Old Republic International (ORI) posted a third-quarter loss of $116.5 million, or 46 cents a share, as claims rose in the mortgage guaranty segment. Comparatively, Old Republic posted a loss of $38.9 million, or 16 cents a share, for the third quarter of 2010. However, the firm’s general insurance and title insurance segments performed better than last year, with their operating revenue increasing 29.1% and 5.9%, respectively. Revenue for the period, rose to $1.1 billion, up from $986.2 million in 2010. The mortgage guaranty group reported further deterioration due to volatile market conditions. The value of insurance claims on mortgages rose 38.4% to $298.2 million, compared to $215.5 million a year ago. Meanwhile, net premiums earned on mortgage insurance fell 8.2% from $120.3 million last year to $110.4 million. Investment income from the mortgage guaranty business also plummeted 27.8%, hitting $15 million, compared to $20.7 million a year earlier. Write to Kerri Panchuk.
Old Republic posts deeper 3Q loss on mortgage insurance claims
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts