AM Best has reaffirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) for the members of Old Republic Insurance Companies (Old Republic). Concurrently, the agency affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) for Old Republic National Title Insurance Company (Tampa, FL) and American Guaranty Title Insurance Company (Oklahoma City, OK) collectively known as Old Republic Title Insurance Group [ORTIG]. Additionally, AM Best affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) for Old Republic Insurance Company of Canada (Old Republic Canada) (Hamilton, Ontario). The outlook for these Credit Ratings (ratings) remains stable. Furthermore, AM Best has upgraded the outlooks to positive from stable and affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) for Old Republic Life Insurance Company (ORL) (Chicago, IL). All these entities are subsidiaries of Old Republic International Corporation (ORI) [NYSE: ORI].
The ratings of Old Republic, the primary rating unit within the ORI enterprise, reflect its strongest balance sheet strength, robust operating performance, favorable business profile, and effective enterprise risk management (ERM). Old Republic, positioned as the flagship group for the Old Republic Insurance enterprise, ranks among the top 50 property/casualty insurers in the United States. The group specializes in commercial lines insurance, focusing on specific sectors of the North American economy. Its leading lines of business include commercial auto and workers’ compensation, with ongoing diversification efforts beyond these areas. Notably, Old Republic maintains very modest exposure to asbestos liabilities.
ORTIG’s ratings, reflecting its strong balance sheet strength, adequate operating performance, and neutral business profile, also benefit from its strategic role within the Old Republic enterprise. ORTIG has robust reserving practices and continues to deliver profitability, supported by its predominantly variable expenses structure, enabling better management during market downturns. Despite challenges posed by higher mortgage interest rates, ORTIG is expected to sustain its competitive performance within the title insurance sector, contributing significantly to ORI’s overall profitability.
Old Republic Canada’s ratings, supported by its very strong balance sheet strength and adequate operating performance, underscore its strategic importance within the ORI enterprise. Although facing a challenging market environment in Canada, Old Republic Canada leverages synergies with Great West Casualty Company and maintains a foothold in accident and sickness businesses.
ORL’s positive outlooks reflect expectations of continued favorable operating performance, alongside strong risk-adjusted capitalization. Despite modest premium declines and limited business profile, ORL strategically complements the Old Republic organization.
AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) for several members of the Old Republic Insurance Companies, including BITCO General Insurance Corporation, BITCO National Insurance Company, Great West Casualty Company, Manufacturers Alliance Insurance Company, Old Republic General Insurance Corporation, Old Republic Insurance Company, Old Republic Surety Company, Old Republic Union Insurance Company, Pennsylvania Manufacturers Indemnity Company, and Pennsylvania Manufacturers’ Association Insurance Company.
