Old Republic International Corporation has reported third-quarter 2025 net income of $279.5 million, compared with $338.9 million in the same quarter last year.

Net operating income, which excludes investment gains and losses, rose to $196.7 million from $182.7 million.

Consolidated net premiums and fees earned increased 8.1% year over year to $2.1 billion, while net investment income rose 6.7% to $182.6 million. The combined ratio stood at 95.3%, compared with 95% a year earlier, supported by favorable prior-year reserve development of 2.5 points.

Book value per share, including dividends declared, grew 18.5% from year-end 2024 to $26.19. The annualized operating return on equity was 14.4%, with $115 million returned to shareholders during the quarter through dividends and share repurchases.

Specialty Insurance, the company’s largest segment, posted an 8.1% rise in earned premiums, driven by rate increases, renewal retention, and new business growth. Commercial auto, general liability, and property lines led the expansion, while Canadian travel and trucking premiums declined amid softer economic activity. The segment’s combined ratio was 94.8%.

Title Insurance earned $767 million in premiums and fees, up 8.3% from last year. Commercial premiums accounted for 26% of total title premiums, with a combined ratio of 96.4%.

Old Republic also announced that it has entered into a definitive agreement to acquire Everett Cash Mutual Insurance Co. and its affiliates following ECM's conversion to a stock company.

ECM is a leading farmowners and agricultural insurer operating in 48 states and the District of Columbia. The Pennsylvania-based firm wrote $237 million in direct written premiums in 2024 and held $126 million in policyholders’ surplus.

The deal, expected to close in 2026 pending regulatory and policyholder approval, is projected to be accretive to book value and operating income per share.

Old Republic president and CEO Craig R. Smiddy said the acquisition aligns with the company’s specialty focus and supports profitable growth. ECM president and CEO Randy Shaw added that the partnership will enhance ECM’s ability to expand within the farmowners market.