Old Republic is a Chicago-based insurance holding company with two core businesses: Specialty Insurance and Title Insurance. Specialty Insurance is a commercial lines P&C insurer focused on businesses, governments, and institutions across specific industry verticals — most notably transportation, construction, healthcare, and energy. The two largest product lines are commercial auto (primarily long-haul trucking) and workers' compensation, with Old Republic actively diversifying into property, general liability, financial indemnity, E&S, cyber, and agricultural specialty through roughly 18 operating companies. Title Insurance insures real estate buyers and lenders against losses from title defects, with policies issued for a one-time premium at closing; Old Republic also provides escrow, closing, and default management services. Specialty Insurance generates the large majority of earnings and is distributed almost entirely through independent agents and brokers. Title Insurance is distributed through a mix of direct branch offices and independent title agents, the latter retaining most of the premium as their fee. Old Republic's Specialty segment earns underwriting profit plus investment income on float, targeting a combined ratio of 90–95% over a cycle; it invests conservatively in investment-grade fixed income and dividend-paying equities. Title profitability is thin and highly volume-sensitive, with residential activity driven by mortgage rates. Old Republic's growth strategy in Specialty follows an "inch wide, mile deep" model, with each operating company developing deep expertise in a narrow niche; the company has added roughly five new operating companies in recent years and is acquiring Everett Cash Mutual, a farm and agricultural insurer.