Old Republic International Corporation

We'll now hand the call over to Joe Calabrese with the Financial Relations Board. Please go ahead.

Thank you. Good afternoon, everyone, and thank you for joining us for the Old Republic Conference Call to discuss third 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 October 22nd, 2026. Assumptions, uncertainties, and risks exist that may cause results to differ materially from those set forth in these forward-looking statements. For more information on these assumptions, uncertainties, and risks, please refer to the forward-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. You 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 responses to questions. GAAP reconciliations are included in the press release. Presenting on today's conference call will be Craig Smiddy, President and CEO Frank Sodaro, 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. And good afternoon, everyone, and welcome again to Old Republic's third quarter earnings call. during the quarter we produced 227 million dollars of consolidated pre-tax operating income and that compares to 248 million and our consolidated combined ratio was 96.1 and that compares to 95.3 our annualized operating Return on beginning equity continues to stand at 12.1. That's identical to last quarter. And for the first nine months of the year, growth in book value per share, including dividends, stands at 5.7%. We continued to benefit from favorable prior year reserve development, both in specialty insurance and title insurance. And we think this continues to reflect our underwriting and reserving discipline. And as usual, Frank will provide more detail on reserve development in a few minutes. Specially insurance net premiums earned were 9.7% higher compared to the third quarter of 25. But later in the call, when I discuss specialty, I'll provide a little more context around that premium growth for you. Specialty produced $204 million of pre-tax operating income and that compares to $208 million with a combined ratio of 96, which compares to 94.8. For specialty, competition remains active across much of the marketplace, although conditions do vary by line of coverage. and legal system abuse continues to put pressure on severity loss trends on our liability lines of coverage. And frankly, those trends are more relevant to us than the competitive environment. In title, title net premiums and fees earned were 7.3% higher compared to the third quarter of 25. and Title produced 50 million of pre-tax operating income compared to 46 million with a combined ratio of 96.1 compared to 96.4. So while Title continued to produce solid results, the recent increase in mortgage interest rates does create some uncertainty regarding transaction volumes as we go forward. But we think our title business has demonstrated over many decades an ability to remain profitable and adapt through a variety of housing and mortgage rate environments. And of course, Carolyn will provide additional perspective on the market and titles operating results later in the call. So with that, Frank, I think I'll turn the discussion over to you. and then you can turn it back to me to discuss specialty and we'll follow that with Carolyn who'll discuss title. So Frank, over to you.