ORI - Earnings call transcript Q4 2019 | Old Republic International Corporation

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Operator

Good day, and welcome to the Old Republic International Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions]. I would like to remind everyone that this conference is being recorded.

And I would now like to turn the conference over to Marilynn Meek with MWW Group. Please go ahead.

Marilynn Meek

you. Thank and call joining XXXX to everyone, Old for results. you conference Republic discuss thank afternoon, us for the Good fourth quarter and seen and/or This the have access supplement, a distributed the otherwise we posted call. during release which have morning statistical a you copy assume to separate we press of are Old the Republic's Both is which documents of website, available at www.oldrepublic.com.

XXXX. these and may discussed in Please can as statistical dated in be latest statements supplements advised the with involve SEC that forward-looking Risks January be found filings. XX, this statements press release associated call company's the

by This Old Zucaro, afternoon’s conference several as call will Corporation, International this of be other of led Board for executive members Al planned the and senior Chairman Republic meeting.

over Zucaro. this ahead, sir. go to Al would time, the At I Please like to call turn

Aldo Zucaro

And in Marilynn, call. of full earnings interest year I'll good to you, Old and second call a last that team. everyone conference disclosure, Republic's be XXXX will need thank note and on that say part for the half as to afternoon that this Okay, this to be full the I management of I’d like welcome.

As as venerable announced X, became Craig over to the of in Smiddy, place to XXXX. of And the baton year we last our that Company. Old turn October Republic CEO took he spring effective

course. was for quarters the CEO’s And a we've took the on time, take place some -- which we've I that of of the of can would therefore at of CEO the this for good company flawless Manager, as the result we in period that, split as Enterprise three we In manner. Risk during a therefore helm this got transition over And quarter positions. call year established that I since chairmanship our the in light, the and manner And year. that the final Craig transition Chief a at position agreed participate

words, the of our is Karl Chairman CFO; these to Rande Executive participate -- is which of our as that's over And Group. So, Title Craig to our organization. as of turn I three our Insurance head of in decided, discussion our will the who our Smiddy, Yeager, executives the and CEO; on few Mueller, after course, manner senior most

Rande And I'll this, to Karl And of results be then financial said consolidated now will which to turn Having Chairman address as And the a that who finished, questions followed said CEO. whom by covering, also be they're participant some overall Insurance Business, that the speak you already whatever we'll call business. in any when the said, Craig I to been Craig to I and Group meetings followed the Smiddy as Craig then is in General Title to matters. our will And turn Executive few connected may closing will have by Yeager, be over will have. Karl of any go addition will our happenings is remarks.

the mic. Karl? here is So,

Karl Mueller

Thank afternoon, you, and Al, good everyone.

morning few I is financial the $X.XX we and quarter, the final investment full X.X% gains or announced elements fourth a the our usual, up on This from quarter year for quarter which results comment million, excluding and a ago. year. share will As $XXX.X income, fourth net key per of losses,

offset XXXX. a share, From our driven you flat and fees Insurance, Title equity our for if to XXXX our well X.X%. than by This the decline, as beginning earnings both the to earned growth the by year again $X.XX General full with business. billion. grew return premiums Group which or for produced XXXX. quarter year, mortgage and premiums net gains more $XXX.X the These guaranty and attributable that XX.X% This to was expected essentially investment per run-off in an XX.X% on $X.X For the a grew as return perspective, largely XXXX’s losses, net fees million, income, XX.X% fourth was excluding operations, compare is Title which for was

the consolidated portfolio slightly X.X% asset was grew our base fourth the and offset quarter a of fourth a equity on income and portfolio. X.X% as larger for dividend to invested year lower From full XX.X% underwriting that year's for XXXX. investment quarter respectively, from perspective, unchanged Net full substantially higher yielding yields an bond and this the income ratio attributable year by and greater was composite

and a to towards the the lower On upward can see, Fourth claim basis, relatively higher of with claims loss which Title expense and ratio operates primarily trended also the expense year-over-year ratio. consistent. expense mix and due operations, as and a ratios remained a however lower that's ticked quarter shift ratio business you

Turning XX.X% was as million is XX% for income of equity that driven continues to portfolio quality, substantial XXXX, by change remains to cash unrealized market for $XX.X well Total and And the to long-term to increased the cash relatively as now companies. both flow, end of and invested equities. balance $XXX of XXXX, whereby fixed the operating to appreciation strong which to year-end assets totaled paying and portfolio allocated high sheet. cash XX% compared the at billion and XXXX. bonds portfolios. The by combination a consistent the Composition focus dividend the on remaining

XXXX without development of points, year claim percentage significant a development X.X and and favorable fourth period and unfavorable to XXXX’s basis, for for the full respectively. reserves compared X.X or developed as quarter On favorable consolidated

of ratios X reported the provide and for This on morning’s additional supplement each pages the details financial claim year X regarding segments. prior a release, development our of claim reserve

with of share amounted last bit that regular quarter the guaranty we currently per of share anticipation Inclusive up our course Old capital XX% just $XXX the $X year. along $XX.XX, increased run-off per this beginning was special mortgage of return book the evaluated dividend in a XXXX. receive with quarterly to a on from say our adequacy approval book above the the the capital to XX%. liquidity in totaling total capital withdrawing was dividend run-off and and special year, value regulatory third dividend to business would expect for from return the during little of I light of value million paid That Republic of needs, operations.

ahead of to lines policies. we reinsurance next for proceed MI along with operations, disclosed. run-off Looking alternatively to years the we’ve continue reactivation the available or of said include new us the respect business over options finally ownership to previously enforced that continued remaining book of several or our the profitable under the We’ve the a a business that a

our outcome for most long-term all continue in of assess We all stakeholders. producing options to interest the of beneficial

balance condition, strong for capitalized well is Old Republic's sheet remains So future and very in overall, growth. is positioned well

commentary. I'm So to going things for some Craig over with that, additional to turn

Craig Smiddy

Okay.

referenced. value a I'll those on Karl ratio, the Karl of figures composite helped demonstrate between business earnings total on Title ORI these the few all and a covered, businesses our as us. Insurance XX.X% for our the The including our General which equity, share, book XXXX two return Insurance the book year. for but return of for uncorrelated of the So XX% diversification by well strategic produce business, nature very and XX%, results dividends overall, works XX.X% steadier reiterate some value in of per underscored is increase

the Insurance year-over-year quarter-to-quarter both earned mid the total relatively and single-digit shown So operating the financial income was premiums release Group Quarter-over-quarter supplement, operating X.X%. specific and net growth indicates, up flat, General as and year-over-year in the revenues. income to Group while saw in was in as we’ve operating

currently effect the rose positive Net achieving XXXX year-over-year. And of this in the stand mostly teens auto premiums year. earned line reflects high X% that that for been we've this the by in rate increases commercial the in

have to been XXXX. shipments U.S. exposure the in XXXX compared premiums due somewhat decline to a However, lower in offset by freight base

And be the several the years. a experienced and rate single-digits for year-over-year trends seen resulting net the financial compensation from correspond this that past frequency mostly lower can in rate in As seen XXXX and are those in with those claim drop is we’ve X.X% low premiums decreases workers’ earned supplement, decreases.

expense XXXX year-over-year XXXX. to the quarter Group's at ratio came from to compared Quarter-over-quarter expense overall XX.X%, for while higher the XX.X% in full in slightly to of composite is XXXX. due largely in while differences up XX% expense mix XXXX from business. XX.X%, XXXX stands The ratio at year Group's in XX.X% rose This came it in for XX.X% XX.X%, ratio fourth ratio the at

as compensation just lower commission about workers’ than and example, that we writings less were with spoke comes For they rate. are a typically

So business. that's to what mix due we mean by of differences

us quarters and several in Turning technology through from auto this selection help in see selection causes ratio at the an fourth ratio quarter time we our levels come with until claim better will this perfect we’ve in year-over-year the continue we trend with to came elevated now increases, to in that the low commercial about risk systemic These rate that increases auto in remains underlying at XX%. line XX.X% we XXs. with target, which ratio ratios, claim spoken and U.S. respond of such risk in in the continue. accompanied The claim line coming back will the to continue for severity claim are to same our commercial

from we case, ratio we declined said claim from in more so quarter-over-quarter liability the tend with fourth to improving have the XX.X% compensation. and result in write quarter and remain to declined premium XX.X% be to XXXX. past, year-over-year. General or But pleased results And ratio workers’ less in claim line elevated volatile quarter-to-quarter to in year-to-year. is very XX.X% the and Turning obviously, year-over-year XX.X% experienced we claim as of coverage, in compensation, ratio this XXXX this an this quarter-over-quarter workers’ lumpy

provide targets the in And over claim few commercial the that ratio in we claims we spoke while prior combined, our quarter-over-quarter steady. higher coming regards. incidence think typically increased fairly reflects years. auto improvement actions claim we’ve taking and given quarters, GAP as held X.X relatively aggressive to that this we as GL the financial ratio of protection, well ratio were dropped claim in and comp supplement, higher points, year-over-year looking asset by some together workers’ to incident D&O those as the significantly, percentage about we with an coverages the taken line guaranteed address actions of quarter-over-quarter For this we experienced last we that claims Still indemnity financial back year-over-year at note account, that and these

we was points, from development. saw inclusive resulting unfavorable X.X course, the percentage we of development of commercial X.X report, in are we ratios of unfavorable claim year-to-date auto, And quarter development by and while favorable the unfavorable the latest mostly All percentage points.

So selectively our for loss General business, sustain growth seek grow make trends Group, responding Insurance proactively seeing. and profitability, we the investments long-term to speaking while to we're to continually again, that

keen and our commercial ratio. ratios, on a focus Underwriting paramount there's claim improving our claim auto profitability remains particularly

for Rande on Insurance Group. you So, discussion ORI on comments turn note, this to I'll the over Title

Rande Yeager

Great. Thank you, Craig. appreciate. I

course, underwriting time were fourth of we this Title as an quarterly the reported annual record and Group’s quarter revenues In $XXX we for million. morning the Of good. all results very set

and year for consecutive fifth the six of the total seven, the mark For revenues. billion we last $X surpassed

development number for claim year. and time at year operating Last seen year's high. Favorable the than an million continued consecutive out pre-tax the We billion pre-tax slower adjustments, year XXXX’s years. during set prior fourth pace backing surpassed we've the for $X.XX $XXX But were profitability in annual in past profitability. both all quarterly is few these a records although

that for Looking at are moderately 'XX with slightly. accounted Bankers similar XXXX. dust be for trillion XX% estimates almost exceeding latest We're mortgage for $X XX% Association purchases origination up the to in down and settles, Mortgage higher about year. refinances or in originations the markets call 'XX The of residential XXXX about Refinances up XX% than the when total. market, expected

the X% new And a as would news that have Certainly, side record commercial increase predicts high $XXX of in and in about the for a XXXX. projections a their MBA optimism rises of billion our established in billion. marketplace this of the $XXX XXXX. provide all On of actually business, good will new is been XXXX into healthy

are And think tallied, was numbers the that number for last XX.X%. I will indication share the when final market year. hold Our

about up fees X%, about XXXX, operating were premiums our and XX%. For direct were premiums agency up

continue high a Title at XX% commercial Our perform this from of almost to with operations premiums. premiums our source, accounting Title for commercial level total

of support. offerings are services our [second course, none] customer that residential of underwriting and believe of and to expertise We commercial

way to deal other in culture. units, enjoyed say the all Over expertise the the like top. Group. of market We as to not we've great to goes. And we Title we're success our integrity, stick the steady like ORI it emphasize and share, buy business a to the We're and basics. try that don't We'd chasing years,

have them value make in intellectual are, strategic when people's acquisitions, geography and they terms the Our we of capital. where our

for professional is services. reputation Our

in it job all when these success, well you the a regards. byproduct, did of put back, done together as look Our all

Title So the that's report my on business.

Al you now remarks turn any you closing for And back it to may have.

Aldo Zucaro

Okay.

three colleagues of a business. by our been our pre-tax people to well. have parcel equipped to in well that and cases of of our earnings top few the But in company. the temporary with have business business as we entire terms posted As this deal bottom perform my part our we will. experiencing as way, what way management do and process continues if you very in throughout we are parts cycles the managing underwriting hiccups, and General And reported, Insurance Last are do of of always, what just to risk some we're particular, we from of the see the out history highest the which of our year,

said, Karl the stakeholders. of very additions. thought levels, holding at support of to protect capitalized our company critical to; maintaining organically sheet. and dry always insurance our obligations well as balance capital side the provide negative ORI the external are and the contain eventualities behalf for the the well once, at Two, we and through sufficient of right of the accounts Three, growth both most possibility As at of both on well strategic all operating company, out our powder on

to been years balance do now together room this the believe sheet in years that always has I Republic shape tip style for put Old all a the of in we top known have the and that all that and over fortress with have ahead.

So that up a that think to I good conclude or to open any note, may on is this time questions to have. visit participants and

Operator

[Operator Instructions].

We James. Greg question will ahead. first Please Raymond Peters now take of go from our

Greg Peters

going be XX to our have have plus and not say surreal participation quarterly calls it's forward. enjoyed to to in I these association your Al, I year going conference

on luck good your So retirement.

Aldo Zucaro

you, Thank Greg.

Greg Peters

about XXXX, General your I was of at about period looking the comments the you the results the full claim year. for that the ratio quarter the Page fourth then at was for talked to ratio Pivoting looking XX.X%. the XX.X% excluding it’s quarter it on reserves table And quarter the Insurance fourth or fourth your claim segment, claim development. And X the I was in prior XXXX and

the that basis Page and plus trying commercial of your I'm about in can some loss Maybe so of the your ratios So going statistical and underlying while. basis? liability together frankly ratio. with on claims those the then pieces is looking what you from business outlook commercial help that put have general X auto in XXX improvement showing I point supplement, And in at your to company reconcile more long in where a on you're measured liability highest general in auto table seen you think can a I've your

Aldo Zucaro

Sure, will Greg. I address to try that.

we the higher loss saw that unfavorable about speak I that in development you So financial is what driving come supplements. is ratios here, obviously, is an through that think those

current impact the ratio very have of lower listed there feel we in loss some we less earlier, writings with compensation of year, business mix had the that, the increased changes there. proportionately. has as are has loss confident And ratios And workers’ that about spoke there. I that business For

result that severity up It ratio. some differences getting again some come is reported But you're our at caught ratios of where unfavorable assume example years with looking as that development an the has that's can from prior year ratio that through. loss higher speaking that loss about. are creates than of we’re the higher you're that of kind current loss So, those you

Greg Peters

business mix issue. appreciate Okay. I comment. that understand your I

are this picture the guess the were those of I rising picks, loss loss and the set from the year's to had -- low, too environment, question prior severity speaks causing or you loss picture levels? the in year if light just current at -- it’s just this to appropriate of was them, whether So adjust new

Aldo Zucaro

question. fair Again, very with feel those. comfortable a reiterate would it's we Yes, I

what now, of the gives rate and XX% have are the D&O pick. example, about We and primary D&O for rate Right range that very place XX% now spoken -- increases our are market increases D&O and business, the are in in in the comfort other rate aviation as loss with observers range. there excess some effect that strong some well. compounding have plus range. increases in On right That’s our reported consistent are year-after-year us XX

that current increases, when the other impact particularly rate the have look kind And future they that. some an didn't experiencing on in has come of have those have we hand, development. years. were we’re years And auto on those So kind and at through where picks coming therefore, we from confident of demonstrated That's yet do the rate the that we on benefits severity we feel of year unfavorable has about had the to through.

Greg Peters

General Thank of you. like and Rande a it’s if piece Insurance ask Maybe I just other would okay. question to

On for quarter-over-quarter. was the ratio up the expense side,

you think Can of to pull also Al in I that the feel up business mix being talk about of in seeing lower drive full the you’ve you it’s range is guys expense the area I the lower. about a XX% very for year. year it but And some over part talked Craig and XX% know to or of next that the are two might like course levers interested ratio? you I

Aldo Zucaro

and one for contributor probably easy will the go as fixed your we premiums least that up to down, increase tend see Well, you for be expenses expenses. don't that line work when our coming costs, the costs, sure. obviously your comp, premiums biggest grow our our is, Yes, fixed staffing instance at

revenues we've excuse miles driven. of auto. costs lower there trucking amount commercial My general our and -- on lower offset premiums in I company me, made seen down. to point comment also trucking of an shipments were or would that I because lower So, the

necessarily that as returns, grow our So costs. expect can we to top-line our growing without internal

general, may a look on not We in lines be are commissions that taking specifically as well. at performing

another looking in engaged of at. that's ourselves investment. thing currently area startups we're starve have that some We investments to don't that some is want So The in. that we've do we do newer

and will market operation, that'll our very we Our operation beginning premiums an XXXX produce has and on instance, yet residual similar to a our underwriters business so is a consider that is been and and quickly. investment carrying that But in new position. expense come other for in business, that insurance specialty we've do

those results improvement start and the off So, investments see pay produce we some expect, to as kind of will we there.

But is what to pretty we in our underwriting to and investments analyze of significant want improve starve would data you either. don't ourselves today tell And do some ago, to enterprise necessary technology and better our for investments want starve instance. in in to ourselves much We've techniques. our ability technology improve planned analytics to across years they I we than are continue don't several we and were that invest that our made there

things those in And and shake actions. our target, that if of we to keep XX% things maintain as will out target. think to XXXX, certainly all it together, expenses, further necessary, and we XX% take still need So, eye we remains on an

Greg Peters

Okay. questions, I'm to going would people there's are ask. I other but sure that have more

defer to I'll So them.

can than And I'm where Rande, is as the how still the relative to forward sense you Title the So speaking the Business. the going give will commercial piece, on grow market? your and on us component the think if a market side over gain market of net share of faster or the a Title opportunity share has two year grown last commercial Insurance you

Rande Yeager

we looking looking you of years of commercial Yes, mean on think go Greg. the or said. a And tremendous so we're about thanks, share. business. or XX% if I you're we've premiums -- XX so X% had growth at Yes, market back I our as the side It's

our We work of do agents. a lot through

And and We superior we going. you that have for insurer. ourselves commercial keep keep what, a unit operates the applying the directly rewards know

having. no the about in success we different else. are we're that anything than We and optimistic the unit, approaching commercial, it about we're how feel every we're good industry and So where

Greg Peters

up you so think when have XXXX -- And your compare gained are the commercial do share guys final you to when tallied relative you versus XXXX would in numbers peer will group?

Rande Yeager

The that. CREF does through estimates on put some up MBA

It's We considered of very because commercial. estimate. to have We tell don't have difficult those real the to definition are a policies of good that way.

of So Yes. would do share? trends, it gain we market bottom-line. I we if look that think be at in the That terms

room? I Yes. more think there's

answer. that's So the

Operator

Please [Operator Greg Instructions]. and And we Peters will ahead take your question go go James. from ahead. Raymond of

Greg Peters

or Al to business you're take you've for the Excellent. bite year-end past to in I'll been upcoming we call, doing General enough or consolidated And segment? Can where the the when you've Insurance apple guidance the around another been the Insurance or -- you Well, composite ratio the back go General year. of expense or ratio a claims ratio some might generous think two. provide the for range

moving you've And the highlighted from workers’ the perspective, some and analyst the the general community comp. we're pieces, watching auto and liability and commercial

terms Just your went us for XXXX? of you through you in wondering expectation budgeting share when willing might an with be what process, to

Aldo Zucaro

cost attached Comp, goes some things has has to and mean combination our then Craig different address also as again, which down, up. structure as right? Automobile lot can those the things. of can a structure I And such and business. gone Craig that add indemnity to changing And that to statistical in over it maybe our goes the on a you it's because of different exhibit, mix has business. that which you continually the Well, cost see rides a financial you degree,

changed some direction an XX% from time, if can't our speak And we except have But we standpoint two years do for reserve a in -- better home the not it given go it that we of in that to And produce permanent ranges, our in those difficulties expense nicked can business ranges. business, high should is We've direction, of Page as current its our ratios, And we've range have always as what is even an think several has automobile that. nothing into the terms think -- claim expense headed pretty diminish the loss of terms Craig view start change bottom to a -- if loss the X, business, can think or the reserves see. nicked in over We mix. we we a only development. of and from and what notably I said, by had of been on the I overall parts been that changes impact in reserve are okay, fixes So off, our which tend than in show and then think expense permanent evaporate mix warranty position But itself. of in of page underwriting ratio. that strong to right? over the a that better has we're But we've much we ratio to the ratio that than consistency numbers. ratios range those that on? you that think we business,

we the about its current the change corrected earnings that's emanate it never XX% that underwriting, you, to your a of XX, happened. can combined? the so of think at think takes between General or pockets yes, Group where give before XX% business. ratio? of the it pricing given Yes, absolutely. operate think operate we we've are those -- to it can I into mix No, fixing. that Can anybody Insurance it's premium else and a at the best Can we operate Greg, earning XX% And your we've And process enough you results XX forth time process. or in business got months

one, operate at we there. I down only long-term certainly that, but of lot done XX words, having that start So that. a using I think record combination the of not inching that have very I'm I'm from confident of for can all but a We

initially any ourselves key investments expenses that a that any new in premiums. want be standpoint operation, starve gel. business, don't the it to some have creates is do of when we making we of price think that, before our Because a the we insurance new there's creates business. time suggesting earned And right, paid. making to from future the by takes adventure it Greg in I But to point

So and as why I'm difficulty the part they're of in throwing all I before business. that to that we've the that with as current had below mix in gradually I XX somewhat of go think some parcel said good -- air that all reaching XX. shape up because to stuff we're But

Craig Smiddy

would be I not if XXs want there we averages here together that, say we’re that XXs we to high two Greg, our just put to add and that the ratio you low two in when and claims on risk and other XXs, problematic expect that rate Obviously, high portions us portfolio. of we’re to taking veins considerable get we low and action XXs. and to selection steps those address those our the all to

worsen. expectation our therefore, not So, improve, is that we're incrementally to going

Greg Peters

little this in are are us on forward? company where capital of sort perspective. I an about you could update that you. of of Give want you know looks equities, on for your one a I'm of you equities, sort and any I deemphasizing the Karl know Al one. you reserves from a the investment you And in around you the changes spoke about attitudes more metric. curious capital. on bit metrics to chime to the where maybe Two the answers. portfolio, then in going And questions if there's you and this update the Thanks, us But for adequacy thank other think But Karl past cetera. Craig et you’ve emphasis around capital is if used how

Karl Mueller

first we respect past to or descend. the securities on equities. since that the And when now Sure. we've that portfolio, bond equity started five six to time increase end year to equity XXXX for Well years, with the about allocation allocated percentage to I the portfolio had this was yields increased to our think began

a the net say would be or intended shift substantial investment portfolio overall would part income. that decline yield such in enhancement to to the I our So in decline was we not see

dividends increasing histories equity about portfolio, with companies securities, long and of the which over dividends consists time. So of XXX well-known paying

So we portfolio correction evaluate year stress and do market have And this current allocation perspective, feel with effect. would in treated market what has perform associated, of a we appreciation. to about us past a we From test feel good well terms a not very periodic a shareholders’ comfortable risk the the our negative account. equity material would market the do to

XXXX, bit of of we operating long-tailed that of my the surplus our and for in which or time about parting our need do adequacy, support year-end leverage comments key at take little we you're one and policyholder capital have Insurance XXX% number XXX% And target ourselves over set stated an are we is we Group poised one nature say coverages, ratio. we I well as the we as business. ratio. range will reserves before, we the the for growth give will supportive given of particularly growth, of roughly of capitalized reserves accumulation in And of XXX% metrics are will that of to capital a many So a terms to And General right is of particular that statutory to is the follow think for I metrics.

the across So, good capital organization. levels we feel very about

space. And they've at capital Title capital players make look roughly our think got sufficient that in grown year. $XXX business. us a that's statutory level You operation, I in million commercial to Title this the of it's and at And we've

business anticipated year. MI and this of capital the $XXX million about the talked of return also I

we that. dividend to the continued Department feel North presented XXXX. a of We've plan about regulatory the Carolina be able it that good throughout had confident that we'll require feel Obviously, on will with and execute have dialogue We very approval. course that such

feel capitalized. we we good Overall, where about very are

Greg Peters

position what's Karl remind capital -- XX/XX/XX? business the the me run-off as of of just where MI -- What

Karl Mueller

Yes. just is companies, capital our three MI total hair Right of $XXX statutory now million. the all for a over

Aldo Zucaro

to that and that's take place in decapitalize force in you remember, is staring loss estate end business, be is business is that that remainder capitalized the us it's in that we've we as housing nothing, And in should The And got would be result good part as and it of not we capital. contained insurance I therefore of of as hell run provide company. remnants a the book and be at enable there that company Karl And business, our the to million plus said ratios may except it feeling we be a Greg, the rainbow. business. the and the of in that that it right? rainbow break totally that, by XXXX-‘XX. unless to the probably And mean $XXX loose should run-off do continue earlier, indicated that that real if end off, all should think reinsured could unthinkable could the at assurance that, of the remains at well

we I think this in do very manner. digitally a

the take year, on happening Department. step said, time, based step we're as concurrent the the to Karl we business. in how we approval taking then take this this a first and things said, North we one And year Carolina As develop full step. know we what's of And at we next of it force that the see with

over the next we So, that process as the as gradual years, long four three it's own to company. a

Greg Peters

dividend MI was -- clarify Correct. that's if the business? that part that special I'm of in year. run-off was does Or in that of -- last the from you issued the funding sitting And The capital funding the that maybe emanates came not excess elsewhere? can

Karl Mueller

XXXX. paid key just holding from MI the funding came resources made That capital me that in consideration. receiving level. a company from in anticipation of in September at a for was The dividend let the it was Yes, But distribution was clarify. companies parent the

Operator

That to any this the for I'll remarks. concludes closing management At back today's additional turn time, question-and-answer session. or conference

Aldo Zucaro

that forward based to be on continue everything everyone's the next have. particular to Old conference the are your that it'll toes. good. we sure Republic colleagues And questions in going forward. keeping that That's on will news sailing And all I'm and I us for my good some very Greg We asking to appreciate see good here going going And we I our is looking our call know show participation, be participation. ship, appreciate to majestically

all a So wish you with happy we that day.

Operator

participation. for today's Thank you concludes This call. your

disconnect. now may You

Old Republic International (ORI) 23 Jan 202019 Q4 Earnings call transcript