ORI is down around 10 percent just in the past couple of days. I agree w/the other posters, a great buying opportunity, which I took advantage of when it hit 16. Dividend bump is a holy grail for the company and even if it is just a .01 per quarter raise, they will push it up for 2008. You also have to wonder whether, at current levels, it is not an inviting takeover target for Buffett or similarly minded investors who love steady cash flows in safe industries like insurance.
Add me to the list. Bought more yesterday, too. I do expect earnings to be weak, whatever that means. Otherwise I doubt that we would have fallen this much. But it's totally irrelevant to me long-term since general insurance is the primary business. That goes in cycles, but around a long-term uptrend. This is a stock to buy on dips and hold for years (or decades).
It wouldn't surprise me if ORI became a takeover target, since another insurer would have a long-term perspective and could be getting it dirt cheap. But I have nothing to indicate that it is.