ORI - Earnings call transcript Q1 2020 | Old Republic International Corporation

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Operator

Good day, and welcome to the Old Republic International First Quarter 2020 Earnings Conference Call. [Operator Instructions]. I would like to remind everyone that this conference is being recorded.

I would now like to turn the conference over to Marilyn 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 first 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. and may discussed in Please as statistical dated be statements supplements advised involve that forward-looking April XX, this press release call the found in Risks company's these associated can be with filings. SEC the statements latest This and call executive meeting. will several International Smiddy, afternoon's this be conference senior led CEO Corporation Craig by members other Republic for President as planned of Old and At Craig this call like the turn over Smiddy. time, to I would to Please go ahead, sir.

Craig Smiddy

especially and close keeping operations of at oil, call ongoing folks Old the today, the Quarter With doing our level. and and Insurance on President of you, talk related it high job a Conference and Group. our Title Carolyn the midst Group, Call. about Group past, Title have Earnings where the our CEO, we Rande promoted our we was all Republic's Title given executing XXXX midnight the Yeager, working In front First with happening Republic January COVID-XX Title of Group proximity in we in the to good challenges, Marilynn. have very the welcome Title joined of President Thank been and on Well, International's to me But XXXX has the of this Mueller, operations afternoon, what's Mark a Carolyn was Group lines given that the call. thought Bilbrey, us Karl join Old best our the everyone, within operations, the Title have Monroe, CFO; Carolyn us for the to that Chairman; in Title she burning remarkable and

discussion join Appreciate us having today. So for you welcome, Carolyn. the

we like I'd COVID-XX, Republic's all that all certainly families, from moment coworkers wishes. acknowledge a resulting are more all you, your mobilized ensure also workers take challenges to customers, and capabilities and services the through that friends also essential of whom our send to offices, of brokers in want Old capabilities best work we As our of to than their to agents very remote have our working our all our uninterrupted. for continue X,XXX associates working and those and

and are our our group Although XX% in states, working essential as associates than most insurance an industry Title currently General Insurance remotely. we're of XX% approximately of recognized more essential workers, and

number our say the gets to The infrastructure that during we among associates those in working mailed small of associates have offices this IT have and get to be to that fortunate the mail checks able also support to furloughed that we all we're of vibrant working our ensure remotely. not I'd remains of are time. note processed, that any

regarding over So handing before Karl, comments things offer a first initial our quarter. few I'll to

these results XXXX the results and driven an quarter quarter As posted were you our for release, our first Republic saw operating of segment. Old strong relative Title strong by exceptionally to first Insurance quarter XXXX in

As results. quarter had first on noted our effect in COVID-XX minimal our release,

subsequent a term. effects could line that in such, also in of negative and However, as governmental the and ratios higher these the of the and short expense COVID-XX could responses revenues on the second quarters acknowledge fee declines associated we also in have premium top and XXXX, our effect result quarter

over demonstrate diversification consolidated that our again, Insurance time. and General works first strategic operating between quarter insurance Title revenue and produce very growth well results, Our to earnings

to he'll our matters segment. our over which, General Title him to turn results. small RFIG segment. Insurance to the to Karl So will Then discuss overall me Insurance to financial discuss run-off Carolyn at address ask After segment. the this consolidated I'll discuss things turn point, back I'll also

I'll make then to we'll finally, few Q&A. the discussion up open closing and comments a

Karl, that, take with us So away.

Karl Mueller

Good everyone. afternoon,

our the Before earlier commenting turmoil financial employees integrity most same without process. able of this on Job recognize Craig's their and and at our from control the internal disruption associates of reporting our while resulting to significant Despite retaining the financial first well we for by during diligence remotely, quarter COVID-XX results, accounting were to done fact the commitment add complete that I'd everyone. working and the pandemic. were close period like comments of the to time,

investment $XXX equates income, now to from Turning and the year. On net results. which an quarterly year share $X.XX, almost excludes of a losses up announced all gains quarter per that first XX% is ago. is from which a prior XX.X% which million, increase to the basis, of we diluted This morning, nearly

this unaffected As the release, noted our in morning's results were operating pandemic. largely COVID-XX by

pretax the reduction markets led the equity was book disruption $XXX reported corresponding million of The declines quarter resulting in financial main and loss factor to fair fair contributing the really decline value to our However, first portfolio. value. to the value net of the approximately substantial in

The both quarters, yields Carolyn ticked income, over which you the that shift. to Title loss and in premiums bond few portfolio. underwriting Net favorable primarily and ratio dividend upwards earned base a investment Consolidated an that slightly and to XX.X%, $X.X address this lower, reducing to offset X% ratio reserves income perspective, developed ratio. consolidated lower higher quarterly degrees arises group during a the quarter's slightly From was favorable the the year year General asset the prior for towards billion. by from invested operating of ratio in ratios over X.X claims on additional our experienced growth group point supplement, higher-yielding morning's prior varying expense X.X ratio The and a to a for the the our lower on relatively current portfolio grew marked periods, respectively. with about the those and shift combined moments. trended reported business which improvement will of by carries of strong greater XXXX. fees historical and equity reported provide and to then mix due quarter. percentage Insurance net -- grew claim registered increased larger percentage about Title was nearly XX% a Consolidated little by a the as This financial know, of XX%, claim a segment, almost each segments slightly development X.X%, expense more development a trends. due about release, along detail And some We claims X.X and points as

at Driving substantial this change to of cash the by, March. equity condition. Turning cash portfolios. the end I financial combination both now assets depreciation our to billion $XXX Total decreased market strong in of as mentioned was operating as the unrealized income the and offset of well the earlier, as million invested $XX.X fixed flow

and the our XX% to XX% approximately investments bonds short-term composition of equity As is to securities. allocated portfolio reminder, a and

Our equity dividend-paying approximately are which the value-oriented, companies. management does of manage within consists portfolio risk price take $XXX our framework, predominantly into We million portfolio volatility. that expected large-cap, consideration

portfolio of quarter unrealized the during of The -- at the $XX portfolio position roughly XX% by declined approximately equity end million to loss March. an value of our

risk we our significant changes strategy. decreased in end we had do $XX.XX to not portfolio made, this value Republic's of of per are material rebounded Old thresholds. As to close, investment at of expect from at the we book nor make the end XXXX to have share any $XX.XX March. the end Despite at yesterday's within tolerance valuation unrealized the to And still March, $XXX downdraft consequently, of our gain. million a operating

the As X% value the to the the book share reduction fair the about portfolio. the amounted previously noted, or year's most Operating of payout to and share contributor equity dividend, returned the to dividend our on represents this to value, cash we $X.XX dividend rate. income additive of regular regular in form decline $X.XX annual cash per significant of relates and basis. increase over was that annual $X.XX year's per capital And in last shareholders an a this to $X.XX

cash XXth rate past ratios for the We low uninterrupted marks liquidity consecutive $X.X the XXXX, years. of throughout the years year, increasing XX dividend the and quarter adequate This as capitalization, paying total of well year debt as of the enterprise. billion regular with dividends ended leverage

believe highlighted financial weather that us our these release, we strong to position challenging in will enable times. the As

mentioned, me we perspective, now management Craig just this capital with capital from entered run-off our a From as segment. briefly anticipation So let insurance of discuss guaranty our the operation. run-off withdraw year excess mortgage mortgage to beginning

$XX.X at registered the During approval received $XXX million end extraordinary statutory strong Total fact, obtain the to million. remain and insurance capital of principal our a companies. March dividend from mortgage continues two and did, quarter, we in regulatory

in levels closely. mitigating definition, COVID-XX mortgage the mentioned on were is real considered The not with first forbearance in to areas along earlier. Craig The markets, we loaned quarter By pandemic, that as effects significantly forbearance the programs impact monitoring unemployment not in are mortgage be results by estate default. are of government a insurance the affected

this keep was that earlier file business. Let's and a the written in also is of not since policy XXXX a large XXXX. A of new We've mature mind written years. in-force book percentage in

or In addition, the affordability approximately XX% programs. government's refinanced insured programs, HARP are home previously that under the been HAMP have and loans modified of the

is from U.S. experience until affect factors, rate the slow greater the the and along claims the could with potentially these recovers, business, capital future of clarity. which So there at economy return run-off

previously mentioned beneficial the Insurance back of So group. that, options now said, most continue the things outcome the turn that Craig all interest I'll in all long-term to pursue producing for for stakeholders. discussion With we General of to

Craig Smiddy

Okay.

compared was quarter by XXXX, positive quarter-over-quarter quarter-over-quarter, the and effect in indicates attain operating continued in supplement, line. saw and teens. to rate X.X% by release X.X%. in premiums auto remained rate the on Net up that revenue attributable as rose increases we have So the the first operating show auto the income to General commercial to first we quarter, the those And earned X.X% increases commercial in financial Insurance high as increase of quarter-over-quarter

the offset somewhat exposure On a premiums other the in by base. decline hand, were

the workers' premiums in drop in a seen net quarter-over-quarter. compensation supplement, experienced financial X% be can As earned

that the the the composite in decline line. workers' Thus to have to rate the during that rate to the Insurance and continued negative slightly attributable for continues the first the and claim lower we line this of rose that expense in Quarter-over-quarter, XX.X%, and the from General seeing we up a XX.X%, overall lower is digits ratio. level compensation from are This in on frequency slightly quarter was ratio the a with higher to far, single us effect base. that low also industry decreases trends attributable correspond exposure

when at XX.X%. at first quarter XXXX The ratio XX.X% expense first the came compared quarter to stood it in of

So to turning claim ratios.

XX% auto at XXXX. XX.X% Our ratio in the compared in claim came first quarter of period with same commercial

our with low work along our by our to in our target for we reduction of demonstrated line As continuing line, bring continue rate back level into XXs. very efforts, ratio the claim in to selection exposure increases hard from this with risk this

workers' compensation. to Turning

at The claim compared first this XX.X% ratio of first result, in continue pleased quarter we quarter XX% very in to obviously. remain came and XXXX, with to the

quarter, and together we And point. combined, remainder the claim of workers' all of like of in GL to financial unfavorable line Still in look for you XX.X%. course, given account, an favorable and auto, comp our quarter-over-quarter saw very percentage flat at supplement, and X see looking latest prior commercial with that those that are much was And of can development. inclusive report of we we ratios results, these target. to the X/XX provide combined the are ratio ratios For our favorable X that development at combined year at coverages typically the of we the claim claim also claim

of And to continue continue we line as earlier, quarters Insurance, it our remaining comes a long-term to focus the ratios. we products. expense mentioned for from to top I seek appropriate So but need price prove our on when General will XXXX the the managing challenging for could perspective, that we'll

now So Title Carolyn? for the Insurance. on turn comments that note, discussion I'll her on over Carolyn to

Carolyn Monroe

Thank you, Craig.

continue chaos Despite the pandemic, the times, refinances customers. Title embraced the the of employees restricted is mindful us creative which and have division order to these challenging transactions to and well-being employees to and and in COVID-XX have ever our and serve our fund continue business of our to challenge commercial be our caused Access are safety working really into this in business. been residential employees close. through sales While need and are offices and carrying to Amidst we has only, out generally this, really very customers. in the

designed for and to emergency a offices Many group. pivot allow social signing Our continue. for allows been documents, all provided to avenues our conducted in goes distancing and originally agents on daily agents distancing state these business. positive motorization and importantly, calls secure direct amended that orders Based Title may to our which was My on on operations to for out to set variety order our social and to with outside was hear closings, platform, drive creativity our create leadership of restrictions. law all COVID-XX about technology Title conducting requirements with Title team transactions which distancing orders, continue have the disruptions electronic legislation, their company closings up we closing adherence continuing agents and really adjust and heartfelt closings the which able through most practice to pens our statutes a attitude to impact that led its have in and comply Title while The our Pavaso, of single-use through technology collegial to tents of employees and our our offices, through appreciation have

the of an environment. quarter pace. pace technology in agency This for in and have allows lows able of agents platform XXXX both experienced group off offices our notary to operating documents on rates. first The and profitability. remotely. function keep and terms highs like of and supportive set market our quarter provides kicked All-time were Title a the record essential we first the the revenue current near Pavaso, on direct mortgage The independent record notarization ingenuity that to Between be been completed entire of

and the first premium over XX%. was around quarter, premiums fee Agency XX% the direct total of operating were quarter was increase of $XXX.X nearly first an which revenue XX% XXXX. revenue and million, approximately For up

first XXXX, reported $XX.X the of in compared We for some income operating of in of XXX.X%. of terms highest ended to an of our first of pretax quarter the the million increase with profitability, group history open quarter In the the million Title operating counts company. the $XX.X order quarter

requirements. to adjust orders the operating continue place while in to under doing distancing state social business We shelter various and

ahead nation mindful We general. of our are for the challenges organization our in and

be the Our challenges. unwavering firm belief we these continued with of the employees ready our will more of Title agents, commitment support our that is than and for

We well-being will over with the customers strength, on same years. turn and us it for of that, our financial back of to the employees and of rely principles Craig. the And have integrity, policyholders long that managing XXX-plus the protection served I'll well guiding run, our last

Craig Smiddy

Thank Carolyn. Okay. you,

perform again, So that our results very operating first indicate well. quarter our business continues to

challenging additional eventually risk that COVID-XX. position continue XX-Q excellence significant to provide well our associated disclosure these And strong note with in the to our and very economy We discussion I'll focus powder underwriting disruptions the macroeconomic upcoming rebounds. capital to remains will around also positioned during weather be on more our with detailed the when MD&A times. dry factors

remarks, prepared our conclude we we'll the Q&A. that, with for and discussion open will So up

Operator

JMP. with from Carletti our Matt And comes Instructions]. [Operator question first

Matthew Carletti

a just questions few Craig, had for you.

and questions commercial insurance. major compensation. transportation, mentioned couple comments your you Maybe X makes a one. sense. on kind auto. some business with which auto about exposure I General of your Let's start falloff, had commercial And workers' lines, of opening with start each The seeing in

it trends others book, that us I'd and Following bit on frequency could of parts comment revenue a are other And I'm there's dig what help revenue negative maybe you're and maybe sorry, you are Can even seen what seeing? you seeing seeing severity favorable in things. frequency on into trends. little as seeing trends are it that that of -- date that, and that side you dissect that too, on that the imagine, both to parts you've

Craig Smiddy

around some provide color to that. happy be I'd Matt, Sure.

are about But Certainly, is work of sales exposure although lot I'll premium comp. similarities and based, there is So between it's majority premium a claim payroll. counts auto driven, are for miles talk receipts, our down. based comp, auto, the the upon of meaning

other reporting and It's you frequency really exposure variable the early down. early to that we settle an So denominator insurers where on looks to -- we declare are denominator see is what too is -- really through our declare that frequency upon around perhaps premium a victory with premium see and if get can ultimately when what fixed you the it's somewhat and to counts while denominator, have depending that wait have audits the down, the hand, in, like. from

So it driven. for by instance, to take and counts denominator we the divide those if is miles see driven and have claim miles driven, those what miles were

But payrolls personal -- now have say, whether perhaps pretty where counts say Workers' ultimately high compensation, little couple part, down for the that claim frequency fluctuate There because a exposure different does to much What that depending clear a hard down. claim a a to it's certainly, can audits tell degree what annual upon is the you it's one denominator down. for indicator So a we at that thing. we at are be. are frequency those about absolutely reported. is is precise down will look look be and where frequency the that fixed when of very of might But premium, is to harder the see we denominator little it's are that frequency an base, counts the most with than, bit auto, to premium extent a But the with confidence, look are denominator ultimately, -- the a right the counts be payroll lower ways. little same like, auto. different it

on what I other NCCI is there, and out short, you not some frequency. the well, just analysis there some story good to lot there's things. make up. and claims in driving but pretty to do it really by Certainly, And there things And there's are down. long about, of WCIRB frequency that question claim talks a it a also what counts asked, analysis would add how are comment, things say one are that about the that California frequency specific that there's And their are observations down. hand, will impact I on indicates that driving COVID-XX

So with such frequency example. might respect be other pressure as COVID-XX, from downward accidents, auto to arguably there's while that, on uptick for from things there a some

you but to So how a looking a gives more at target, it of and around we're that comes when frequency hopefully, color comp. bit moving some auto

Matthew Carletti

of a audit just works, premium the one maybe then less those. with workers' familiar so And helpful. process of Very comp, pretty follow-up how on kind on each Yes. I'm but On transportation.

think what getting book then quickly is? your of as Is we you do lag? audit? more So kind insurers it policy that in information and of about Or the exposure really your a how how is terms or denominator it that from right, of often get short end

Craig Smiddy

Great days, in days. the question. we within reports Usually, XX some every Yes. cases, get XX

I where, So it's would audit in ultimate a example, on premium perhaps far more than situation for a comp, workers' think, little elongated more audit. quickly where normal that's the as you as

Matthew Carletti

Right.

retail, and And hospitality, Perfect. hard exposures proposed industry you of kind hospitals order to about side. question of kind understand I a change ask the with of of then you responders first Okay. presumption in of revenue and of want magnitude help other pocket the us could some on least restaurants, obviously, at particular getting being, regulatory then if on being the just comp, injury. hit and ones And the

us -- exposures those just buckets, workers' comp could rough you help your of if book? curious couple Just in

Craig Smiddy

Sure.

We leisure have travel, some care related do little exposure. health very have exposure. we So

As we health care you'll exposure, do related don't liability. liability professional where or general provide we note, have though,

that a to don't with we that presumptive accordance and we and state. that, on to regulations XX% COVID-XX the from as presumption What confirmed seen to claims state workers' close is states. rapidly a regulations so evolving respect a it in know, is exposure compensation prepared handle eye would diagnosis. you with those and just dynamic are a yet regulations We're rebuttable So And vary workers' the those keeping there. very have those claims have the than have compensation far in more that seen we've of

and the keep about mind then to XX% $XXX,XXX. from X.X% they a mentioned in of benefit average $X,XXX I other for where in is WCIRB And know $XX,XXX thing hospitalization, hospitalization, also, than well. have symptoms. about $XXX,XXX. are death workers' mild And then benefit, particular medical total XX% -- And require projection I less don't you ICU, about payment. projection WCIRB, total instances. require as X.X% WCIRB claims where their indemnity those -- which that cost has result a and is NCCI require comp in of at compensation in a And it's project COVID-XX

to work far have give important deductible. that very here. would because XX% comp I just very think sensitive, in you is So loss that that that other perspective to over keep I you specific mostly reported give thing the of it's I portfolio are thus And claims things large the our we

if within you take So vast the well payments those you an gave we those example, as of to majority, be numbers majority the I those that large would expect deductibles.

the move to us, think would for good far, deductible. effort by strategic of to business expect seen is comp their we towards And thus that. sensitive within paid of a XX% we've loss insured be very our we've I conservative business over why work claims therefore, made that we given these this that a do more indication So

Matthew Carletti

There's way. I'll out get helpful. very last and That's one Okay. then of question, numbers the

prior bit XX little period development, on Just bps. the of favorable

movements As or all that those a small there other to that to you one XX groups major notable in the of of were there segments? kind look and Or get X within segments, kind the it bps? just was coverage was at adverse favorable -- offset particularly any

Karl Mueller

primary workers' commercial X year not Matt, is movement between Karl. lines, comp, would in and GL. there's Yes, auto the say, this I significant current quarter, the

slightly all of comp significant. have you GL and quarter. . a neutral it unfavorable might not auto for the But was you workers' Commercial development. bit suspect, slight did favorable wrap As it basically together, developed when was

Operator

Greg question We'll Peters James. take question the we [Operator time, have next Instructions]. queue. from with one this our at in And Raymond remaining

Charles Peters

quarters. And for employees of to could business. the in is Craig, you the all risk will and off for risk increase with huge employers, in you seems my about questioning shrink perhaps, revenue guys the comment on news management round like that like the and the kick numbers low-end marketplace unemployment specifically, but could fashion currently? guidance businesses? on some provide And are talk you are that, what risk how I know with really you maybe the management about your you over kind about in giving to state indications their respective And of the next don't several going on your accounts want of I'd conversations of

Craig Smiddy

Well, management exposure Sure, on management risk is the business, Greg. risk business that for the of majority by retained the clients. the

again, you when the we I not the when is So the client's the And fee-related where premium the concern. concern probably premium the of challenges for forward, business really a the at of a more exposure that it excess of servicing charging servicing for look business. revenue management greatest therefore, think it's us the taking is fee, of that because, kind risk. area risk is It's really in, going lesser some of a of business take about for

come they're a of portion so or have exposure decline out what would that And you, mostly it that have retaining. in

the those is So provider bigger for not financial a we're that around. midsized be economy would that rebounding stress auto, a players workers' the that the say such small comp midsized are And would under player. business. comes and And I more concerning when concern more of midsized business necessarily have we're difficulty they business our

sit to we regard business. So management with where with our risk pretty feel say I'd comfortable we

Charles Peters

probably couple on really a think guys hot been there's know you and comment of to I have appropriate Okay. them. it's topics, I

you component you First, with property Insurance cetera. on but type would current within policies Is around maybe form, some associated you is you could business And helpful. are following your of ISO General not us the give out do exposures? to be coverage. the a chaos business have That I'm break property -- if the about vast interruption asking et interruption, business. usually majority opine color the your

Craig Smiddy

Sure. Greg. do I'd be to that, happy

of sure, that since you have majority financial with So I'm nearby. just working the the folks, supplement

If component you that quarters about our is make which three no premiums that. that writings, Inland overall property up our look BI X% at they Of Marine, is of earned. net X%, there of to

of is our pandemic-related the have can a I would -- X% component. exclusion And remaining you for interruption other that property business that and include policies the business XX.X% interruption The of tell so events. for property policies that virus

we good because we have don't box exclusion we was a now And in the that a very abrogate create have well viewed that insurer, exposure. law many, very struck and the significant I feel everything industry So second, contract from uncertainty as invalidate that that and find and even insured first, around that will to very about, tight virus well, and the unconstitutional. the contract that know, you contract would us is right that between something undermine by be including as to

policies will that we the vast our feel ultimately majority we So and stand. have exclusions very strongly that of pandemic on those virus

Charles Peters

speak it's then have Maybe popped be majeure. there, I'm And recently, in that cetera? or any clauses, And force around et curious your about portfolio, briefly? force piece, the you other up on clauses majeure can opine would Okay. if you

Craig Smiddy

Yes.

the contractors other be that to most the as states, might ultimately that know, the surety policies, there the done is have therefore, surety activity we work. force extensive for seen far, we some we an we've on our you will there our particular, be contractors in conclude to particular. in thing -- also right is And our And into for look and -- majeure also any And in clause. that surety think good business protections So been in claim now, think haven't surety And part, able deemed we increase have our there. do business thus our most contractors workers. our on essential

concerns now, right So we surety our have don't heightened around business. any

Charles Peters

business, component? that that through? is you Or that categories the within where which does the -- Page indemnity? surety coverages flow And the on business X, other identify financial the Is surety

Craig Smiddy

two, which footnote under is It's financial Yes. indemnity.

Charles Peters

any on -- a briefly. quarters, I what it certainly in in has the Can flow while positively you the quarter a grinding decent virus? economy all next like this I on the rhetoric provide to halt. order ever may color considering first It that's it so of note. has you business have the from over results, spoke be thinking this the seems done several sort like pivot to -- us Carolyn, Okay. quarter ended to come meanwhile about seems COVID-XX about want of the the should -- marketplace the know damage been we you

Carolyn Monroe

year. Well, we Greg, our now, current second where quarter look last were pace orders, with right they're we of the during when at keeping

of refinances an have the a we While slowdown. certainly grown, indication don't just have

are second and our quarter in line of Our last orders year. right revenue with

Charles Peters

And the the is year continue refinancing Or Or... so just because of just of second expect last rates? you to a you of would trends it wave quarter? think there's lower beyond

Carolyn Monroe

We're this at able all-time rates. have lot tell get process to the just mortgage it's depend are going to A on to in of yes, on us. think on early. just work. too the how back so to full It's will pandemic when low, long I early an it's impact Yes. people goes, really what

Charles Peters

direct of remind you can the percentage just versus agency? us of And

Carolyn Monroe

revenue. revenue XX% from is -- of our comes our premium agents,

Charles Peters

impact in estimate you have then that it recovered us to loss the fluctuations of Karl, indication that book go share? But what an of how Okay. since in means guess as I'll I Do quarter. question market loss unrealized final the to the about the an Great. unrealized I then. of result as also spoke have terms know -- end the value of in gave probably gain the change position of and per Karl. you you where of will a

Karl Mueller

matter. should do down share I that value be simple a book not have Greg, per mean, basis. I it on broken a

Charles Peters

the close would the be Is yesterday? if is to in is first quarter the second were on that based in you that comment read loss as that comments? So booked correct it of that how quarter the your books I reversed unrealized -- your

Karl Mueller

Well, the That's quarter, unrealized recovered change now $XXX was first from million million the year-end to $XXX gain. depreciation.

$XXX of swing a So almost million.

roughly answer. that you X So million would by to shares divided the get

Operator

at Greg time. from have no callers we additional And follow-up have do a Thank [Operator question with currently you. we And Peters James. Raymond queue the in this Instructions].

Charles Peters

haven't dispersion that XXXX XXXX. I the for I by to least categorized XX% risk full year of XX% run-off the I How you it And you're an for and with RFIG as couldn't majority, is look XX% up that. mortgages covered help don't When that out the these myself. is from -- enforced at business. surpassed I at policy look -- understand paid have that what for paid or or MI? their threshold required at threshold the

Karl Mueller

question that dropping ratio, a there's not coverage. MI in there's well, result the is the I -- Your which of loan-to-value -- unless answer the would think remeasurement

think place. it I in stays

Operator

to it back conference turn Thank for have you. additional no questions like this at does over we appear any the closing I'd time. or remarks. management further to And

Craig Smiddy

in just folks would days be country. situation today. like we we'll thank on this we And hopefully, hopefully, Well, to be work that economy Okay. to in from are at now, reconvene everyone a back able XX about much participating and is for And for when track. better back is the

your you participation your we for best you And time support again, during call. and and thank the all on today's So wish the then. now between

much. So very you thank

Operator

conclude again, call. And that your and thank Again, for does we you. you Thank ladies participation. gentlemen, today's

now You disconnect. may

Old Republic International (ORI) 23 Apr 202020 Q1 Earnings call transcript