OLD REPUBLIC INTERNATIONAL CORP — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
Old Republic reported Q3 2026 net income of $243.2M (down 12.8% YoY from $279.5M), with net operating income of $181.4M (down 7.8% YoY). Net premiums and fees earned rose 8.8% to $2.3B. The company acquired ECM Insurance Group on July 1, 2026, generating a $124.9M bargain purchase gain. Combined ratio deteriorated to 96.1% from 95.3%. Book value per share increased 5.7% YoY to $24.65. Capital returned to shareholders totaled $190.2M in Q3 ($113.8M repurchases, $76.3M dividends).
Why this rating
Earnings decline and higher combined ratio offset by strong premium growth and $125M bargain gain. ECM acquisition adds scale; modest relative to $8.8B market cap. Operational challenges present but not transformational.
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