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    Evan Tindell • Bireme Capital

    Evan Tindell is the Co-founder and Chief Investment Officer at Bireme Capital, specializing in long/short value investing with a concentrated portfolio approach. He has covered specific companies such as Airtel Africa, Meta, Bollore, Vivendi, and has generated notable returns, with Bireme's flagship Fundamental Value strategy compounding at 26% net of fees since its 2016 inception and returning 48.5% in 2021. Tindell began his career as a professional poker player, transitioned to a lead equity analyst role at Ballentine Capital for seven years, and then founded Bireme Capital in 2016. He graduated from MIT with a BS in Mechanical Engineering, is an SEC-registered investment adviser, and is recognized for his disciplined value approach and consistent outperformance.

    Evan Tindell's questions to Old Republic International Corp (ORI) leadership

    Evan Tindell's questions to Old Republic International Corp (ORI) leadership • Q2 2025

    Question

    Evan Tindell of Bireme Capital questioned if the specialty insurance segment's consistent performance warrants a change to its long-term 90-95% combined ratio guidance, inquired about the company's strategy and investments in AI, and asked about the path to improving the title insurance combined ratio in the current interest rate environment.

    Answer

    President & CEO Craig Smiddy reaffirmed the 90-95% combined ratio target for specialty insurance, attributing the consistent performance to their casualty-focused, non-cat-property business mix and conservative reserving. Regarding AI, Smiddy described a foundational strategy of modernizing IT and data analytics, led by a newly hired AI leader, to drive efficiency and better decision-making. On Title Insurance, both Smiddy and Title CEO Carolyn Monroe stated their goal is to lower the combined ratio below 95% through internal efficiency improvements, regardless of the interest rate environment.

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