Net premiums and fees earned were $726.6 million for the first quarter, improving from $663.6 million reported during the year-ago period.

The first-quarter consolidated net investment income was $70.5 million, up slightly from one year ago. The company said the continuing low-yield environment has hurt the investment income, diluting the benefit of the insurer's growing invested asset base.

Among its business units, the General Insurance Group reported the strongest results for the quarter. This unit, which mostly underwrites commercial property and liability insurance coverage, posted a 25.1 percent rise in pretax operating income, to $74.3 million for the quarter.

Net premiums earned for the quarter were reported at $376.5 million, up 20 percent from $313.9 million reported one year earlier. The composite underwriting ratio for the quarter was 93, down from 94.8 posted a year earlier.

Old Republic attributed General Insurance Group's positive underwriting results for the first quarter to improved pricing and risk selection standards that have been applied since 2001, the reduced loss frequency and severity, as well as the well-controlled expenses for general insurance coverages.

Old Republic offers general insurance, including commercial property-casualty and auto insurance, general liability, and workers' compensation to transportation, construction and energy services companies.