Title insurance firms wrote $2.35 billion of new business in the third quarter, down slightly from the same period last year, according to new figures compiled by the American Land Title Association.
The nation's four national underwriters saw their market share decline by a full percentage point, but still managed to capture 88% of the business in 3Q. In the third quarter of last year the group had an 89% share.
Only the fourth largest underwriter, Old Republic International, saw its business increase over 3Q 2010, writing $299 million of premiums, up about 9%.
Fidelity National Financial, the nation's largest title firm, wrote $802 million of coverage, down $96 million from 3Q 2010. First American Financial wrote $633 million, (-$45 million), and Stewart $338 million (-$9 million).
Still, Fitch Ratings this week upgraded its outlook on the title sector to stable from negative.
Fitch said there is reduced uncertainty for title firms in regard to potential earnings and capital losses from adverse loss development. The rating agency noted that a continued weak housing market likely will dampen near-term profitability.
