Old Republic International Corporation (NYSE:ORI) Q2 2018 Earnings Conference Call - Final Transcript

Jul 26, 2018 • 03:00 pm ET


Old Republic International Corporation (NYSE:ORI) Q2 2018 Earnings Conference Call - Final Transcript


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Good day and welcome to the Old Republic International Second Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we conduct a questions and answer session. (Operator Instructions) I would like to remind everyone that this conference is being recorded.

I would now like to turn the conference over to Ms. Marilynn Meek with MWW Group. Please go ahead.

Marilynn Meek

Thank you. Good afternoon, everyone, and thank you for joining us for the Old Republic conference call to discuss second quarter 2018 results. This morning, we distributed a copy of the press release and posted the separate statistical supplement, which we assume you have seen and/or otherwise have access to during the call. Both of the documents are available at Old Republic's website, which is www.oldrepublic.com.

(Forward-Looking Cautionary Statements)

This afternoon's conference call will be led by Al Zucaro, Chairman and CEO of Old Republic International Corporation and several other senior members -- senior executive members as planned for this meeting.

At this time, I would like to turn the call over to Al Zucaro. Please go ahead, sir.

Al Zucaro

Well, thank you, Marilynn, and hello to everyone from all of us at Old Republic. And as always, we're appreciative and thank you for joining us in this discussion. This time around, we once again, as Marilynn just said, have several of our senior executives participating in this discussion. First, Craig Smiddy, was Old Republic's President and he will be covering the general insurance part of our business.

Next, Mark Bilbrey, who is President of our Title Operation and is covering today for Randy Yager, who's Chairman and well happens to be out of the office. And, of course, Karl Mueller, our CFO who will, as he usually does, comment about some of the important features of Old Republic's financial position, as well as related matters. Let's see -- just want to make sure that in anticipation of this discussion today, that everyone has seen this morning's earnings release to which we will be referring. And also as in past conference calls, we'll also refer from time to time to some additional, statistical information that we include regularly in a financial supplement that we post on the Old Republic website.

So looking at the overall picture of our business, we really think that the first page of the release says it all, we think in a very transparent way and as everyone can see, our title business which has done a lot in the last number of years been driving Old Republic's bottom line, upstream since our company emerged like many others from the great recession induced downturn that title is currently taking a bit of a breather. And Mark will speak to that in a few minutes.

On the other hand, the general insurance segment which had been lagging some in the past several years is continuing to make some headway in its contribution to earnings. And that there is a small run