S&P affirms Old Republic

Standard & Poor's said it affirmed the A+ issuer and financial strength ratings on the rated members of the Old Republic General Insurance Group.

The outlook was revised to stable from negative.

The agency also said it affirmed Old Republic International Corp.'s BBB+ rating and revised the outlook to stable from negative.

Although the company has suffered from the soft pricing cycle and recessionary environment, its performance has improved significantly through the first half of 2011, S&P said.

The company's operating performance remained consistently solid throughout the soft pricing cycle, the agency said.

The stable outlook reflects our belief that ORG will continue to face difficult market conditions and anemic top-line growth, Moody's added, but maintain solid results.

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