Old Republic International Corporation

Thank you for standing by and welcome to the Old Republic International first quarter 2026 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 this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I'd now like to turn the call over to Joe Calabrese with the Financial Relations Board. You may begin.

Thank you, Rob. Good afternoon, everyone, and thank you for joining us for the Old Republic conference call to discuss first quarter 2026 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 oldrepublic.com. Please be advised that this call may involve forward-looking statements as discussed in the press release dated April 23rd, 2026. Assumptions, uncertainties, and risks exist that may cause results to differ material from those set forth in these full-looking statements. For more information on these assumptions, uncertainties, and risks, please refer to the full-looking statements discussion in the press release and the company's other recent 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, And our remarks are in response to questions. GAAP reconciliations are included in the press release. Presenting on today's conference call will be Craig Smitty, President and CEO, Frank Sadara, 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'd like to turn the call over to Craig. Please go ahead, sir.

Okay, Joe, thank you very much. Good afternoon, everyone, and welcome again to Old Republic's first quarter 2026 earnings call. In the quarter, we produced $211.5 million of consolidated pretax operating income compared to $252.7 million. And our consolidated combined ratio was 96.6 compared to 93.7. For the quarter, our operating return on beginning equity was 11.5%, and growth in book value per share, including dividends, was 2.6%. Specialty insurance grew net premiums earned by 4.7% over the first quarter of 25 and produced $209 million of pre-tax operating income compared to $260 million. Specialties combined ratio was 94.8 compared to 89.8. Title insurance grew premiums and fees by 12% over the first quarter of 25 and produced 16.7 million of pre-tax operating income compared to 4.3 million. Titles combined ratio was 100 compared to 102. Our conservative reserving practices continue to produce favorable prior year loss development in both specialty insurance and title insurance. And Frank will provide more details on that topic. So with that, Frank, I will turn the discussion over to you and then you can turn them back to me to cover specialty insurance and we'll have Carolyn cover title insurance.