<SEC-DOCUMENT>0000074260-16-000142.txt : 20161117
<SEC-HEADER>0000074260-16-000142.hdr.sgml : 20161117
<ACCEPTANCE-DATETIME>20161117100417
ACCESSION NUMBER:		0000074260-16-000142
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161117
DATE AS OF CHANGE:		20161117
EFFECTIVENESS DATE:		20161117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OLD REPUBLIC INTERNATIONAL CORP
		CENTRAL INDEX KEY:			0000074260
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				362678171
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0821

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-15996
		FILM NUMBER:		162004098

	BUSINESS ADDRESS:	
		STREET 1:		307 N MICHIGAN AVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
		BUSINESS PHONE:		3123468100

	MAIL ADDRESS:	
		STREET 1:		307 N MICHIGAN AVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
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      <filer>
        <credentials>
          <cik>0000074260</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
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      <periodOfReport>09-30-2016</periodOfReport>
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  </headerData>
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    <coverPage>
      <reportCalendarOrQuarter>09-30-2016</reportCalendarOrQuarter>
      <filingManager>
        <name>OLD REPUBLIC INTERNATIONAL CORP</name>
        <address>
          <com:street1>307 N MICHIGAN AVE</com:street1>
          <com:city>CHICAGO</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60601</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-15996</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Charles S. Boone</name>
      <title>Chief Investment Officer</title>
      <phone>312-346-8100</phone>
      <signature>/s/ Charles S. Boone</signature>
      <city>Chicago</city>
      <stateOrCountry>IL</stateOrCountry>
      <signatureDate>11-17-2016</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>90</tableEntryTotal>
      <tableValueTotal>2307506</tableValueTotal>
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    <votingAuthority>
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      <None>0</None>
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    <titleOfClass>Common</titleOfClass>
    <cusip>369604103</cusip>
    <value>43800</value>
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      <sshPrnamt>1655400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1655400</Sole>
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      <None>0</None>
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    <nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>370334104</cusip>
    <value>17238</value>
    <shrsOrPrnAmt>
      <sshPrnamt>319700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>319700</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>372460105</cusip>
    <value>13408</value>
    <shrsOrPrnAmt>
      <sshPrnamt>184000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>184000</Sole>
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      <None>0</None>
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    <nameOfIssuer>GLAXOSMITHKLINE ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>37733W105</cusip>
    <value>59438</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1320500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1320500</Sole>
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      <None>0</None>
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    <nameOfIssuer>GREAT PLAINS ENERGY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>391164100</cusip>
    <value>11384</value>
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      <sshPrnamt>432000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>432000</Sole>
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      <None>0</None>
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    <nameOfIssuer>HELMERICH &amp; PAYNE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>423452101</cusip>
    <value>33046</value>
    <shrsOrPrnAmt>
      <sshPrnamt>494100</sshPrnamt>
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    <votingAuthority>
      <Sole>494100</Sole>
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      <None>0</None>
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    <nameOfIssuer>INTEL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>458140100</cusip>
    <value>26034</value>
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      <sshPrnamt>1016300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1016300</Sole>
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      <None>0</None>
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    <nameOfIssuer>IBM CORP</nameOfIssuer>
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    <cusip>459200101</cusip>
    <value>60658</value>
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      <sshPrnamt>394000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>394000</Sole>
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      <None>0</None>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>478160104</cusip>
    <value>23580</value>
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      <sshPrnamt>281800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>281800</Sole>
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      <None>0</None>
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    <nameOfIssuer>KELLOGG CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>487836108</cusip>
    <value>10735</value>
    <shrsOrPrnAmt>
      <sshPrnamt>192500</sshPrnamt>
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    <votingAuthority>
      <Sole>192500</Sole>
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      <None>0</None>
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    <nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>494368103</cusip>
    <value>20122</value>
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      <sshPrnamt>210700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>210700</Sole>
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      <None>0</None>
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    <nameOfIssuer>LEGGETT &amp; PLATT INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>524660107</cusip>
    <value>17018</value>
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      <sshPrnamt>581500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>581500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MDU RESOURCES GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>552690109</cusip>
    <value>25873</value>
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      <sshPrnamt>1300000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1300000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MARATHON PETROLEUM GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>56585A102</cusip>
    <value>10045</value>
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      <sshPrnamt>284000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>284000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>580135101</cusip>
    <value>40980</value>
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      <sshPrnamt>408200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>408200</Sole>
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      <None>0</None>
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    <nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>58933Y105</cusip>
    <value>23174</value>
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      <sshPrnamt>451500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>451500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MERCURY GENERAL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>589400100</cusip>
    <value>38985</value>
    <shrsOrPrnAmt>
      <sshPrnamt>860700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>860700</Sole>
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      <None>0</None>
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    <nameOfIssuer>METLIFE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>59156R108</cusip>
    <value>23816</value>
    <shrsOrPrnAmt>
      <sshPrnamt>582400</sshPrnamt>
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    <votingAuthority>
      <Sole>582400</Sole>
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      <None>0</None>
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    <nameOfIssuer>NORFOLK SOUTHERN CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>655844108</cusip>
    <value>13118</value>
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      <sshPrnamt>189200</sshPrnamt>
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      <Sole>189200</Sole>
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      <None>0</None>
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    <nameOfIssuer>NORTHWEST NATURAL GAS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>667655104</cusip>
    <value>11606</value>
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      <sshPrnamt>263300</sshPrnamt>
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    <votingAuthority>
      <Sole>263300</Sole>
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    <cusip>670346105</cusip>
    <value>39332</value>
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      <sshPrnamt>879500</sshPrnamt>
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      <Sole>879500</Sole>
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    <nameOfIssuer>OGE ENERGY CORP</nameOfIssuer>
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    <value>6135</value>
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      <sshPrnamt>227000</sshPrnamt>
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    <votingAuthority>
      <Sole>227000</Sole>
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      <None>0</None>
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    <nameOfIssuer>PPL CORP</nameOfIssuer>
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    <cusip>69351T106</cusip>
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      <sshPrnamt>838900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>838900</Sole>
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    <nameOfIssuer>PAYCHEX INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>704326107</cusip>
    <value>13846</value>
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      <sshPrnamt>274800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>274800</Sole>
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      <None>0</None>
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    <nameOfIssuer>PEPSICO INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>713448108</cusip>
    <value>25968</value>
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      <sshPrnamt>301200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>301200</Sole>
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      <None>0</None>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>717081103</cusip>
    <value>47758</value>
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      <sshPrnamt>1538500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1538500</Sole>
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      <None>0</None>
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    <nameOfIssuer>PHILIP MORRIS INTERNATIONAL INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>718172109</cusip>
    <value>51646</value>
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      <sshPrnamt>570200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>570200</Sole>
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      <None>0</None>
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    <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>718546104</cusip>
    <value>24028</value>
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      <sshPrnamt>308500</sshPrnamt>
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    <votingAuthority>
      <Sole>308500</Sole>
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      <None>0</None>
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    <nameOfIssuer>PIEDMONT NATURAL GAS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>720186105</cusip>
    <value>9063</value>
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      <sshPrnamt>279300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>279300</Sole>
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      <None>0</None>
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    <nameOfIssuer>PRINCIPAL FINANCIAL GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>74251V102</cusip>
    <value>23815</value>
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      <sshPrnamt>555000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>555000</Sole>
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      <None>0</None>
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    <nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer>
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    <cusip>742718109</cusip>
    <value>43470</value>
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      <sshPrnamt>564100</sshPrnamt>
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      <Sole>564100</Sole>
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      <None>0</None>
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    <nameOfIssuer>PUBLIC SERVICE ENTERPRISE GRP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>744573106</cusip>
    <value>24092</value>
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      <sshPrnamt>604500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>604500</Sole>
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      <None>0</None>
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    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>747525103</cusip>
    <value>29393</value>
    <shrsOrPrnAmt>
      <sshPrnamt>545000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>545000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ROCKWELL AUTOMATION INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>773903109</cusip>
    <value>8416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>92000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ROYAL DUTCH SHELL ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>780259107</cusip>
    <value>68561</value>
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      <sshPrnamt>1054300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1054300</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SCANA CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>80589M102</cusip>
    <value>10082</value>
    <shrsOrPrnAmt>
      <sshPrnamt>213800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>213800</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SONOCO PRODUCTS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>835495102</cusip>
    <value>11716</value>
    <shrsOrPrnAmt>
      <sshPrnamt>351800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>351800</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SOUTH JERSEY INDUSTRIES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>838518108</cusip>
    <value>12035</value>
    <shrsOrPrnAmt>
      <sshPrnamt>485000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>485000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SOUTHERN COMPANY</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>842587107</cusip>
    <value>25900</value>
    <shrsOrPrnAmt>
      <sshPrnamt>575500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>575500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SPIRE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>84857L101</cusip>
    <value>6911</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160000</sshPrnamt>
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    <titleOfClass>Common</titleOfClass>
    <cusip>871829107</cusip>
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      <Sole>192000</Sole>
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      <None>0</None>
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    <nameOfIssuer>TEXAS INSTRUMENTS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
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    <value>8308</value>
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      <sshPrnamt>180000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>180000</Sole>
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      <None>0</None>
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    <nameOfIssuer>3M CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>14057</value>
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      <sshPrnamt>123800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>123800</Sole>
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      <None>0</None>
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    <nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>907818108</cusip>
    <value>11527</value>
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      <sshPrnamt>165000</sshPrnamt>
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      <Sole>165000</Sole>
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      <None>0</None>
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    <titleOfClass>Common</titleOfClass>
    <cusip>909907107</cusip>
    <value>5714</value>
    <shrsOrPrnAmt>
      <sshPrnamt>148000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>148000</Sole>
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      <None>0</None>
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    <titleOfClass>Common</titleOfClass>
    <cusip>911312106</cusip>
    <value>15047</value>
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      <sshPrnamt>174800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>174800</Sole>
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      <None>0</None>
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    <nameOfIssuer>VECTREN CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>92240G101</cusip>
    <value>5397</value>
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      <sshPrnamt>179044</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>179044</Sole>
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      <None>0</None>
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    <nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>92343V104</cusip>
    <value>82739</value>
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      <sshPrnamt>1875000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1875000</Sole>
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      <None>0</None>
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    <titleOfClass>Common</titleOfClass>
    <cusip>92924F106</cusip>
    <value>8845</value>
    <shrsOrPrnAmt>
      <sshPrnamt>218600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>218600</Sole>
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      <None>0</None>
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    <nameOfIssuer>WEC ENERGY GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>92939U106</cusip>
    <value>12025</value>
    <shrsOrPrnAmt>
      <sshPrnamt>313151</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>313151</Sole>
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      <None>0</None>
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    <nameOfIssuer>WASTE MANAGEMENT INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>94106L109</cusip>
    <value>15612</value>
    <shrsOrPrnAmt>
      <sshPrnamt>350700</sshPrnamt>
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    <votingAuthority>
      <Sole>350700</Sole>
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      <None>0</None>
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    <nameOfIssuer>WELLS FARGO &amp; CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>949746101</cusip>
    <value>10837</value>
    <shrsOrPrnAmt>
      <sshPrnamt>230000</sshPrnamt>
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    <nameOfIssuer>WESTAR ENERGY INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>95709T100</cusip>
    <value>10681</value>
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      <sshPrnamt>330000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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    <nameOfIssuer>XCEL ENERGY CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>98389B100</cusip>
    <value>16232</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <nameOfIssuer>EATON CORP</nameOfIssuer>
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    <cusip>G29183103</cusip>
    <value>19723</value>
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      <sshPrnamt>378000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>378000</Sole>
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      <None>0</None>
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</SEC-DOCUMENT>
