.28% $35,751 3.28%
1985 514,406 363,855 15,102 44,505 12.23% 13,638 3.75%
1986 696,853 322,906 25,642 46,354 14.36% 14,336 4.44%
1987 628,020 295,330 18,037 33,850 11.46% 14,048 4.76%
1988 615,020 294,924 18,843 29,711 10.07% 13,834 4.69%
1989 617,755 328,730 22,742 36,151 11.00% 14,811 4.51%
1990 679,000 369,415 16,984 43,257 11.71% 16,246 4.40%
1991 740,239 352,928 14,892 35,646 10.10% 16,449 4.66%
1992 815,871 339,592 15,621 32,161 9.47% 18,066 5.32%
1993 875,847 331,486 16,168 32,305 9.75% 21,290 6.42%
1994 867,630 213,563 9,964 19,736 9.24% 18,205 8.52%
----------- ----------- ----------- ------------- --------- ------------- ---------
Totals $8,817,840 $4,301,454 $232,829 $476,442 11.08% $196,674 4.57%
=========== =========== =========== ============= ========= ============= =========
(a) Prepared in accordance with the 1994 guidelines set by the NAIC.
Exhibit 28 - Consolidated Schedule P
--------------------------------------------------
Schedule P-Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ in thousands) (a)
Premiums Total Loss
were earned Loss & Loss Unpaid & Loss
& Losses Expense # of Claims Unpaid Loss Expense 1994
incurred Payments Ratio Outstanding Losses Expense Incurred Ratio
- ----------- ----------- --------- ------------- ----------- ----------- ----------- -----------
Prior $1,247,242 70.58% XXX $216,731 $29,564 $1,493,537 84.51%
1985 421,998 82.04% XXX 30,867 (1,445) 451,420 87.76%
1986 383,596 55.05% XXX 73,104 5,825 462,525 66.37%
1987 343,228 54.65% XXX 80,961 5,751 429,940 68.46%
1988 338,469 55.03% XXX 71,981 6,515 416,965 67.80%
1989 379,692 61.46% XXX 81,848 8,308 469,848 76.06%
1990 428,918 63.17% XXX 101,826 11,936 542,680 79.92%
1991 405,023 54.72% XXX 112,095 16,074 533,192 72.03%
1992 389,819 47.78% XXX 175,345 28,152 593,316 72.72%
1993 385,081 43.97% XXX 264,547 46,467 696,095 79.48%
1994 251,504 28.99% XXX 417,134 82,878 751,516 86.62%
----------- --------- ------------- ----------- ----------- ----------- -----------
Totals $4,974,570 56.41% XXX $1,626,439 $240,025 $6,841,034 77.58%
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(a) Prepared in accordance with the 1994 guidelines set by the NAIC.