Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Old Republic International First Quarter 2012 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 in for questions. I would now like to turn the call over to Mr. 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 first quarter 2012 results. This morning, we distributed a copy of the press release. If there is anyone online who did not receive a copy, you can 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 April 26, 2012. Risks associated with these statements can be found in the 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 Mr. Al Zucaro for his opening remarks. Please go ahead.

Thank you very much and good afternoon to everyone. And welcome once again to this quarterly update of ours. As we have done for a while, I’ll speak to General Insurance and then the consolidated business. And Chris will speak to our mortgage guarantee and title insurance, again, as he has done on many past occasions. Just to go back a little bit, a little more than a month or so ago, we put out the news that we would on the one hand, mailed the consumer credit indemnity or CCI insurance division that’s been part of our General Insurance since the 1950s, when it was first started. And that would melt that business with our mortgage guarantee segment, which incidentally we have renamed the Republic Financial Indemnity Group Inc. or RFIG. As we speak, we have not -- as we indicated in the release this morning, we have not as yet completed this inter-segment transfer. So we’re still reporting the CC line -- CCI line as part of the General Insurance segment. However, if you -- if you -- as you read this morning’s earnings release, you’ll see that we have shown the most important effects of the CC line -- CCI line on the General Insurance results. And of course, these are mostly shown in terms of the all important impact that that coverage has on the overall underwriting results of our General Insurance Group. So when you look at what we have written in the supplemental table on the pages three and four of the release this morning, you can readily see that the CCI line has been having a progressively less honorees impact on the segments underwriting account, and that’s of course a positive outcome. In that line we still had as we discussed in our…

Good afternoon, everybody. As we’ve mentioned in our last two calls, the Old Republic primary mortgage guaranty subsidiary, which is Republic Mortgage Insurance company, has been in run off status since the end of August, in 2011. And since mid January of this year, the business has been operating under an order of supervision from the North Carolina Department of Insurance. That order instituted a deferred payment obligation construct at the company which resulted in us limiting the cash portion of the claim payment under any policy issued by the flag ship to a 50% cash payment. The remaining 50% of the claim is deferred. And it’s credited to a temporary surplus account on the books at Republic Mortgage Insurance company. In recognition of the current status of Republic Mortgage insurance company, our focus has been and continues to be on achieving an effective run-off of that existing book of business. As we have said in the past, the goal remains to limit that run-off within the constraints of the capital that’s committed to that segment, while assuring at the same time the absolutely fairest treatment to all the policy holders of the company. Take a second and let me switch to the operating side of the business for the first quarter. On the operating side, the mortgage guarantee sub, the trends present in the first quarter of the year compared to the first quarter of 2011 were favorable and benefited largely from what we’ve continued to see as a downward trend in newly reported delinquents, some welcome stability in the tier ratios and in the quarter, first quarter-to-first quarter, comparisons, a significantly lower claims paid component. The earned premium line on the other hand continues its negative trends. And it was down about 90.5% in that first quarter-to-first quarter…

Okay. There isn’t much that we can add to what we have said. I’ll just say that from a consolidated financial standpoint and the Old Republic level. There’s very little change in between year end ‘11, and the end of the first quarter of 2012 on our balance sheet. We have plenty of liquidity, specifically plenty of liquidity to certainly pay off the $316 million of convertible debt that’s coming due around mid May in a couple -- two or three weeks from now. The investment portfolio is as clean as it’s ever been. We’ve got good market appreciation built into the balance sheet, on the bond portfolio in particular. The cash flow of the entire business in the first quarter was very positive. With both general insurance and title insurance positive cash flow more than offsetting the mortgage guarantee negative cash flow, but on the other hand, that itself was in much better shape this year. We had about a $73 million negative cash flow and mortgage guarantee versus almost 130 in the first quarter of last year. So things are looking a little better from a cash flow standpoint there. And then I might to say again, our loss reserves not just in general insurance but throughout the system are still playing out very well and for each of our segments and in the totality of our business. So, as we like to say, we don’t have to pay the Piper for yesterday’s claims. The reserves are standing up very well. We’re moving ahead with the previously announced separation of the CCI and mortgage guarantee lines, which as we said before. We are in process of melting together. And we should be able to execute on that separation of that part of the business in the next couple of months or so. Certainly, it will come late mid year, July or so, we should have that objective met. Let’s see. I think that’s about the extents of the notes that I have here. Also, as was announced initially, we’ll open it up to your questions.

Thank you. (Operator Instructions) And we’ll take our first question from Jim Ryan with Morningstar. Jim Ryan – Morningstar: Good afternoon.

Hi. Jim Ryan – Morningstar: Just a quick question regarding the change with the mortgage insurer and the CCI, do you anticipate any changes in how you report for example, would it be considered discontinued operations or is there anything that would effect the way the income statement would look?

Yeah. The general rule is that you start reporting only business as a discontinued operation the moment you have, in fact, effectively separated the equity ownership. So you have to sell the business or dispose of it in some fashion before you can do that. So we have every expectation that with the separation of the business, then we would report it as a discontinued operation, as well as any remnants of the business that may stay behind following that separation. So the best we could do at this point in time was to -- was to do what we did back in mid March, which was to telegraph what the company would look like, both in terms of the segments as well as the consolidation when we the separation takes place. And we will continue to update those schedules. But until the separation actually occurs, we have to report on a historical consolidated basis. Jim Ryan – Morningstar: Okay. And secondly, it appears the title industry is starting to turn around. You are doing well. Your competitors have already reported very good earnings. Do you see any opportunities going forward that you might be able to take advantage of?

Well, I think on the positive note, what you are seeing in the title business, is a lot of refinance activity. I mean, we see rates at historically low rates and as Al mentioned when we think about the investment portfolio, we don’t really see that changed any time soon that’s obviously a big boom to refinancing. On top of that, you’ve got this government program called HARP that allows people to take advantage of the low rates. Even though they may not have any equity in the property, that’s been a huge plus to the title business and also to the mortgage guarantee business. It allows some of these higher rated loans to refinance too much lower rates. And then on the title insurance side, our West Coast operations we run largely an agent focused title business. But we do have a large direct operation on the West Coast particularly in the San Francisco area. And on the San Francisco housing market has been very good. So we think the big plus for us is been the growth in share over the last few years, and to be able to essentially garner the benefit of the increased share now that the market seems to have recovered some in these few quarters. Jim Ryan – Morningstar: Thank you very much.

(Operator Instructions) And we will take our next question from Bill Laemmel with Divine Capital Markets. Bill Laemmel – Divine Capital Markets: Hello.

Hi, how you doing, Bill? Bill Laemmel – Divine Capital Markets: Well, it sounds better. One of the better things I noticed was that the weather is been quite mild nationwide.

Yeah. Bill Laemmel – Divine Capital Markets: And with all those trucks out there, in the past that’s benefited your property operations, is that occurred this so far?

Frequency seems to be under control. Severity is up a little bit, again, as I said before, pretty much across the board. Not just in the trucking area, when it comes to health related types of claim costs. But other than that our claim costs are pretty stable and we don’t have as yet as many accidents. As you know, though, as economic activity picks up and as more trucks on the road for longer periods of time that tetra you are bound to ultimately get some more claims, activity. But so far we haven’t seen anything of significance yet. Bill Laemmel – Divine Capital Markets: Thank you. And what other item on the class action suit -- that really puzzled me, since you’ve always been very timely on your liabilities. I just wonder are there any comments there?

Well, the thing we’ve done, Bill, is to state as best we can, the nature of those -- of that litigation in our 10-K. And I would just point you to that, as being the latest -- bit of information that we have on claims activity I mean, being in the insurance business, we’re natural recipients of claims. And I guess we have our share like everybody else. Bill Laemmel – Divine Capital Markets: Okay. And thank you. Although…

Yeah. Bill Laemmel – Divine Capital Markets: Good quarter.

Yeah. Okay. Take care.

And we have no further questions in the queue. I would like to turn the call back over to management for any additional or closing remarks.

So as excited are we -- we made all the comments that we were think -- we thought were worthy of attention. So as always, we appreciate your interest in our company and look forward to our next visit following the second quarter release. So you all have a good afternoon.

That does conclude today’s conference. Thank you for your participation.