Old Republic International
Underwrites specialty commercial risks and protects property buyers and lenders through title insurance.
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Profile
Underwrites specialty commercial risks and title insurance through a decentralized federation of operating companies. Premiums and related fees come from commercial coverage, property-title protection, and claims services, while results depend on disciplined loss reserving and real-estate transaction volumes.
Underwrites commercial risks through Specialty Insurance and protects buyers and lenders against covered property-title defects through Title Insurance. Commercial auto is the largest specialty line, alongside workers’ compensation, liability, aviation, surety, warranties, cyber, and other niche coverages.
Operates through separate specialist insurers, a national U.S. title network, branches, and a large independent-agent channel. Delegates underwriting authority to each operating company, while the holding company provides common capital, controls, and a shared identity.
Earns premiums and related fees from underwriting, title searches, and claims or risk services. Performance depends on disciplined underwriting and loss reserving across long-tail commercial lines, while title activity moves with residential and commercial real-estate transactions. The former mortgage-guaranty business was placed into run-off and sold, leaving Specialty Insurance and Title Insurance as the reportable segments.
Company facts
Categories
Key statistics
Year to date −2.8% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 24, 2026 | Piper Sandler | Reiterate | Neutral | $40 | $39 | |
| Apr 27, 2026 | Raymond James | Target | $42 | $44 | ||
| Apr 24, 2026 | Piper Sandler | Reiterate | Neutral | $38 | $40 | |
| Jan 22, 2026 | Piper Sandler | Downgrade | Overweight | Neutral | $51 | $38 |
| Dec 8, 2025 | Piper Sandler | Reiterate | Overweight | $46 | $51 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.79 | $0.76 | −4.2% | $2.38B | $2.50B | +5.4% | +2.35% |
| Apr 23, 2026Q1 FY26 | $0.79 | $0.68 | −13.9% | $2.27B | $2.40B | +5.7% | +1.23% |
| Jan 22, 2026Q4 FY25 | $0.89 | $0.74 | −16.9% | $2.31B | $2.39B | +3.3% | −2.99% |
| Oct 23, 2025Q3 FY25 | $0.76 | $1.11 | +45.9% | $2.28B | $2.42B | +6.5% | −0.54% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.11B | $2.21B | $2.42B | $2.34B | $2.40B | $2.50B | |
| Gross profit | $1.34B | $1.38B | $1.57B | $280.5M | $1.56B | $1.61B | |
| Operating income | $307.6M | $259.9M | $352.7M | $263.1M | $413.4M | $436.9M | |
| Net income | $245.0M | $204.4M | $279.5M | $207.2M | $330.0M | $322.5M | |
| Diluted EPS | $0.98 | $0.81 | $1.11 | $0.83 | $1.32 | $1.31 | |
| Gross margin | 63.5% | 62.6% | 64.8% | 12.0% | 65.0% | 64.2% | |
| Operating margin | 14.6% | 11.8% | 14.6% | 11.2% | 17.2% | 17.4% |
Fiscal years (4-quarter sums)FY21 $9.34B · FY22 $8.08B · FY23 $7.26B · FY24 $8.23B · FY25 $9.09B
Revenue by product · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $2.65B · Total debt $2.28B · Total assets $31.59B · Shareholders' equity $6.07B
Dividends
Raised for 38 straight years — most recently to $0.315 from $0.29 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 15 | $0.315 | |
| Mar 9, 2026 | Mar 9 | Mar 19 | $0.315 | raised from $0.29 |
| Jan 2, 2026 | Jan 2 | Jan 14 | $2.50 | special dividend |
| Dec 5, 2025 | Dec 5 | Dec 15 | $0.29 | |
| Sep 5, 2025 | Sep 5 | Sep 15 | $0.29 | |
| Jun 6, 2025 | Jun 6 | Jun 16 | $0.29 | |
| Mar 10, 2025 | Mar 10 | Mar 20 | $0.29 | raised from $0.265 |
| Jan 3, 2025 | Jan 3 | Jan 15 | $2.00 | special dividend |
Ownership
Shares outstanding 243.55M · Float 224.30M · 92.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 26.31M | 10.80% | 13F | Aug 7, 2026 |
| Bank of New York Mellon Corp | 12.02M | 4.93% | 13F | Aug 6, 2026 |
| Vanguard Portfolio Management LLC | 11.60M | 4.76% | 13F | Aug 13, 2026 |
| State Street Corp | 10.06M | 4.13% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 9.91M | 4.07% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Carolyn Monroe | officer: SVP - Title Insurance | −1,788 | $42.26 |
| Jul 29, 2026 | Jeffrey Lange | officer: SVPUnderwriting & Distribution | −14,075 | $43.76 |
| Jul 28, 2026 | Stephen J. Oberst | officer: Executive Vice President | −13,125 | $43.96 |
| May 12, 2026 | Carolyn Monroe | officer: SVP - Title Insurance | −13,330 | $38.76 |
| May 1, 2026 | Therace Risch | director | +300 | $39.90 |
Peers
- W. R. Berkley
Broad overlap in specialty commercial P&C and transportation
- Fidelity National Financial
Largest national rival across residential and commercial title
- Travelers
Large-scale overlap across core commercial P&C lines
- Chubb
Global commercial and specialty insurer with wide product overlap
- American Financial Group
Niche specialty P&C overlap led by transportation and casualty
- First American Financial
Second-largest U.S. title group with nationwide channel overlap
- C.N.A. Financial
Commercial and specialty P&C overlap for businesses and professionals
- Stewart Information Services
Smaller national title rival in direct and agency channels
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Old Republic International | $42.07 | 0.00% | $10.25B | 9.2 | 13.1 | 1.1 | +13.4% |
| W. R. Berkley | $70.65 | +3.20% | $25.48B | 14.1 | 14.5 | 1.4 | +1.2% |
| Fidelity National Financial | $47.56 | −0.02% | $12.80B | 16.5 | 8.9 | 0.8 | +11.4% |
| Travelers | $372.15 | +0.62% | $77.15B | 9.9 | 12.4 | 1.6 | −4.8% |
| Chubb | $340.37 | +0.13% | $131.14B | 12.0 | 12.2 | 2.1 | −1.3% |
| American Financial Group | $143.62 | +0.05% | $11.93B | 12.5 | 11.4 | 1.5 | −0.5% |
| First American Financial | $74.47 | −0.03% | $7.60B | 10.3 | 10.6 | 1.8 | +15.0% |
| C.N.A. Financial | $49.31 | +0.02% | $13.34B | 10.8 | 10.6 | 0.9 | +3.0% |
| Stewart Information Services | $69.91 | 0.00% | $2.13B | 15.3 | 11.1 | 0.7 | +24.0% |
| Median | 12.3 | 11.3 | 1.4 | +2.1% |