[ X
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Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934
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[ ]
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Transition Report Pursuant to Section 15(d) of the Securities Exchange Act
of 1934
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SIGNATURES
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Report of
Independent Registered Public Accounting Firm
1
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Financial
Statements:
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Statements
of Net Assets Available for Benefits
at
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December
31, 2008 and 2007
2
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Statements of
Changes in Net Assets Available for
Benefits
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for
the years ended December 31, 2008 and 2007 3
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Notes to
Financial
Statements
4 - 10
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Supplemental
Schedule:
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Schedule
of Assets (Held at End of Year) at December 31, 2008
12
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ASSETS
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2008
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2007
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Investments,
at fair value:
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Pooled
separate accounts
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$ 15,395,964
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$
19,808,664
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Old Republic
International Corporation common stock account
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2,963,229
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3,838,672
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Participant
loans receivable
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504,047
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535,690
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Net assets
available for benefits
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$18,863,240
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$24,183,026
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2008
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2007
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Additions
(reductions):
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Investment
(loss):
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Net
investment (loss) from pooled separate accounts
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$(4,873,327)
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$ 736,411
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Net
depreciation of Old Republic International common stock
account
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(774,019)
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(2,021,355)
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Dividends
from Old Republic International Corporation common
stock
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158,312
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162,050
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Interest from
participant loans
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47,132
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35,705
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Total
investment loss
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(5,441,902)
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(1,087,189)
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Contributions:
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Employer
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277,595
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263,765
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Employee
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1,493,283
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1,392,056
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Rollover
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120,002
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342,940
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Total
contributions
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1,890,880
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1,998,761
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Total
additions (reductions)
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(3,551,022)
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911,572
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Deductions:
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Benefits paid
to participants
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1,767,504
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1,826,510
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Administrative
expenses
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1,260
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3,128
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Total
deductions
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1,768,764
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1,829,638
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Net
decrease
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(5,319,786)
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(918,066)
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Net assets
available for benefits:
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Beginning of
year
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24,183,026
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25,101,092
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End of
year
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$18,863,240
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$24,183,026
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1.
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Description of Plan
(continued)
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Years
of Service
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Vested
Percentage
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Fewer than
1
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0%
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1
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10%
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2
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20%
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3
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40%
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4
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60%
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5
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80%
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6
or More
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100%
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G.
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Participant Loans
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1.
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Description of Plan
(continued)
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H.
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Administrative Expenses
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2.
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Summary of Significant
Accounting Policies
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A.
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Basis of Accounting
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2.
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Summary of Significant
Accounting Policies
(continued)
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3.
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Investments
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December
31,
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2008
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2007
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Prudential
Short-term Bond Fund
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$4,830,730
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$4,186,263
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Old Republic
International Corporation Common Stock
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Account
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2,963,229
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3,838,672
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Prudential
Balanced I Fund / Wellington Management Co.
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Fund
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1,920,595
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2,773,868
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Dryden
S&P 500 Index Fund
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1,914,971
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2,921,374
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Prudential
Large Cap Value / Aronson & Johnson & Ortiz
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Fund
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1,663,664
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2,520,774
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Prudential
Small Cap Growth / TimesSquare Fund
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1,084,674
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1,496,729
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Prudential
Mid Cap Growth / TimesSquare Fund
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1,072,120
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1,683,091
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Prudential
Small Cap Value / Mellon Equity Associates
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Fund
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-
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1,382,794
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T Rowe Price
Growth Stock Fund
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-
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1,320,067
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3.
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Investments
(continued)
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2008
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2007
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Prudential
pooled separate accounts
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$(4,873,327)
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$736,411
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Old Republic
International Corporation Common Stock
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Account
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(774,019)
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(2,021,355)
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$(5,647,346)
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$(1,284,944)
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Level
1
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Investments
include publicly traded common
stocks.
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Level
2
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Investments
include pooled separate accounts.
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Level
3
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Investments
include participant loans.
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3.
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Investments
(continued)
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Assets
at Fair Value as of December 31, 2008
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Level 1
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Level 2
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Level 3
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Total
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Old Republic
International Corporation common stock account
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$2,963,229
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$2,963,229
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Prudential
pooled separate accounts
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$15,395,964
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15,395,964
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Participant
loans
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$504,047
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504,047
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Total assets
at fair value
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$2,963,229
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$15,395,964
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$504,047
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$18,863,240
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Level 3 Assets
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Year Ended December 31,
2008
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Participant loans
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Balance,
beginning of year
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$535,690
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Issuances,
repayments and settlements(net)
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(31,643)
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Balance, end
of year
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$504,047
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(a)
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(b)
Identity of issue
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(c)
Description
of investment
including interest
rate
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(d)
Cost
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(e)
Current
value
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*
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Prudential
Short-term
Bond
Fund
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Pooled
separate account
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**
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$ 4,830,730
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*
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Prudential
Balanced I
Fund
/
Wellington
Management Co.
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Pooled
separate account
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**
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1,920,595
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*
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Dryden
S&P 500 Index Fund
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Pooled
separate account
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**
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1,914,971
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*
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Prudential
Large Cap Value /
Aronson &
Johnson &
Ortiz
Fund
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Pooled
separate account
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**
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1,663,664
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*
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Prudential
Small Cap Growth /
TimesSquare
Fund
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Pooled
separate account
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**
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1,084,674
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*
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Prudential
Mid Cap Growth /
TimesSquare
Fund
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Pooled
separate account
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**
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1,072,120
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*
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T Rowe Price
Growth
Stock
Fund
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Pooled
separate account
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**
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835,039
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*
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Prudential
Small Cap Value /
Mellon Equity
Associates Fund
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Pooled
separate account
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**
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829,276
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*
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Prudential
Core Bond /
PIM
Fund
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Pooled
separate account
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**
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691,130
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*
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Prudential
International Blend / Munder Capital Fund
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Pooled
separate account
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**
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399,307
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*
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Prudential
Mid Cap /
CRM
Fund
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Pooled
separate account
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**
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154,458
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*
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Old Republic
International
Corporation Common Stock Account
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Common
stock
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**
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2,963,229
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*
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Participant
Loans
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Participant
loans, interest rates range from 5.00% to 9.25%, paid in a series of
substantially equal payments over the term of the loan, maturing at
various dates through 2013
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-0-
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504,047
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Total
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$18,863,240
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*Party in
interest
**Cost
information is not applicable for participant directed
investments
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