ori CANNOT escape the liabilities of the cci business
You don't understand, there is no liability on ORI by their mortgage insurance business. The people that are selling off today do not understand that the liability to the company is now ZERO. The ONLY effect this has on the business is that the bankers might want to call the loans in because one part of the company fails, in which case ORI would have to refinance. Wooopie dooo
You're right in that the RFIG business includes the CCI numbers, but ORI via the general insurance business is responsible for managing the runoff of CCI and not the Mortgage Insurance business (which I called RFIG, but you are correct in that it should be called MI).
In the earnings press release though, they show the General Insurance Business results with and without the CCI business so you can see how profitable the remaining general insurance business will be once the CCI runoff is complete.
The CCI business is part of the ORI general business. The RFIG is not. Both are in runoff, but there is no commitment to support RFIG whereas there is to support CCCi
This is detailed in the rpess release in the section titles:
General Insurance Results – Operating earnings, with or without the CCI run-off business were lower in this year's third quarter and first nine months. Key indicators of year-over-year performance are shown in the following table.