Old Republic International Corp. pointed to increasing workers' compensation claim costs, including settlements, as one driver behind an 8.5% decrease in net income in 2014.
The company, which oversees several workers' compensation-underwriting subsidiaries, reported that its net income fell from $447.8 million in 2013 to $409.7 million last year in its annual report. While revenues declined 0.7%, the document faulted rising costs more for the drop in income.
In its general insurance segment – its largest book of business – it recorded a 15.3% jump in benefits, ...
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