Heartland’s investment journey with Old Republic International

Old Republic International's book value per share will grow by at least 8% year-over-year within 12 months, demonstrating capital accumulation and operational profitability supporting Heartland's long-term value investment thesis.

Old Republic International will maintain or increase its combined ratio below 95% in the next two fiscal quarters (Q3 2024 - Q4 2024), indicating operational efficiency improvements that justify Heartland's value thesis.

Heartland Advisors' investment in Old Republic International (ORI) will outperform the S&P 500 by at least 5% annually over the next 12 months due to undervaluation and operational improvements in the insurance segment.