As in effect
3/1/61
FORM 10-K/A2
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. 2
---
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 2004
-------------------------
on Form 10-K 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, 2005 By: /s/ Karl W. Mueller
-------------- -----------------------------------
(Signature)
Karl W. Mueller
Senior Vice President and
Chief Financial Officer
Total Pages: 13
----
INDEX
FINANCIAL STATEMENT SCHEDULES
-----------------------------
Report of Independent Registered Public Accounting Firm
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
Schedule I - Summary of Investments - Other than Investments in Related
Parties as of December 31, 2004
Schedule II - Condensed Financial Information of Registrant as of December 31,
2004 and 2003 and for the years ended December 31, 2004, 2003,
and 2002
Schedule III - Supplementary Insurance Information for the years ended
December 31, 2004, 2003 and 2002
Schedule IV - Reinsurance for the years ended December 31, 2004, 2003 and 2002
Schedule V - Valuation and Qualifying Accounts for the years ended
December 31, 2004, 2003 and 2002
Schedule VI - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31, 2004, 2003
and 2002
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, notes thereto, or elsewhere herein.
EXHIBITS
--------
(23) Consent of Independent Registered Public Accounting Firm
(28) Consolidated Schedule P. (*)
* Not covered by the Report of Independent Registered Public Accounting Firm.
-2-
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
----------------------------------------------------------
FINANCIAL STATEMENT SCHEDULES
-----------------------------
To the Board of Directors and Shareholders of
Old Republic International Corporation
Chicago, Illinois
Our audits of the consolidated financial statements, of management's assessment
of the effectiveness of internal control over financial reporting and of the
effectiveness of internal control over financial reporting referred to in our
report dated March 30, 2005 appearing in the 2004 Annual Report to Shareholders
of Old Republic International Corporation (which report, consolidated financial
statements and assessment are incorporated by reference in this Annual Report on
Form 10-K/A) also included an audit of the financial statement schedules listed
in the accompanying index of this Form 10-K/A. 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
Chicago, Illinois
March 30, 2005
-3-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 2004
($ in Thousands)
----------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D
-------------------- ------------------ ------------------ ------------------
Amount at
Fair which shown
Type of investment Cost (1) Value in balance sheet
------------------ ------------------ ------------------ ------------------
Available for sale:
Fixed maturity securities:
United States Government and government
agencies and authorities $ 998,811 $ 1,022,892 $ 1,022,892
States, municipalities and political subdivisions 1,538,615 1,574,084 1,574,084
Foreign government 108,979 112,413 112,413
Public utilities 850,221 876,485 876,485
Corporate, industrial and all other 2,776,631 2,870,097 2,870,097
------------------ ------------------ ------------------
6,273,257 $ 6,455,973 6,455,973
------------------ ================== ------------------
Equity securities:
Non-redeemable preferred stocks 1,301 $ 1,302 1,302
Common stocks:
Public utilities 19,249 20,302 20,302
Banks, trusts and insurance companies 28,948 31,506 31,506
Industrial, miscellaneous and all other 347,342 405,946 405,946
------------------ ------------------ ------------------
396,840 $ 459,056 459,056
------------------ ================== ------------------
Short-term investments 388,698 388,698
Miscellaneous investments 54,440 54,440
------------------ ------------------
Total 7,113,235 7,358,169
------------------ ------------------
Held to maturity:
Other investments 13,453 13,453
------------------ ------------------
Total 13,453 13,453
------------------ ------------------
Total Investments $ 7,126,688 $ 7,371,623
================== ==================
Note: (1) 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.
-4-
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,
----------------------------------------
2004 2003
----------------- -----------------
Assets:
Bonds and notes $ 11,633 $ 11,668
Cash 2,356 1,126
Short-term investments 7,202 12,847
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 3,759,060 3,551,300
Indebtedness of affiliates 227,470 109,485
Other assets 30,330 25,591
----------------- -----------------
Total Assets $ 4,038,054 $ 3,712,019
================= =================
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 38,248 $ 24,175
Debt and debt equivalents 114,984 114,978
Indebtedness to affiliates and subsidiaries 19,147 19,194
Commitments and contingent liabilities --- ---
----------------- -----------------
Total Liabilities 172,381 158,348
----------------- -----------------
Convertible preferred stock --- ---
----------------- -----------------
Common Shareholders' Equity:
Common stock 185,429 184,471
Additional paid-in capital 270,484 245,500
Retained earnings 3,240,182 2,896,863
Accumulated other comprehensive income 179,577 236,835
Treasury stock (at cost) (10,000) (10,000)
----------------- -----------------
Total Common Shareholders' Equity 3,865,673 3,553,671
----------------- -----------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 4,038,054 $ 3,712,019
================= =================
-5-
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,
-----------------------------------------------------------
2004 2003 2002
---------------- --------------- ---------------
Revenues:
Investment income from subsidiaries $ 5,833 $ 6,336 $ 4,595
Real estate and other income 4,000 3,561 3,673
Realized investment gains (losses) --- 1,378 (1,289)
Other investment income 582 576 1,237
---------------- --------------- ---------------
Total Revenues 10,416 11,852 8,217
---------------- --------------- ---------------
Expenses:
Interest -- subsidiaries 352 318 527
Interest -- other 8,155 8,155 8,155
Real estate and other expenses 2,872 2,360 2,936
General expenses, taxes and fees 11,622 9,045 5,339
---------------- --------------- ---------------
Total Expenses 23,002 19,881 16,959
---------------- --------------- ---------------
Revenues, net of expenses (12,586) (8,028) (8,742)
Federal income tax credits (4,473) (171) (1,798)
---------------- --------------- ---------------
Loss before equity in earnings of subsidiaries (8,113) (7,856) (6,944)
Equity in Earnings of Subsidiaries:
Dividends received 186,380 174,615 139,170
Earnings in excess of dividends 256,743 293,043 260,753
---------------- --------------- ---------------
Net Income $ 435,010 $ 459,801 $ 392,979
================ =============== ===============
-6-
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,
-----------------------------------------------------------
2004 2003 2002
--------------- --------------- ----------------
Cash flows from operating activities:
Net income $ 435,010 $ 459,801 $ 392,979
Adjustments to reconcile net income to net cash
provided by operating activities:
Accounts receivable (1,350) 136 (293)
Income taxes - net 9,992 (1,912) (10,461)
Excess of equity in net income of subsidiaries
over dividends received (256,743) (293,043) (260,753)
Realized investment (gains) losses --- (1,378) 1,289
Accounts payable, accrued expenses and other 1,443 1,990 5,267
--------------- --------------- ----------------
Total 188,352 165,594 128,027
--------------- --------------- ----------------
Cash flows from investing activities:
Sales of equity securities --- --- 3,092
Sales of other investments 10 10 9
Sales of fixed assets for company use --- --- ---
Purchases of fixed maturity securities --- --- (33,316)
Purchases of equity securities --- --- (39,035)
Purchases of fixed assets for company use (503) (889) (832)
Investments in, and indebtedness of related parties - net --- --- (5,275)
--------------- --------------- ----------------
Total (492) (879) (75,357)
--------------- --------------- ----------------
Cash flows from financing activities:
Repayment of notes receivable from related parties --- 28,599 17,400
Repayment of notes and loans to related parties (67) (1,019) (14,735)
Issuance of notes receivable to related parties (115,116) --- ---
Issuance of preferred and common stock 14,600 9,741 22,005
Dividends on common shares (91,690) (201,973) (75,759)
Dividends on preferred shares --- (1) (2)
Purchase of treasury stock --- --- (6)
--------------- ---------------- ----------------
Total (192,275) (164,654) (51,096)
--------------- --------------- ----------------
Increase (decrease) in cash and short-term investments (4,415) 59 1,573
Cash and short-term investments, beginning of year 13,973 13,913 12,340
--------------- --------------- ----------------
Cash and short-term investments, end of year $ 9,558 $ 13,973 $ 13,913
=============== =============== ================
-7-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2004, 2003 and 2002
($ in Thousands)
-------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------
Deferred Losses, Other
Policy Claims and Policyholders' Net
Acquisition Settlement Unearned Benefits and Premium Investment
Segment Costs Expenses Premiums Funds Revenue Income
---------------------------------- ------------ ------------ ------------ ------------ ------------ ------------
Year Ended December 31, 2004:
----------------------------------
Insurance Underwriting:
General Insurance Group $129,368 $2,269,763 $743,343 $75,076 $1,623,030 $183,495
Mortgage Insurance Group 55,130 200,070 42,517 --- 403,207 67,764
Title Insurance Group --- 277,086 --- 1,903 714,016 25,578
Corporate & Other (1) 47,846 16,979 --- 62,656 64,612 14,036
Reinsurance Recoverable (2) --- 1,639,627 117,278 36,349 --- ---
------------ ------------ ------------ ------------ ------------ ------------
Consolidated $232,345 $4,403,527 $903,140 $175,985 $2,804,866 $290,875
============ ============ ============ ============ ============ ============
Year Ended December 31, 2003:
----------------------------------
Insurance Underwriting:
General Insurance Group $107,998 $2,047,828 $663,779 $68,723 $1,379,565 $175,008
Mortgage Insurance Group 63,710 180,610 47,482 --- 400,927 65,703
Title Insurance Group --- 259,092 --- 2,389 749,987 23,599
Corporate & Other (1) 50,211 12,611 --- 59,486 51,623 14,923
Reinsurance Recoverable (2) --- 1,522,568 103,559 41,707 --- ---
------------ ------------ ------------ ------------ ------------ ------------
Consolidated $221,920 $4,022,712 $814,822 $172,306 $2,582,103 $279,234
============ ============ ============ ============ ============ ============
Year Ended December 31, 2002:
----------------------------------
Insurance Underwriting:
General Insurance Group $90,092 $1,881,111 $580,571 $59,697 $1,184,132 $172,577
Mortgage Insurance Group 63,440 185,410 42,373 --- 376,281 65,866
Title Insurance Group --- 225,659 --- 1,272 524,875 22,535
Corporate & Other (1) 44,294 13,915 --- 61,708 50,133 11,717
Reinsurance Recoverable (2) --- 1,370,766 86,442 43,118 --- ---
------------ ------------ ------------ ------------ ------------ ------------
Consolidated $197,827 $3,676,863 $709,387 $165,797 $2,135,423 $272,697
============ ============ ============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor
internal service subisidiares and a small life & health insurance
operation.
(2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting
and Reporting for Reinsurance of Short-Duration and Long-Duration
Contracts" 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 $1.7 billion at December 31, 2004, $1.6 billion at December
31, 2003 and $1.5 billion at December 31, 2002. FAS No. 113 does not have
any effect on the Company's results of operations.
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2004, 2003 and 2002
($ in Thousands)
-----------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
---------------------------------- ------------ ------------ ------------ ------------
Benefits, Amortization
Claims, of Deferred
Losses and Policy Other
Settlement Acquisition Operating Premiums
Segment Expenses Costs Expenses Written
---------------------------------- ------------ ------------ ------------ ------------
Year Ended December 31, 2004:
----------------------------------
Insurance Underwriting:
General Insurance Group $1,069,599 $290,888 $129,047 $1,701,149
Mortgage Insurance Group 143,187 47,883 74,253 398,242
Title Insurance Group 59,752 --- 929,514 714,016
Corporate & Other (1) 35,431 21,747 39,423 66,961
Reinsurance Recoverable (2) --- --- --- ---
------------ ------------ ------------ ------------
Consolidated $1,307,969 $360,519 $1,172,239 $2,880,370
============ ============ ============ ============
Year Ended December 31, 2003:
----------------------------------
Insurance Underwriting:
General Insurance Group $932,945 $251,874 $129,026 $1,460,323
Mortgage Insurance Group 90,902 51,042 80,303 406,037
Title Insurance Group 63,801 --- 934,579 749,987
Corporate & Other (1) 25,178 12,360 34,014 49,275
Reinsurance Recoverable (2) --- --- --- ---
------------ ------------ ------------ ------------
Consolidated $1,112,828 $315,277 $1,177,923 $2,665,623
============ ============ ============ ============
Year Ended December 31, 2002:
----------------------------------
Insurance Underwriting:
General Insurance Group $852,106 $219,957 $122,538 $1,268,748
Mortgage Insurance Group 52,934 49,126 97,309 380,430
Title Insurance Group 40,765 --- 698,190 524,875
Corporate & Other (1) 29,089 10,025 23,727 48,303
Reinsurance Recoverable (2) --- --- --- ---
------------ ------------ ------------ ------------
Consolidated $974,895 $279,108 $941,765 $2,222,359
============ ============ ============ ============
Note:(1) Represents amounts for Old Republic's holding company parent, minor
internal service subisidiares and a small life & health insurance
operation.
(2) Statement of Financial Accounting Standards (FAS) No. 113 "Accounting
and Reporting for Reinsurance of Short-Duration and Long-Duration
Contracts" 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 $1.7 billion at December 31, 2004, $1.6 billion at December
31, 2003 and $1.5 billion at December 31, 2002. FAS No. 113 does not have
any effect on the Company's results of operations.
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 2004, 2003 and 2002
($ 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
---------------- ---------------- ----------------- ----------------- ----------------
Year Ended December 31, 2004:
------------------------------------
Life insurance in force $ 15,624,497 $ 8,189,223 $ --- $ 7,435,274 --- %
================ ================ ================= ================= ================
Premium Revenues:
General Insurance $ 2,140,930 $ 548,128 $ 30,227 $ 1,623,030 1.9 %
Mortgage Insurance 483,619 81,456 1,044 403,207 0.3
Title Insurance 711,735 (64) 2,216 714,016 0.3
Life and Health Insurance:
Life insurance 39,286 19,453 --- 19,833 ---
Accident and health insurance 57,929 13,223 74 44,779 0.2
---------------- ---------------- ----------------- ----------------- ----------------
Total Life & Health Insurance 97,215 32,677 74 64,612 0.1
---------------- ---------------- ----------------- ---------------- ----------------
Consolidating adjustments --- (74) (74) --- ---
---------------- ---------------- ----------------- ---------------- ----------------
Consolidated $ 3,433,501 $ 662,123 $ 33,488 $ 2,804,866 1.2 %
================ ================ ================= ================= ================
Year Ended December 31, 2003:
------------------------------------
Life insurance in force $ 14,502,127 $ 7,070,922 $ --- $ 7,431,205 --- %
================ ================ ================= ================= ================
Premium Revenues:
General Insurance $ 1,837,689 $ 491,522 $ 33,397 $ 1,379,565 2.4 %
Mortgage Insurance 467,349 67,705 1,283 400,927 0.3
Title Insurance 748,287 96 1,796 749,987 0.2
Life and Health Insurance:
Life insurance 34,265 12,833 --- 21,431 ---
Accident and health insurance 55,199 25,081 73 30,191 0.2
---------------- ---------------- ----------------- ----------------- ----------------
Total Life & Health Insurance 89,464 37,914 73 51,623 0.1
---------------- --------------- ----------------- ---------------- ----------------
Consolidating adjustments --- (73) (73) --- ---
---------------- --------------- ---------------- ---------------- ----------------
Consolidated $ 3,142,790 $ 597,164 $ 36,476 $ 2,582,103 1.4 %
================ ================ ================= ================= ================
Year Ended December 31, 2002:
------------------------------------
Life insurance in force $ 11,437,301 $ 4,053,693 $ --- $ 7,383,608 --- %
================ ================ ================= ================= ================
Premium Revenues:
General Insurance $ 1,550,929 $ 389,238 $ 22,440 $ 1,184,132 1.9 %
Mortgage Insurance 432,483 57,333 1,131 376,281 0.3
Title Insurance 523,353 (50) 1,471 524,875 0.3
Life and Health Insurance:
Life insurance 32,540 8,227 --- 24,312 ---
Accident and health insurance 47,334 22,061 548 25,821 2.1
---------------- ---------------- ----------------- ----------------- ----------------
Total Life & Health Insurance 79,875 30,289 548 50,133 1.1
---------------- ---------------- ----------------- ---------------- ----------------
Consolidating adjustments --- (548) (548) --- ---
---------------- ---------------- ----------------- ---------------- ----------------
Consolidated $ 2,586,642 $ 476,262 $ 25,044 $ 2,135,423 1.2 %
================ ================ ================= ================= ================
-9-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS
For the years ended December 31, 2004, 2003 and 2002
($ in Thousands)
------------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E
-------------------------------------------- ---------------- --------------------------------- ---------------- ---------------
Charged
Balance Charged to to Other Balance
Beginning of Costs Accounts - Deductions - at End of
Description Period Expenses Describe Describe Period
------------------------------------------- ---------------- ---------------- --------------- ---------------- ---------------
Year Ended December 31, 2004:
Deducted from Asset Accounts:
Reserve for unrecoverable reinsurance $ 27,300 $ 18,352 $ --- $ --- $ 45,652
=============== ================ =============== ================ ===============
Year Ended December 31, 2003:
Included in Claim Liability Accounts:
Reserve for unrecoverable reinsurance $ 10,550 $ 16,750 $ --- $ --- $ 27,300
=============== ================ =============== ================ ===============
Year Ended December 31, 2002:
Included in Claim Liability Accounts:
Reserve for unrecoverable reinsurance $ 10,300 $ 250 $ --- $ --- $ 10,550
=============== ================ =============== ================ ===============
-10-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2004, 2003 and 2002
($ 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
-------------------------------- ----------- ------------ ----------- ------------ ------------ -----------
Year Ended December 31, 2004:
--------------------------------
(a)Consolidated property-casualty
entities (1) $129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
----------- ------------ ----------- ------------ ------------ -----------
$129,368 $2,269,763 $139,362 $743,343 $1,623,030 $183,495
=========== ============ =========== ============ ============ ===========
Year Ended December 31, 2003:
--------------------------------
(a)Consolidated property-casualty
entities (1) $107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
----------- ------------ ----------- ------------ ------------ -----------
$107,998 $2,047,828 $142,904 $663,779 $1,379,565 $175,008
=========== ============ =========== ============ ============ ===========
Year Ended December 31, 2002:
--------------------------------
(a)Consolidated property-casualty
entities (1) $90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
----------- ------------ ----------- ------------ ------------ -----------
$90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577
=========== ============ =========== ============ ============ ===========
Note: (1) See note (2) to Schedule III.
(2) These amounts are immaterial and have, therefore, been omitted from
this schedule.
-11-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2004, 2003 and 2002
($ 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
-------------------------------- ------------ ----------- ------------ ----------- ------------
Year Ended December 31, 2004:
--------------------------------
(a)Consolidated property-casualty
entities (1) $1,122,998 ($55,695) $290,888 $845,368 $1,701,149
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
------------ ----------- ------------ ----------- ------------
$1,122,998 ($55,695) $290,888 $845,368 $1,701,149
============ =========== ============ =========== ============
Year Ended December 31, 2003:
--------------------------------
(a)Consolidated property-casualty
entities (1) $943,610 ($25,804) $251,874 $751,090 $1,460,323
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
------------ ----------- ------------ ----------- ------------
$943,610 ($25,804) $251,874 $751,090 $1,460,323
============ =========== ============ =========== ============
Year Ended December 31, 2002:
--------------------------------
(a)Consolidated property-casualty
entities (1) $859,634 ($7,101) $219,957 $727,018 $1,268,748
(b)Unconsolidated property-casualty
subsidiaries (2)
(c)Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (2)
------------ ----------- ------------ ----------- ------------
$859,634 ($7,101) $219,957 $727,018 $1,268,748
============ =========== ============ =========== ============
Note: (1) See note (2) to Schedule III.
(2) These amounts are immaterial and have, therefore, been omitted from
this schedule.
-11-