Old Republic Says Regulator Approves 60% Cash Payout on Claims

Dec. 3 (Bloomberg) -- Old Republic International Corp., 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