Old Republic Q3 Beats, Announces Everett Cash Acquisition

Old Republic reported Q3 2025 net income of $279.5 million and diluted EPS of $1.11, with net operating income excluding investment gains of $196.7 million, beating analyst expectations. Consolidated net premiums and fees rose about 8% to roughly $2.3 billion (variously reported between $2.1 billion and $2.42 billion), net investment income increased about 6.7% to $182.6 million, and the consolidated combined ratio was ~95.3%. Specialty and Title segments showed mid-single-digit premium growth (specialty +8.1%; title +8.3%; agency-produced premiums near +11%), and book value per share improved to $26.19. The company returned $115 million to shareholders in the quarter ($71 million in dividends and $44 million in buybacks), $281 million year-to-date, emphasized balance-sheet strength and profitable operating results, and announced a planned acquisition of Everett Cash Mutual. Analysts are broadly positive with a consensus price target near $47, but investors were warned of ongoing risks from a weak real estate/mortgage market, elevated expense ratios, and the need for sustained operating efficiencies.