Stewart Loses $24 Million, But Says Title Business Profitable

Stewart Information Services Corp., Houston, improved on its results from the third quarter 2008, but it still lost $23.7 million ($1.30 per share) for the same period this year; in the third quarter 2008, it lost $30 million ($1.66 per share). Stewart took pretax charges of $12.5 million in title loss reserve strengthening adjustments, $3.8 million relating to an increase in the title loss provisioning rate, $8.6 million related to large title losses and $2.2 million for the impairment of other assets. President and co-CEO Stewart Morris Jr., said the company is profitable to date for its affiliated title operations and its real estate information services segment. Market share has increased from 12.5% at the end of the third quarter 2009 to 13.1% for the most recent period. Orders opened during the quarter totaled 1.10 million, similar to the same period in 2008. But title loss payments increased from $30.8 million in the third quarter 2008 to $38.7 million for this year's third quarter.