Old Republic Announces Q1 Results
May 4, 2017
Old Republic International reported that its title segment posted pre-tax income of $40.4 million during the first quarter of 2017. This compares to pre-tax income of $21.4 million during the same quarter a year ago.
In a release, the company said that the continued generally positive mortgage rate environment and reasonably strong housing and commercial property markets were major factors in the 9.2 percent year-over-year gain in premiums and fees.
During the first quarter, the title segment paid $11 million in claims. This is down from $24.3 million in claims paid during Q1 of 2016.
“On the expense side of the ledger, claim costs were lower in the face of declining claims activity since the Great Recession years,” the company said in a release. “Favorable developments of reserves established in prior years reduced the 2017 claim ratio by nearly 2 percentage points.”
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