Old Republic rises from a loss to a profit
News comes months after major recapitalization plan
Mortgage insurer Old Republic International Corp. (ORI) rose from a loss to a profit in the fourth quarter when analyzing year-over-year earnings.
The improvement comes months after Old Republic announced a major recapitalization plan for its mortgage guaranty business, in the hopes it will regain certain regulatory approvals and is able to establish itself again in the mortgage insurance market.
The company posted net income of $94.7 million, or 33 cents a share, for the fourth quarter, up from a loss of $20.2 million, or 8 cents a share, one year earlier.
The insurer beat the average analyst estimate of 20 cents per share