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ORI > SEC Filings for ORI > Form 8-K on 13-Oct-2011All Recent SEC Filings

Show all filings for OLD REPUBLIC INTERNATIONAL CORP | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement.

On October 12, 2011, two of the Registrant's mortgage guaranty insurance subsidiaries, Republic Mortgage Insurance Company and Republic Mortgage Insurance Company of North Carolina each voluntarily entered into an agreement with the North Carolina Department of Insurance to discontinue writing or assuming any new mortgage guaranty insurance business in all states. Both companies are North Carolina corporations. Each had temporarily suspended the writing of new business as of August 31, 2011, while in discussions with the regulators and Fannie Mae and Freddie Mac. The discontinuation is not expected to affect the administration of existing business. New business volume had been declining for the past several years, reflecting the downturn in overall mortgage originations, lower penetration by the mortgage guaranty insurance industry of the nation's current mortgage market, and the affects of more selective underwriting guidelines employed since late 2007.

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