Sure wouldn't sell down here, but hard to know whether to buy.
It sounds like the risk of the liabilities of the RFIG business coming back to ORI corporate are pretty much 0 and the yield is very good, but the GAAP earnings will likely look poor for a few years which means when people screen for stocks, they are likely just to dismiss ORI without understanding their story. Could make it hard for the stock to move upwards.
you're getting almost a 9% yield here - and they have a very strong history of raising dividend - so you are very likely to get a 12% return on dividend and dividend growth alone - I'll take that any day.
As far as the bond contingency issue, why should they renegotiate when its not an issue and most likely never will be an issue? There's a cost to any bond amendment. And if the bonds were called, it would be very easy for them to refinance through cash on hand and new financing.