As in effect
3/1/61
FORM 10K/A1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Sections 12, 13, or 15 (d) of
THE SECURITIES EXCHANGE ACT OF 1934
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
AMENDMENT NO. 1
---
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its ANNUAL REPORT FOR 2002 on
----------------------
Form 10K as set forth in the pages attached hereto: (List all such items,
--------
financial statements, exhibits or other portions amended)
SEE INDEX
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its
behalf by the undersigned, thereunto duly authorized.
OLD REPUBLIC INTERNATIONAL CORPORATION
--------------------------------------
(Registrant)
Date: April 24, 2003 By: /s/ John S. Adams
-------------- -----------------------------------
(Signature)
John S. Adams
Senior Vice President and
Chief Financial Officer
Total Pages: 12
---------------
INDEX
FINANCIAL STATEMENT SCHEDULES
-----------------------------
Report of Independent Accountants
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
Schedule I - Summary of Investments - Other than Investments in Related
Parties as of December 31, 2002
Schedule II - Condensed Financial Information of Registrant as of December
31, 2002 and 2001 and for the years ended December 31, 2002,
2001, and 2000
Schedule III - Supplementary Insurance Information for the years ended
December 31, 2002, 2001 and 2000
Schedule IV - Reinsurance for the years ended December 31, 2002, 2001
and 2000
Schedule VI - Supplemental Information Concerning Property - Casualty
Insurance Operations for the years ended December 31, 2002,
2001 and 2000
Schedules other than those listed are omitted for the reason that they are not
required, are not applicable or that equivalent information has been included
in the financial statements, and notes thereto, or elsewhere herein.
EXHIBITS
--------
(23) Consent of Independent Accountants.
(28) Consolidated Schedule P.
* Not covered by the Report of Independent Accountants.
-2-
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To the Board of Directors and Shareholders of
Old Republic International Corporation
Chicago, Illinois
Our audits of the consolidated financial statements of Old Republic
International Corporation and its subsidiairies at December 31, 2002 and 2001,
and for each of the three years in the period ended December 31, 2002 referrd to
in out report dated March 14, 2003, is included on page 49 of the Corporation's
Annual Report on form 10-K. In connection with our audits of such financial
statements, we have also audited the related financial statement schedules
listed in the index on page 2 of this Form 10K/A1 amendment. In our opnion,
these financial statement schedules present fairly, in all material respects,
the information set forth therein when read in conjunction with the related
consolidated financial statements.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
April 24, 2003
-3-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE I - SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
As of December 31, 2002
($ in Thousands)
--------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D
-------------------- ----------------- ----------------- -----------------
Amount at
Fair which shown
Type of investment Cost (a) Value in balance sheet
------------------ ----------------- ----------------- -----------------
Held to maturity:
Fixed maturity securities:
States, municipalities and political subdivisions $ 1,299,716 $ 1,375,902 $ 1,299,716
Public utilities 754,451 795,810 754,451
----------------- ----------------- -----------------
2,054,167 $ 2,171,712 2,054,167
=================
Other long-term investments 57,445 57,445
----------------- -----------------
Total 2,111,613 2,111,613
----------------- -----------------
Available for sale:
Fixed maturity securities:
United States Government and government
agencies and authorities 865,198 $ 910,094 910,094
Foreign government 63,972 66,193 66,193
Corporate, industrial and all other 2,060,275 2,196,205 2,196,205
----------------- ----------------- -----------------
2,989,445 $ 3,172,493 3,172,493
----------------- ================= -----------------
Equity securities:
Non-redeemable preferred stocks 2,283 $ 2,254 2,254
Common stocks:
Public utilities 85,657 71,422 71,422
Banks, trusts and insurance companies 23,406 26,419 26,419
Industrial, miscellaneous and all other 408,961 413,454 413,454
----------------- ----------------- -----------------
520,307 $ 513,549 513,549
----------------- ================= -----------------
Short-term investments 253,893 253,893
----------------- -----------------
Total 3,763,645 3,939,936
----------------- -----------------
Total Investments $ 5,875,258 $ 6,051,549
================= =================
Note:(a) Represents original cost of equity securities, and as to fixed
maturities, original cost reduced by repayments and adjusted for
amortization of premium or accrual of discount.
-4-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
----------------------------------------------------------------------------------------------------------------------------
December 31,
--------------------------------------
2002 2001
----------------- ----------------
Assets:
Bonds and notes $ 11,670 $ 10,500
Cash 5,824 288
Short-term investments 8,089 12,051
Investments in, and indebtedness of related parties:
Subsidiaries and affiliates, at equity 3,129,449 2,839,658
Indebtedness of affiliates 134,759 82,934
Other assets 23,923 22,226
----------------- ----------------
Total Assets $ 3,313,715 $ 2,967,660
================= ================
Liabilities, Preferred Stock
and Common Shareholders' Equity:
Liabilities:
Accounts payable and accrued expenses $ 22,602 $ 33,430
Debt and debt equivalents 114,972 114,965
Indebtedness to affiliates and subsidiaries 20,221 35,172
Commitments and contingent liabilities --- ---
----------------- ----------------
Total Liabilities 157,795 183,569
----------------- ----------------
Convertible preferred stock 54 307
----------------- ----------------
Common Shareholders' Equity:
Common stock 123,791 122,168
Additional paid-in capital 253,169 219,893
Retained earnings 2,700,512 2,383,295
Accumulated other comprehensive income 111,083 91,111
Treasury stock (at cost) (32,691) (32,685)
----------------- ----------------
Total Common Shareholders' Equity 3,155,866 2,783,783
----------------- ----------------
Total Liabilities, Preferred Stock and
and Common Shareholders' Equity $ 3,313,715 $ 2,967,660
================= ================
-5-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF INCOME
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------
2002 2001 2000
--------------- --------------- ---------------
Revenues:
Investment income from subsidiaries $ 4,595 $ 8,768 $ 8,964
Real estate and other income 3,673 3,870 3,692
Realized investment gains (losses) (1,289) 4,450 ---
Other investment income 1,237 914 1,250
--------------- --------------- ---------------
Total Revenues 8,217 18,003 13,907
--------------- --------------- ---------------
Expenses:
Interest -- subsidiaries 527 4,488 7,353
Interest -- other 8,155 8,155 8,155
Real estate and other expenses 2,936 2,910 2,844
General expenses, taxes and fees 5,339 6,813 5,673
--------------- --------------- ---------------
Total Expenses 16,959 22,368 24,027
--------------- --------------- ---------------
Revenues, net of expenses (8,742) (4,364) (10,119)
Federal income tax credits (1,798) (4,344) (3,596)
--------------- --------------- ---------------
Loss before equity in earnings of subsidiaries (6,944) (20) (6,523)
Equity in Earnings of Subsidiaries:
Dividends received 139,170 120,380 119,650
Earnings in excess of dividends 260,753 226,612 184,460
--------------- --------------- ---------------
Net Income $ 392,979 $ 346,971 $ 297,587
=============== =============== ===============
-6-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS
OLD REPUBLIC INTERNATIONAL CORPORATION (PARENT COMPANY)
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------
2002 2001 2000
--------------- --------------- ---------------
Cash flows from operating activities:
Net income $ 392,979 $ 346,971 $ 297,587
Adjustments to reconcile net income to net cash
provided by operating activities:
Accounts receivable (293) (112) 204
Income taxes - net (10,461) 14,356 (27,416)
Excess of equity in net income of subsidiaries
over dividends received (260,753) (226,612) (184,460)
Accounts payable, accrued expenses and other 6,645 6,199 4,277
--------------- --------------- ---------------
Total 128,116 140,801 90,191
--------------- --------------- ---------------
Cash flows from investing activities:
Sales of equity securities 3,004 --- ---
Sales of other investments 9 8 7
Sales of fixed assets for company use --- 42 ---
Purchases of fixed maturity securities (33,316) --- ---
Purchases of equity securities (39,035) --- ---
Purchases of fixed assets for company use (832) (306) (1,508)
Investments in, and indebtedness of related parties - net (2,609) (79,612) 33,601
--------------- --------------- ---------------
Total (72,780) (79,868) 32,101
--------------- --------------- ---------------
Cash flows from financing activities:
Issuance of preferred and common stock 22,005 9,376 13,775
Dividends on common shares (75,759) (70,072) (65,000)
Dividends on preferred shares (2) (36) (120)
Purchase of treasury stock (6) --- (66,493)
--------------- --------------- ---------------
Total (53,762) (60,733) (117,839)
--------------- --------------- ---------------
Increase (decrease) in cash and short-term investments 1,573 200 4,453
Cash and short-term investments, beginning of year 12,340 12,139 7,686
--------------- --------------- ---------------
Cash and short-term investments, end of year $ 13,913 $ 12,340 $ 12,139
=============== =============== ===============
-7-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2002, 2001 and 2000
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Future Policy
Deferred Benefits, Other Policy
Policy Losses, Claims and
Acquisition Claims and Unearned Benefits Premium
Segment Costs (b) Loss Expenses Premiums (b) Payable Revenue
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Year Ended December 31, 2002:
-------------------------------------
Insurance Underwriting:
General Insurance Group $90,092 $1,881,111 $580,571 $59,697 $1,184,132
Mortgage Insurance Group 63,440 185,410 42,373 --- 376,281
Title Insurance Group --- 225,659 --- 1,272 524,875
Life Insurance Group 44,294 74,198 --- 1,425 50,133
Reinsurance Losses Recoverable (a) --- 1,413,885 86,442 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 197,827 3,780,264 709,387 62,396 2,135,423
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $197,827 $3,780,264 $709,387 $62,396 $2,135,423
================ ================ ================ ================ ================
Year Ended December 31, 2001:
-------------------------------------
Insurance Underwriting:
General Insurance Group $80,277 $1,755,597 $496,048 $51,807 $1,000,291
Mortgage Insurance Group 60,902 193,017 38,224 --- 353,188
Title Insurance Group --- 215,634 --- 951 382,700
Life Insurance Group 38,660 76,721 --- 571 50,674
Reinsurance Losses Recoverable (a) --- 1,320,456 69,861 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 179,840 3,561,428 604,134 53,330 1,786,854
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $179,840 $3,561,428 $604,134 $53,330 $1,786,854
================ ================ ================ ================ ================
Year Ended December 31, 2000:
-------------------------------------
Insurance Underwriting:
General Insurance Group $53,934 $1,734,650 $307,227 $44,396 $857,838
Mortgage Insurance Group 57,654 183,457 37,265 --- 331,490
Title Insurance Group --- 212,083 --- 750 307,611
Life Insurance Group 36,516 82,567 --- 588 53,431
Reinsurance Losses Recoverable (a) --- 1,297,393 53,087 --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 148,105 3,510,152 397,580 45,735 1,550,371
Corporate --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $148,105 $3,510,152 $397,580 $45,735 $1,550,371
================ ================ ================ ================ ================
Note:(a) Effective January 1, 1993, the Company adopted Financial Accounting
Standard (FAS) No. 113 "Accounting and Reporting for Reinsurance of
Short-Duration and Long-Duration Contracts" which eliminates the reporting
of assets and liabilities relating to reinsured contracts net of
reinsurance ceded balances. Accordingly, reinsured losses and unearned
premiums are to be reported as assets. Assets and liabilities were, as a
result, increased by corresponding amounts of approximately $1.5 billion at
December 31, 2002, $1.3 billion at December 31, 2001 and $1.3 billion at
December 21, 2000. FAS No. 113 did not have any effect on the Company's
results of operations.
(b) Regulatory and related GAAP reclassifications that took effect at the
beginning of 2001 pertained mostly to the recording of estimated premiums
due subsequent to each balance sheet date and had the approximate effect of
increasing accounts receivable by $110.9 million, deferred acquisition
costs by $15.7 million and unearned premiums by $110.9 million as of
December 31, 2001. These changes had no effect on the Company's net income
for 2001.
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION
For the years ended December 31, 2002, 2001 and 2000
($ in Thousands)
--------------------------------------------------------------------------------------------------------------------------------
Column A Column G Column H Column I Column J Column K
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Benefits, Amortization
Claims, of Deferred
Net Losses and Policy Other
Investment Settlement Acquisition Operating Premiums
Segment Income Expenses Costs Expenses Written (b)
------------------------------------- ---------------- ---------------- ---------------- ---------------- ----------------
Year Ended December 31, 2002:
-------------------------------------
Insurance Underwriting:
General Insurance Group $172,577 $852,106 $219,957 $122,459 $1,268,748
Mortgage Insurance Group 65,866 52,934 49,126 97,309 380,430
Title Insurance Group 22,535 40,765 --- 697,997 524,875
Life Insurance Group 6,714 29,089 10,025 11,513 48,303
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 267,693 974,895 279,108 929,279 2,222,359
Corporate 5,003 --- --- 12,213 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $272,697 $974,895 $279,108 $941,493 $2,222,359
================ ================ ================ ================ ================
Year Ended December 31, 2001:
-------------------------------------
Insurance Underwriting:
General Insurance Group $175,773 $748,096 $190,587 $114,929 $1,078,541
Mortgage Insurance Group 63,387 57,028 44,417 72,701 354,147
Title Insurance Group 22,750 25,163 --- 549,112 382,700
Life Insurance Group 7,625 30,248 8,376 14,802 46,475
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 269,536 860,537 243,380 751,544 1,861,864
Corporate 5,233 --- --- 14,040 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $274,770 $860,537 $243,380 $765,584 $1,861,864
================ ================ ================ ================ ================
Year Ended December 31, 2000:
-------------------------------------
Insurance Underwriting:
General Insurance Group $179,864 $665,048 $172,552 $102,646 $885,090
Mortgage Insurance Group 56,811 49,645 45,518 60,099 335,484
Title Insurance Group 24,002 17,560 --- 460,823 307,611
Life Insurance Group 8,588 29,017 10,277 16,832 45,382
Reinsurance Losses Recoverable (a) --- --- --- --- ---
---------------- ---------------- ---------------- ---------------- ----------------
Total Insurance Underwriting 269,266 761,272 228,348 640,402 1,573,569
Corporate 4,727 --- --- 14,230 ---
---------------- ---------------- ---------------- ---------------- ----------------
Consolidated $273,994 $761,272 $228,348 $654,632 $1,573,569
================ ================ ================ ================ ================
Note:(a) Effective January 1, 1993, the Company adopted Financial Accounting
Standard (FAS) No. 113 "Accounting and Reporting for Reinsurance of
Short-Duration and Long-Duration Contracts" which eliminates the reporting
of assets and liabilities relating to reinsured contracts net of
reinsurance ceded balances. Accordingly, reinsured losses and unearned
premiums are to be reported as assets. Assets and liabilities were, as a
result, increased by corresponding amounts of approximately $1.5 billion at
December 31, 2002, $1.3 billion at December 31, 2001 and $1.3 billion at
December 21, 2000. FAS No. 113 did not have any effect on the Company's
results of operations.
(b) Regulatory and related GAAP reclassifications that took effect at the
beginning of 2001 pertained mostly to the recording of estimated premiums
due subsequent to each balance sheet date and had the approximate effect of
increasing accounts receivable by $110.9 million, deferred acquisition
costs by $15.7 million and unearned premiums by $110.9 million as of
December 31, 2001. These changes had no effect on the Company's net income
for 2001.
-8-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE IV - REINSURANCE
For the years ended December 31, 2002, 2001 and 2000
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F
--------------------------------------- ----------------- ---------------- ----------------- ----------------- ---------------
Percentage
Ceded Assumed of amount
Gross to other from other Net assumed
amount companies companies amount to net
----------------- ---------------- ----------------- ----------------- ---------------
Year Ended December 31, 2002:
---------------------------------------
Life insurance in force $ 11,437,301 $ 4,053,693 $ --- $ 7,383,608 ---%
================= ================ ================= ================= ===============
Premium Revenues:
General Insurance Group $ 1,550,929 $ 389,238 $ 22,440 $ 1,184,132 1.9%
Mortgage Insurance Group 432,483 57,333 1,131 376,281 0.3
Title Insurance Group 523,353 (50) 1,471 524,875 0.3
Life Insurance Group:
Life insurance 32,540 8,227 --- 24,312 ---
Accident and health insurance 47,334 22,061 548 25,821 2.1
----------------- ---------------- ----------------- ----------------- ---------------
Total Life Insurance Group 79,875 30,289 548 50,133 1.1
----------------- ---------------- ----------------- ---------------- ---------------
Consolidating adjustments --- (548) (548) --- ---
----------------- ---------------- ----------------- ----------------- ---------------
Consolidated $ 2,586,642 $ 476,262 $ 25,044 $ 2,135,423 1.2%
================= ================ ================= ================= ===============
Year Ended December 31, 2001:
---------------------------------------
Life insurance in force $ 11,575,791 $ 4,075,307 $ --- $ 7,500,484 ---%
================= ================ ================= ================= ===============
Premium Revenues:
General Insurance Group $ 1,282,223 $ 318,823 $ 36,891 $ 1,000,291 3.7%
Mortgage Insurance Group 390,905 38,485 768 353,188 0.2
Title Insurance Group 381,465 141 1,376 382,700 0.4
Life Insurance Group:
Life insurance 37,240 13,757 --- 23,482 ---
Accident and health insurance 44,732 17,544 4 27,191 ---
----------------- ---------------- ----------------- ---------------- --------------
Total Life Insurance Group 81,972 31,302 4 50,674 ---
----------------- ---------------- ------------------ ---------------- --------------
Consolidating adjustments --- (4) (4) --- ---
----------------- ---------------- ----------------- ----------------- --------------
Consolidated $ 2,136,566 $ 388,748 $ 39,036 $ 1,786,854 2.2%
================= ================ ================= ================= ===============
Year Ended December 31, 2000:
---------------------------------------
Life insurance in force $ 11,800,529 $ 4,951,352 $ --- $ 6,849,177 ---%
================= ================ ================= ================= ===============
Premium Revenues:
General Insurance Group $ 1,084,463 $ 252,006 $ 25,382 $ 857,838 3.0%
Mortgage Insurance Group 359,039 29,478 1,929 331,490 0.6
Title Insurance Group 306,809 306 1,108 307,611 0.4
Life Insurance Group:
Life insurance 35,501 13,470 --- 22,031 ---
Accident and health insurance 45,296 13,899 3 31,400 ---
----------------- ---------------- ----------------- ----------------- ---------------
Total Life Insurance Group 80,797 27,369 3 53,431 ---
----------------- ---------------- ----------------- ----------------- ---------------
Consolidating adjustments --- (3) (3) --- ---
----------------- ---------------- ----------------- ----------------- ---------------
Consolidated $ 1,831,110 $ 309,158 $ 28,419 $ 1,550,371 1.8%
================= ================ ================= ================= ===============
-9-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2002, 2001 and 2000
($ in Thousands)
-----------------------------------------------------------------------------------------------------------------------------------
Column A Column B Column C Column D Column E Column F Column G
-------------------------------------- ------------- ---------------- ------------- -------------- -------------- -------------
Reserves for
Deferred Unpaid Claims Discount
Policy and Claim If Any, Net
Acquisition Adjustment Deducted in Unearned Earned Investment
Affiliation With Registrant Costs (c) Expenses Column C Premiums (c) Premiums Income
-------------------------------------- -------------- ---------------- ------------- -------------- -------------- -------------
Year Ended December 31, 2002:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
-------------- ---------------- ------------- -------------- --------------- ------------
$90,092 $1,881,111 $145,737 $580,571 $1,184,132 $172,577
============== ================ ============= ============== =============== ============
Year Ended December 31, 2001:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $80,227 $1,755,597 $151,353 $496,048 $1,000,291 $175,773
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
-------------- ---------------- ------------- -------------- --------------- ------------
$80,227 $1,755,597 $151,353 $496,048 $1,000,291 $175,773
============== ================ ============= ============== =============== ============
Year Ended December 31, 2000:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $53,934 $1,734,650 $151,765 $307,227 $857,838 $179,864
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
-------------- ---------------- ------------- -------------- --------------- ------------
$53,934 $1,734,650 $151,765 $307,227 $857,838 $179,864
============== ================ ============= ============== =============== ============
Note:(a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
(c) Regulatory and related GAAP reclassifications that took effect at the
beginning of 2001 pertained mostly to the recording of estimated
premiums due subsequent to each balance sheet date and had the
approximate effect of increasing accounts receivable by $110.9
million, deferred acquisition costs by $15.7 million and unearned
premiums by $110.9 million as of December 31, 2001. These changes had
no effect on the Company's net income for 2001.
-10-
OLD REPUBLIC INTERNATIONAL CORPORATION AND SUBSIDIARIES
SCHEDULE VI - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS
For the years ended December 31, 2002, 2001 and 2000
($ in Thousands)
--------------------------------------------------------------------------------------------------------------------
Column A Column H Column I Column J Column K
-------------------------------------- ---------------------------- --------------- -------------- ---------------
Claims and Claim
Adjustment Expenses Amortization Paid
Incurred Related to of Deferred Claims
---------------------------- Policy and Claim
Current Prior Acquisition Adjustment Premiums
Affiliation With Registrant Year Years Costs Expenses Written (c)
-------------------------------------- ------------- -------------- --------------- -------------- ---------------
Year Ended December 31, 2002:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $859,634 ($7,101) $219,957 $727,018 $1,268,748
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- -------------- --------------- -------------- ---------------
$859,634 ($7,101) $219,957 $727,018 $1,268,748
============= ============== =============== ============== ===============
Year Ended December 31, 2001:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $793,115 ($44,537) $190,587 $727,630 $1,078,541
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- -------------- --------------- -------------- ---------------
$793,115 ($44,537) $190,587 $727,630 $1,078,541
============= ============== =============== ============== ===============
Year Ended December 31, 2000:
--------------------------------------
(a) Consolidated property-casualty
entities (b) $730,744 ($66,606) $172,552 $700,311 $885,090
(b) Unconsolidated property-casualty
subsidiaries (a)
(c) Proportionate share of registrant
and its subsidiaries' 50%-or-less
owned property-casualty equity
investees (a)
------------- -------------- --------------- -------------- ---------------
$730,744 ($66,606) $172,552 $700,311 $885,090
============= ============== =============== ============== ===============
Note:(a) These amounts are immaterial and have, therefore, been omitted from
this schedule.
(b) See note (a) to Schedule III.
(c) Regulatory and related GAAP reclassifications that took effect at the
beginning of 2001 pertained mostly to the recording of estimated
premiums due subsequent to each balance sheet date and had the
approximate effect of increasing accounts receivable by $110.9
million, deferred acquisition costs by $15.7 million and unearned
premiums by $110.9 million as of December 31, 2001. These changes had
no effect on the Company's net income for 2001.
-10-