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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 Higher Third Quarter and Year-to-Date Operating Earnings

October 28, 2005

Old Republic International Corporation (NYSE: ORI) reported operating earnings growth of 10.7 percent for the third quarter of 2005. Net operating income, which excludes realized investment gains or losses, was $119.2 million, or 64 cents per share in the quarter compared to $107.6 million, or 58 cents per share, in the same year-ago period. Net income in this year's third quarter totaled $121.6 million, or 65 cents per share, versus $109.1 million, or 59 cents per share, for the year-ago quarter.

For the first nine months of 2005, net operating income grew by 22.5 percent to $392.3 million, or $2.12 per share in 2005, compared to $320.1 million, or $1.73 per share, for 2004. Net income was $408.2 million, or $2.20 per share, versus $334.5 million, or $1.81 per share, for the same period of 2004. Net operating and net income for the first nine months of 2005 include a non-recurring recovery of income taxes and related accumulated interest of $57.9 million ($45.9 million net of tax or 25 cents per share).

The recovery stems from a recent favorable resolution of the Company's claim for a permanent Federal income tax refund applicable to the three years ended December 31, 1990. Consolidated pretax earnings for the first nine months of 2004 were affected adversely by required non-recurring stock option compensation charges of $5.6 million, (or 2 cents per share after tax) representing the expense of a vesting acceleration of stock option costs.

Financial Highlights
(unaudited; amounts in millions except share data and percentages; all per-share amounts are stated on a diluted basis)
Quarters Ended,September 30, Nine Months Ended September 30,
2005 2004 Change 2005 2004 Change
Total Revenues $954.7 $880.3 8.5% $2,779.9 $2,569.8 8.2%
Net Operating Income $119.2 $107.6 10.7% $392.3* $320.1 22.5%
Net Income $121.6 $109.1 11.5% $408.2* $334.5 22.0%
Diluted Earnings
Per Share6.15:5.69
4.914.Net Operating
Income $0.64 $0.58 10.3% $2.12* $1.73 22.5%
Net Income $0.65 $0.59 10.2% $2.20* $1.81 21.5%

* Includes non-recurring income tax and related accumulated interest recovery of $45.9 after tax, or 25 cents per share.

Source: Old Republic

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