Title Insurance Volume Continues at Brisk Pace
The nation’s title insurance underwriters generated $3 billion of premiums in the third quarter, up from $2.8 billion in 2Q12 and $2.4 billion for the same period in 2011, according to the American Land Title Association.
During the first nine months, title insurers generated $8.1 billion of premiums, a 17% gain from the comparable period last year.
ALTA noted that the industry has seen three consecutive quarter-over-quarter increases in underwriting activity.
The business posted operating income of $581 million, a 22% improvement over the previous year.
Michelle Korsmo, ALTA CEO, said, “The industry remains in a strong financial position and has admitted assets of $8.7 billion, including nearly $7.7 billion in cash and invested assets.”
Meanwhile, three of the four national title insurance underwriters lost market share on a year-over-year basis, although actual premiums written increased at all four.
Fidelity National Financial remained at No. 1, with $1.1 billion of premiums written and a 33.7% share, compared to $803 million and 34.1% one year prior.
First American ranked second with $783 million (26.1% share) versus $633 million and 26.9%.
Old Republic was ranked third with $412 million (13.7%), followed by Stewart Title ($407 million/13.6.%).