Old Republic Takes $25.5 Million Charge Against 2004 Results
Chicago-based insurer Old Republic International Corp. announced that it would record special post tax charges of about $25.5 million, or 14 cents per share, in its fourth quarter and year-end 2004 results.
Nearly 75 percent of the charge represents an increase of reserves previously posted and stems from a Jan. 20 ruling by the California Court of Appeals affirming a prior trial court verdict against Old Republic Title Co. The remainder covers a write-down of previously deferred acquisition costs applicable to a life insurance product discontinued near year-end 2004.
Old Republic has assets of nearly $10.4 billion and capitalization of $3.9 billion. Its current stock market valuation is approximately $4.4 billion.