Old Republic International Corporation

Ladies and gentlemen, thank you for standing by my name is abby and I will be your conference operator today at this time, I would like to welcome everyone to the old Republic international first quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session, if you would like to ask a question during that time simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. Thank you. And I would now like to turn the conference over to Joe Calabrese with the Financial Relations Board. You may begin.

Thank you. Good afternoon, everyone. And thank you for joining us for the Old Republic Conference Call to discuss first quarter 2025 results. This morning, we distributed a copy of the press release and posted a separate financial supplement. Both of the documents are available on Old Republic's website at www.oldrepublic.com. Please be advised that this call may involve follow-up of these statements as discussed in the press release and financial supplement dated April 24th, 2025. Risk associated with these statements can be found in the company's latest SEC filing. Presenting on today's conference call will be Craig Smitty, President and CEO, Frank Sidora, Chief Financial Officer, and Carolyn Monroe, President and CEO of Old Republic's National Title Insurance Group. Management will make some opening remarks, and then we'll open the line for your questions. At this time, I would like to turn the call over to Craig. Please go ahead, sir.

Okay. Well, thank you very much, and good afternoon, and welcome again to Old Republic's first quarter 2025 earnings call. Well, Old Republic started the new year much like we finished last year with the continuation of an upbeat story of growth and profitability. During the first quarter, we produced 252.7 million of consolidated pre-tax operating income. That's up from 231.5 million in the first quarter of 2024. Our consolidated combined ratio was 93.7 and that compares to 94.3 in the first quarter last year. Specialty insurance grew net premiums earned by 13% in the first quarter and produced $260 million of pre-tax operating income. That's up from $220 million last year. And the specialty insurance combined ratio was 89.8 in the quarter compared to 90.3 last year. In title, despite the continuation of higher mortgage interest rates and a tight real estate market, the title insurance folks grew premiums and fees by 11% in the first quarter and produced 4.3 million of pre-tax operating income which is up 2.3 million from last year. The title insurance combined ratio was 102.1 in the quarter compared to 102.5 last year. Our conservative reserving practices that we talk about continue to produce favorable prior year loss reserve development in both specialty insurance and title insurance. Frank will provide a little more detail on that later. Our balance sheet remains strong, even as we've returned capital to shareholders through both dividends and share repurchases. And here, too, Frank will provide a little more color around that. That all happens while we continue to return excess capital to shareholders and invest in new specialty underwriting subsidiaries, technology, and talent. I will now turn the discussion over to Frank for some more color and details around those comments. And then Frank will turn things back to me to cover specialty insurance. And that will be followed by Carolyn, who will discuss title. And then we'll open up for some conversation and Q&A. So, Frank, with that, I will hand it over to you.