[Management View]
Key metrics: Consolidated pretax operating income of $248.2 million, up from $229.2 million a year ago. Net operating income of $197 million, up from $183 million a year ago. Combined ratio of 95.3%, compared to 95% a year ago. Annualized operating return on beginning equity of 14.4%, up from 11.9% a year ago.
Strategic priorities: Focus on profitable growth in Specialty Insurance, expansion through the acquisition of Everett Cash Mutual (ECM), and continued investment in technology and talent.

[Outlook]
Performance guidance: Management expects the ECM deal to be accretive to book value per share. Continued conservative reserving practices and favorable prior year loss reserve development.
Future plans: Expansion of specialty insurance operations and product diversity through ECM acquisition. Ongoing capital return initiatives with over $910 million remaining for share repurchases.

[Financial Performance]
YoY trends: Net operating income per share increased 10% to $0.78 from $0.71. Specialty Insurance net premiums earned grew 8.1%. Title Insurance premium and fee revenue increased by 8%. Net investment income increased 6.7%.
QoQ trends: Title Insurance combined ratio improved to 96.4% from 96.7%. Specialty Insurance combined ratio was 94.8%, compared to 94% a year ago.

[Q&A Highlights]
Question 1: How are you measuring excess capital and its impact on capital return initiatives?
Answer: We look at several enterprise risk management measures, including the amount of capital relative to reserves. Despite the ECM acquisition, we continue to build capital faster than we can return it through share repurchases or dividends. We will discuss the best ways to return capital with our Board.

Question 2: Can you provide more details about the ECM acquisition and its integration into Old Republic International?
Answer: ECM will become a new operating company within our specialty insurance portfolio, focusing on farm and agricultural operations. The acquisition aligns with our strategy of having specialized operating companies. ECM will receive the necessary capital to pursue growth opportunities, primarily through geographic expansion.

Question 3: Are there any new regulatory pressures in the Title Insurance segment?
Answer: No significant new regulatory pressures have emerged. The ongoing Texas rate matter is still pending, with a hearing expected in December.

Question 4: How does the ECM acquisition fit into your capital decisions and timing of capital returns?
Answer: The ECM acquisition, structured as a sponsored demutualization, will not affect our capital return analysis. ECM will receive additional capital through the demutualization, enabling growth without requiring further capital contributions from Old Republic International.

Question 5: What are your thoughts on the commercial auto insurance market and your position relative to industry challenges?
Answer: We identified severity trends early and responded with appropriate rate increases. Our specialized approach, real-time data analytics, and conservative reserving practices have positioned us well. We continue to achieve favorable loss reserve development in commercial auto.

[Sentiment Analysis]
Tone of analysts: Generally positive, with a focus on understanding capital management and the impact of the ECM acquisition.
Tone of management: Confident and optimistic about growth prospects, capital management, and the integration of ECM.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
| --- | --- | --- |
| Consolidated Pretax Operating Income | $248.2M | $229.2M |
| Net Operating Income | $197M | $183M |
| Combined Ratio | 95.3% | 95% |
| Annualized Operating Return on Beginning Equity | 14.4% | 11.9% |
| Specialty Insurance Net Premiums Earned | +8.1% | - |
| Title Insurance Premium and Fee Revenue | +8% | - |
| Net Investment Income | +6.7% | - |

[Risks and Concerns]
- Continued weakness in the residential purchase market affecting Title Insurance.
- Regulatory uncertainties, particularly the pending Texas rate matter.
- Potential challenges in integrating ECM and achieving projected growth.

[Final Takeaway]
Old Republic International reported strong financial performance in Q3 2025, driven by growth in Specialty Insurance and strategic acquisitions like ECM. The company remains focused on profitable growth, conservative reserving practices, and returning capital to shareholders. Management's confidence in their strategic direction and operational excellence initiatives positions Old Republic International well for future growth and stability.