During Tuesday’s Current trade, Shares of Old Republic International Corporation (NYSE:ORI), gain 1.05% to $15.45.
Old Republic International Corporation (ORI) stated that net operating income for this year’s second quarter and first half exceeded our expectations. The results were bolstered by much improved underwriting performance in the Company’s general insurance business and by continued strength of its title insurance operations. The RFIG run-off segment also posted better year-over-year results partly due to less burdensome litigation claim expense provisions than practiced in the same periods of 2014. This year’s merged net income was comparatively lower as the unusually high level of realized investment gains recognized in the first half of 2014 were not repeated in this year’s second quarter and year-to-date periods.
The preceding table shows both operating and net income to highlight the effects of realized investment gain or loss recognition on period-to-period earnings comparisons. Administration uses net operating income, a non-GAAP financial measure, to evaluate and better explain operating performance, believing that this measure enhances an understanding of Old Republic’s core business results. Operating income, however, does not replace net income determined in accordance with GAAP as a measure of total profitability.
Old Republic International Corporation, through its auxiliaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. The company’s General Insurance Group segment offers automobile extended warranty, aviation, commercial automobile, commercial multi-peril, general liability, home warranty, inland marine, travel accident, and workers’ compensation insurance products; and financial indemnity products for specialty coverages, counting errors and omissions, directors and officers, fidelity, guaranteed asset protection, and surety. T
Shares of Vanguard Natural Resources, LLC (NASDAQ:VNR), inclined 7.91% to $6.96, during its current trading session.
Vanguard Natural Resources, LLC (VNR) stated financial and operational results for the quarter ended June 30, 2015.
Second Quarter 2015 Highlights:
- Adjusted EBITDA (a non-GAAP financial measure defined below) reduced 7% to $90.6 million in the second quarter of 2015 from $97.7 million in the second quarter of 2014 and raised 6% from the $85.3 million recorded in the first quarter of 2015.
- Distributable Cash Flow Accessible to Common and Class B Unitholders (a non-GAAP financial measure defined below) reduced to $35.5 million from the $46.1 million generated in the second quarter of 2014 and raised 10% from the $32.4 million generated in the first quarter of 2015.
- Adjusted Net Loss Attributable to Common and Class B Unitholders (a non-GAAP financial measure defined in the supplemental presentation posted at www.vnrllc.com) was $6.6 million in the second quarter of 2015, or $0.07 per basic unit, as contrast to Adjusted Net Income of $22.0 million, or $0.27 per basic unit, in the second quarter of 2014 and $18.0 million, or $0.21 per basic unit, in the first quarter of 2015. The second quarter of 2015 comprises net non-cash expenses of $793.7 million that are adjustments to arrive at Adjusted Net Income Attributable to Common and Class B Unitholders. The second quarter 2015 adjustments comprise a $733.4 million impairment charge on our oil and gas properties. The second quarter of 2014 results comprised of net non-cash losses of $31.3 million.
Vanguard Natural Resources, LLC, through its auxiliaries, acquires and develops oil and natural gas properties in the United States. It owns properties, and oil and natural gas reserves primarily located in nine operating basins, counting the Arkoma Basin in Arkansas and Oklahoma; the Permian Basin in West Texas and New Mexico; the Big Horn Basin in Wyoming and Montana; the Piceance Basin in Colorado; the Gulf Coast Basin in Texas, Louisiana, and Mississippi; the Wind River Basin in Wyoming; the Williston Basin in North Dakota and Montana; the Green River Basin in Wyoming; and the Powder River Basin in Wyoming.
Northern Trust Corporation (NASDAQ:NTRS), during its Tuesday’s current trading session gained 1.73% to $68.32.
The City of Tallahassee has selected Northern Trust to serve as global custodian for its $2.1 billion in assets. Northern Trust will also provide securities lending and performance reporting. Northern Trust will oversee assets for the city’s pension, other post-employment benefits and treasury portfolios.
“The City of Tallahassee is excited with the appointment of Northern Trust as our master custodian,” said Kent Olson, Deputy Treasurer-Clerk for the City of Tallahassee. “The Selection Committee was impressed with the depth and knowledge of Northern Trust’s staff and the technological capabilities of its financial products.”
Northern Trust Corporation, a financial holding company, provides asset servicing, fund administration, asset administration, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Corporate & Institutional Services (C&IS) and Wealth Administration. The C&IS segment offers asset servicing and related services, counting trust and custody, employee benefit services, fund administration, investment operations outsourcing, investment risk and analytical services, securities lending, foreign exchange, banking, cash administration, treasury administration, brokerage services, and transition administration services.
Finally, Willis Group Holdings PLC (NYSE:WSH), gained 0.90%, to $43.77.
Willis North America, a unit of Willis Group Holdings plc (WSH), the global risk advisory, re/insurance broking, and human capital and benefits firm, recently declared the appointment of Ben Norris as Managing Partner, Willis of Alabama, effective right away. In this role, he will be responsible for Willis’s operations across its offices in Birmingham, Huntsville, and Montgomery, AL, and Rogers, AR.
Based in Birmingham, Mr. Norris will be responsible for business development and expanding Willis’s footprint in the marketplace, while overseeing a team of 85 risk and insurance professionals serving local and national clients. In addition, he will work to align resources from across Willis’s global platform to deliver the best risk administration solutions and services to clients. Mr. Norris will report to Hiram Marrero, National Partner – South Region, Willis North America.
Willis Group Holdings Public Limited Company provides insurance brokerage, reinsurance, and risk administration consulting services worldwide. It provides services to aerospace clients, counting aircraft manufacturers, air cargo handlers and shippers, airport managers, and other general aviation companies; and advisory services, such as claims recovery, contract and leasing risk administration, safety services, and market information.
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