What Old Republic International Corporation told the SEC could break it.

Old Republic faces the possibility that non-reinsured losses could aggregate several hundred million dollars in a catastrophe such as an earthquake concentrating deaths/injuries in a single facility; since 9/11, reinsurance eliminated terrorism coverage, leaving primary insurers like Old Republic fully exposed to terrorism claims.

“the possibility continues to exist that non-reinsured losses could, depending on a wide range of severity and frequency assumptions, aggregate several hundred million dollars to an insurer such as the Company. Such aggregation of losses could occur in the event of a catastrophe such as an earthquake that could lead to the death or injury of a large number of persons concentrated in a single facility such as a high-rise building.”

Old Republic's Title Insurance segment is concentrated in Florida — its largest source of revenue at ~23% of total segment consolidated premium and related fee income in 2025 — exposing the segment to adverse business or regulatory conditions that disproportionately affect Florida.

“Florida is the largest source of revenue for the Title Insurance segment. In the aggregate in 2025, Florida accounted for approximately 23% of total segment consolidated premium and related fee income. As a result of the significant income derived from customers in this state, the Title Insurance segment is exposed to adverse business or regulatory conditions that significantly or disproportionally affect Florida.”

Old Republic's insurance subsidiaries are subject to state insurance regulation and ongoing governmental examinations (market conduct, competitive practices) plus federal Sarbanes-Oxley/Dodd-Frank, privacy/terrorism-insurance laws and the IRA's 15% Corporate Alternative Minimum Tax (to which it is subject for 2025); regulatory changes could raise costs and reduce competitiveness.

“Old Republic's insurance subsidiaries are subject to state insurance industry regulation and supervision of the jurisdictions in which they do business... Changes in the level of regulation of the insurance industry, or changes in laws or regulations themselves, or interpretations by governmental or regulatory authorities could adversely affect the Company's ability to operate its business as currently conducted.”