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Old Republic posts quarterly earnings

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Old Republic International Corporation’s (ORI) earnings for the first quarter 2014 were boosted by moderately improved performance in general insurance and by the continuation of a strong turnaround in the run-off mortgage guaranty line.

“While title insurance operations remained profitable, a transitory real estate and mortgage market downturn halted the fast-paced earnings progress of the past three years,” the company’s earnings stated.

“Consolidated net income was greatly enhanced by the realization of above-normal gains from sales of investment securities,” it added. 

The company posted operating revenue for the first quarter of $1,239 million, slightly down from $1,265 million for the same period a year ago.

“The decline in title insurance premiums and fees reflects a significant drop in refinance transactions since mid-year 2013. The effects of the latter were magnified by adverse winter weather conditions, a rise in mortgage interest rates and lingering uncertainty about credit availability. These negative factors were partially offset by the Company's continuing market share gain,” the earnings said. 

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