Old Republic’s ‘AA’ Affirmed

The “AA” counterparty credit and FSR on the interactively rated p/c units of the Old Republic General Insurance Group (ORG) was affirmed by S&P. A stock buyback program spearheaded by ORG’s parent, insurance holding company Old Republic International Corp., and supported by ORG dividends will lower ORG’s capital score, but S&P indicated that score would stay in the “AAA” range for the foreseeable future. The outlook is negative.