Title Insurance Premiums Down 16%

Title insurance premiums generated during the second quarter of 2009 totaled $4.53 billion, down 16.4% from a year ago. But the decline in premiums has narrowed over the past two quarters, according to the American Land Title Association. Refinance activity as well as people taking advantage of the first-time homebuyer credit were contributing factors for the improved performance. Nevertheless, the title industry posted an operating loss of $68.8 million during the second quarter of 2009. This is much improved over the operating loss of $264.4 million for the 2008 second quarter. Investment income resulted in a net profit for the industry, $111.4 million, as compared to a net loss of $190.4 million for the second quarter of 2008. In terms of market share, Fidelity National Financial, Jacksonville, Fla., received 45.8% of all premiums generated, up slightly from 45.5% one year prior (this number includes the underwriting units of LandAmerica which FNF acquired in December 2008). First American Corp., Santa Ana, Calif., reported a market share of 26.6%, down from 28.8% one year ago. Stewart Information Services Corp., Houston, has a 12.9% share of the market, up from 12.5%, while Chicago-based Old Republic International has 6.6% of the market, up from 5.4% in the second quarter of 2008.