<SEC-DOCUMENT>0000074260-21-000024.txt : 20210303
<SEC-HEADER>0000074260-21-000024.hdr.sgml : 20210303
<ACCEPTANCE-DATETIME>20210303094106
ACCESSION NUMBER:		0000074260-21-000024
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210303
DATE AS OF CHANGE:		20210303
EFFECTIVENESS DATE:		20210303

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:		21707456

	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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          <cik>0000074260</cik>
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      <periodOfReport>12-31-2020</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>12-31-2020</reportCalendarOrQuarter>
      <filingManager>
        <name>OLD REPUBLIC INTERNATIONAL CORPORATION</name>
        <address>
          <com:street1>307 N.  Michigan Avenue</com:street1>
          <com:city>Chicago</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60601</com:zipCode>
        </address>
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      <form13FFileNumber>028-15996</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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    <signatureBlock>
      <name>Philip Schutt</name>
      <title>Sr. Vice President - Investments</title>
      <phone>312-346-8100</phone>
      <signature>/s/ Philip Schutt</signature>
      <city>Chicago</city>
      <stateOrCountry>IL</stateOrCountry>
      <signatureDate>03-03-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
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      <tableEntryTotal>86</tableEntryTotal>
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    <nameOfIssuer>BP PLC ADR</nameOfIssuer>
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    <nameOfIssuer>ILLINOIS TOOL WORKS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>452308109</cusip>
    <value>51276</value>
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      <sshPrnamt>251500</sshPrnamt>
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    <votingAuthority>
      <Sole>251500</Sole>
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      <None>0</None>
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    <nameOfIssuer>INTEL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>458140100</cusip>
    <value>53008</value>
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    <votingAuthority>
      <Sole>1064000</Sole>
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      <None>0</None>
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    <nameOfIssuer>IBM CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>459200101</cusip>
    <value>73313</value>
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    <votingAuthority>
      <Sole>582400</Sole>
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      <None>0</None>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>478160104</cusip>
    <value>54619</value>
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      <Sole>347050</Sole>
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      <None>0</None>
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    <nameOfIssuer>KELLOGG CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>487836108</cusip>
    <value>45241</value>
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      <sshPrnamt>727000</sshPrnamt>
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      <Sole>727000</Sole>
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      <None>0</None>
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    <nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>494368103</cusip>
    <value>75599</value>
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      <sshPrnamt>560700</sshPrnamt>
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      <Sole>560700</Sole>
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      <None>0</None>
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    <nameOfIssuer>LEGGETT &amp; PLATT INC</nameOfIssuer>
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    <cusip>524660107</cusip>
    <value>62308</value>
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      <sshPrnamt>1406500</sshPrnamt>
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      <Sole>1406500</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>40471</value>
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      <sshPrnamt>1536500</sshPrnamt>
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      <Sole>1536500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MSC INDUSTRIAL DIRECT CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>553530106</cusip>
    <value>51900</value>
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      <sshPrnamt>615000</sshPrnamt>
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    <votingAuthority>
      <Sole>615000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MARATHON PETROLEUM GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>56585A102</cusip>
    <value>38051</value>
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    <votingAuthority>
      <Sole>920000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
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    <cusip>580135101</cusip>
    <value>55447</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>55338</value>
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      <sshPrnamt>676500</sshPrnamt>
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      <Sole>676500</Sole>
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    <nameOfIssuer>METLIFE INC</nameOfIssuer>
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    <cusip>59156R108</cusip>
    <value>34292</value>
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      <sshPrnamt>730400</sshPrnamt>
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      <Sole>730400</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>35022</value>
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      <sshPrnamt>851500</sshPrnamt>
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    <votingAuthority>
      <Sole>851500</Sole>
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      <None>0</None>
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    <nameOfIssuer>NORTHERN TRUST CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>665859104</cusip>
    <value>27057</value>
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      <sshPrnamt>290500</sshPrnamt>
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      <Sole>290500</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>17660</value>
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      <sshPrnamt>384000</sshPrnamt>
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    <votingAuthority>
      <Sole>384000</Sole>
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    <nameOfIssuer>NUCOR CORP</nameOfIssuer>
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    <cusip>670346105</cusip>
    <value>44015</value>
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      <sshPrnamt>827500</sshPrnamt>
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      <Sole>827500</Sole>
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    <nameOfIssuer>OGE ENERGY CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>670837103</cusip>
    <value>21888</value>
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      <sshPrnamt>687000</sshPrnamt>
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    <votingAuthority>
      <Sole>687000</Sole>
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    <nameOfIssuer>PPL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>69351T106</cusip>
    <value>52506</value>
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    <votingAuthority>
      <Sole>1861900</Sole>
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      <None>0</None>
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    <nameOfIssuer>PAYCHEX INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>704326107</cusip>
    <value>40841</value>
    <shrsOrPrnAmt>
      <sshPrnamt>438300</sshPrnamt>
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    <votingAuthority>
      <Sole>438300</Sole>
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    <nameOfIssuer>PEPSICO INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>713448108</cusip>
    <value>66171</value>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>717081103</cusip>
    <value>54718</value>
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    <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>718546104</cusip>
    <value>26053</value>
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    <nameOfIssuer>PRINCIPAL FINANCIAL GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>74251V102</cusip>
    <value>42466</value>
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      <sshPrnamt>856000</sshPrnamt>
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    <votingAuthority>
      <Sole>856000</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>97273</value>
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      <sshPrnamt>699100</sshPrnamt>
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      <Sole>699100</Sole>
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    <nameOfIssuer>PUBLIC SERVICE ENTERPRISE GRP INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>744573106</cusip>
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      <Sole>667500</Sole>
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    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>747525103</cusip>
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      <Sole>667000</Sole>
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    <nameOfIssuer>ROYAL DUTCH SHELL ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>780259107</cusip>
    <value>21494</value>
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      <Sole>639500</Sole>
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    <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
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    <cusip>806857108</cusip>
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      <Sole>1321000</Sole>
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    <nameOfIssuer>SMUCKERS J M</nameOfIssuer>
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    <cusip>832696405</cusip>
    <value>42656</value>
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    <nameOfIssuer>SONOCO PRODUCTS</nameOfIssuer>
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    <cusip>835495102</cusip>
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    <nameOfIssuer>SOUTH JERSEY INDUSTRIES INC</nameOfIssuer>
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    <cusip>838518108</cusip>
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    <titleOfClass>Common</titleOfClass>
    <cusip>842587107</cusip>
    <value>65024</value>
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      <sshPrnamt>1058500</sshPrnamt>
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    <nameOfIssuer>SOUTHWEST GAS HOLDINGS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>844895102</cusip>
    <value>9538</value>
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      <sshPrnamt>157000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>157000</Sole>
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      <None>0</None>
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    <nameOfIssuer>SPIRE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>84857L101</cusip>
    <value>21774</value>
    <shrsOrPrnAmt>
      <sshPrnamt>340000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>340000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SYSCO CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>871829107</cusip>
    <value>63633</value>
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      <sshPrnamt>856900</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>856900</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>TEXAS INSTRUMENTS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>882508104</cusip>
    <value>65488</value>
    <shrsOrPrnAmt>
      <sshPrnamt>399000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>399000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>3M CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>88579Y101</cusip>
    <value>91503</value>
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      <sshPrnamt>523500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>523500</Sole>
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      <None>0</None>
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    <nameOfIssuer>UGI CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>902681105</cusip>
    <value>12306</value>
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      <sshPrnamt>352000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>352000</Sole>
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      <None>0</None>
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    <nameOfIssuer>UNITED PARCEL SERVICES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>911312106</cusip>
    <value>84048</value>
    <shrsOrPrnAmt>
      <sshPrnamt>499100</sshPrnamt>
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