It does appear that things are turning positive with ORI. While there is much confusion in the world economy right now, nothing seems to overly impact ORI in either a good or bad way...and that is fine as long as the Div's keep rolling in.
I take it that since ORI is not collapsing like everything else, that is a good sign. It seems that this boring old company might be a good place to have money right now.
Personally, I don't care if they drone on like Ben Stein in Ferris Bueller's Day Off if they produce good results.
The quarter is particularly good given no contribution from RFIG compared to 8c from that segment in Q1. This means a run rate of 32c/Q is now being achieved from core businesses. It's making my $18 target quite conservative at a 14x multiple.
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Flooding isn't usually covered under a H O policy. ORI most likely has Re- insurance for catastrophes over a certain limit, $5Bill or $10 Bill - whatever they consider to be risk that could cause them insolvency or hardship.