Old Republic International Corp. (ORI) reported that a previously disclosed third quarter 2009 revenue recognition accounting issue has now been resolved. Premiums received in excess of reinsurance-related receivables previously recorded must be recognized as a gain. In effect, Old Republic recognizes income of $82.5 million currently as a result of the commutations, and will recognize the losses that it is now exposed to because of the termination of the reinsurance in future periods' results when related claim costs are incurred.
The restatement results in an increase of previously reported consolidated premium income of $82.5 million, and a decrease of the reported post-tax loss by $53.6 million or $0.23 per share for both the third quarter and first nine months of 2009. As a further result, the common shareholders' equity account will also be increased by $53.6 million or $0.23 per share as of September 30, 2009.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.