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Strategies & Market Trends : Value Investing

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To: MCsweet who wrote (28578)	10/17/2007 12:07:34 PM
From: Paul Senior	Read Replies (2) of 78748

ORI. As far as I can determine, ORI has not commented yet on their subprime/alt-a exposure. ORI consciously tries to diversify risk (they say), so I'm guessing and betting exposure is not significant to the balance sheet. Although ORI is primarily a p&c insurer, ORI has a title insurance operation. That's not good given the housing slowdown. ORI has a mortgage insurance operation. It "insures loans for the purchase or refinancing of homes when the amount borrowed exceeds 80% of the property's value." These days, that sounds pretty dangerous. I don't find info. though that's clear on the scope of the insurance operation (One chart on their website seems to indicate about 13 percent of premiums written.), or the terms and conditions of their insurance. For example, are they insuring the principal amount; or are they insuring the payments, and if payments - for how long; are they off-loading anything to reinsurers, etc.? oldrepublic.com ---- Stock has dropped again today to a little above $18 now. I'm adding a few more shares.

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