AM Best Affirms Ratings for Old Republic Insurance Companies

AM Best has sustained its Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) for Old Republic Insurance Companies and its affiliates. This includes Old Republic National Title Insurance Company and American Guaranty Title Insurance Company, key components of the Old Republic Title Insurance Group (ORTIG). Furthermore, Old Republic Life Insurance Company (ORL) has been reaffirmed with an FSR of A- (Excellent) and Long-Term ICR of “a-” (Excellent). Old Republic Insurance Company of Canada has an affirmed FSR of A (Excellent) with a Long-Term ICR of “a+” (Excellent). All ratings carry a stable outlook.

These ratings reflect Old Republic’s robust balance sheet, assessed by AM Best as strongest, coupled with strong operating performance, a favorable business profile, and appropriate enterprise risk management (ERM). Old Republic is recognized as a leading entity within the ORI enterprise, ranking among the top 50 property/casualty insurers in the United States. Its offerings span commercial auto and workers' compensation, along with expansions into other product areas. The firm capitalizes on its expertise in alternative risk transfer and specialty commercial segments, maintaining low exposure to asbestos liabilities.

ORTIG’s ratings underscore its strong balance sheet and consistent profitability, bolstered by support within the Old Republic enterprise. Its reliance on independent agents for premium generation provides a flexible cost management structure, advantageous during economic fluctuations. ORTIG is a key contributor to ORI’s profitability, with expected strong underwriting and operational outcomes comparable to industry peers.

For ORL, the ratings highlight its robust balance sheet and stable earnings, though its smaller size suggests sensitivity to changes in claims or mortality. Despite a contraction in premium volumes, its capped business portfolio strategically aligns with its role within the broader ORI organization.

Old Republic Canada's ratings emphasize its strategic value to the group, benefiting from its association with Great West Casualty Company, despite facing market challenges. The company's balance sheet is notably strong, with robust capitalization.

The affirmed FSRs and Long-Term ICRs extend to subsidiaries such as BITCO General Insurance Corporation, BITCO National Insurance Company, Great West Casualty Company, and Manufacturers Alliance Insurance Company, among others. These affirmations underscore their integral roles and contributions within Old Republic.

These insights accompany AM Best’s commitment to providing transparent rating information, with further details available on their website. AM Best continues to be a prominent global credit rating agency with specialization in insurance, operating in over 100 countries.