<SEC-DOCUMENT>0000074260-19-000023.txt : 20190426
<SEC-HEADER>0000074260-19-000023.hdr.sgml : 20190426
<ACCEPTANCE-DATETIME>20190426113044
ACCESSION NUMBER:		0000074260-19-000023
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190331
FILED AS OF DATE:		20190426
DATE AS OF CHANGE:		20190426
EFFECTIVENESS DATE:		20190426

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:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-15996
		FILM NUMBER:		19770300

	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
<FILENAME>primary_doc.xml
<TEXT>
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      <filer>
        <credentials>
          <cik>0000074260</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
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      <periodOfReport>03-31-2019</periodOfReport>
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  </headerData>
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    <coverPage>
      <reportCalendarOrQuarter>03-31-2019</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>04-26-2019</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>88</tableEntryTotal>
      <tableValueTotal>3712435</tableValueTotal>
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    <nameOfIssuer>GALLAGHER ARTHUR J</nameOfIssuer>
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    <votingAuthority>
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    <nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>375558103</cusip>
    <value>14335</value>
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      <sshPrnamt>220500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>220500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>GRAINGER WW INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>384802104</cusip>
    <value>45140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HELMERICH &amp; PAYNE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>423452101</cusip>
    <value>37586</value>
    <shrsOrPrnAmt>
      <sshPrnamt>676500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>676500</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>HUBBELL INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>443510607</cusip>
    <value>33742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>286000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>286000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ILLINOIS TOOL WORKS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>452308109</cusip>
    <value>34734</value>
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      <sshPrnamt>242000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>242000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>INTEL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>458140100</cusip>
    <value>57298</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1067000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1067000</Sole>
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      <None>0</None>
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    <nameOfIssuer>IBM CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>459200101</cusip>
    <value>80709</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>572000</Sole>
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      <None>0</None>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>478160104</cusip>
    <value>39393</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>45445</value>
    <shrsOrPrnAmt>
      <sshPrnamt>792000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>792000</Sole>
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      <None>0</None>
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    <nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>494368103</cusip>
    <value>76037</value>
    <shrsOrPrnAmt>
      <sshPrnamt>613700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>613700</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>55583</value>
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      <sshPrnamt>1316500</sshPrnamt>
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    <votingAuthority>
      <Sole>1316500</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>36756</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1423000</sshPrnamt>
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    <votingAuthority>
      <Sole>1423000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MARATHON PETROLEUM GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>56585A102</cusip>
    <value>16997</value>
    <shrsOrPrnAmt>
      <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>49070</value>
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      <sshPrnamt>258400</sshPrnamt>
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    <votingAuthority>
      <Sole>258400</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>56265</value>
    <shrsOrPrnAmt>
      <sshPrnamt>676500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>676500</Sole>
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      <None>0</None>
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    <nameOfIssuer>METLIFE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>59156R108</cusip>
    <value>23218</value>
    <shrsOrPrnAmt>
      <sshPrnamt>545400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>545400</Sole>
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      <None>0</None>
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    <nameOfIssuer>NATIONAL FUEL GAS CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>636180101</cusip>
    <value>15911</value>
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      <sshPrnamt>261000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>261000</Sole>
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      <None>0</None>
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    <nameOfIssuer>NORTHWEST NATURAL HOLDING CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>66765N105</cusip>
    <value>25202</value>
    <shrsOrPrnAmt>
      <sshPrnamt>384000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>384000</Sole>
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      <None>0</None>
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    <nameOfIssuer>NUCOR CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>670346105</cusip>
    <value>38657</value>
    <shrsOrPrnAmt>
      <sshPrnamt>662500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>662500</Sole>
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      <None>0</None>
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    <nameOfIssuer>OGE ENERGY CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>670837103</cusip>
    <value>27467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>637000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>637000</Sole>
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      <None>0</None>
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    <nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>674599105</cusip>
    <value>48392</value>
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      <sshPrnamt>731000</sshPrnamt>
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    <nameOfIssuer>PPL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>69351T106</cusip>
    <value>52879</value>
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      <sshPrnamt>1666000</sshPrnamt>
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    <votingAuthority>
      <Sole>1666000</Sole>
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      <None>0</None>
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    <nameOfIssuer>PAYCHEX INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>704326107</cusip>
    <value>26209</value>
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      <sshPrnamt>326800</sshPrnamt>
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      <Sole>326800</Sole>
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    <nameOfIssuer>PEPSICO INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>713448108</cusip>
    <value>56520</value>
    <shrsOrPrnAmt>
      <sshPrnamt>461200</sshPrnamt>
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    <votingAuthority>
      <Sole>461200</Sole>
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      <None>0</None>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>717081103</cusip>
    <value>57037</value>
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      <sshPrnamt>1343000</sshPrnamt>
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      <Sole>1343000</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>61802</value>
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      <sshPrnamt>699200</sshPrnamt>
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      <Sole>699200</Sole>
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    <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>718546104</cusip>
    <value>23364</value>
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      <sshPrnamt>245500</sshPrnamt>
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      <Sole>245500</Sole>
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      <None>0</None>
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    <nameOfIssuer>PORTLAND GENERAL ELECTRIC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>736508847</cusip>
    <value>9435</value>
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    <nameOfIssuer>T ROWE PRICE GROUP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>74144T108</cusip>
    <value>32569</value>
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      <sshPrnamt>325300</sshPrnamt>
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      <Sole>325300</Sole>
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      <None>0</None>
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    <nameOfIssuer>PRINCIPAL FINANCIAL GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>74251V102</cusip>
    <value>24944</value>
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      <sshPrnamt>497000</sshPrnamt>
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      <Sole>497000</Sole>
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      <None>0</None>
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    <nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>742718109</cusip>
    <value>75655</value>
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      <sshPrnamt>727100</sshPrnamt>
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    <votingAuthority>
      <Sole>727100</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PUBLIC SERVICE ENTERPRISE GRP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>744573106</cusip>
    <value>39478</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>664500</Sole>
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      <None>0</None>
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    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>747525103</cusip>
    <value>50015</value>
    <shrsOrPrnAmt>
      <sshPrnamt>877000</sshPrnamt>
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    <votingAuthority>
      <Sole>877000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ROYAL DUTCH SHELL ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>780259107</cusip>
    <value>70620</value>
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      <sshPrnamt>1104300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1104300</Sole>
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      <None>0</None>
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    <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>806857108</cusip>
    <value>45653</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1047800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1047800</Sole>
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      <None>0</None>
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    <nameOfIssuer>SMUCKERS J M</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>832696405</cusip>
    <value>27028</value>
    <shrsOrPrnAmt>
      <sshPrnamt>232000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>232000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SONOCO PRODUCTS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>835495102</cusip>
    <value>21646</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>38292</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1194000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1194000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SOUTHERN COMPANY</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>842587107</cusip>
    <value>57184</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1106500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1106500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SPIRE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>84857L101</cusip>
    <value>22054</value>
    <shrsOrPrnAmt>
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    <value>8148</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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</SEC-DOCUMENT>
