American Land Title Association
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

Industry News

Old Republic 2Q Earnings Fall

July 31, 2007

Associated Press

Old Republic International Corp., an insurance company, said Thursday its second-quarter earnings fell 9 percent, mostly on rising claims in its mortgage guaranty division and falling volume in its title insurance unit.

Old Republic second-quarter earnings fell to $115.1 million, or 49 cents per share, from $126.6 million, or 54 cents per share, during the same quarter a year ago.

Analysts polled by Thomson Financial, on average, forecast earnings of 45 cents per share for the quarter.

Despite 13-percent year-over-year growth to $125 million in mortgage guaranty premiums written, the division's operating income shrank 42 percent to $36.8 million because of rising claims. Old Republic's mortgage guaranty division was hit by a growing number of claims related to defaulting loans.

Slowing home sales was the culprit as Old Republic's title insurance business saw a decline in profits. The company's title insurance business reported operating income of $3.6 million, down from $12.1 million during the same quarter a year ago.

Shares of Old Republic fell 58 cents, or 2.9 percent, to $19.33 in afternoon trading. Shares hit a new 52-week low of $18.95 earlier in the day. Old Republic shares had traded between $19.72 and $23.74.

Coopyright 2007 Associated Press

Print Friendly

How To Find Us:
American Land Title Association
1828 L Street, NW, Suite 705
Washington, DC 20036-5104
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2014 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment