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.
Was this article valuable?
Here are more articles you may enjoy.
Hyundai, Kia Agree to Retrofit 7 Million Vehicles to Address Theft Concerns 
State Insurance Legislators ‘Greatly Disturbed’ by Trump AI Regulation Order 
Chubb, The Hartford, Liberty and Travelers Team Up on Surety Tech Launch 
Poorer Americans Dropped Federal Flood Insurance When Rates Rose 
