Old Republic Says Regulator Approves 60% Cash Payout on Claims

Old Republic International Corp. (ORI), the insurer that stopped backing new home loans, said its regulator in North Carolina approved a plan to allow for cash payment of 60 percent of settled mortgage-guaranty claims.

The remainder will be covered through a deferred payment obligation, the Chicago-based company said today in a statement distributed by PR Newswire.

To contact the reporter on this story: Noah Buhayar in New York at nbuhayar@bloomberg.net

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

Bloomberg reserves the right to edit or 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.