OLD REPUBLIC INTERNATIONAL CORPORATION

Old Republic International Corporation

(ORI) is a financially strong and efficient insurance enterprise. Since 1923, ORI has grown as a specialty insurance business, though its oldest subsidiary has insured lives since 1887. ORI is one of the 50 largest publicly held insurance organizations in the United States, with substantial interests in major segments of the insurance industry - property and liability, mortgage guaranty, and title. A small life and health operation is also owned. This broad diversification in the types of insurance provided, and geographic regions and industries served, affords ORI a great deal of operating flexibility. ORI's specialization in certain industry lines within its insurance segments allows the Company to serve customers knowledgeably and meet their changing needs over the long term.

ORI is comprised of four insurance groups: the Title Insurance Group, the General Insurance Group; the Mortgage Guaranty Group, and the Life Insurance Group.


TITLE INSURANCE
The Old Republic Title Insurance Group provides title insurance through its four wholly owned insurance subsidiaries. Quality title insurance and related real estate products have been provided by the oldest insurer in the group, American Guaranty Title Company; since 1889, while our lead underwriter, Old Republic National Title Insurance Company, has served the real estate industry since 1907. Mississippi Valley Title Insurance Company was formed in 1941 and has dominated the market in Mississippi, Alabama and parts of Tennessee for many years. The fourth underwriter, Old Republic General Title Insurance Corporation, was formed in 1989 to reinsure Old Republic National Title Insurance Company policies in Alaska, Arizona, California, Hawaii, Nevada and Washington.


GENERAL INSURANCE
Old Republic's General Insurance Group ranks among the 100 largest property and liability insurance groups in the United States. It is primarily engaged in commercial lines of property and liability insurance and is the largest ORI operating unit. The General Insurance Group provides all necessary services that complement the basic insurance function – engineering of risks, claims reporting and control, actuarial services, tax planning, and management of self-insured or "captive" insurance programs.

ORI's flagship commercial property and liability insurance carrier, Old Republic Insurance Company, has become well known for providing services to the coal mining and manufacturing industries primarily through risk management programs. The Bituminous and Great West insurance subsidiaries serve specialty markets in the forestry, trucking, oil and gas, and contractors industries.


MORTGAGE GUARANTY
Republic Mortgage Insurance Company is the flagship carrier of the Old Republic Mortgage Guaranty Group. Premiums originate from commercial banks, mortgage bankers, thrift institutions, credit unions and other financial organizations. Insurance provided by the Mortgage Guaranty Group protects these customers against losses due to default by borrowers on first-mortgage loans.


LIFE & HEALTH INSURANCE
This Group markets credit life, credit disability, high-value term life insurance products and specialty insurance products in the travel and education fields.