Old Republic International Corporation

Good day and welcome to the Old Republic International Third Quarter 2020 Earnings Conference Call. This conference is being recorded. At this time, I would like to turn the conference over to Joe Calabrese with MWWPR. Please go ahead.

Thank you. Good afternoon, everyone, and thank you for joining us for the Old Republic Conference Call to discuss Third Quarter 2020 results. This morning, we distributed a copy of the parts release and posted a separate statistical supplement which we assume you have seen and or otherwise have access to during the call. Both of the documents are available at Old Republic's website, which is www.oldrepublic.com. Please be advised that this call may involve all of these statements as discussed in the press release and statistical supplements dated October 22nd, 2020. Risk associated with these statements can be found in the company's latest SEC filings. This afternoon's conference call will be led by Craig Smitty, President and CEO of Old Republic International Corporation, and several other senior executive members as planned for this meeting. At this time, I'd like to turn the call over to Craig Smitty. Please go ahead, sir.

Craig Smitty Thank you, Joe. Well, good afternoon, everyone, and welcome again to Old Republic's third quarter earnings call. With me today, we have our CFO, Carl Miller, and Carolyn Monroe, the president of our title insurance group. So we're obviously very pleased with the results we posted for this quarter, especially the record performance we saw in the title insurance group, along with the improvement in the underwriting profit in the general insurance group. Overall, a very strong quarter with $0.62 of operating income per share and a consolidated combined ratio of 92%. Although growth in net written premiums returned to our general insurance group this quarter, the pandemic has made it difficult to grow general insurance's net earned premiums this year. However, our title insurance group set yet another production record this quarter and year-to-date. So we continue to see the benefits of our strategy to focus on the PNC and title markets, delivering a diverse portfolio of specialty products combined with an exceptional customer service record in each of these markets. As demonstrated in our results, this strategy continues to contribute to our track record of more consistent growth and profitability when we combine the two. So at this point, I'll turn the discussion over to Carl to review our overall consolidated financial results. Then he'll turn things back to me to cover the general insurance group, followed by Carolyn, who will discuss the title insurance group, Then we open up to Q&A. So with that, Carl.