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Old Republic’s Zucaro Says ‘Worst Is Over’ for Mortgage Insurer

Sept. 24 (Bloomberg) -- Old Republic International Corp., the firm that stopped backing new home loans, said its mortgage insurance unit may return to profit in 2014 as it collects premiums and pays claims on policies sold in prior years.

“We’re reasonably confident that the worst is over and that the MI segment in runoff will, more likely than not, turn the corner into profitability sometime in 2014,” said Aldo Zucaro, chief executive officer of Chicago-based Old Republic, in a conference call today.

To contact the reporter on this story: Susanna Pak in New York at spak10@bloomberg.net

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

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