Old Republic International Corp. (ORI) narrowed its loss for the third quarter as the firm continued to see fewer claims from its mortgage insurance segment.
Still, the insurer, which previously placed its Republic Mortgage Insurance (RMIC) subsidiary in run-off operating mode, noted that it recently conducted a hearing with its primary regulator to discuss Old Republic’s pending corrective plan for the mortgage unit.
As the firm deals with its mortgage guaranty unit in run-off mode, Old Republic noted that expenses associated with mortgage insurance claims fell year-over-year in 2012 as new claims for payouts declined and more cures were reported.
For the period, Old Republic posted a loss of $14.8 million, or 11 cents a share, compared to a net loss of $116.5 million, or 43 cents a share, a year ago.
Overall, the firm’s earned premiums from the mortgage guaranty business continued to fall as the mortgage unit continues to decrease its book of business.
