Old Republic Says Mortgage-Unit Supervision Not a Default Event

Old Republic International Corp. (ORI), the Chicago-based insurer, said increased oversight of its Republic Mortgage Insurance Co. unit by a North Carolina regulator isn’t considered a default.

“Supervision, unlike receivership, does not constitute an event of default by RMIC or its parent holding company with regard to any of their respective debt obligations,” Old Republic said today in a regulatory filing.

To contact the reporter on this story: Andrea Ludtke in New York at aludtke@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.