<SEC-DOCUMENT>0000074260-21-000108.txt : 20211104
<SEC-HEADER>0000074260-21-000108.hdr.sgml : 20211104
<ACCEPTANCE-DATETIME>20211104101700
ACCESSION NUMBER:		0000074260-21-000108
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211104
DATE AS OF CHANGE:		20211104
EFFECTIVENESS DATE:		20211104

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:		211378608

	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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      <periodOfReport>09-30-2021</periodOfReport>
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      <reportCalendarOrQuarter>09-30-2021</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>
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      <form13FFileNumber>028-15996</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <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>11-04-2021</signatureDate>
    </signatureBlock>
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    <votingAuthority>
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    <titleOfClass>Common</titleOfClass>
    <cusip>443510607</cusip>
    <value>51672</value>
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      <sshPrnamt>286000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>286000</Sole>
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      <None>0</None>
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    <nameOfIssuer>ILLINOIS TOOL WORKS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>452308109</cusip>
    <value>51967</value>
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      <sshPrnamt>251500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <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>56690</value>
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      <sshPrnamt>1064000</sshPrnamt>
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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>52571</value>
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      <sshPrnamt>378400</sshPrnamt>
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    <votingAuthority>
      <Sole>378400</Sole>
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      <None>0</None>
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    <nameOfIssuer>INTERNATIONAL PAPER CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>460146103</cusip>
    <value>36348</value>
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      <sshPrnamt>650000</sshPrnamt>
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    <votingAuthority>
      <Sole>650000</Sole>
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      <None>0</None>
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    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
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    <cusip>478160104</cusip>
    <value>56049</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>54396</value>
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      <sshPrnamt>851000</sshPrnamt>
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    <votingAuthority>
      <Sole>851000</Sole>
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      <None>0</None>
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    <nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
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    <cusip>494368103</cusip>
    <value>63929</value>
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      <sshPrnamt>482700</sshPrnamt>
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    <votingAuthority>
      <Sole>482700</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>
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    <votingAuthority>
      <Sole>1406500</Sole>
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      <None>0</None>
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    <nameOfIssuer>LOCKHEED MARTIN</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>539830109</cusip>
    <value>34786</value>
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      <sshPrnamt>100800</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100800</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>45588</value>
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      <sshPrnamt>1536500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <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>53407</value>
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      <sshPrnamt>666000</sshPrnamt>
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    <votingAuthority>
      <Sole>666000</Sole>
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      <None>0</None>
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    <nameOfIssuer>MARATHON PETROLEUM GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>56585A102</cusip>
    <value>75872</value>
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      <sshPrnamt>1227500</sshPrnamt>
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    <votingAuthority>
      <Sole>1227500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>580135101</cusip>
    <value>62303</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>74847</value>
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      <sshPrnamt>996500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>996500</Sole>
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      <None>0</None>
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    <nameOfIssuer>MERCURY GENERAL CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>589400100</cusip>
    <value>31287</value>
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      <sshPrnamt>562000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>562000</Sole>
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    <nameOfIssuer>METLIFE INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>59156R108</cusip>
    <value>41816</value>
    <shrsOrPrnAmt>
      <sshPrnamt>677400</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>677400</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>32720</value>
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      <sshPrnamt>623000</sshPrnamt>
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    <votingAuthority>
      <Sole>623000</Sole>
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      <None>0</None>
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    <nameOfIssuer>NORTHERN TRUST CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>665859104</cusip>
    <value>29324</value>
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      <sshPrnamt>272000</sshPrnamt>
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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>74409</value>
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      <sshPrnamt>755500</sshPrnamt>
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    <nameOfIssuer>OGE ENERGY CORP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>670837103</cusip>
    <value>58867</value>
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      <sshPrnamt>1786000</sshPrnamt>
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    <nameOfIssuer>PPL CORP</nameOfIssuer>
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    <cusip>69351T106</cusip>
    <value>43128</value>
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      <sshPrnamt>1546900</sshPrnamt>
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      <Sole>1546900</Sole>
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    <nameOfIssuer>PAYCHEX INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>704326107</cusip>
    <value>49287</value>
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      <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>85914</value>
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      <sshPrnamt>571200</sshPrnamt>
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      <Sole>571200</Sole>
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    <nameOfIssuer>PFIZER INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>717081103</cusip>
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      <sshPrnamt>1876500</sshPrnamt>
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      <Sole>1876500</Sole>
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    <nameOfIssuer>PHILLIPS 66</nameOfIssuer>
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    <cusip>718546104</cusip>
    <value>50597</value>
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      <Sole>722500</Sole>
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    <nameOfIssuer>PRINCIPAL FINANCIAL GROUP</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>74251V102</cusip>
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      <sshPrnamt>1124000</sshPrnamt>
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      <Sole>1124000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>PROCTER &amp; GAMBLE CO</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>742718109</cusip>
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      <sshPrnamt>699100</sshPrnamt>
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      <Sole>699100</Sole>
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      <None>0</None>
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    <nameOfIssuer>PRUDENTIAL FINANCIAL INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>744320102</cusip>
    <value>42080</value>
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      <sshPrnamt>400000</sshPrnamt>
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      <Sole>400000</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>59773</value>
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      <sshPrnamt>981500</sshPrnamt>
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      <Sole>981500</Sole>
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    <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>747525103</cusip>
    <value>84353</value>
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      <Sole>654000</Sole>
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    <nameOfIssuer>REALTY INCOME CORP</nameOfIssuer>
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    <cusip>756109104</cusip>
    <value>38267</value>
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      <sshPrnamt>590000</sshPrnamt>
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      <Sole>590000</Sole>
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    <nameOfIssuer>ROYAL DUTCH SHELL ADR</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>780259107</cusip>
    <value>21892</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>494500</Sole>
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    <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
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    <cusip>806857108</cusip>
    <value>30203</value>
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      <sshPrnamt>1019000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1019000</Sole>
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      <None>0</None>
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    <nameOfIssuer>SMUCKERS J M</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>832696405</cusip>
    <value>25326</value>
    <shrsOrPrnAmt>
      <sshPrnamt>211000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>211000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SONOCO PRODUCTS</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>835495102</cusip>
    <value>34985</value>
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      <sshPrnamt>587200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>587200</Sole>
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      <None>0</None>
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    <nameOfIssuer>SOUTH JERSEY INDUSTRIES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>838518108</cusip>
    <value>18103</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>851500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SOUTHERN COMPANY</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>842587107</cusip>
    <value>76750</value>
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      <sshPrnamt>1238500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>1238500</Sole>
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      <None>0</None>
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    <nameOfIssuer>SOUTHWEST GAS HOLDINGS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>844895102</cusip>
    <value>26418</value>
    <shrsOrPrnAmt>
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