Intrinsic value of Old Republic International - ORI

Previous Close

$20.98

  Intrinsic Value

$66.13

stock screener

  Rating & Target

str. buy

+215%

Previous close

$20.98

 
Intrinsic value

$66.13

 
Up/down potential

+215%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as ORI.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ORI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Old Republic International (ORI) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.34
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  0
  6,285
  6,684
  7,099
  7,532
  7,982
  8,452
  8,942
  9,453
  9,987
  10,544
  11,127
  11,736
  12,372
  13,038
  13,734
  14,464
  15,227
  16,026
  16,864
  17,741
  18,661
  19,624
  20,634
  21,694
  22,804
  23,969
  25,191
  26,472
  27,817
  29,227
Variable operating expenses, $m
 
  3,350
  3,562
  3,784
  4,014
  4,255
  4,505
  4,766
  5,039
  5,323
  5,620
  5,931
  6,255
  6,594
  6,949
  7,320
  7,709
  8,116
  8,542
  8,988
  9,456
  9,946
  10,460
  10,998
  11,563
  12,155
  12,775
  13,427
  14,110
  14,826
  15,578
Fixed operating expenses, $m
 
  2,119
  2,172
  2,226
  2,282
  2,339
  2,397
  2,457
  2,518
  2,581
  2,646
  2,712
  2,780
  2,849
  2,921
  2,994
  3,068
  3,145
  3,224
  3,304
  3,387
  3,472
  3,558
  3,647
  3,739
  3,832
  3,928
  4,026
  4,127
  4,230
  4,336
Total operating expenses, $m
  5,164
  5,469
  5,734
  6,010
  6,296
  6,594
  6,902
  7,223
  7,557
  7,904
  8,266
  8,643
  9,035
  9,443
  9,870
  10,314
  10,777
  11,261
  11,766
  12,292
  12,843
  13,418
  14,018
  14,645
  15,302
  15,987
  16,703
  17,453
  18,237
  19,056
  19,914
Operating income, $m
  736
  816
  950
  1,089
  1,236
  1,389
  1,550
  1,719
  1,896
  2,083
  2,278
  2,484
  2,701
  2,928
  3,168
  3,420
  3,686
  3,966
  4,261
  4,571
  4,898
  5,243
  5,606
  5,989
  6,392
  6,817
  7,266
  7,738
  8,236
  8,760
  9,313
EBITDA, $m
  736
  816
  950
  1,089
  1,236
  1,389
  1,550
  1,719
  1,896
  2,083
  2,278
  2,484
  2,701
  2,928
  3,168
  3,420
  3,686
  3,966
  4,261
  4,571
  4,898
  5,243
  5,606
  5,989
  6,392
  6,817
  7,266
  7,738
  8,236
  8,760
  9,313
Interest expense (income), $m
  41
  54
  86
  119
  154
  190
  228
  268
  309
  352
  396
  443
  492
  543
  596
  652
  710
  771
  835
  902
  973
  1,046
  1,123
  1,204
  1,289
  1,377
  1,470
  1,568
  1,670
  1,778
  1,890
Earnings before tax, $m
  686
  763
  864
  970
  1,081
  1,199
  1,322
  1,451
  1,588
  1,731
  1,882
  2,041
  2,209
  2,386
  2,572
  2,768
  2,976
  3,194
  3,425
  3,669
  3,926
  4,197
  4,483
  4,785
  5,104
  5,440
  5,795
  6,170
  6,565
  6,983
  7,423
Tax expense, $m
  219
  206
  233
  262
  292
  324
  357
  392
  429
  467
  508
  551
  596
  644
  694
  747
  803
  862
  925
  991
  1,060
  1,133
  1,210
  1,292
  1,378
  1,469
  1,565
  1,666
  1,773
  1,885
  2,004
Net income, $m
  467
  557
  630
  708
  789
  875
  965
  1,059
  1,159
  1,264
  1,374
  1,490
  1,612
  1,741
  1,878
  2,021
  2,172
  2,332
  2,500
  2,678
  2,866
  3,064
  3,273
  3,493
  3,726
  3,971
  4,231
  4,504
  4,793
  5,097
  5,419

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  18,592
  19,825
  21,084
  22,394
  23,759
  25,181
  26,663
  28,209
  29,821
  31,505
  33,263
  35,100
  37,021
  39,029
  41,129
  43,326
  45,626
  48,035
  50,557
  53,198
  55,966
  58,866
  61,906
  65,093
  68,434
  71,938
  75,612
  79,466
  83,509
  87,750
  92,199
Adjusted assets (=assets-cash), $m
  18,592
  19,825
  21,084
  22,394
  23,759
  25,181
  26,663
  28,209
  29,821
  31,505
  33,263
  35,100
  37,021
  39,029
  41,129
  43,326
  45,626
  48,035
  50,557
  53,198
  55,966
  58,866
  61,906
  65,093
  68,434
  71,938
  75,612
  79,466
  83,509
  87,750
  92,199
Revenue / Adjusted assets
  0.000
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  1,529
  2,456
  3,412
  4,406
  5,442
  6,521
  7,646
  8,819
  10,043
  11,321
  12,656
  14,050
  15,508
  17,032
  18,626
  20,294
  22,040
  23,867
  25,781
  27,786
  29,887
  32,088
  34,396
  36,815
  39,350
  42,010
  44,799
  47,724
  50,792
  54,011
  57,388
Total liabilities, $m
  14,120
  15,047
  16,003
  16,997
  18,033
  19,112
  20,237
  21,410
  22,634
  23,912
  25,247
  26,641
  28,099
  29,623
  31,217
  32,885
  34,631
  36,458
  38,372
  40,377
  42,478
  44,679
  46,987
  49,406
  51,941
  54,601
  57,390
  60,315
  63,383
  66,602
  69,979
Total equity, $m
  4,472
  4,778
  5,081
  5,397
  5,726
  6,069
  6,426
  6,798
  7,187
  7,593
  8,016
  8,459
  8,922
  9,406
  9,912
  10,442
  10,996
  11,576
  12,184
  12,821
  13,488
  14,187
  14,919
  15,687
  16,493
  17,337
  18,222
  19,151
  20,126
  21,148
  22,220
Total liabilities and equity, $m
  18,592
  19,825
  21,084
  22,394
  23,759
  25,181
  26,663
  28,208
  29,821
  31,505
  33,263
  35,100
  37,021
  39,029
  41,129
  43,327
  45,627
  48,034
  50,556
  53,198
  55,966
  58,866
  61,906
  65,093
  68,434
  71,938
  75,612
  79,466
  83,509
  87,750
  92,199
Debt-to-equity ratio
  0.342
  0.510
  0.670
  0.820
  0.950
  1.070
  1.190
  1.300
  1.400
  1.490
  1.580
  1.660
  1.740
  1.810
  1.880
  1.940
  2.000
  2.060
  2.120
  2.170
  2.220
  2.260
  2.310
  2.350
  2.390
  2.420
  2.460
  2.490
  2.520
  2.550
  2.580
Adjusted equity ratio
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  467
  557
  630
  708
  789
  875
  965
  1,059
  1,159
  1,264
  1,374
  1,490
  1,612
  1,741
  1,878
  2,021
  2,172
  2,332
  2,500
  2,678
  2,866
  3,064
  3,273
  3,493
  3,726
  3,971
  4,231
  4,504
  4,793
  5,097
  5,419
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  880
  557
  630
  708
  789
  875
  965
  1,059
  1,159
  1,264
  1,374
  1,490
  1,612
  1,741
  1,878
  2,021
  2,172
  2,332
  2,500
  2,678
  2,866
  3,064
  3,273
  3,493
  3,726
  3,971
  4,231
  4,504
  4,793
  5,097
  5,419
Change in working capital, $m
  243
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  637
  557
  630
  708
  789
  875
  965
  1,059
  1,159
  1,264
  1,374
  1,490
  1,612
  1,741
  1,878
  2,021
  2,172
  2,332
  2,500
  2,678
  2,866
  3,064
  3,273
  3,493
  3,726
  3,971
  4,231
  4,504
  4,793
  5,097
  5,419
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -1,036
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  -399
  557
  630
  708
  789
  875
  965
  1,059
  1,159
  1,264
  1,374
  1,490
  1,612
  1,741
  1,878
  2,021
  2,172
  2,332
  2,500
  2,678
  2,866
  3,064
  3,273
  3,493
  3,726
  3,971
  4,231
  4,504
  4,793
  5,097
  5,419
Issuance/(repayment) of debt, $m
  573
  927
  956
  995
  1,036
  1,079
  1,125
  1,173
  1,224
  1,278
  1,335
  1,394
  1,457
  1,524
  1,594
  1,668
  1,746
  1,828
  1,914
  2,005
  2,101
  2,201
  2,307
  2,419
  2,536
  2,659
  2,789
  2,925
  3,068
  3,219
  3,377
Issuance/(repurchase) of shares, $m
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  579
  927
  956
  995
  1,036
  1,079
  1,125
  1,173
  1,224
  1,278
  1,335
  1,394
  1,457
  1,524
  1,594
  1,668
  1,746
  1,828
  1,914
  2,005
  2,101
  2,201
  2,307
  2,419
  2,536
  2,659
  2,789
  2,925
  3,068
  3,219
  3,377
Total cash flow (excl. dividends), $m
  180
  1,484
  1,586
  1,703
  1,825
  1,954
  2,090
  2,233
  2,383
  2,542
  2,708
  2,884
  3,070
  3,265
  3,472
  3,689
  3,918
  4,160
  4,414
  4,683
  4,966
  5,265
  5,580
  5,912
  6,262
  6,631
  7,019
  7,429
  7,861
  8,316
  8,796
Retained Cash Flow (-), $m
  -591
  -306
  -303
  -316
  -329
  -343
  -357
  -373
  -389
  -406
  -424
  -443
  -463
  -484
  -506
  -530
  -554
  -580
  -608
  -637
  -667
  -699
  -733
  -768
  -805
  -844
  -886
  -929
  -974
  -1,022
  -1,072
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,178
  1,283
  1,387
  1,496
  1,611
  1,733
  1,860
  1,994
  2,136
  2,285
  2,442
  2,607
  2,782
  2,965
  3,159
  3,364
  3,579
  3,807
  4,046
  4,299
  4,566
  4,847
  5,144
  5,456
  5,786
  6,134
  6,500
  6,887
  7,294
  7,724
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  1,113
  1,137
  1,148
  1,149
  1,140
  1,121
  1,092
  1,054
  1,007
  952
  890
  823
  751
  677
  602
  528
  456
  388
  325
  267
  215
  170
  132
  100
  74
  54
  38
  26
  17
  11
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Old Republic International Corporation is a holding company. The Company is engaged in business of insurance underwriting and related services. The Company conducts its operations through various regulated insurance company subsidiaries, which are organized into three segments: General Insurance Group, Title Insurance Group and the Republic Financial Indemnity Group (RFIG) Run-off Business. The Company's General Insurance segment consists of property and liability insurance, and offers coverages to businesses, government and other institutions. The Company's Title Insurance Group business consists of the issuance of policies to real estate purchasers and investors based upon searches of the public records, which contain information concerning interests in real property. The Company's RFIG run-off business consists of its mortgage guaranty and consumer credit indemnity (CCI) operations.

FINANCIAL RATIOS  of  Old Republic International (ORI)

Valuation Ratios
P/E Ratio 11.8
Price to Sales 0.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 8.7
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 34.2%
Total Debt to Equity 34.2%
Interest Coverage 18
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 41.5%

ORI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ORI stock intrinsic value calculation we used $5901 million for the last fiscal year's total revenue generated by Old Republic International. The default revenue input number comes from 2016 income statement of Old Republic International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ORI stock valuation model: a) initial revenue growth rate of 6.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for ORI is calculated based on our internal credit rating of Old Republic International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Old Republic International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ORI stock the variable cost ratio is equal to 53.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2067 million in the base year in the intrinsic value calculation for ORI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Old Republic International.

Corporate tax rate of 27% is the nominal tax rate for Old Republic International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ORI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ORI are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Old Republic International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ORI is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4472 million for Old Republic International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 264.266 million for Old Republic International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Old Republic International at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Old Republic posts 4Q profit   [Jan-25-18 09:38AM  Associated Press]
▶ Top Rated Dividend Stocks   [Nov-27-17 08:02AM  Simply Wall St.]
▶ Old Republic posts 3Q profit   [Oct-26-17 09:20AM  Associated Press]
▶ Old Republic Announces Third Quarter Special Charges   [Oct-17-17 02:08PM  PR Newswire]
▶ Old Republic posts 2Q profit   [Jul-28-17 01:36AM  Associated Press]
▶ The Top Dividend-Growing Financial Sector Stocks   [Jul-12-17 02:44PM  Market Realist]
▶ Old Republic posts 1Q profit   [Apr-27-17 09:22AM  Associated Press]
▶ Why Public Liability Insurance Is Ignored Among Insurers   [Mar-28-17 05:13PM  GuruFocus.com]
Financial statements of ORI
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