Old Republic International Corporation

information on the assumptions on certain needs and risks, please refer to the following statements discussion in the press release and the company's other SEC filings and the risk factors discussed in the company's most recent Form 10-K and other recent SEC filings. We may also include references to net income, excluding net investment gains or net operating income, a non-GAAP financial measure, in our remarks or in our responses to questions. GAAP reconciliations are included in the press release. Presenting on today's conference call will be Craig Schmitty, President and CEO, Frank Sidora, Chief Financial Officer, and Callan 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 to your questions. At this time, I'd like to turn the call over to Craig. Please go ahead, sir.

All right, Joe, thank you very much. And good afternoon, everyone. Thank you for joining our call. And welcome again to our second quarter 2025 earnings discussion. Well, our story of strong growth and strong profitability continued through the second quarter of this year. During the second quarter, we produced 267.5 million of consolidated pre-tax operating income, up from 253.8 million in the second quarter of 24. Our consolidated combined ratio was 93.6 compared to 93.5 in the second quarter of last year. In specialty insurance, we grew net premiums earned by 14.6% in the second quarter and produced $253.7 million of pre-tax operating income. That was up from $202.5 million in the second quarter last year. The specialty insurance combined ratio was 90.7 in the quarter, and that compares to 92.4 in the second quarter of last year. In title, despite the continuation of higher mortgage interest rates and a slow real estate market, the title insurance folks grew premiums and fees earned by 5.2% compared to the second quarter last year. And they produced $24.2 million of pre-tax operating income, down from $46 million in the second quarter last year. And title combined ratio was 99 in the quarter compared to 95.4 in the second quarter of last year. And, of course, Carolyn will give us a little more insight into those figures. Our conservative reserving practices continue to produce favorable prior year lost reserve development in both specialty insurance and title insurance. Our balance sheet remains strong, and we continue to invest in our new specialty underwriting subsidiaries as well as in technology and in talent. So with that, as opening remarks, I'll now turn the discussion over to Frank, and Frank will then turn things back to me to cover specialty insurance, and then I'll turn things over to Carolyn to cover title insurance, and then we'll open it up to the Q&A part. So with that, I hand it to you, Frank.

Thank you, Craig, and good afternoon, everyone. This morning, we reported net operating income of $209 million for the quarter compared to $202 million last year. On a per-share basis, comparable year-over-year results were $0.83 compared to $0.76 a 9% increase. Net investment income increased 2.4% as a result of higher yields on the bond portfolio, partially offset by lower invested asset base from returning excess capital, and that included the $500 million paid as a special dividend during the first quarter of this year. Our average reinvestment rate on corporate bonds during the quarter was 5%, compared to the average yield rolling off of about 4%. the total bond portfolio book yield now stands at 4.7% compared to 4.5% at the end of last year. Turning now to loss reserves, both specialty insurance and title insurance recognized favorable development in the quarter, leading to a benefit in the consolidated loss ratio of 2.1 percentage points compared to 2.2 points last year. Within specialty insurance, Workers' comp continued to have strong favorable development and accounted for the majority of the group's total favorable development. Commercial auto and property also had favorable development, while general liability had unfavorable development. However, the year-to-date impact was less than one-half of 1% on the specialty insurance loss ratio. We ended the quarter with book value per share of $25.14 which inclusive of the regular dividend, equated to an increase of just over 12.6%, resulting primarily from our strong operating earnings and higher investment valuations. In the quarter, we paid $71 million in regular cash dividends. We did not repurchase any shares during the quarter, and our repurchases since the end of the quarter were not material, so that left us with just over $200 million remaining in our current repurchase program. I'll now turn the call back over to Craig for discussion of specialty insurance.