As in effect
3/1/61 FORM 10K/A1
--------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
--------------------
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Sections 12, 13, or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
OLD REPUBLIC INTERNATIONAL CORPORATION
---------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
------
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 1993 on Form
10-K as set forth in the pages attached hereto: (List all such items,
financial statements, exhibits other portions amended)
SEE INDEX
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
OLD REPUBLIC INTERNATIONAL CORPORATION
(Registrant)
Date April 28, 1994 By /s/ Paul D. Adams
---------------- -----------------------------------
(Signature)
Paul Dennis Adams
Senior Vice President,
Chief Financial Officer
and Treasurer
INDEX
FINANCIAL STATEMENT SCHEDULES
Report of Independent Accountants
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
Schedule I - Summary of Investments - Other than Investments in
Related Parties as of December 31, 1993
Schedule III - Condensed Financial Information of Registrant for the
years ended December 31, 1993, 1992 and 1991
Schedule V - Supplementary Insurance Information for the years ended
December 31, 1993, 1992 and 1991
Schedule VI - Reinsurance for the years ended December 31, 1993, 1992
and 1991
Schedule X - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31,
1993, 1992 and 1991
Schedules other than those listed are omitted for the reason that they
are not required, are not applicable or that equivalent information has
been included in the financial statements, and notes thereto, or
elsewhere herein.
EXHIBITS *
(28) Consolidated Schedule P.
* Not covered in the Report of Independent Accountants.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Old Republic International Corporation
Chicago, Illinois
Our report on the consolidated financial statements of Old Republic
International Corporation and subsidiaries as of December 31, 1993 and 1992, and
for each of the three years in the period ended December 31, 1993 is included on
page 41 of the Corporation's Annual Report on Form 10-K. In connection with our
audits of such financial statements, we have also audited the related financial
statement schedules listed in the index on page 2 of this Form 8 amendment.
In our opinion, the financial statement schedules referred to above, when
considered in relation to the basic financial statements taken as a whole,
present fairly, in all material respects, the information required to be
included therein.
Coopers & Lybrand
Chicago, Illinois
March 16, 1994
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I-SUMMARY OF INVESTMENTS-OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 1993
($ in Thousands)
Column A Column B Column C Column D
------------- ------------- ------------- ---------------
Amount at
Fair which shown in
Type of investment Cost (a) Value balance sheet
------------------ ------------- ------------- ---------------
<S> <C> <C> <C>
Held to maturity:
Fixed maturities securities:
States, municipalities and
political subdivisions $ 276,903 $ 285,011 $ 276,903
Foreign government 40,998 45,317 40,998
Public utilities 883,045 909,887 883,045
All other corporate 1,307,569 1,357,720 1,307,569
Redeemable preferred stocks 1,280 1,346 1,280
Certificates of deposit 53 53 53
------------ ------------- -------------
2,509,848 2,599,334 2,509,848
------------ ============= -------------
Other long-term investments:
Mortgage loans on real estate 17,080 17,080
Policy loans 2,160 2,160
Other long-term investments 582 582
------------- -------------
19,822 19,822
------------- -------------
Total 2,529,670 2,529,670
------------- -------------
Available for sale:
Fixed maturities securities:
United States Government and
government agencies and
authorities 602,278 627,323 627,323
Convertibles and bonds with
warrants attached 14,276 15,164 15,164
------------- ------------- -------------
616,554 642,487 642,487
------------- ------------- -------------
Equity Securities:
Nonredeemable preferred stocks 3,910 3,887 3,887
Common stocks:
Public utilities 8,290 10,858 10,858
Banks, trusts
and insurance companies 11,846 13,688 13,688
Industrial, miscellaneous
and all other 156,498 163,467 163,467
------------- ------------- -------------
180,544 $ 191,902 191,902
------------- ============= -------------
Short-term investments 254,391 254,391
------------- -------------
Total 1,051,489 1,088,780
------------- -------------
Total Investments $ 3,581,160 $ 3,618,450
============= =============
<FN>
Note:
(a) Represents original cost of equity securities, and as to fixed maturities,
original cost reduced by repayments and adjusted for amortization of
premium or accrual of discounts.
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
December 31,
---------------------------
1993 1992
----------- -----------
<S> <C> <C>
Assets:
Bonds and notes $ 9,100 $ 9,650
Cash 4,857 1,447
Short-term investments 2,206 23,604
Investments in, and indebtedness
of related parties:
Subsidiaries and affiliates, at equity 1,551,785 1,379,542
Indebtedness of affiliates 48,899 26,222
Preferred stock, at cost 20,500 21,300
Other assets 11,851 12,729
----------- -----------
Total Assets $ 1,649,200 $ 1,474,496
=========== ===========
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 21,817 $ 29,454
Debt and debt equivalents 230,784 235,140
Indebtedness to affiliates and subsidiaries 61,563 44,080
Commitments and contingent liabilities --- ---
------------ ------------
Total Liabilities 314,166 308,675
------------ ------------
Redeemable convertible preferred stock 16,616 18,772
Convertible preferred stock 3,924 4,571
Cumulative preferred stock 57,500 57,500
------------ ------------
Total Preferred Stock 78,040 80,843
------------ ------------
Common Shareholders' Equity:
Common stock 57,538 56,387
Additional paid-in capital 455,273 444,696
Net unrealized appreciation of
equity securities 25,294 8,939
Retained earnings 750,251 606,319
Treasury stock (at cost) (31,365) (31,365)
------------ ------------
Total Common Shareholders' Equity 1,256,993 1,084,977
------------ ------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 1,649,200 $ 1,474,496
=========== ===========
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
Years Ended December 31,
----------------------------------------
1993 1992 1991
----------- ----------- ----------
<S> <C> <C> <C>
Revenues:
Interest from subsidiaries $ 3,784 $ 2,376 $ 2,302
Realized investment gains --- 2,077 500
Real estate and other income 2,951 3,746 4,356
Other investment income 372 479 737
----------- ----------- ----------
Total Revenues 7,108 8,679 7,896
----------- ----------- ----------
Expenses:
Interest -- subsidiaries 1,928 3,399 4,178
Interest -- other 17,332 14,801 14,660
Real estate and other expenses 2,728 2,761 2,881
General expenses, taxes and fees 5,824 5,471 4,133
----------- ----------- ---------
Total Expenses 27,842 26,433 25,853
----------- ----------- ---------
Revenues net of expenses (20,734) (17,754) (17,956)
Federal income tax credits (7,797) (6,691) (5,812)
----------- ----------- ---------
Income (loss)before items below (12,937) (11,063) (12,143)
Cumulative effect of accounting changes 350 --- ---
----------- ----------- ---------
Income (loss) before equity in
earnings of subsidiaries (12,587) (11,063) (12,143)
Equity in Earnings of Subsidiaries:
Cash dividends 53,987 50,613 38,647
Earnings in excess of cash dividends 125,400 135,200 104,523
Cumulative effect of accounting changes 8,347 --- ---
---------- ----------- ----------
Net Income $ 175,147 $ 174,750 $ 131,027
=========== =========== ==========
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
Years Ended December 31,
----------------------------------------
1993 1992 1991
---------- ---------- -----------
<S> <C> <C> <C>
Cash flows from operating activities:
Net income $ 175,147 $ 174,750 $ 131,027
Change in non-cash items:
Accounts receivable 405 (2,164) (64)
Income taxes - net (9,441) 14,001 (9,404)
Excess of equity in net income
of subsidiaries over
over dividends received (133,747) (135,200) (104,523)
Accounts payable, accrued
expenses and other (438) (2,494) (742)
----------- ---------- -----------
Total 31,926 48,892 16,293
----------- ---------- -----------
Cash flows from investing activities:
Sales of fixed maturity securities 1,000 --- ---
Sales of fixed assets for company use --- --- 4,296
Purchases of fixed assets for company use (247) (421) (117)
Investments in, and indebtedness of
related parties - net (25,353) (119,363) (63,488)
------------ ---------- -----------
Total (24,600) (119,784) (59,309)
------------ ---------- -----------
Cash flows from financing activities:
Increase in term loans --- 1,635 975
Issuance of preferred and common stock 4,723 10,411 59,048
Issuance of debentures and notes --- 110,000 ---
Repayments of term loans --- (2,107) (1,112)
Dividends on common shares (21,694) (19,082) (16,939)
Dividends on preferred shares (8,343) (8,957) (4,247)
------------ ---------- -----------
Total (25,314) 91,898 37,724
------------ ---------- -----------
Increase (decrease) in cash and
short-term investments (17,988) 21,006 (5,292)
Cash and short-term investments,
beginning of year 25,052 4,045 9,338
------------ ---------- -----------
Cash and short-term investments,
end of year $ 7,063 $ 25,052 $ 4,045
============ ========== ===========
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE V - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1993, 1992 and 1991
($ in Thousands)
Column A Column B Column C Column D Column E Column F
- ----------------------- -------------- -------------- -------------- -------------- --------------
Future Policy
Deferred Benefits, Other Policy
Policy Losses, Claims and
Acquisition Claims and Unearned Benefits Premium
Segment Costs Loss Expenses Premiums Payable Revenue
- ----------------------- --------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Year Ended December 31, 1993
- -------------------------------
Insurance Underwriting:
General Insurance Group $50,216 $1,749,676 $278,983 $76,122 $866,530
Title Insurance Group --- 175,926 --- 2,826 249,631
Mortgage Insurance Group 29,481 51,273 79,582 629 96,799
Life Insurance Group 15,873 155,688 --- 3,346 33,042
Reinsurance Losses Recoverable (a) --- 1,463,164 60,705 --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 95,571 3,595,729 419,270 82,925 1,246,004
Corporate --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Consolidated $95,571 $3,595,729 $419,270 $82,925 $1,246,004
============== ============== ============== ============== ==============
Year Ended December 31, 1992:
- -------------------------------
Insurance Underwriting:
General Insurance Group $43,134 $1,615,181 $260,548 $106,104 $806,399
Title Insurance Group --- 169,749 --- 254 206,128
Mortgage Insurance Group 22,473 39,511 55,259 679 61,686
Life Insurance Group 13,387 151,360 --- 5,017 29,324
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 78,994 1,975,803 315,807 112,056 1,103,539
Corporate --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Consolidated $78,994 $1,975,803 $315,807 $112,056 $1,103,539
============== ============== ============== ============== ==============
Year Ended December 31, 1991:
- -------------------------------
Insurance Underwriting:
General Insurance Group $40,922 $1,580,185 $235,117 $79,784 $746,898
Title Insurance Group --- 146,981 --- 125 156,282
Mortgage Insurance Group 16,258 37,874 35,576 451 40,894
Life Insurance Group 10,338 162,626 --- 6,797 27,985
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 67,519 1,927,668 270,694 87,158 972,062
Corporate --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Consolidated $67,519 $1,927,668 $270,694 $87,158 $972,062
============== ============== ============== ============== ==============
<FN>
Note: (a) Effective January 1, 1993, the Company adopted Financial Accounting Standard (FAS) No. 113 "Accounting and Reporting for
Reinsurance of "Short Duration and Long-Duration Contracts" which eliminates the reporting of assets and liabilities relating to
reinsured contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned premiums are to be reported as
assets. At December 31, 1993, assets and liabilities were, as a result, increased by corresponding amounts of approximately $1.5
billion. FAS No. 113 did not have any effect on the Company's results of operations. As
permitted, prior years' reports have not been changed retroactively for these changes.
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE V - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1993, 1992, and 1991
($ in Thousands)
Column A Column G Column H Column I Column J Column K
- ------------------------------- -------------- -------------- -------------- -------------- --------------
Benefits, Amortization
Claims, of Deferred
Net Losses and Policy Other
Investment Settlement Acquisition Operating Premiums
Segment Income Expenses Costs Expenses Written
- ------------------------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Year Ended December 31, 1993
- -------------------------------
Insurance Underwriting:
General Insurance Group $170,115 $697,028 $145,390 $98,120 $876,082
Title Insurance Group 15,857 66,027 0 369,819 249,631
Mortgage Insurance Group 17,516 27,555 18,829 10,959 121,122
Life Insurance Group 15,984 27,249 1,883 13,855 31,154
Reinsurance Losses Recoverable (a) --- --- --- --- ---
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 219,473 817,860 166,103 492,755 1,277,990
Corporate 1,303 --- --- 22,755 ---
-------------- -------------- -------------- -------------- --------------
Consolidated $220,777 $817,860 $166,103 $515,510 $1,277,990
============== ============== ============== ============== ==============
Year Ended December 31, 1992:
- -------------------------------
Insurance Underwriting:
General Insurance Group $173,364 $609,274 $109,954 $121,448 $799,885
Title Insurance Group 15,512 62,042 --- 323,799 206,128
Mortgage Insurance Group 13,765 14,651 11,931 8,422 81,369
Life Insurance Group 18,294 23,719 4,687 12,729 24,839
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 220,937 709,686 126,573 466,400 1,112,222
Corporate 617 --- --- 21,256 ---
-------------- -------------- -------------- -------------- --------------
Consolidated $221,555 $709,686 $126,573 $487,656 $1,112,222
============== ============= ============== ============== =============
Year Ended December 31, 1991:
- -------------------------------
Insurance Underwriting:
General Insurance Group $171,143 $590,055 $121,049 $75,759 $744,053
Title Insurance Group 13,363 33,337 --- 264,480 156,282
Mortgage Insurance Group 12,238 14,607 8,025 4,913 50,223
Life Insurance Group 21,052 25,578 1,708 11,049 27,717
-------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 217,797 663,579 130,783 356,202 978,276
Corporate 1,543 --- --- 20,385 ---
-------------- -------------- -------------- -------------- --------------
Consolidated $219,340 $663,579 $130,783 $376,587 $978,276
============== ============== ============== ============== ==============
<FN>
Note: (a) Effective January 1, 1993, the Company adopted Financial Accounting Standard (FAS) No. 113 "Accounting and Reporting for
Reinsurance of Short-Duration and Long-Duration Contracts" which the reporting of assets and liabilities relating to reinsured
contracts net of reinsurance ceded balances. Accordingly, reinsured losses and unearned premiums are to be reported as assets.
At December 31, 1993, assets and liabilities were, as a result, increased by corresponding amounts of approximately $1.5 billion.
FAS No. 113 did not have any effect on the Company's results of operations. As permitted, prior years' reports have not been
changed retroactively for these changes.
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - REINSURANCE
For the years ended December 31, 1993, 1992 and 1991
($ in Thousands)
Column A Column B Column C Column D Column E Column F
- ------------------------------------ ------------- ------------- ------------- ------------ -----------
Percentage
Ceded Assumed of amount
Gross to other from other Net assumed
amount companies companies amount to net
------------- ------------- ------------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Year Ended December 31, 1993
- -----------------------------------
Life insurance in force $ 8,848,757 $ 4,561,958 $ --- $ 4,286,799 --- %
============ ============ ============ ============ ============
Premiums:
General Insurance Group $ 1,170,377 $ 411,449 $ 107,602 $ 866,530 12.4 %
Title Insurance Group 248,854 93 871 249,632 0.3
Mortgage Insurance Group 102,543 5,744 1 96,800 ---
Life Insurance Group
Life insurance 31,758 16,744 12 15,026 0.1
Accident and health insurance 39,253 21,568 331 18,016 1.8
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 71,011 38,312 343 33,042 1.0
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (331) (331) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,592,785 $ 455,272 $ 108,486 $ 1,246,004 8.7 %
============= ============= ============= ============= ===========
Year Ended December 31, 1992:
- -----------------------------------
Life insurance in force $ 7,669,689 $ 4,154,179 $ --- $ 3,515,510 %
============ ============ ============ ============= ===========
Premiums:
General Insurance Group $ 1,091,491 $ 362,006 $ 76,914 $ 806,399 9.5 %
Title Insurance Group 205,486 170 812 206,128 0.4
Mortgage Insurance Group 70,206 8,523 3 61,686 ---
Life Insurance Group
Life insurance 29,993 17,910 --- 12,083 ---
Accident and health insurance 37,414 20,638 465 17,241 2.7
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 67,407 38,548 465 29,324 1.6
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (366) (366) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,434,590 $ 408,881 $ 77,828 $ 1,103,539 7.1 %
============ ============= ============ ============ ===========
Year Ended December 31, 1991:
- -----------------------------------
Life insurance in force $ 6,294,183 $ 3,600,404 $ --- $ 2,693,779 --- %
============ ============ ============= ============ ==========
Premiums:
General Insurance Group $ 1,030,735 $ 373,841 $ 90,005 $ 746,899 12.1 %
Title Insurance Group 155,422 136 996 156,282 0.6
Mortgage Insurance Group 51,968 11,076 3 40,894 ---
Life Insurance Group
Life insurance 29,547 17,321 --- 12,226 ---
Accident and health insurance 36,179 21,220 799 15,759 5.1
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 65,726 38,541 799 27,985 2.9
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (791) (791) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,303,851 $ 422,803 $ 91,012 $ 972,062 9.4 %
============ ============== ============= ============= ===========
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE X - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1993, 1992 and 1991
($ in Thousands)
Column A Column B Column C Column D Column E Column F
- --------------------------- ------------- ------------- ------------- ------------- -------------
Reserves for
Deferred Unpaid Claims Discount,
Policy and Claim If Any,
Acquisition Adjustment Deducted in Unearned Earned
Affiliation With Registrant Costs Expenses Column C Premiums Premiums
- ------------------------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Year Ended December 31, 1993:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $50,216 $1,749,676 $115,896 $278,983 $866,530
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$50,216 $1,749,676 $115,896 $278,983 $866,530
============= ============= ============= ============= =============
Year Ended December 31, 1992:
-----------------------------------
(a) Consolidated property-casualty
entities $43,134 $1,615,181 $129,310 $260,548 $806,399
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$43,134 $1,615,181 $129,310 $260,548 $806,399
============= ============= ============= ============== ============
Year Ended December 31, 1991:
- ------------------------------------
(a) Consolidated property-casualty
entities $40,922 $1,580,185 $152,793 $235,117 $746,898
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$40,922 $1,580,185 $152,793 $235,117 $746,898
============= ============= ============= ============= =============
<FN>
Note: (a) These amounts are immaterial and have, therefore, been omitted from this schedule.
(b) See note (a) to Schedule V.
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE X - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1993, 1992 and 1991
($ in Thousands)
Column A Column G Column H Column I Column J Column K
- ----------------------------------- ------------- ---------------------------- ------------- ------------- -------------
Claims and Claim Amortization Paid
Adjustment Expenses of Deferred Claims
Net Incurred Related to Policy and Claim
----------------------------
Investment Current Prior Acquisition Adjustment Premiums
Affiliation With Registrant Income Year Years Costs Expenses Written
- ----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Year Ended December 31, 1993:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $170,115 $761,040 ($64,012) $145,390 $566,336 $876,082
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$170,115 $761,040 ($64,012) $145,390 $566,336 $876,082
============= ============= ============= ============= ============= ==============
Year Ended December 31, 1992:
- -----------------------------------
(a) Consolidated property-casualty
entities $173,364 $640,330 ($31,056) $109,954 $570,475 $799,885
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$173,364 $640,330 ($31,056) $109,954 $570,475 $799,885
============= ============= ============= ============= ============= =============
Year Ended December 31, 1991:
- -----------------------------------
(a) Consolidated property-casualty
entities $171,143 $594,886 ($4,831) $121,049 $477,114 $744,053
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$171,143 $594,886 ($4,831) $121,049 $477,114 $744,053
============= ============= ============= ============= ============== ==============
<FN>
Note: (a) These amounts are immaterial and have, therefore, been omitted from this schedule.
(b) See note (a) to Schedule V.
</TABLE>
<TABLE>
Exhibit 28 - Consolidated Schedule P
--------------------------------------------------
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ in thousands) (b)
Premiums
were earned Loss & Loss
& Losses Premiums Loss Salvage Expense
incurred Earned Payments Received Allocated Ratio Unallocated Ratio Payments Ratio
- ----------- ----------- ----------- ----------- ----------- --------- ------------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Prior 1,293,155 763,129 39,189 62,644 8.21% 20,076 2.63% 845,849 65.41%
1984 172,449 171,911 19,434 37,601 21.87% 6,931 4.03% 216,443 125.51%
1984 (a) 301,595 136,648 0 17,411 12.74% 8,553 6.26% 162,612 53.92%
1985 514,406 357,694 15,032 43,269 12.10% 13,608 3.80% 414,571 80.59%
1986 696,853 316,423 25,435 44,936 14.20% 14,286 4.51% 375,645 53.91%
1987 628,020 286,723 17,756 32,588 11.37% 13,964 4.87% 333,275 53.07%
1988 615,020 288,015 18,515 28,414 9.87% 13,797 4.79% 330,226 53.69%
1989 617,755 315,465 22,033 33,509 10.62% 14,560 4.62% 363,534 58.85%
1990 679,000 351,546 15,875 38,606 10.98% 15,815 4.50% 405,967 59.79%
1991 740,239 326,543 13,483 29,247 8.96% 15,538 4.76% 371,328 50.16%
1992 815,871 283,045 13,798 23,436 8.28% 16,571 5.85% 323,052 39.60%
1993 875,847 223,013 9,606 21,084 9.45% 16,123 7.23% 260,220 29.71%
----------- ----------- ----------- ----------- --------- ------------- --------- ----------- ---------
Totals 7,950,210 3,820,155 210,156 412,745 10.80% 169,822 4.45% 4,402,722 55.38%
=========== =========== =========== =========== ========= ============= ========= =========== =========
<FN>
(a) Represents the development associated with the loss reserves and loss expense reserves acquired from BITCO Corporation early
in 1985.
(b) Prepared in accordance with the 1993 guidelines set by the NAIC.
</TABLE>
<TABLE>
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ in thousands) (b)
Premiums Total Loss
were earned Unpaid & Loss
& Losses # of Claims Unpaid Loss Expense 1993
incurred Outstanding Losses Expense Incurred Ratio
- ----------- ----------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Prior XXX 139,617 10,257 995,723 77.00%
1984 XXX (25,155) (19,888) 171,400 99.39%
1984 (a) XXX 104,565 33,019 300,196 99.54%
1985 XXX 33,396 (1,712) 446,255 86.75%
1986 XXX 75,436 5,800 456,881 65.56%
1987 XXX 85,663 6,047 424,985 67.67%
1988 XXX 75,816 7,844 413,886 67.30%
1989 XXX 85,208 10,152 458,894 74.28%
1990 XXX 123,747 16,244 545,958 80.41%
1991 XXX 151,592 23,966 546,886 73.88%
1992 XXX 237,593 38,822 599,467 73.48%
1993 XXX 427,639 74,360 762,219 87.03%
----------- ----------- ----------- ----------- ---------
Totals XXX 1,515,117 204,911 6,122,750 77.01%
=========== =========== =========== =========== =========
<FN>
(a) Represents the development associated with the loss reserves and loss expense reserves acquired from BITCO Corporation early
in 1985.
(b) Prepared in accordance with the 1993 guidelines set by the NAIC.
</TABLE>
