Old Republic to Incur Special Charges of $25.5 Million Against 2004 Results

January 24, 2005

CHICAGO, /PRNewswire-FirstCall/ -- Old Republic International Corporation (NYSE: ORI), today announced that it would record special post tax charges of approximately $25.5 million, or 14 cents per share in its fourth quarter and year end 2004 results due to be released on Thursday, January 27, 2005. Nearly 75% of the charge represents an increase of reserves previously posted and stems from a ruling on January 20 by the California Court of Appeals affirming a prior trial court verdict against Old Republic Title Company. The remainder covers a write down of previously deferred acquisition costs applicable to a life insurance product discontinued near year-end 2004.

For the first nine months of 2004, Old Republic reported diluted net operating earnings per share of $1.73 and net income of $1.81. For all of 2003 such earnings were $2.44 and $2.51 respectively, and for the final quarter of 2003, they were $0.59 and $0.62, respectively.

Source: Old Republic

Contact ALTA at 202-296-3671 or communications@alta.org.

North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.