Mortgage insurer Old Republic International Corp. (ORI) noted Thursday that its second-quarter revenue rose, helping the insurer narrow its net loss for the period.
In addition, the company benefitted from smaller losses from its financial indemnity runoff. Earlier this year, the company announced it would combine its general insurance group's consumer credit indemnity division with its mortgage guaranty business.
Old Republic reported a loss of $34 million, or 13 cents a share, as compared to a year-earlier loss of $66.3 million, or 26 cents a share, the Wall Street Journal reported. The final results exclude investment gains or losses.
Old Republic's mortgage insurance business was forced to stop selling new insurance coverage last August, pushing it into runoff mode. Old Republic later faced a ratings cut from Moody's Investors Service after the company pulled back from plans to spin off its Republic Financial Indemnity Group subsidiary.
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