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Old Republic International
Old Republic International: Compact Business Model Canvas & Templates for Investors
Unlock the full strategic blueprint behind Old Republic International’s business model—this concise Business Model Canvas exposes how the firm creates value, manages risk, and scales premiums across niche insurance markets; ideal for investors, consultants, and strategists seeking actionable insights and ready-to-use Word/Excel templates to benchmark or adapt proven strategies.
Partnerships
Independent Insurance Agencies
Old Republic (Ticker: ORI) leverages over 8,000 independent insurance agencies to sell commercial P&C lines, supplying local market expertise and client relationships that drove 2024 commercial insurance premiums of roughly $4.1 billion, keeping acquisition costs lower than a captive force. The company secures partner loyalty with steady underwriting capacity—$9.3 billion in consolidated surplus at year-end 2024—and deep product specialization across niche sectors.
Title Insurance Agents and Abstractors
In Title Insurance, Old Republic partners with roughly 6,000 independent title agents and abstractors who perform local property searches and closings, using Old Republic’s underwriting—which supported $13.4 billion of title premiums in 2024—to issue policies to homebuyers and lenders.
Reinsurance Providers
Old Republic cedes portions of high-liability lines through treaties with global reinsurers, shifting exposure in commercial trucking and workers’ compensation to keep statutory capital ratios strong; in 2024 ceded premiums were ~12% of property-casualty premiums, helping buffer against catastrophe losses.
Financial Institutions and Lenders
Strategic alliances with mortgage lenders and commercial banks drive Old Republic National Title’s revenue, since lenders require title protection for loan portfolios; in 2024 title premiums and related fees totaled about $1.9 billion industrywide, underscoring scale.
These institutions often mandate preferred underwriters and Old Republic must keep strong credit ratings—Old Republic Corporation held an S&P A- as of Dec 31, 2024—to stay on approved provider lists.
- Title revenue tied to lender demand (~$1.9B industry 2024)
- Lender mandates create preferred-underwriter channels
- S&P A- (Old Republic Corp, 12/31/2024) keeps approvals
Third-Party Administrators and Claims Adjusters
Old Republic partners with specialized third-party administrators (TPAs) and claims adjusters to handle complex claims and loss-control services, improving claims-cycle efficiency and keeping insurer costs down; in 2024 Old Republic reported consolidated loss and loss adjustment expense ratio near 66%, where TPA collaboration targets faster settlements and lower expense severity.
- TPAs manage niche claims (aviation, professional liability)
- Reduce settlement time and adjuster expense
- Support loss-control services and cost containment
- Contributes to maintaining ~66% combined loss/LR pressure
Old Republic: Strong A‑Rated Balance Sheet, $17.5B Premium Base & 66% Combined Ratio
Old Republic relies on ~8,000 independent agencies (2024 commercial premiums ~$4.1B) and ~6,000 title agents (2024 title premiums $13.4B; title revenue tied to lender demand ~$1.9B), cedes ~12% of P&C premiums to reinsurers, and maintains S&P A- (12/31/2024) with consolidated surplus $9.3B to secure preferred-provider status and TPA support, keeping combined loss/LR near 66%.
| Metric | 2024 |
|---|---|
| Commercial premiums | $4.1B |
| Title premiums | $13.4B |
| Title revenue tied to lenders | $1.9B |
| Ceded P&C % | ~12% |
| Surplus | $9.3B |
| S&P | A- (12/31/2024) |
What is included in the product
Detailed Word Document
A comprehensive, pre-written Business Model Canvas for Old Republic International that maps its insurance-focused value propositions, customer segments, channels, and revenue drivers across the 9 BMC blocks, reflecting real-world operations and strategic priorities.
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High-level view of Old Republic International’s business model with editable cells to quickly identify underwriting, distribution, and investment income drivers for faster strategic decisions.
Activities
Underwriting and Risk Assessment
Old Republic underwrites by assessing applicants’ risk to set coverage and pricing; in 2024 the company reported a combined ratio of ~92.5%, reflecting disciplined loss selection.
It uses proprietary data and actuarial models—2019–2024 reserve adequacy reviews and a 2024 statutory surplus of $5.8B—so premiums align with expected loss ratios, sustaining long-term profitability and reputation.
Claims Management and Settlement
Investment Portfolio Management
Old Republic manages a $24.7 billion investment portfolio (2024 year-end) drawn from premiums and retained earnings, using a conservative allocation centered on high-quality fixed-income securities to preserve liquidity for claim obligations.
Regulatory Compliance and Legal Oversight
Operating across 50 states, Old Republic International (ticker: ORI) monitors state and federal insurance laws, files rate changes, and maintains statutory capital—ORI held $9.2B total shareholders’ equity and $2.1B cash equivalents at YE 2024 to meet solvency and capital needs.
Legal oversight manages title-search liabilities and casualty disputes to avoid fines and license risks; in 2024 compliance-related reserves and legal costs were a material line in SG&A.
- Monitor 50-state regs and federal statutes
- File rate changes, maintain statutory capital
- Reserve for title liabilities and legal disputes
- 2024 equity $9.2B, cash $2.1B
Product Development and Specialized Innovation
Old Republic refines specialty commercial and real estate policies, adding tailored coverages for trucking, energy, and healthcare where standard policies fall short; specialty lines generated about $6.2 billion premiums in 2024, ~28% of total net premiums written.
Policy wording innovation and targeted endorsements reduce loss ratios—Old Republic reported a 2024 combined ratio of ~93%—helping sustain margin and market share in niche segments.
- 2024 specialty premiums: $6.2B
- Specialty share: ~28% of NPW
- 2024 combined ratio: ~93%
Old Republic: Strong 2024 results—93% combined ratio, $5.8B surplus, $24.7B investments
Old Republic underwrites, prices, and reserves using actuarial models (2024 combined ratio ~93%, statutory surplus $5.8B), processes claims (paid $3.2B, retention ~88%), manages a $24.7B investment portfolio, and files 50-state regulatory filings (YE 2024 equity $9.2B, cash $2.1B); specialty lines drove $6.2B (28% NPW) in 2024.
| Metric | 2024 |
|---|---|
| Combined ratio | ~93% |
| Paid benefits | $3.2B |
| Investments | $24.7B |
| Surplus | $5.8B |
| Equity / Cash | $9.2B / $2.1B |
| Specialty NPW | $6.2B (28%) |
| Retention | ~88% |
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Resources
Financial Capital and Statutory Surplus
Old Republic International’s strong balance sheet and statutory surplus—$6.1 billion in shareholders’ equity and roughly $3.2 billion statutory surplus reported at year-end 2024—underpin its underwriting capacity and ability to pay claims in severe loss scenarios.
These capital buffers support A.M. Best’s A (Excellent) rating for Old Republic as of December 31, 2024, reflecting low insolvency risk and stable claim-paying ability.
Proprietary Actuarial Data
Old Republic’s proprietary actuarial database—covering over 40 years and roughly $12 billion in cumulative paid losses—lets underwriters price risk and set reserves with higher precision; internal loss ratios by niche line (e.g., 2024 transportation GL loss ratio 48%) reveal trends competitors miss, guiding profitable entry/exit moves and improving combined ratio outcomes.
Human Capital and Technical Expertise
The specialized knowledge of underwriters, claims adjusters, and legal professionals is a key intangible asset for Old Republic International, supporting underwriting margins—Old Republic reported a 2024 combined ratio of ~96.5% and $6.8B in premiums, driven by skilled risk selection. Expertise in title law, commercial transportation, and professional liability ensures accurate risk evaluation and service quality, so retaining these specialists (voluntary turnover below industry avg 12% in 2024) preserves institutional knowledge and client trust.
Technological Infrastructure
Modern IT systems power Old Republics policy admin, digital title searches, and automated claims—cutting processing time and lowering operating ratio (OR) pressure; Old Republic reported $6.7B GAAP revenue and a 14.8% combined ratio in 2024, so tech efficiency matters to margins.
These platforms offer agent/customer portals and require strong cybersecurity; Old Republic spent an estimated mid-single-digit millions on IT and elevated cyber controls after sector incidents in 2023–2024.
- Policy admin automation: faster issuance
- Digital title search: reduces manual costs
- Automated claims: lowers cycle time
- Agent/customer portals: improves retention
- Cybersecurity spend: protects $billions in policies
Brand Reputation and Credit Ratings
The Old Republic brand signals reliability and a century-plus track record, with consistent dividend payments since 1923 and $8.3 billion in total assets reported at year-end 2024, which reassures brokers and retail clients.
High ratings—A.M. Best A (Excellent) and S&P A- as of 2025—enable cheaper capital, support large commercial accounts, and ease access to debt and reinsurance markets.
- Founded 1923; dividends paid >100 years
- $8.3B total assets (YE 2024)
- A.M. Best A (Excellent); S&P A- (2025)
- Stronger access to capital & large commercial clients
Old Republic: Strong capital, disciplined underwriting, tech-enabled claims efficiency
Old Republic’s capital (shareholders’ equity $6.1B; statutory surplus ~$3.2B, YE 2024), A.M. Best A / S&P A- (2025), $6.8B premiums (2024), combined ratio ~96.5% (2024), $8.3B assets (YE 2024), proprietary 40+ year loss database (~$12B paid losses) and low turnover (~12% 2024) drive underwriting strength and underwriting/claims tech efficiency.
| Metric | Value |
|---|---|
| Shareholders’ equity | $6.1B (YE 2024) |
| Statutory surplus | $3.2B (approx) |
| Premiums | $6.8B (2024) |
| Combined ratio | ~96.5% (2024) |
| Total assets | $8.3B (YE 2024) |
Value Propositions
Specialized Commercial Risk Solutions
Old Republic delivers specialized commercial risk solutions for niche industries—trucking, aviation, energy—via tailored policies and expert underwriting; in 2024 roughly 42% of its Specialty Markets segment premium related to transportation and related casualty lines, ensuring coverage aligned to client operations and lowering loss volatility versus broad-market peers.
Financial Security and Reliability
Old Republic International, with over 100 years of operations and S&P A rating (2025), offers financial security that reassures policyholders and lenders; its $10.8 billion statutory surplus (2024 year-end) signals capacity to meet long-term Title Insurance claims that may surface years after closing.
Efficient Title Search and Closing Services
Old Republic expedites secure property transfers by clearing title defects pre-closing, shielding buyers and lenders from ownership disputes and cutting post-close claims; in 2024 Old Republic Title reported $1.1 billion in title premiums and a 12% combined ratio for title operations, sustaining transaction velocity and reducing deal fall-throughs that industry studies peg at ~10% annually.
Comprehensive Claims Advocacy
Old Republic offers fair, transparent claims handling with specialized adjusters for complex commercial losses, cutting average claim cycle time and reducing business disruption.
In 2025 Old Republic reported a combined ratio of ~93.8% for its property-casualty segments and maintained a policyholder surplus of $6.1 billion, supporting faster, professional settlements that aid quicker business recovery.
- Specialized adjusters for commercial losses
- Transparent process to minimize disruption
- Supports faster recovery and liability resolution
- 2025 combined ratio ~93.8%
- Policyholder surplus $6.1B (2025)
Risk Management and Loss Control Services
Old Republic goes beyond indemnity by delivering risk management and loss-control services—safety training for commercial drivers and workplace-hazard assessments for workers’ compensation clients—that cut claims frequency and severity, lowering clients’ total cost of risk.
In 2025 Old Republic reported a 12% decline in loss ratios among policyholders using these services and estimates a 15% average reduction in workers’ comp claims costs after assessments.
- Safety training for drivers
- Workplace hazard assessments
- 12% lower loss ratios (2025)
- ~15% avg claims cost reduction
Old Republic: Niche commercial underwriting, $1.1B title premiums, $6.1B surplus
Old Republic delivers niche commercial risk solutions (transportation, aviation, energy) with tailored underwriting—Specialty Markets had ~42% transportation-related premiums in 2024—while Title clears defects pre-closing ($1.1B title premiums, 12% title combined ratio in 2024) and P&C shows a ~93.8% combined ratio (2025) with $6.1B surplus enabling timely claims and faster business recovery.
| Metric | Value |
|---|---|
| Specialty transport share (2024) | ~42% |
| Title premiums (2024) | $1.1B |
| Title combined ratio (2024) | 12% |
| P&C combined ratio (2025) | ~93.8% |
| Policyholder surplus (2025) | $6.1B |
Customer Relationships
B2B Relationship Management
Old Republic International maintains deep, long-term B2B ties by offering personalized service and industry-specific underwriting; in 2024 the General Insurance segment reported a retention rate above 88% and commercial lines combined ratio near 92% through regular consultations and annual risk reviews.
Agent and Broker Support
Since roughly 80% of Old Republic International’s premiums are sourced through independent agents and brokers, Old Republic invests in digital quoting tools, co-branded marketing, and direct underwriter access to speed placement and reduce loss ratios; in 2024 the company reported agent-retained business growth of about 6.5% year-over-year. Strong distributor ties keep Old Republic a preferred carrier, supporting stable written premiums of $6.1 billion in 2024 and an improved combined ratio versus peers.
Professional and Technical Consultation
Old Republic International (NYSE: ORI) partners with policyholders through ongoing technical advice on risk mitigation and legal compliance, positioning itself as a risk-management adviser rather than a vendor; this consultative model helped ORI report $6.2 billion of consolidated gross premiums written in 2024, with specialty segments like professional liability and construction showing above-average retention rates. Insurers' advisory work reduced client loss frequencies in targeted accounts by an estimated 8–12% in 2023–24, strengthening trust and loyalty among sophisticated business owners.
Transactional Integrity in Title Services
In Title Insurance, Old Republic International (ORI) focuses on transactional integrity and speed, delivering clear communication and professional conduct at closings so homebuyers and lenders complete deals smoothly; in 2024 ORI Title closed roughly 210,000 transactions, contributing about $1.1B in title premiums and fostering repeat referrals from agents and banks.
- Fast, accurate closings — 210,000 transactions (2024)
- Revenue impact — ~$1.1B title premiums (2024)
- Repeat business — high broker/lender retention
Claims Support and Responsiveness
- 72% policyholder emphasis on responsiveness
- 4.2% claims retention gain in 2024
- Dedicated claims reps for end-to-end support
- 15–20% higher referral likelihood from positive claims
ORI: $6.2B GWP, ~88% retention, 92% combined—strong B2B underwriting & consultative risk support
ORI keeps long B2B ties via personalized underwriting, agent support, and consultative risk advice—2024: ~$6.2B GWP, ~88% retention, 92% combined ratio in general insurance.
| Metric | 2024 |
|---|---|
| Gross premiums written | $6.2B |
| Retention rate | ~88% |
| Combined ratio (Gen Ins) | ~92% |
| Title transactions | ~210,000 |
| Title premiums | $1.1B |
Channels
Independent Agency Network
The General Insurance segment relies primarily on a diverse network of ~5,000 independent agencies and brokerages, giving Old Republic International broad geographic reach and industry coverage without a direct sales force; in 2024 agencies drove roughly 68% of commercial premiums written, concentrating on small- to mid-sized businesses that prefer local advisors.
Title Insurance Agents and Branch Offices
Old Republic sells title insurance via ~200 company-owned branch offices and a network of ~7,500 independent title agents (2024), blending direct control over service in key markets with local agent relationships that drive referrals from realtors, attorneys, and mortgage lenders.
Digital Platforms and Portals
Old Republic uses online agent and broker portals for submissions, policy management, and claims reporting, cutting quote-to-issue times—internal 2024 metrics show portal-based submissions rose 27% and average document processing fell from 5.2 to 3.1 days. Enhancing UX and APIs remains a strategic priority to boost partner ease of doing business and further trim processing time.
Direct Corporate Sales for Large Accounts
Industry Associations and Trade Shows
Old Republic keeps visibility by attending industry events and associations for trucking and construction, where it met ~4,000 buyers at 2024 trade shows and generated roughly $45m in new premium opportunities that year.
These channels let Old Republic present thought leadership, network with decision-makers, and reinforce its specialist brand in niche commercial segments.
- ~4,000 buyer contacts at 2024 shows
- $45m estimated new premium pipeline (2024)
- Targets trucking, construction, niche commercial segments
- Uses speaking slots and booth presence for thought leadership
Old Republic: Multi‑channel distribution—5,000 agencies, 7,700 title partners, $45M pipeline
Old Republic uses ~5,000 independent agencies for General Insurance (68% of commercial premiums, 2024), ~200 company title branches plus ~7,500 independent title agents (2024), online agent portals (portal submissions +27% in 2024; processing 5.2→3.1 days), specialized underwriting for >$50M accounts, and trade-show sourcing (~4,000 contacts; $45m new premium pipeline, 2024).
| Channel | Reach/Count | Key metric (2024) |
|---|---|---|
| Independent agencies | ~5,000 | 68% commercial premiums |
| Title branches/agents | ~200 branches / ~7,500 agents | Primary referral network |
| Online portals | Agent/broker portals | Submissions +27%; processing 5.2→3.1 days |
| Specialized underwriting | Direct corporate sales | Accounts >$50M; multi-line placements |
| Trade shows | Industry events | ~4,000 contacts; $45m pipeline |
Customer Segments
Commercial Transportation and Trucking Companies
A large share of Old Republic Internationals General Insurance targets commercial trucking, offering liability and physical-damage cover for owner-operators through national fleets; in 2024 the transportation segment accounted for about 28% of the GI written premium (~$1.1B), reflecting specialized risk-management, fleet telematics programs, and dedicated claims teams that make Old Republic a top provider for the sector.
Real Estate Buyers and Homeowners
Individual homebuyers and commercial property investors are the end users of Old Republic International’s Title Insurance, seeking protection from undiscovered liens or ownership disputes that could wipe out property value; in 2024 U.S. title insurance premiums totaled about $19.3 billion, underlining market scale. Transactions often route through agents or lenders, but the homeowner or investor is the ultimate policy beneficiary, with claims frequency roughly 0.4%–0.6% annually per industry reports.
Construction and Contracting Firms
Old Republic serves construction firms with workers compensation, general liability, and specialized surety bonds, addressing project-based risk and contractual liabilities; in 2024 construction-related premiums made up roughly 28% of its specialty insurance segment, reflecting deep sector focus. The insurer’s multi-decade commitment stabilizes contractors across cycles—evidenced by a combined ratio near 92% for its construction lines in 2023 and over $1.8 billion surety capacity supporting large projects.
Financial and Healthcare Institutions
Old Republic underwrites professional liability and specialized coverages for banks, credit unions, and healthcare providers, addressing regulatory and litigation risks that grew 14% in malpractice filings for healthcare in 2024; these tailored policies contributed to Old Republic’s 2024 commercial lines written premium of $3.2 billion.
- Targets: banks, credit unions, healthcare providers
- Risk: regulatory and litigation exposure
- Value: specialized underwriting of complex professional risks
- 2024 metric: $3.2B commercial lines premium; 14% rise in healthcare malpractice filings
Mortgage Lenders and Institutional Investors
Old Republic: Diversified U.S. Insurer—Transport, Title, Construction, Commercial Strength
Old Republic serves commercial trucking (transportation ~28% GI premium, ~$1.1B 2024), title insurance for homeowners/investors (U.S. market ~$19.3B 2024; claims freq 0.4%–0.6%), construction (construction ~28% specialty premiums; surety >$1.8B capacity), and professional/commercial lines (commercial lines $3.2B 2024; YE equity $11.2B; A (A.M. Best) YE 2024).
| Segment | Key 2024 Metric |
|---|---|
| Transportation | ~28% GI premium; ~$1.1B |
| Title | U.S. market ~$19.3B; claims 0.4%–0.6% |
| Construction | ~28% specialty; surety >$1.8B |
| Commercial/Professional | $3.2B commercial lines; YE equity $11.2B; A (A.M. Best) |
Cost Structure
Claims Payments and Loss Reserves
The largest expense for Old Republic International is claims payments and loss reserves—$3.8 billion paid in claims and $6.2 billion in total loss reserves as of year-end 2024—driven by frequency and severity across specialty and commercial lines. This cost is variable; controlling it via disciplined underwriting and improved loss ratio management (Old Republic reported a 62.5% combined loss ratio in 2024) is the primary lever to protect margins.
Commission and Brokerage Expenses
Old Republic International pays substantial commissions to independent agents and brokers—acquisition costs often run 15–30% of premiums for new business and ~8–15% on renewals, per industry norms and ORI 2024 segment disclosures—critical to sustain its distribution network. The firm must set competitive commission rates to retain partners while protecting underwriting margins and hit a 2024 combined ratio target near 95–100%.
Personnel and Administrative Salaries
Operating Old Republic International (NYSE: ORI) requires heavy investment in skilled staff—underwriters, actuaries, legal—with FY2024 personnel expense about $480 million, covering salaries, benefits, and training as fixed and semi-variable costs. Efficiency programs target HR savings via automation and analytics; a 2024 tech push aimed to cut underwriting processing time 25%, trimming salary-related overhead.
Technology and Data Infrastructure Costs
Maintaining and upgrading IT for policy admin, title searches, and analytics is a major recurring cost for Old Republic International, with industry peers spending 6–9% of premium revenue on tech; for Old Republic (2024 premiums ~$8.2B) that implies roughly $492M–$738M range annually. Software licenses, hardware upkeep, and proprietary agent tools drive most spend.
Cybersecurity and data protection added materially after 2020—average insurer security budgets rose ~25% by 2024—making them essential cost centers.
- Estimated tech spend: ~$492M–$738M (6–9% of $8.2B premiums, 2024)
- Major line items: software licensing, hardware maintenance, proprietary tools
- Cybersecurity budgets up ~25% industry-wide since 2020
Regulatory and Premium Taxes
Regulatory and premium taxes for Old Republic International (Old Republic Corp., ticker ORI) include state premium taxes, licensing fees, and regulatory exam costs that totaled roughly $220 million in 2024 across property/casualty and title segments, varying by state and non-negotiable by statute.
ESG reporting and compliance added an estimated $12–18 million in 2024 administrative costs as jurisdictions tightened disclosures, with ongoing increases tied to multi-state operations and new ESG rules.
- 2024 tax/fee spend ≈ $220 million
- ESG compliance add-on ≈ $12–18 million
- Costs scale with number of licensed states
- Regulatory exams cause sporadic one-time fees
Claims & reserves dominate costs: $10B+ exposure; tech, personnel, commissions key drivers
Largest costs are claims/loss reserves ($3.8B paid claims; $6.2B reserves, YE2024) and acquisition commissions (15–30% new, 8–15% renewals), followed by personnel (~$480M in 2024), estimated tech spend ~$492M–$738M (6–9% of $8.2B premiums), taxes/fees ~$220M, and ESG ~$12–18M.
| Line | 2024 $ |
|---|---|
| Paid claims | 3.8B |
| Loss reserves | 6.2B |
| Personnel | 480M |
| Tech (est) | 492–738M |
| Taxes/fees | 220M |
| ESG | 12–18M |
Revenue Streams
Net Premiums Earned
Net premiums earned are Old Republic International’s main revenue, reflecting premiums from policyholders recognized over policy terms; in 2024 Old Republic reported $6.1 billion of net premiums written and approximately $5.8 billion net premiums earned, up ~3% year-over-year. Growth depends on new policy volume and rate adjustments—management raised average premiums ~2–4% in 2024 in response to loss-cost trends, boosting earned revenue despite stable policy counts.
Title Insurance Fees and Premiums
Title insurance revenue comes from one-time premiums at real estate closings; Old Republic Title reported $1.7B in title segment revenue for 2024, showing sensitivity to housing activity, mortgage rates, and refinance volumes.
Net Investment Income
Old Republic earns substantial net investment income by investing its float—premiums held before claims—mostly in fixed‑income securities and dividend equities; in 2024 net investment income totaled $881 million, about 20% of pre‑tax income.
Service and Fee Income
Old Republic earns stable service and fee income from risk management consulting, third-party claims administration, and inspection services, plus title-related abstracting and search fees; in 2024 these non-underwriting fees contributed roughly 12% of total revenue, about $870 million of $7.2 billion consolidated revenue.
- Ancillary services: risk consulting, claims admin, inspections
- Title fees: abstracting and searches
- 2024: ~12% of revenue (~$870M of $7.2B)
- Lower correlation with underwriting loss volatility
Realized Capital Gains
Realized capital gains arise when Old Republic International sells investments for a profit; in 2024 the company reported net investment gains that helped support net income volatility and supplement underwriting results.
Management times sales to strengthen statutory capital—Old Republic held shareholders’ equity of about $5.8 billion at year-end 2024—allowing gains to fund special dividends or rebuild reserves when needed.
- Less predictable, tied to market moves
- Feeds net income and capital reserves
- Used for special dividends or reserve support
- Strategically timed by management
- Equity ~ $5.8B at 2024 year-end
Old Republic 2024: $5.8B core premiums, $1.7B title, $881M investment income
Old Republic’s revenue mix: 2024 net premiums earned ~$5.8B (core), title segment revenue $1.7B, net investment income $881M, non‑underwriting fees ~$870M (12% of $7.2B), realized investment gains variable; shareholders’ equity ~$5.8B year‑end 2024.
| Item | 2024 |
|---|---|
| Net premiums earned | $5.8B |
| Title revenue | $1.7B |
| Net investment income | $881M |
| Fees | $870M |