Good afternoon, ladies and gentlemen. Thank you very much for standing by. Welcome to the Old Republic International Third Quarter 2011 Earnings Conference Call. Today’s call is being recorded. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. I’d like to remind everyone that this conference is being recorded. I would now like to turn the conference over to Scott Eckstein of the Financial Relations Board. Please go ahead.

Thank you operator. Good afternoon and thank you for joining us today for Old Republic’s conference call to discuss third quarter 2011 results. This morning we distributed a copy of the press release. If there is any one online who did not receive a copy, you may access it at Old Republic’s website, which is www.oldrepublic.com. Please be advised that this call may involve forward-looking statements as discussed in the press release dated October 27, 2011. Risks associated with these statements can be found in the company’s latest SEC filings. Joining us today from management are Al Zucaro, Chairman and Chief Executive Officer and Chris Nard, President. At this time, I’d like to turn the call over to Al Zucaro for his opening remarks. Please go ahead.

Thank you and good afternoon to everybody and again welcome to our quarterly session here. We’ll make a few comments as usual about each of our segments and then we’ll, as well as the overall business I might say, and then we’ll respond to your questions. It goes without saying that we are not very happy in being bearers of bad news. But the numbers are the numbers and they are ours to both own and to explain. As you’ve seen in the release this morning, our business continues to be most negatively impacted by the Mortgage Guaranty line. Title Insurance is producing a small profit as you can tell and the operating trends in it are positive just as they’ve been since 2009. General Insurance our biggest segment both in terms of capital commitment, revenues, et cetera, et cetera, is also showing more positive results each quarter, and this is particularly so from the standpoint of the all important underwriting portion of the income statement. Looking first at General Insurance then, the underwriting ratio has been now below 100% for the third consecutive quarter and this is a good news item for this part of our business which those of you who follow our company know has been running a bit of an underwriting fever in the last two years. We were underwriting profitable through 2008 and dipped into negative underwriting territory in ‘09 and ‘10 and as I say, these first three quarters of this year have been on the profit side of the ledger, so we feel good about that. As you can see in the General Insurance section of the release obviously the consumer credit, or CCI product line, has become a lot less burdensome to the segment’s loss ratio during the past several quarters. General…

Good afternoon, everybody. As everyone knows from our discussion last quarter and our most recent 8-K filing on the matter, Old Republic’s Mortgage Guaranty business was put into run-off effective August 31st of this year. Our flagship mortgage insurance carrier which operates as Republic Mortgage Insurance Company had been operating under a waiver to the minimum risk to capital ratio standards by the North Carolina Department of Insurance. That waiver officially expired at the end of August of this year. And in relation to that, we were also unable to secure an agreement with Fannie Mae or Freddie Mac for the purpose of writing Mortgage Guaranty business in a separately capitalized and held Mortgage Guaranty subsidiary of Old Republic. Give these recent events, we’re currently in the process of working with the North Carolina Department of Insurance who is our flagship’s primary regulator for the purpose of implementing an effective run-off plan for the business. Our objective when it comes to that is to contain the impact of the run-off within the constraints of the existing capital commitment to this segment, and to obviously assure the fairest of all treatments to all the policyholders of the Mortgage Guaranty business and its claimants. I’ll take a second, if you look at the trends in the Mortgage Guaranty business for the quarter, the quarter and the year-to-date comparisons continued to deteriorate from the prior periods. These negative trends, if you set aside the impact of the one-time charges for the quarter, continue to be driven by the elevated claim payment levels we’ve seen really since the third quarter of 2010, changes to our reserve provisions that are driven by reduced levels of rescission expectations and a continuing decline in the operating revenues that we’ve seen up until the point that we put…

Okay, so let’s see. Before we turn this session to your questions I think it would be appropriate to address, perhaps reiterate, a couple of issues that are probably on the minds of many that follow our company and have an interest in it. First of all, as Chris just mentioned, our objectives in dealing with the run-off of our Mortgage Guarantee book of business. It bears repeating that our three Mortgage Guaranty carriers and we have three; Republic Mortgage Insurance Company, which Chris mentioned, we have something, a second tier company called Republic Mortgage Insurance Company of North Carolina, and third tier company, Republic Mortgage Insurance Company of Florida. All three companies are licensed in all or substantially all of the jurisdictions in this country, and are able to do business therefore in most if not all states. But and as we speak, each of those three companies are very much solvent and to our knowledge there are no imminent threats, nor is there any basis for a regulatory authority to take over one or more of them. We have always had, and continue to have, very open and clearly transparent communications with the North Carolina regulator of our two most significant Mortgage Guaranty insurers. And that department knows exactly the proposal we have in mind for achieving a run-off of the business which is to be concentrated in our flagship carrier in such a fashion, as Chris again says, that it achieves a soft landing as opposed to a thud of the operation, and minimizes disarray for all interested parties. And most importantly, the policyholders that are to whom we owe the most important fiduciary obligation in all of our companies. We do not as yet have an agreement with the insurance department on all the elements of…

All right. Well, thank you very much. (Operator Instructions) All right, we just had a caller queue up. We will go to Geoffrey Dunn with Dowling & Partners. Geoffrey Dunn – Dowling & Partners: Thanks. Al, can you give us an indication which way North Carolina is leaning? We’ve seen two different approaches from two different states on implementing a DPO and whether or not they need to seize control. Has there been precedent in the past with North Carolina or is there any kind of preliminary indication that you can talk about?

Well, generally speaking, Geoff, there have been, as you know, very few run-off situations in the Mortgage Guaranty business, first of all because it’s a small relatively small industry. And to boot they have only been to, as I recollect, two companies, now three if you include Triad, and four if you include PMI which is just a budding type of situation as you know. So the point of this is that whatever you end up doing you are really breaking new ground, but the precedents are there, you know for running off these types of long duration types of contracts. And as you are, as I am sure others also are aware, a good precedent was set with respect to the Triad Corporation, which is an Illinois based company, and it has been able to meet a portion of its obligations since what, 2008, as I recall. And it has been done through what’s referred to as a deferred payment obligation type of approach to the business meaning that, in its case at least, as we understand it, it pays 60% of whatever claims it honors and then issues a note with respect to the remaining 40%. The 40% note being payable sometimes in the future, when, if and when, cash becomes available. So now with respect to our dealings with the North Carolina department we cannot speak for it. But as we tried to say before, we believe we have a very good transparent relationship with that department. They are fully aware of what we are trying to do, to achieve as I described before, a soft lending which minimizes the impact on our policyholders and claimants. And that we sense that they are very much inclined to see their way to working with us to achieve that objective. So as to where we end up, only time will tell. We think that in the next couple of months certainly by, hopefully by the end of this year, we should have our situation resolved one way or the other. Geoffrey Dunn – Dowling & Partners: Okay thanks Al.

(Operator Instructions) And there are no further questions at this time.

Well, I think we must have done a great job of addressing whatever questions were out there if there are no questions from our audience. As always, we appreciate your visiting with us, and as always, we hope that the next time around we’ll have somewhat better news than we have been delivering now for just too many quarters. So on that note, we’ll bid you farewell until the next time. You all have a good day.

Great, thank you very much. Well, again ladies and gentlemen, that does conclude today’s conference.