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 ANNUAL REPORT FOR 1995 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 26, 1996 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, 1995
Schedule II - Condensed Financial Information of Registrant for the years
ended December 31, 1995, 1994 and 1993
Schedule III - Supplementary Insurance Information for the years ended
December 31, 1995, 1994 and 1993
Schedule IV - Reinsurance for the years ended December 31, 1995, 1994 and
1993
Schedule VI - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31, 1995,
1994 and 1993
Schedules other than those listed are omitted for the reason that they are
not required, are not applicable or 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, 1995 and 1994,
and for each of the three years in the period ended December 31, 1995 is
included on page 48 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 amendement.
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 13, 1996
4
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 1995
($ 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 $ 717,882 $ 734,427 $ 717,882
Public utilities 995,499 1,023,777 995,499
Redeemable preferred stocks 744 757 744
Certificates of deposit 67 67 67
------------- ------------- -------------
1,714,193 1,759,028 1,714,193
------------- ============= -------------
Other long-term investments:
Mortgage loans on real estate 11,859 11,859
Policy loans 2,126 2,126
Other long-term investments 12,930 12,930
------------- --------------
26,917 26,917
------------- --------------
Total 1,741,110 1,741,110
------------- --------------
Available for sale:
Fixed maturities securities:
United States Government and government
agencies and authorities 743,636 776,793 776,793
Foreign government 33,158 35,625 35,625
Convertibles and bonds with warrants attached 888 888 888
All other corporate 1,291,294 1,332,715 1,332,715
------------- ------------- -------------
2,068,976 2,146,021 2,146,021
------------- ------------- -------------
Equity Securities:
Nonredeemable preferred stocks 4,434 4,468 4,468
Common stocks:
Banks, trusts and insurance companies 11,680 15,148 15,148
Industrial, miscellaneous and all other 79,650 106,578 106,578
------------- ------------- -------------
95,764 $ 126,193 126,193
------------- ============= -------------
Short-term investments 312,756 312,756
------------- -------------
Total 2,477,496 2,584,971
------------- -------------
Total Investments $ 4,218,606 $ 4,326,082
============= =============
Note: (a) Represents original cost of equity securities, and as to fixed maturites, 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,
----------------------------
1995 1994
------------ ------------
Assets:
Bonds and notes $ 12,100 $ 9,100
Cash 301 2,001
Short-term investments 55,367 1,234
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 1,873,661 1,630,478
Indebtedness of affiliates 83,376 70,891
Preferred stock, at cost 20,500 20,500
Other assets 10,105 10,134
------------ ------------
Total Assets $ 2,055,413 $ 1,744,339
============ ============
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 26,501 $ 24,733
Debt and debt equivalents 226,396 229,484
Indebtedness to affiliates and subsidiaries 117,416 84,031
Commitments and contingent liabilities --- 1,327
------------ ------------
Total Liabilities 370,313 339,577
------------ ------------
Redeemable convertible preferred stock 17,069 16,801
Convertible preferred stock 677 3,830
Cumulative preferred stock 54,802 54,802
------------ ------------
Total Preferred Stock 72,549 75,435
------------ ------------
Common Shareholders' Equity:
Common stock 58,811 57,661
Additional paid-in capital 463,480 456,912
Net unrealized appreciation (depreciation) of equity securities 70,365 (10,427)
Retained earnings 1,058,320 865,077
Treasury stock (at cost) (38,428) (39,895)
------------ ------------
Total Common Shareholders' Equity 1,612,550 1,329,327
------------ ------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 2,055,413 $ 1,744,339
============ ============
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,
-----------------------------------------
1995 1994 1993
----------- ----------- -----------
Revenues:
Investment income from subsidiaries $ 7,273 $ 6,488 $ 3,784
Real estate and other income 3,110 3,107 2,951
Other investment income 478 152 372
----------- ----------- -----------
Total Revenues 10,862 9,749 7,108
----------- ----------- -----------
Expenses:
Interest -- subsidiaries 5,820 3,473 1,928
Interest -- other 17,469 17,443 17,362
Real estate and other expenses 2,356 2,397 2,728
General expenses, taxes and fees 3,975 4,532 5,824
----------- ----------- -----------
Total Expenses 29,622 27,847 27,842
----------- ----------- -----------
Revenues, net of expenses (18,759) (18,098) (20,734)
Federal income tax credits (7,302) (7,443) (7,797)
----------- ----------- -----------
Income (loss)before items below (11,457) (10,655) (12,937)
Cumulative effect of accounting changes --- --- 350
----------- ----------- -----------
Income (loss) before equity in earnings of subsidiaries (11,457) (10,655) (12,587)
Equity in Earnings of Subsidiaries:
Cash dividends 106,899 55,458 53,987
Earnings in excess of cash dividends 117,259 106,271 125,400
Cumulative effect of accounting changes --- --- 8,347
----------- ----------- -----------
Net Income $ 212,702 $ 151,073 $ 175,147
=========== =========== ===========
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,
-----------------------------------------
1995 1994 1993
----------- ----------- -----------
Cash flows from operating activities:
Net income $ 212,702 $ 151,073 $ 175,147
Change in non-cash items:
Accounts receivable (229) 2,135 405
Income taxes - net 2,982 3,146 (9,441)
Excess of equity in net income of subsidiaries
over dividends received (117,259) (106,271) (133,747)
Accounts payable, accrued expenses and other (2,240) (10) (438)
----------- ----------- -----------
Total 95,955 50,074 31,926
----------- ----------- -----------
Cash flows from investing activities:
Sales of fixed maturity securities --- --- 1,000
Sales of other investments 209 --- ---
Purchases of fixed maturity securities (3,000) --- ---
Purchases of fixed assets for company use (183) (182) (247)
Investments in, and indebtedness of related parties - net (20,861) (11,410) (25,353)
----------- ----------- -----------
Total (23,836) (11,593) (24,600)
----------- ----------- -----------
Cash flows from financing activities:
Issuance of preferred and common stock 14,591 1,667 4,723
Repayment of term loans (1,000) --- ---
Issuance of treasury stock 2,370 --- ---
Dividends on common shares (26,773) (24,537) (21,694)
Dividends on preferred shares (7,949) (8,211) (8,343)
Purchase of treasury stock (903) (8,530) ---
Purchase of cumulative preferred stock (20) (2,697) ---
----------- ----------- -----------
Total (19,685) (42,309) (25,314)
----------- ----------- -----------
Increase (decrease) in cash and short-term investments 52,434 (3,828) (17,988)
Cash and short-term investments, beginning of year 3,235 7,063 25,052
----------- ----------- -----------
Cash and short-term investments, end of year $ 55,669 $ 3,235 $ 7,063
=========== =========== ===========
8
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1995, 1994 and 1993
($ 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, 1995:
-------------------------------
Insurance Underwriting:
General Insurance Group $53,046 $1,890,409 $291,545 $70,718 $851,182
Mortgage Insurance Group 37,379 90,534 73,019 598 175,277
Title Insurance Group --- 204,489 --- 493 183,351
Life Insurance Group 17,459 147,349 --- 3,643 41,980
Reinsurance Losses Recoverable (a) --- 1,373,089 42,200 --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 107,885 3,705,871 406,765 75,454 1,251,792
Corporate --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Consolidated $107,885 $3,705,871 $406,765 $75,454 $1,251,792
============== ============== ============== ============== ==============
Year Ended December 31, 1994:
-------------------------------
Insurance Underwriting:
General Insurance Group $50,710 $1,823,758 $266,534 $74,816 $864,031
Mortgage Insurance Group 34,011 64,695 80,244 611 134,515
Title Insurance Group --- 196,009 --- 64 244,427
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
Mortgage Insurance Group 29,481 51,273 79,582 629 96,799
Title Insurance Group --- 175,926 --- 2,826 249,631
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
============== ============== ============== ============== ==============
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. Assets and liabilities were, as a
result, increased by corresponding amounts of approximately $1.4 billion at December 31, 1995 and $1.5
billion at December 31, 1994 and 1993. FAS No. 113 did not have any effect on the Company's results of
operations.
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1995, 1994 and 1993
($ 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, 1995:
-------------------------------
Insurance Underwriting:
General Insurance Group $191,125 $631,708 $131,857 $113,895 $876,179
Mortgage Insurance Group 25,246 57,651 26,401 17,066 168,052
Title Insurance Group 18,038 25,544 --- 296,064 183,351
Life Insurance Group 15,637 25,495 3,669 20,873 45,864
Reinsurance Losses Recoverable (a) --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 250,047 740,399 161,928 447,899 1,273,447
Corporate 1,862 --- --- 22,133 ---
-------------- -------------- -------------- -------------- --------------
Consolidated $251,910 $740,399 $161,928 $470,033 $1,273,447
============== ============== ============== ============== ==============
Year Ended December 31, 1994:
-------------------------------
Insurance Underwriting:
General Insurance Group $173,804 $644,159 $149,084 $96,338 $851,581
Mortgage Insurance Group 20,630 38,771 24,654 16,599 135,178
Title Insurance Group 16,784 44,837 --- 360,096 244,427
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
Mortgage Insurance Group 17,516 27,555 18,829 10,959 121,122
Title Insurance Group 15,857 66,027 0 369,819 249,631
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
============== ============== ============== ============== ==============
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. Assets and liabilities were, as a
result, increased by corresponding amounts of approximately $1.4 billion at December 31, 1995 and $1.5
billion at December 31, 1994 and 1993. FAS No. 113 did not have any effect on the Company's results of
operations.
9
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 1995, 1994 and 1993
($ 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, 1995:
--------------------------------
Life insurance in force $ 7,747,340 $ 3,510,253 $ --- $ 4,237,087 --- %
============= ============= ============= ============= ===========
Premiums:
General Insurance Group $ 1,099,727 $ 322,806 $ 74,262 $ 851,182 8.7 %
Mortgage Insurance Group 178,234 2,957 --- 175,277 ---
Title Insurance Group 182,847 315 819 183,351 0.4
Life Insurance Group:
Life insurance 29,290 15,631 --- 13,659 ---
Accident and health insurance 53,283 25,270 308 28,321 1.1
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 82,573 40,901 308 41,980 0.7
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (308) (308) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,543,383 $ 366,673 $ 75,081 $ 1,251,792 6.0 %
============= ============= ============= ============= ===========
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 %
Mortgage Insurance Group 138,288 3,772 --- 134,515 ---
Title Insurance Group 243,659 185 953 244,427 0.4
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 %
Mortgage Insurance Group 102,543 5,744 1 96,800 ---
Title Insurance Group 248,854 93 871 249,632 0.3
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 %
============= ============= ============= ============= ===========
10
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE
For the years ended December 31, 1995, 1994 and 1993
($ in Thousands)
- ---------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
---------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Reserves for
Deferred Unpaid Claims Discount,
Policy and Claim If Any, Net
Acquisition Adjustment Deducted in Unearned Earned Investment
Affiliation With Registrant Costs Expenses Column C Premiums Premiums Income
- ----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Year Ended December 31, 1995:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $53,046 $1,890,409 $162,819 $291,545 $851,182 $191,125
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$53,046 $1,890,409 $162,819 $291,545 $851,182 $191,125
============= ============= ============= ============= ============= =============
Year Ended December 31, 1994:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $50,710 $1,823,758 $169,157 $266,534 $864,031 $173,804
(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 $173,804
============= ============= ============= ============= ============= =============
Year Ended December 31, 1993:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $50,216 $1,749,676 $154,293 $278,983 $866,530 $170,115
(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 $170,115
============= ============= ============= ============= ============= =============
Note: (a) These amounts are immaterial and have, therefore, been omitted from this schedule.
(b) See note (a) to Schedule III.
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE
For the years ended December 31, 1995, 1994 and 1993
($ in Thousands)
- ------------------------------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
---------------------------- ---------------------------- ------------- ------------- -------------
Claims and Claim Amortization Paid
Adjustment Expenses of Deferred Claims
Incurred Related to Policy and Claim
----------------------------
Current Prior Acquisition Adjustment Premiums
Affiliation With Registrant Year Years Costs Expenses Written
- ----------------------------------- ------------- ------------- ------------- ------------- -------------
Year Ended December 31, 1995:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $724,396 ($92,692) $131,857 $565,053 $876,179
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$724,396 ($92,692) $131,857 $565,053 $876,179
============= ============= ============= ============= =============
Year Ended December 31, 1994:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $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)
------------- ------------- ------------- ------------- -------------
$733,363 ($89,199) $149,084 $570,079 $851,581
============= ============= ============= ============= =============
Year Ended December 31, 1993:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $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)
------------- ------------- ------------- ------------- -------------
$761,040 ($64,012) $145,390 $566,336 $876,082
============= ============= ============= ============= =============
Note: (a) These amounts are immaterial and have, therefore, been omitted from this schedule.
(b) See note (a) to Schedule III.
11
Exhibit 28 - Consolidated
---------------------------------------
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL
Premiums
were earned Allocated Unallocated
& Losses Premiums Loss Salvage Loss Expense Loss Expense
incurred Earned Payments Received Payments Ratio Payments Ratio
- ----------- ----------- ----------- ----------- ------------- --------- ------------- ---------
Prior $2,281,605 $1,473,132 $74,278 $172,379 11.70% $49,715 3.37%
1986 696,853 326,433 26,011 47,835 14.65% 14,347 4.40%
1987 628,020 297,943 18,199 36,289 12.18% 14,050 4.72%
1988 615,020 301,301 19,254 31,980 10.61% 13,980 4.64%
1989 617,755 333,416 23,129 38,299 11.49% 14,956 4.49%
1990 679,000 386,307 17,573 45,734 11.84% 16,630 4.30%
1991 740,239 372,427 16,283 39,856 10.70% 17,061 4.58%
1992 815,871 371,987 16,651 38,538 10.36% 19,391 5.21%
1993 875,847 390,331 17,607 41,859 10.72% 23,533 6.03%
1994 867,630 331,031 16,480 32,166 9.72% 23,728 7.17%
1995 850,211 187,349 11,883 19,044 10.16% 21,736 11.60%
----------- ----------- ----------- ------------- --------- ------------- ---------
Totals $9,668,051 $4,771,657 $257,348 $543,979 11.40% $229,127 4.80%
=========== =========== =========== ============= ========= ============= =========
(a) Prepared in accordance with the 1995 guidelines set by the NAIC.
Exhibit 28 - Consolidated
---------------------------------------
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL
Premiums Total Loss
were earned Loss & Loss Unpaid & Loss
& Losses Expense # of Claims Unpaid Loss Expense 1995
incurred Payments Ratio Outstanding Losses Expense Incurred Ratio
- ----------- ----------- ----------- ----------- ------------- --------- ------------- ---------
Prior $1,695,226 74.30% XXX $230,726 $29,905 $1,955,857 85.72%
1986 388,615 55.77% XXX 72,496 6,423 467,534 67.09%
1987 348,282 55.46% XXX 76,236 6,757 431,275 68.67%
1988 347,261 56.46% XXX 67,892 7,272 422,425 68.68%
1989 386,671 62.59% XXX 73,733 9,235 469,639 76.02%
1990 448,671 66.08% XXX 82,964 10,329 541,964 79.82%
1991 429,344 58.00% XXX 91,134 13,123 533,601 72.08%
1992 429,916 52.69% XXX 108,852 19,274 558,042 68.40%
1993 455,723 52.03% XXX 171,127 30,988 657,838 75.11%
1994 386,925 44.60% XXX 268,152 48,459 703,536 81.09%
1995 228,129 26.83% XXX 416,489 81,710 726,328 85.43%
----------- ----------- ----------- ------------- --------- ------------- ---------
Totals $5,544,763 57.35% XXX $1,659,801 $263,475 $7,468,039 77.24%
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(a) Prepared in accordance with the 1995 guidelines set by the NAIC.