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 1999 on
-----------------------
Form 10K as set forth in the pages attached hereto: (List all such items,
--------
financial statements, exhibits or 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 14, 2000 By: /s/ Paul D. Adams
------------------ -----------------------------------
(Signature)
Paul Dennis Adams
Senior Vice President,
Chief Financial Officer
and Treasurer
Total Pages: 11
---------------
<PAGE>
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, 1999
Schedule II - Condensed Financial Information of Registrant for the
years ended December 31, 1999, 1998 and 1997
Schedule III - Supplementary Insurance Information for the years
ended December 31, 1999, 1998 and 1997
Schedule IV - Reinsurance for the years ended December 31, 1999, 1998
and 1997
Schedule VI - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31,
1999, 1998 and 1997
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.
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<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Old Republic International Corporation
Chicago, Illinois
Our audits of the consolidated financial statements of Old Republic
International Corporation and its subsidiaries at December 31, 1999 and 1998,
and for each of the three years in the period ended December 31, 1999 referred
to in our report dated March 10, 2000, is included on page 51 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, these financial statement schedules present fairly, in all material
respects, the information set forth therein when read in conjunction with the
related consolidated financial statements.
\s\ PricewaterhouseCoopers, LLP
Chicago, Illinois
March 10, 2000
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<PAGE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 1999
($ in Thousands)
- ----------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D
---------------- ---------------- ---------------- ----------------
Amount at
Fair which shown
Type of investment Cost (a) Value in balance sheet
- ------------------ ---------------- ---------------- ----------------
<S> <C> <C> <C>
Held to maturity:
Fixed maturity securities:
States, municipalities and political subdivisions $ 1,382,014 $ 1,377,427 $ 1,382,014
Public utilities 866,044 851,523 866,044
Redeemable preferred stocks 810 806 810
---------------- ---------------- ----------------
2,248,868 $ 2,229,756 2,248,868
================
Other long-term investments 41,727 41,727
---------------- ----------------
Total 2,290,596 2,290,596
---------------- ----------------
Available for sale:
Fixed maturity securities:
United States Government and government
agencies and authorities 606,136 $ 606,998 606,998
Foreign government 24,895 25,708 25,708
Corporate, industrial and all other 1,414,551 1,379,599 1,379,599
---------------- ---------------- ----------------
2,045,582 $ 2,012,305 2,012,305
---------------- ================ ----------------
Equity Securities:
Non-redeemable preferred stocks 2,687 $ 2,629 2,629
Common stocks:
Banks, trusts and insurance companies 2,689 6,783 6,783
Industrial, miscellaneous and all other 136,604 150,730 150,730
---------------- ---------------- ----------------
141,980 $ 160,142 160,142
---------------- ================ ----------------
Short-term investments 276,571 276,571
---------------- ----------------
Total 2,464,133 2,449,019
---------------- ----------------
Total Investments $ 4,754,729 $ 4,739,615
================ ================
</TABLE>
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.
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<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,
------------------------------------
1999 1998
---------------- ----------------
<S> <C> <C>
Assets:
Bonds and notes $ 9,500 $ 9,500
Short-term investments 7,686 52,380
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 2,305,387 2,320,440
Indebtedness of affiliates 97,883 53,922
Preferred stock, at cost --- 5,500
Other assets 19,279 18,452
---------------- ----------------
Total Assets $ 2,439,736 $ 2,460,196
================ ================
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 44,804 $ 22,625
Debt and debt equivalents 117,453 120,047
Indebtedness to affiliates and subsidiaries 78,257 12,012
Commitments and contingent liabilities --- ---
---------------- ----------------
Total Liabilities 240,515 154,685
---------------- ----------------
Convertible preferred stock 787 1,244
---------------- ----------------
Common Shareholders' Equity:
Common stock 156,678 156,335
Additional paid-in capital 627,819 624,519
Unallocated shares - ESSOP (2,500) (5,100)
Retained earnings 1,873,965 1,709,966
Accumulated other comprehensive income (loss) (17,665) 70,239
Treasury stock (at cost) (439,864) (251,694)
---------------- ----------------
Total Common Shareholders' Equity 2,198,433 2,304,266
---------------- ----------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 2,439,736 $ 2,460,196
================ ================
</TABLE>
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<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,
-------------------------------------------------------
1999 1998 1997
---------------- ---------------- ---------------
<S> <C> <C> <C>
Revenues:
Investment income from subsidiaries $ 5,622 $ 6,478 $ 7,252
Real estate and other income 3,789 3,361 3,250
Other investment income 1,680 3,632 2,274
---------------- ---------------- ---------------
Total Revenues 11,091 13,472 12,778
---------------- ---------------- ---------------
Expenses:
Interest -- subsidiaries 1,394 605 4,914
Interest -- other 8,155 8,156 4,253
Real estate and other expenses 2,638 2,280 2,274
General expenses, taxes and fees 5,361 6,541 5,937
---------------- ---------------- ---------------
Total Expenses 17,549 17,583 17,379
---------------- ---------------- ---------------
Revenues, net of expenses (6,458) (4,110) (4,600)
Federal income tax credits (2,701) (938) (2,221)
---------------- ---------------- ---------------
Loss before equity in earnings of subsidiaries (3,757) (3,172) (2,379)
Equity in Earnings of Subsidiaries:
Dividends received 178,970 158,294 226,685
Earnings in excess of dividends 51,626 168,622 73,816
---------------- ---------------- ---------------
Net Income $ 226,839 $ 323,744 $ 298,122
================ ================ ===============
</TABLE>
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<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,
-------------------------------------------------------
1999 1998 1997
---------------- ---------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities:
Net income $ 226,839 $ 323,744 $ 298,122
Adjustments to reconcile net income to net cash
provided by operating activities:
Accounts receivable (131) 505 (409)
Income taxes - net 22,207 6,663 (3,205)
Excess of equity in net income of subsidiaries
over dividends received (72,126) (198,665) (101,322)
Accounts payable, accrued expenses and other (1,783) 530 (4,805)
---------------- ---------------- ---------------
Total 175,004 132,778 188,380
---------------- ---------------- ---------------
Cash flows from investing activities:
Sales of fixed maturity securities --- --- 2,600
Sales of other investments 7 --- 204
Sales of fixed assets for company use 48 113 107
Purchases of other investments --- (527) ---
Purchases of fixed assets for company use (451) (29) ---
Investments in, and indebtedness of related parties - net 28,485 20,782 (124,897)
---------------- ---------------- ---------------
Total 28,088 20,339 (121,985)
---------------- ---------------- ---------------
Cash flows from financing activities:
Issuance of debentures and notes --- --- 115,000
Issuance of preferred and common stock 3,184 19,089 7,381
Dividends on common shares (62,667) (52,859) (44,939)
Dividends on preferred shares (135) (210) (1,773)
Purchase of treasury stock (188,169) (151,127) (62,138)
---------------- ---------------- ---------------
Total (247,787) (185,107) 13,528
---------------- ---------------- ---------------
Increase (decrease) in cash and short-term investments (44,694) (31,990) 79,923
Cash and short-term investments, beginning of year 52,380 84,370 4,447
---------------- ---------------- ---------------
Cash and short-term investments, end of year $ 7,686 $ 52,380 $ 84,370
================ ================ ===============
Supplemental Information:
Noncash dividends received from subsidiaries $ 20,500 $ 30,043 $ 27,505
================ ================ ===============
</TABLE>
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<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1999, 1998 and 1997
($ 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, 1999:
- ----------------------------
Insurance Underwriting:
General Insurance Group $51,370 $1,770,826 $280,308 $50,792 $853,498
Mortgage Insurance Group 60,755 184,027 36,310 --- 300,346
Title Insurance Group --- 215,838 --- 327 359,314
Life Insurance Group 39,012 88,222 --- 905 54,069
Reinsurance Losses Recoverable (a) --- 1,302,127 48,122 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 151,138 3,561,042 364,740 52,025 1,567,229
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $151,138 $3,561,042 $364,740 $52,025 $1,567,229
================ ================ ================ ================ ================
Year Ended December 31, 1998:
- ----------------------------
Insurance Underwriting:
General Insurance Group $55,295 $1,815,168 $278,749 $50,839 $902,599
Mortgage Insurance Group 56,272 167,747 39,050 431 290,731
Title Insurance Group --- 211,743 --- 375 315,854
Life Insurance Group 32,402 148,977 --- 902 59,001
Reinsurance Losses Recoverable (a) --- 1,250,639 42,319 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 143,970 3,594,276 360,120 52,548 1,568,185
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $143,970 $3,594,276 $360,120 $52,548 $1,568,185
================ ================ ================ ================ ================
Year Ended December 31, 1997:
- ----------------------------
Insurance Underwriting:
General Insurance Group $56,489 $1,919,323 $289,858 $59,483 $906,342
Mortgage Insurance Group 45,392 150,821 46,383 371 271,005
Title Insurance Group --- 206,928 --- 350 238,672
Life Insurance Group 24,319 142,091 --- 970 48,653
Reinsurance Losses Recoverable (a) --- 1,293,937 39,563 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 126,201 3,713,101 375,805 61,175 1,464,674
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $126,201 $3,713,101 $375,805 $61,175 $1,464,674
================ ================ ================ ================ ================
</TABLE>
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 were, as a
result, increased by corresponding amounts of approximately $1.3 billion at
December 31, 1999, $1.2 billion at December 31, 1998 and $1.3 billion at
December 31, 1997. FAS No. 113 did not have any effect on the Company's
results of operations.
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<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 1999, 1998 and 1997
($ 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, 1999:
- ----------------------------
Insurance Underwriting:
General Insurance Group $182,510 $707,869 $182,215 $93,406 $854,556
Mortgage Insurance Group 45,049 66,920 48,980 62,716 297,606
Title Insurance Group 22,388 27,937 --- 525,083 359,314
Life Insurance Group 8,655 30,346 8,917 19,724 58,331
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 258,603 833,073 240,114 700,931 1,569,809
Corporate 4,677 --- --- 10,999 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $263,281 $833,073 $240,114 $711,931 $1,569,809
================ ================ ================ ================ ================
Year Ended December 31, 1998:
- ----------------------------
Insurance Underwriting:
General Insurance Group $191,873 $641,392 $182,974 $94,854 $892,064
Mortgage Insurance Group 40,114 78,170 40,401 74,380 283,398
Title Insurance Group 19,834 29,008 --- 485,254 315,854
Life Insurance Group 13,592 33,583 8,041 24,521 64,664
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 265,414 782,154 231,417 679,010 1,555,981
Corporate 7,776 --- --- 12,410 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $273,190 $782,154 $231,417 $691,421 $1,555,981
================ ================ ================ ================ ================
Year Ended December 31, 1997:
- ----------------------------
Insurance Underwriting:
General Insurance Group $197,831 $644,583 $178,176 $88,400 $907,529
Mortgage Insurance Group 35,542 95,530 31,951 44,381 259,068
Title Insurance Group 19,037 18,799 --- 368,085 238,672
Life Insurance Group 13,577 28,706 4,608 22,222 52,772
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 265,989 787,620 214,736 523,091 1,458,042
Corporate 4,817 --- --- 10,693 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $270,807 $787,620 $214,736 $533,785 $1,458,042
================ ================ ================ ================ ================
</TABLE>
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 were, as a
result, increased by corresponding amounts of approximately $1.3 billion at
December 31, 1999, $1.2 billion at December 31, 1998 and $1.3 billion at
December 31, 1997. FAS No. 113 did not have any effect on the Company's
results of operations.
-8-
<PAGE>
<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 1999, 1998 and 1997
($ 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, 1999:
- ----------------------------
Life insurance in force $ 12,735,315 $ 4,838,731 $ --- $ 7,896,584 ---%
================ ================ ================ ================ ================
Premium Revenues:
General Insurance Group $ 1,060,157 $ 233,281 $ 26,621 $ 853,498 3.1%
Mortgage Insurance Group 317,812 18,017 551 300,346 0.2
Title Insurance Group 358,349 156 1,121 359,314 0.3
Life Insurance Group:
Life insurance 37,873 15,697 780 22,956 3.4
Accident and health insurance 44,316 13,131 (72) 31,113 (0.2)
---------------- ---------------- ---------------- ---------------- ----------------
Total Life Insurance Group 82,189 28,828 708 54,069 1.3
---------------- ---------------- ---------------- ---------------- ----------------
Consolidating adjustments --- (708) (708) --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $ 1,818,509 $ 279,574 $ 28,293 $ 1,567,229 1.8%
================ ================ ================ ================ ================
Year Ended December 31, 1998:
- ----------------------------
Life insurance in force $ 11,422,322 $ 4,681,737 $ --- $ 6,740,586 ---%
================ ================ ================ ================ ================
Premium Revenues:
General Insurance Group $ 1,078,197 $ 203,933 $ 28,334 $ 902,599 3.1%
Mortgage Insurance Group 294,097 3,872 506 290,731 0.2
Title Insurance Group 314,847 242 1,249 315,854 0.4
Life Insurance Group:
Life insurance 36,668 11,951 --- 24,717 ---
Accident and health insurance 48,524 14,343 103 34,284 0.3
---------------- ---------------- ---------------- ---------------- ----------------
Total Life Insurance Group 85,192 26,294 103 59,001 0.2
---------------- ---------------- ---------------- ---------------- ----------------
Consolidating adjustments --- (103) (103) --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $ 1,772,334 $ 234,238 $ 30,089 $ 1,568,185 1.9%
================ ================ ================ ================ ================
Year Ended December 31, 1997:
- ----------------------------
Life insurance in force $ 8,708,621 $ 3,795,645 $ --- $ 4,912,976 ---%
================ ================ ================ ================ ================
Premium Revenues:
General Insurance Group $ 1,100,635 $ 228,905 $ 34,612 $ 906,342 3.8%
Mortgage Insurance Group 271,993 997 9 271,005 ---
Title Insurance Group 237,705 140 1,107 238,672 0.5
Life Insurance Group:
Life insurance 31,707 14,514 --- 17,193 ---
Accident and health insurance 49,596 18,444 308 31,460 1.0
---------------- ---------------- ---------------- ---------------- ----------------
Total Life Insurance Group 81,303 32,958 308 48,653 0.6
---------------- ---------------- ---------------- ---------------- ----------------
Consolidating adjustments --- (308) (308) --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $ 1,691,638 $ 262,694 $ 35,730 $ 1,464,674 2.4%
================ ================ ================ ================ ================
</TABLE>
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<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1999, 1998 and 1997
($ 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, 1999:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $51,370 $1,770,826 $154,425 $280,308 $853,498 $182,510
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$51,370 $1,770,826 $154,425 $280,308 $853,498 $182,510
============= ============= ============= ============= ============= =============
Year Ended December 31, 1998:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $55,295 $1,815,168 $169,536 $278,749 $902,599 $191,873
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$55,295 $1,815,168 $169,536 $278,749 $902,599 $191,873
============= ============= ============= ============= ============= =============
Year Ended December 31, 1997:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $56,489 $1,919,323 $167,710 $289,858 $906,342 $197,831
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- ------------- -------------
$56,489 $1,919,323 $167,710 $289,858 $906,342 $197,831
============= ============= ============= ============= ============= =============
</TABLE>
Note:(a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
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<TABLE>
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 1999, 1998 and 1997
($ in Thousands)
- -------------------------------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
- ------------------------------------- ---------------------------- ------------- ------------- -------------
Claims and Claim
Adjustment 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, 1999:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $771,117 ($66,384) $182,215 $749,075 $854,556
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$771,117 ($66,384) $182,215 $749,075 $854,556
============= ============= ============= ============= =============
Year Ended December 31, 1998:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $764,770 ($123,758) $182,974 $745,161 $892,064
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$764,770 ($123,758) $182,974 $745,161 $892,064
============= ============= ============= ============= =============
Year Ended December 31, 1997:
- ----------------------------
(a) Consolidated property-casualty
entities (b) $750,355 ($105,495) $178,176 $626,168 $907,529
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- ------------- ------------- ------------- -------------
$750,355 ($105,495) $178,176 $626,168 $907,529
============= ============= ============= ============= =============
</TABLE>
Note:(a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
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<PAGE>
<TABLE>
Exhibit 28 Consolidated Schedule P
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ 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 $4,839,253 $2,841,149 $165,854 $350,859 12.35% $111,164 3.91% $3,303,172 68.26%
1990 679,000 414,361 18,683 48,660 11.74% 17,420 4.20% 480,441 70.76%
1991 740,239 403,366 17,447 44,934 11.14% 18,043 4.47% 466,343 63.00%
1992 815,871 413,677 18,910 46,295 11.19% 20,943 5.06% 480,915 58.94%
1993 875,847 459,829 19,469 59,642 12.97% 26,206 5.70% 545,677 62.30%
1994 867,630 457,071 20,716 59,439 13.00% 28,804 6.30% 545,314 62.85%
1995 850,211 418,456 23,647 53,646 12.82% 31,736 7.58% 503,838 59.26%
1996 846,760 448,774 25,592 54,698 12.19% 37,030 8.25% 540,502 63.83%
1997 879,848 476,098 29,852 47,835 10.05% 37,612 7.90% 561,545 63.82%
1998 867,430 424,631 31,172 31,509 7.42% 39,398 9.28% 495,538 57.13%
1999 815,115 257,837 21,042 6,692 2.60% 39,816 15.44% 304,345 37.34%
------------ ------------ ------------ ------------- ------- ------------- ------- ------------- -------
Totals $13,077,204 $7,015,249 $392,384 $804,209 11.46% $408,172 5.82% $8,227,630 62.92%
============ ============ ============ ============= ======= ============= ======= ============= =======
</TABLE>
(a) Prepared in accordance with the 1999 guidelines set by the NAIC.
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<TABLE>
Exhibit 28 Consolidated Schedule P
Schedule P - Part 3 OLD REPUBLIC INTERNATIONAL CORPORATION CONSOLIDATED - GRAND TOTAL - ($ in thousands) (a)
Premiums Total Loss
were earned Unpaid & Loss
& Losses # of Claims Unpaid Loss Expense 1999
incurred Outstanding Losses Expense Incurred Ratio
- ----------- ------------- ------------- ------------ ------------- -------
<S> <C> <C> <C> <C> <C>
Prior XXX $413,534 $39,467 $3,756,173 77.62%
1990 XXX 46,553 3,771 530,765 78.17%
1991 XXX 48,225 4,592 519,160 70.13%
1992 XXX 50,830 10,466 542,211 66.46%
1993 XXX 42,322 5,689 593,688 67.78%
1994 XXX 42,997 8,040 596,351 68.73%
1995 XXX 62,737 10,644 577,219 67.89%
1996 XXX 83,113 14,950 638,565 75.41%
1997 XXX 143,235 27,053 731,833 83.18%
1998 XXX 218,363 44,636 758,537 87.45%
1999 XXX 367,529 97,965 769,839 94.45%
------------- ------------- ------------ ------------- -------
Totals XXX $1,519,438 $267,273 $10,014,341 76.58%
============= ============= ============ ============= =======
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(a) Prepared in accordance with the 1999 guidelines set by the NAIC.
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