Old Republic International Corporation (ORI) Stock

Old Republic International Corporation (ORI) is a Financials stock trading at $41.98 (as of 2026-08-24), with a market capitalization of $10.14B and a trailing P/E of 8.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Old Republic International Corporation, through subsidiaries, provides insurance underwriting and related services mainly in the United States and Canada. It operates in three segments: General Insurance, Title Insurance (including lenders’ and owners’ title policies and escrow), and the Republic Financial Indemnity Group run-off business, serving businesses, government, institutions, and real estate purchasers and investors.

Understand Old Republic International Corporation: how it makes money

Old Republic International underwrites insurance and related services, including general insurance lines (such as auto and property), title insurance (premium and fee revenue), and a run-off indemnity business, earning money primarily from insurance premiums and fees.

Profitability is driven by underwriting results, summarized by the combined ratio (premiums and fees versus losses and expenses), with the outcome also affected by favorable loss reserve development.

Business quality (Mixed): Good visibility into underwriting performance via combined ratios and reserve-development effects, but segment revenue split is incomplete in the provided facts (only Title Insurance premium and fee revenue is given), so segment-level revenue conclusions are limited.

Valuation: At 10× earnings, ORI trades 20% below the Insurance average (13×). Note: one-time items can distort reported P/E.

Bull case

Underwriting profitability in most segments: General Insurance combined ratio was 94.0% and Specialty Insurance combined ratio was 94.8%, both below 100%.
Favorable reserve development supported results: Favorable loss reserve development was 0.1 USD_B, with a consolidated loss ratio benefit from favorable reserve development of 2.4%.

Bear case

Title Insurance is not showing clear underwriting cushion: Title Insurance combined ratio was 100.0%, and its expense ratio was 97.5%, indicating expenses are a major swing factor.
Results may be sensitive to reserve-development reversals: The provided results include favorable loss reserve development, which may not repeat, creating a risk to future combined-ratio performance.
Non-comparable title combined ratio effect: Title Insurance combined ratio excluding state sales tax assessment was 94.1%, implying that assessments can materially affect the headline title combined ratio.

Valuation — source: SEC EDGAR (first-party)
Price	$41.98
Market Cap	$10.14B
P/E Ratio	8.9
EV / EBITDA	6.7
Price / Book	1.66
Price / Sales	1.04
DCF Value (model)	$82.00
DCF Upside vs Price	95.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$9.14B
Net Margin	10.2%
Revenue Growth (YoY)	13.4%
EPS Growth (YoY)	61.4%

Valuation vs Sector & Industry
Stock P/E	8.9
Sector P/E (Financials)	15.2
Industry P/E (Insurance)	13.1
vs Sector	-41.5%
vs Industry	-31.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.10B)
Institutional Holders Tracked	10
Congressional Trades (recent)	7

Company
Sector	Financials
Industry	Insurance
CEO	Craig Richard Smiddy
Employees	9,400
Country	US
IPO Date	1980-03-17

Related Companies (Insurance; 8 comparable insurers)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.