ALTA: Assets Help Industry Contend with Mounting Losses

The American Land Title Association's third-quarter results continue to show accelerating losses, but the Washington-based trade group said it feels the industry remains in a relatively strong financial position thanks to its asset levels. ALTA said the title industry saw an operating loss of $332.1 million in the third quarter, compared to an operating gain of $168.7 million for same period in 2007. The former period "marked the 10th consecutive quarter in which title premiums written declined from the prior year's equivalent quarter," ALTA said. "Despite these struggles, the industry remains in a very strong financial position with admitted assets of over $9.5 billion, including over $8 billion in cash and invested assets," the association said. "Also, statutory reserves were in excess of $5.3 billion and statutory surplus was up almost $2.6 billion," it added.