1
As in effect
3/1/61
FORM 10K/A
--------------------
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 1996 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 25, 1997 By: /s/ Paul D. Adams
-------------- --------------------------------------
(Signature)
Paul Dennis Adams
Senior Vice President,
Chief Financial Officer
and Treasurer
Total Pages: 11
---------------
<PAGE>
2
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, 1996
Schedule II - Condensed Financial Information of Registrant for the years
ended December 31, 1996, 1995 and 1994
Schedule III - Supplementary Insurance Information for the years ended
December 31, 1996, 1995 and 1994
Schedule IV - Reinsurance for the years ended December 31, 1996, 1995 and 1994
Schedule VI - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31, 1996, 1995
and 1994
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.
<PAGE>
3
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, 1996 and 1995, and
for each of the three years in the period ended December 31, 1996 is included on
page 50 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 10K/A1 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.
/s/ Coopers & Lybrand L.L.P.
Chicago, Illinois
March 11, 1997
<PAGE>
4
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 1996
($ 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 maturity securities:
States, municipalities and political subdivisions $ 1,038,333 $ 1,055,209 $ 1,038,333
Public utilities 984,377 990,137 984,377
Redeemable preferred stocks 283 315 283
------------- ------------- -------------
2,022,993 $ 2,045,661 2,022,993
------------- ============= -------------
Other long-term investments:
Mortgage loans on real estate 8,702 8,702
Policy loans 2,047 2,047
Other long-term investments 14,441 14,441
------------- -------------
25,192 25,192
------------- -------------
Total 2,048,185 2,048,185
------------- -------------
Available for sale:
Fixed maturity securities:
United States Government and government
agencies and authorities 709,806 $ 721,196 721,196
Foreign government 33,334 36,846 36,846
Convertibles and bonds with warrants attached 256 256 256
All other corporate 1,214,356 1,225,907 1,225,907
------------- ------------- -------------
1,957,752 $ 1,984,204 1,984,204
------------- ============= -------------
Equity Securities:
Nonredeemable preferred stocks 4,777 $ 5,038 5,038
Common stocks:
Banks, trusts and insurance companies 4,001 6,307 6,307
Industrial, miscellaneous and all other 65,856 104,809 104,809
------------- ------------- -------------
74,634 $ 116,153 116,153
------------- ============= -------------
Short-term investments 265,735 265,735
------------- -------------
Total 2,298,121 2,366,093
------------- -------------
Total Investments $ 4,346,306 $ 4,414,279
============= =============
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 discount.
</TABLE>
<PAGE>
5
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------
December 31,
----------------------------
1996 1995
------------ ------------
<S> <C> <C>
Assets:
Bonds and notes $ 12,100 $ 12,100
Cash 2,143 301
Short-term investments 2,303 55,367
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 1,967,558 1,873,661
Indebtedness of affiliates 67,604 83,376
Preferred stock, at cost 20,500 20,500
Other assets 6,859 10,105
------------ ------------
Total Assets $ 2,079,069 $ 2,055,413
============ ============
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 15,352 $ 26,501
Debt and debt equivalents 8,885 226,396
Indebtedness to affiliates and subsidiaries 134,180 117,416
Commitments and contingent liabilities --- ---
------------ ------------
Total Liabilities 158,418 370,313
------------ ------------
Redeemable convertible preferred stock 19,348 17,069
Convertible preferred stock 1,275 677
Cumulative preferred stock --- 54,802
------------ ------------
Total Preferred Stock 20,623 72,549
------------ ------------
Common Shareholders' Equity:
Common stock 96,011 58,811
Additional paid-in capital 575,610 463,480
Net unrealized appreciation of equity securities 43,442 70,365
Retained earnings 1,223,391 1,058,320
Treasury stock (at cost) (38,428) (38,428)
------------ ------------
Total Common Shareholders' Equity 1,900,028 1,612,550
------------ ------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 2,079,069 $ 2,055,413
============ ============
</TABLE>
<PAGE>
6
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------
Years Ended December 31,
-----------------------------------------
1996 1995 1994
----------- ----------- -----------
<S> <C> <C> <C>
Revenues:
Investment income from subsidiaries $ 7,856 $ 7,273 $ 6,488
Real estate and other income 3,081 3,110 3,107
Other investment income 986 478 152
----------- ----------- -----------
Total Revenues 11,923 10,862 9,749
----------- ----------- -----------
Expenses:
Interest -- subsidiaries 6,754 5,820 3,473
Interest -- other 4,015 17,469 17,443
Real estate and other expenses 2,470 2,356 2,397
General expenses, taxes and fees 10,706 3,975 4,532
----------- ----------- -----------
Total Expenses 23,947 29,622 27,847
----------- ----------- -----------
Revenues, net of expenses (12,023) (18,759) (18,098)
Federal income tax credits (4,315) (7,302) (7,443)
----------- ----------- -----------
Income (loss) before item below (7,707) (11,457) (10,655)
Extraordinary item, net of tax credits (4,497) --- ---
----------- ----------- -----------
Income (loss) before equity in earnings of subsidiaries (12,205) (11,457) (10,655)
Equity in Earnings of Subsidiaries:
Cash dividends 152,875 106,899 55,458
Earnings in excess of cash dividends 89,695 117,259 106,271
----------- ----------- -----------
Net Income $ 230,365 $ 212,702 $ 151,073
=========== =========== ===========
</TABLE>
<PAGE>
7
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------
Years Ended December 31,
-----------------------------------------
1996 1995 1994
----------- ----------- -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 230,365 $ 212,702 $ 151,073
Change in non-cash items:
Accounts receivable 219 (229) 2,135
Income taxes - net (10,264) 2,982 3,146
Excess of equity in net income of subsidiaries
over dividends received (89,695) (117,259) (106,271)
Accounts payable, accrued expenses and other 2,072 (2,240) (10)
----------- ----------- -----------
Total 132,696 95,955 50,074
----------- ----------- -----------
Cash flows from investing activities:
Sales of other investments 227 209 ---
Sales of fixed assets for company use 126 --- ---
Purchases of fixed maturity securities --- (3,000) ---
Purchases of fixed assets for company use --- (183) (182)
Investments in, and indebtedness of related parties - net 2,769 (20,861) (11,410)
----------- ----------- -----------
Total 3,123 (23,836) (11,593)
----------- ----------- -----------
Cash flows from financing activities:
Issuance of preferred and common stock 17,423 14,591 1,667
Repayment of term loans (1,000) (1,000) ---
Redemption of debentures and notes (105,084) --- ---
Issuance of treasury stock --- 2,370 ---
Dividends on common shares (35,915) (26,773) (24,537)
Dividends on preferred shares (7,662) (7,949) (8,211)
Purchase of treasury stock --- (903) (8,530)
Purchase of cumulative preferred stock --- (20) (2,697)
Redemption of cumulative preferred stock (54,802) --- ---
----------- ----------- -----------
Total (187,042) (19,685) (42,309)
----------- ----------- -----------
Increase (decrease) in cash and short-term investments (51,222) 52,434 (3,828)
Cash and short-term investments, beginning of year 55,669 3,235 7,063
----------- ----------- -----------
Cash and short-term investments, end of year $ 4,447 $ 55,669 $ 3,235
=========== =========== ===========
</TABLE>
<PAGE>
8
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1996, 1995 and 1994
($ in Thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
- ------------------------------- -------------- -------------- -------------- -------------- -------------- --------------
Future Policy
Deferred Benefits, Other Policy
Policy Losses, Claims and Net
Acquisition Claims and Unearned Benefits Premium Investment
Segment Costs Loss Expenses Premiums Payable Revenue Income
- ------------------------------- -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Year Ended December 31, 1996:
- -------------------------------
Insurance Underwriting:
General Insurance Group $54,263 $1,900,624 $289,041 $62,599 $867,662 $194,338
Mortgage Insurance Group 41,769 119,026 58,320 717 226,597 30,401
Title Insurance Group --- 205,309 --- 420 220,216 18,621
Life Insurance Group 18,570 143,694 --- 1,573 46,006 14,165
Reinsurance Losses Recoverable (a) --- 1,356,757 39,446 --- --- ---
-------------- -------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 114,603 3,725,412 386,808 65,311 1,360,483 257,526
Corporate --- --- --- --- --- 3,050
-------------- -------------- -------------- -------------- -------------- --------------
Consolidated $114,603 $3,725,412 $386,808 $65,311 $1,360,483 $260,577
============== ============== ============== ============== ============== ==============
Year Ended December 31, 1995:
- -------------------------------
Insurance Underwriting:
General Insurance Group $53,046 $1,890,409 $291,545 $70,718 $851,182 $191,125
Mortgage Insurance Group 37,379 90,534 73,019 598 175,277 25,246
Title Insurance Group --- 204,489 --- 493 183,351 18,038
Life Insurance Group 17,459 147,349 --- 3,643 41,980 15,637
Reinsurance Losses Recoverable (a) --- 1,373,089 42,200 --- --- ---
-------------- -------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 107,885 3,705,871 406,765 75,454 1,251,792 250,047
Corporate --- --- --- --- --- 1,862
-------------- -------------- -------------- -------------- -------------- --------------
Consolidated $107,885 $3,705,871 $406,765 $75,454 $1,251,792 $251,910
============== ============== ============== ============== ============== ==============
Year Ended December 31, 1994:
- -------------------------------
Insurance Underwriting:
General Insurance Group $50,710 $1,823,758 $266,534 $74,816 $864,031 $173,804
Mortgage Insurance Group 34,011 64,695 80,244 611 134,515 20,630
Title Insurance Group --- 196,009 --- 64 244,427 16,784
Life Insurance Group 16,604 147,740 --- 3,631 39,973 15,374
Reinsurance Losses Recoverable (a) --- 1,467,483 58,745 --- --- ---
-------------- -------------- -------------- -------------- -------------- --------------
Total Insurance Underwriting 101,326 3,699,686 405,525 79,124 1,282,948 226,594
Corporate --- --- --- --- --- 981
-------------- -------------- -------------- -------------- -------------- --------------
Consolidated $101,326 $3,699,686 $405,525 $79,124 $1,282,948 $227,575
============== ============== ============== ============== ============== ==============
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. Assets and liabilities, as a result, increased by corresponding
amounts of approximately $1.3 billion at December 31, 1996, $1.4 billion at
December 31, 1995 and $1.5 billion at December 31, 1994. FAS No. 113 did not
have any effect on the Company's results of operations.
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1996, 1995 and 1994
($ in Thousands)
- ----------------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
- ------------------------------- -------------- -------------- -------------- --------------
Benefits, Amortization
Claims, of Deferred
Losses and Policy Other
Settlement Acquisition Operating Premiums
Segment Expenses Costs Expenses Written
- ------------------------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Year Ended December 31, 1996:
- -------------------------------
Insurance Underwriting:
General Insurance Group $626,466 $153,688 $106,067 $865,197
Mortgage Insurance Group 81,645 31,170 29,641 211,898
Title Insurance Group 18,413 --- 344,904 220,216
Life Insurance Group 25,590 6,612 21,285 48,347
Reinsurance Losses Recoverable (a) --- --- ---
-------------- -------------- -------------- --------------
Total Insurance Underwriting 752,115 191,471 501,899 1,345,659
Corporate --- --- 16,121 ---
-------------- -------------- -------------- --------------
Consolidated $752,115 $191,471 $518,020 $1,345,659
============== ============== ============== ==============
Year Ended December 31, 1995:
- -------------------------------
Insurance Underwriting:
General Insurance Group $631,708 $131,857 $113,895 $876,179
Mortgage Insurance Group 57,651 26,401 17,066 168,052
Title Insurance Group 25,544 --- 296,064 183,351
Life Insurance Group 25,495 3,669 20,873 45,864
Reinsurance Losses Recoverable (a) --- --- --- ---
-------------- -------------- -------------- --------------
Total Insurance Underwriting 740,399 161,928 447,899 1,273,447
Corporate --- --- 22,133 ---
-------------- -------------- -------------- --------------
Consolidated $740,399 $161,928 $470,033 $1,273,447
============== ============== ============== ==============
Year Ended December 31, 1994:
- -------------------------------
Insurance Underwriting:
General Insurance Group $644,159 $149,084 $96,338 $851,581
Mortgage Insurance Group 38,771 24,654 16,599 135,178
Title Insurance Group 44,837 --- 360,096 244,427
Life Insurance Group 25,762 4,475 19,073 37,505
Reinsurance Losses Recoverable (a) --- --- --- ---
-------------- -------------- -------------- --------------
Total Insurance Underwriting 753,531 178,214 492,107 1,268,694
Corporate --- --- 21,589 ---
-------------- -------------- -------------- --------------
Consolidated $753,531 $178,214 $513,697 $1,268,694
============== ============== ============== ==============
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. Assets and liabilities, as a result, increased by corresponding
amounts of approximately $1.3 billion at December 31, 1996, $1.4 billion at
December 31, 1995 and $1.5 billion at December 31, 1994. FAS No. 113 did not
have any effect on the Company's results of operations.
</TABLE>
<PAGE>
9
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 1996, 1995 and 1994
($ 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, 1996:
--------------------------------
Life insurance in force $ 6,775,896 $ 2,806,220 $ --- $ 3,969,676 --- %
============= ============= ============= ============= ===========
Premiums:
General Insurance Group $ 1,096,877 $ 281,328 $ 52,113 $ 867,662 6.0 %
Mortgage Insurance Group 227,859 1,262 --- 226,597 ---
Title Insurance Group 219,273 169 1,112 220,216 0.5
Life Insurance Group:
Life insurance 28,205 12,988 --- 15,217 ---
Accident and health insurance 50,623 20,126 292 30,789 0.9
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 78,828 33,114 292 46,006 0.6
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (292) (292) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,622,838 $ 315,582 $ 53,226 $ 1,360,483 3.9 %
============= ============= ============= ============= ===========
Year Ended December 31, 1995:
--------------------------------
Life insurance in force $ 7,747,340 $ 3,510,253 $ --- $ 4,237,087 --- %
============= ============= ============= ============= ===========
Premiums:
General Insurance Group $ 1,099,727 $ 322,806 $ 74,262 $ 851,182 8.7 %
Mortgage Insurance Group 178,234 2,957 --- 175,277 ---
Title Insurance Group 182,847 315 819 183,351 0.4
Life Insurance Group:
Life insurance 29,290 15,631 --- 13,659 ---
Accident and health insurance 53,283 25,270 308 28,321 1.1
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 82,573 40,901 308 41,980 0.7
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (308) (308) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,543,383 $ 366,673 $ 75,081 $ 1,251,792 6.0 %
============= ============= ============= ============= ===========
Year Ended December 31, 1994:
--------------------------------
Life insurance in force $ 8,742,480 $ 4,318,984 $ --- $ 4,423,496 --- %
============= ============= ============= ============= ===========
Premiums:
General Insurance Group $ 1,174,566 $ 388,619 $ 78,084 $ 864,031 9.0 %
Mortgage Insurance Group 138,288 3,772 --- 134,515 ---
Title Insurance Group 243,659 185 953 244,427 0.4
Life Insurance Group:
Life insurance 30,676 16,218 --- 14,458 ---
Accident and health insurance 50,012 24,869 372 25,515 1.5
------------- ------------- ------------- ------------- -----------
Total Life Insurance Group 80,689 41,088 372 39,973 0.9
------------- ------------- ------------- ------------- -----------
Consolidating adjustments --- (372) (372) --- ---
------------- ------------- ------------- ------------- -----------
Consolidated $ 1,637,204 $ 433,293 $ 79,038 $ 1,282,948 6.2 %
============= ============= ============= ============= ===========
</TABLE>
<PAGE>
10
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1996, 1995 and 1994
($ in Thousands)
- ---------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
---------------------------- ------------- ------------- ------------- ------------- ------------- -------------
Reserves for
Deferred Unpaid Claims Discount,
Policy and Claim If Any, Net
Acquisition Adjustment Deducted in Unearned Earned Investment
Affiliation With Registrant Costs Expenses Column C Premiums Premiums Income
- ----------------------------------- ------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Year Ended December 31, 1996:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $54,263 $1,900,624 $163,180 $289,041 $867,662 $194,338
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$54,263 $1,900,624 $163,180 $289,041 $867,662 $194,338
============= ============= ============= ============= ============= =============
Year Ended December 31, 1995:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $53,046 $1,890,409 $162,819 $291,545 $851,182 $191,125
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$53,046 $1,890,409 $162,819 $291,545 $851,182 $191,125
============= ============= ============= ============= ============= =============
Year Ended December 31, 1994:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $50,710 $1,823,758 $169,157 $266,534 $864,031 $173,804
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$50,710 $1,823,758 $169,157 $266,534 $864,031 $173,804
============= ============= ============= ============= ============= =============
Note:(a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
</TABLE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1996, 1995 and 1994
($ in Thousands)
- ------------------------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
---------------------------- ------------------------ ------------- ------------- -------------
Claims and Claim
Adustment Expenses Amortization Paid
Incurred Related to of Deferred Claims
------------------------ Policy and Claim
Current Prior Acquisition Adjustment Premiums
Affiliation With Registrant Year Years Costs Expenses Written
- ----------------------------------- ----------- ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Year Ended December 31, 1996:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $700,847 ($74,376) $153,688 $616,255 $865,197
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
----------- ----------- ------------- ------------- -------------
$700,847 ($74,376) $153,688 $616,255 $865,197
=========== =========== ============= ============= =============
Year Ended December 31, 1995:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $724,396 ($92,692) $131,857 $565,053 $876,179
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
----------- ----------- ------------- ------------- -------------
$724,396 ($92,692) $131,857 $565,053 $876,179
=========== =========== ============= ============= =============
Year Ended December 31, 1994:
- -----------------------------------
(a) Consolidated property-casualty
entities (b) $733,363 ($89,199) $149,084 $570,079 $851,581
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
----------- ----------- ------------- ------------- -------------
$733,363 ($89,199) $149,084 $570,079 $851,581
=========== =========== ============= ============= =============
Note:(a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
</TABLE>
<PAGE>
11
<TABLE>
Exhibit 28 - Consolidated Schedule P
--------------------------------------------------
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ in thousands) (a)
Premiums
were earned Allocated Unallocated Loss & Loss
& Losses Premiums Loss Salvage Loss Expense Loss Expense Expense
incurred Earned Payments Received Payments Ratio Payments Ratio Payments Ratio
- ----------- ------------ ----------- ----------- ------------- --------- ------------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Prior $2,978,458 $1,825,304 $100,590 $226,324 12.40% $64,587 3.54% $2,116,215 71.05%
1987 628,020 303,514 18,526 36,901 12.16% 14,185 4.67% 354,600 56.46%
1988 615,020 305,879 19,874 32,645 10.67% 14,060 4.60% 352,584 57.33%
1989 617,755 338,811 24,770 39,254 11.59% 15,059 4.44% 393,124 63.64%
1990 679,000 394,132 18,034 46,965 11.92% 16,760 4.25% 457,857 67.43%
1991 740,239 384,765 16,806 42,436 11.03% 17,322 4.50% 444,523 60.05%
1992 815,871 391,464 17,659 42,197 10.78% 20,088 5.13% 453,749 55.62%
1993 875,847 423,672 17,547 50,084 11.82% 24,748 5.84% 498,504 56.92%
1994 867,630 396,149 17,985 43,196 10.90% 26,093 6.59% 465,438 53.64%
1995 850,211 301,681 19,329 30,751 10.19% 27,777 9.21% 360,209 42.37%
1996 846,760 214,842 13,295 18,950 8.82% 24,473 11.39% 258,265 30.50%
------------ ----------- ----------- ------------- --------- ------------- --------- ----------- ---------
Totals $10,514,811 $5,280,213 $284,415 $609,703 11.55% $265,152 5.02% $6,155,068 58.54%
============ =========== =========== ============= ========= ============= ========= =========== =========
(a) Prepared in accordance with the 1996 guidelines set by the NAIC.
</TABLE>
<TABLE>
Exhibit 28 - Consolidated Schedule P
--------------------------------------------------
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ in thousands) (a)
Premiums Total Loss
were earned Unpaid & Loss
& Losses # of Claims Unpaid Loss Expense 1996
incurred Outstanding Losses Expense Incurred Ratio
- ----------- ------------ ----------- ----------- ------------- ---------
<S> <C> <C> <C> <C> <C>
Prior XXX $306,814 $33,383 $2,456,412 82.47%
1987 XXX 78,270 5,608 438,478 69.82%
1988 XXX 65,203 5,894 423,681 68.89%
1989 XXX 70,985 6,619 470,728 76.20%
1990 XXX 75,239 7,511 540,607 79.62%
1991 XXX 81,303 10,095 535,921 72.40%
1992 XXX 86,216 17,952 557,917 68.38%
1993 XXX 106,102 19,327 623,933 71.24%
1994 XXX 154,957 28,556 648,951 74.80%
1995 XXX 248,871 44,661 653,741 76.89%
1996 XXX 366,826 85,289 710,380 83.89%
------------ ----------- ----------- ------------- ---------
Totals XXX $1,640,786 $264,895 $8,060,749 76.66%
============ =========== =========== ============= =========
(a) Prepared in accordance with the 1996 guidelines set by the NAIC.
</TABLE>
