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.
Humans Still Matter to Insurance Consumers, Says Big ‘I’ Survey 
US Tracking Cyber Threats Against Nearly 20 Ships Worldwide 
Ford to Recall About 223,500 Vehicles Over Fuel Tank Issues 
Insurance Companies Join Letter to Push TPLF Disclosure in Federal Courts 
