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North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Old Republic Reports Second Quarter and First Half Results Supported by Continued Strength of General Insurance Lines

July 28, 2006

CHICAGO,-- Old Republic International Corporation (NYSE: ORI), announced the following results for the second quarter and first half of 2006:

Financial Highlights (unaudited; amounts in millions except per share data and percentages; all per share amounts are shown on a diluted basis and have been restated retroactively to reflect the 25% stock dividend issued in December 2005)

Quarters Ended
June 30,
Six Months Ended
June 30,
2006 2005 Change 2006 200 Change
Operating Revenues $940.7 $932.1 .9% $1,876.1 $1,804.4 4.0%
Net Operating Income $121.3 $163.9* -26.0% $233.8 $273.0* -14.4%
Net Income $126.6 $172.3* -26.5% $244.0 $286.6* -14.8%
Diluted Earnings Per Share:
Net operating income:
Before non-recurring tax benefit $0.5 $0.51 2.0% $1.01 $0.98 3.1%
2005 non-recurring tax benefit - 0.20 - 0.20
Total 0.52 0.71 -26.8% 1.01 1.18 -14.4%
Net realizedinvestment gains 0.02 0.03 0.04 .06
Net income $0.54 $0.74 -27.0% $1.05 $1.24 -15.3%
* Includes non-recurring income tax and related accumulated interest recovery of $45.9 after tax.
Second quarter and first half 2006 earnings were constrained by the accelerated recognition of stock option expenses of $4.1 million ($2.6 million after tax or one cent per diluted share). The additional charge stems from second quarter option grants to employees who meet certain age and service criteria, typically long-term employees who are ages 57 or older. Under the recently issued Statement of Financial Accounting Standards No. 123R, "Share- Based Payment", the values attributed to such options must be expensed immediately. On the other hand, second quarter and first half 2005 earnings were enhanced by the posting of a non-recurring recovery of income taxes and related accumulated interest of $57.9 million ($45.9 million net of tax, or 20 cents per diluted share). The recovery stemmed from a favorable resolution of the Company's claim for a permanent Federal income tax refund applicable to the three years ended December 31, 1990.

Source: Old Republic International Corporation

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