Title Market Share Shifting Away from Big Two Continues in 1Q13

Old Republic Title and the regional underwriters as a group continued to grab market share away from the other three national underwriters, according to the 1Q13 data released by the American Land Title Association.

As a whole, title insurers wrote $2.9 billion of premiums in 1Q13, up from $2.3 billion in 1Q12, benefitting from the low interest rate environment.

Fidelity National Financial remains the largest title underwriter with $947 million of premiums written in 1Q13, or 32.7% of the market. While an improvement over 1Q12’s $774 million, the volume last year represented 33.1% of the market. In its 1Q13 results, the company said it was the best quarter it had since 2004.

The second largest underwriter, First American, did $773 million (26.7%), compared with $635 million (27.2%) one year prior.

Old Republic now holds 15% of the market, with $433 million in premiums written in 1Q13. One year prior it did $319 million for a 13.7% market share.

Finally, Stewart did $332 million (11.5%), compared with 1Q12’s $292 million (12.5%).

The regional players had 14.2% of the market, with premiums written of $412 million. In 1Q12, these companies did $315 million for a 13.5% market share.