10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-Q

(Mark One)

☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 001-02658

 STEWART INFORMATION SERVICES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		74-1677330
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1360 Post Oak Blvd.,	Suite 100
Houston,	Texas	77056
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (713) 625-8100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value per share	STC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

Yes ☑  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☑	Large accelerated filer	☐	Non-accelerated filer	☐	Emerging growth company
☐	Accelerated filer	☐	Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐  No ☑

On November 1, 2022, there were 27,127,013 outstanding shares of the issuer's Common Stock.

FORM 10-Q QUARTERLY REPORT

QUARTER ENDED SEPTEMBER 30, 2022

TABLE OF CONTENTS

Item		Page
	PART I – FINANCIAL INFORMATION
1.	Financial Statements	3
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
3.	Quantitative and Qualitative Disclosures About Market Risk	28
4.	Controls and Procedures	29
	PART II – OTHER INFORMATION
1.	Legal Proceedings	30
1A.	Risk Factors	30
2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
5.	Other Information	30
6.	Exhibits	31
	Signature	32

As used in this report, “we,” “us,” “our,” "Registrant," the “Company” and “Stewart” mean Stewart Information Services Corporation and our subsidiaries, unless the context indicates otherwise.

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted, except per share)
Revenues
Title revenues:
Direct operations	307,408	366,091	976,364	999,098
Agency operations	340,470	401,762	1,154,546	1,138,023
Real estate solutions and other	69,737	61,934	281,152	176,057
Operating revenues	717,615	829,787	2,412,062	2,313,178
Investment income	5,158	4,053	15,519	13,127
Net realized and unrealized (losses) gains	(6,374)	2,887	(14,194)	17,816
	716,399	836,727	2,413,387	2,344,121
Expenses
Amounts retained by agencies	280,517	329,906	951,555	935,861
Employee costs	195,057	197,587	610,286	555,451
Other operating expenses	151,208	152,587	502,966	415,864
Title losses and related claims	25,486	30,345	81,105	92,687
Depreciation and amortization	14,067	9,144	42,103	22,394
Interest	4,553	712	13,471	1,960
	670,888	720,281	2,201,486	2,024,217
Income before taxes and noncontrolling interests	45,511	116,446	211,901	319,904
Income tax expense	(10,783)	(23,051)	(48,376)	(70,547)
Net income	34,728	93,395	163,525	249,357
Less income attributable to noncontrolling interests	5,294	4,732	14,534	11,639
Net income attributable to Stewart	29,434	88,663	148,991	237,718
Net income	34,728	93,395	163,525	249,357
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(15,300)	(4,243)	(22,861)	(997)
Change in net unrealized gains and losses on investments	(8,921)	(2,183)	(41,513)	(10,330)
Reclassification adjustments for realized gains and losses on investments	(385)	(355)	(687)	(918)
Other comprehensive loss, net of taxes:	(24,606)	(6,781)	(65,061)	(12,245)
Comprehensive income	10,122	86,614	98,464	237,112
Less income attributable to noncontrolling interests	5,294	4,732	14,534	11,639
Comprehensive income attributable to Stewart	4,828	81,882	83,930	225,473
Basic average shares outstanding (000)	27,113	26,873	27,031	26,803
Basic earnings per share attributable to Stewart	1.09	3.30	5.51	8.87
Diluted average shares outstanding (000)	27,371	27,238	27,359	27,090
Diluted earnings per share attributable to Stewart	1.08	3.26	5.45	8.78

See notes to condensed consolidated financial statements.

3

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2022 (Unaudited)	December 31, 2021
	($000 omitted)
Assets
Cash and cash equivalents	320,933	485,919
Short-term investments	18,077	17,650
Investments, at fair value:
Debt securities (amortized cost of $624,272 and $578,165)	582,461	589,772
Equity securities	87,166	89,442
	669,627	679,214
Receivables:
Premiums from agencies	43,426	45,428
Trade and other	65,620	75,079
Income taxes	9,395	5,420
Notes	5,995	1,124
Allowance for uncollectible amounts	(7,577)	(7,711)
	116,859	119,340
Property and equipment:
Land	2,545	2,545
Buildings	18,553	19,303
Furniture and equipment	220,224	216,261
Accumulated depreciation	(160,715)	(165,653)
	80,607	72,456
Operating lease assets	130,316	134,578
Title plants, at cost	73,358	76,859
Investments on equity method basis	4,341	4,754
Goodwill	961,726	924,837
Intangible assets, net of amortization	174,430	229,804
Deferred tax assets	4,328	3,846
Other assets	150,858	64,105
	2,705,460	2,813,362
Liabilities
Notes payable	446,372	483,491
Accounts payable and accrued liabilities	184,065	287,326
Operating lease liabilities	146,309	149,417
Estimated title losses	547,214	549,614
Deferred tax liabilities	23,999	48,779
	1,347,959	1,518,627
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	321,492	309,622
Retained earnings	1,090,938	974,800
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(31,778)	(8,917)
Net unrealized (losses) gains on debt securities investments	(33,030)	9,170
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,344,956	1,282,009
Noncontrolling interests	12,545	12,726
Total stockholders’ equity (27,123,388 and 26,893,430 shares outstanding)	1,357,501	1,294,735
	2,705,460	2,813,362

See notes to condensed consolidated financial statements.

4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended   September 30,
	2022	2021
	($000 omitted)
Reconciliation of net income to cash provided by operating activities:
Net income	163,525	249,357
Add (deduct):
Depreciation and amortization	42,103	22,394
Adjustments for bad debt provisions	812	1,871
Net realized and unrealized losses (gains)	14,194	(17,816)
Amortization of net premium on debt securities investments	1,870	2,794
Payments for title losses less than provisions	10,950	39,761
Adjustments for insurance recoveries of title losses	220	—
Decrease (increase) in receivables – net	9,521	(20,771)
Increase in other assets – net	(4,343)	(3,725)
Decrease in accounts payable and other liabilities – net	(81,987)	(30,385)
Change in net deferred income taxes	25	7,024
Net income from equity method investments	(2,536)	(6,852)
Dividends received from equity method investments	3,135	5,496
Stock-based compensation expense	9,239	8,494
Other – net	312	(325)
Cash provided by operating activities	167,040	257,317
Investing activities:
Proceeds from sales of investments in securities	47,954	19,726
Proceeds from matured investments in debt securities	28,754	68,653
Purchases of investments in securities	(165,130)	(111,107)
Net (purchases) sales of short-term investments	(1,632)	2,734
Purchases of property and equipment, and real estate	(35,274)	(26,213)
Proceeds from sale of property and equipment and other assets	977	10,552
Cash paid for acquisition of businesses	(102,864)	(149,921)
Cash paid for acquisition of equity method investment	(69)	(16,080)
Other – net	1,941	988
Cash used by investing activities	(225,343)	(200,668)
Financing activities:
Proceeds from notes payable	38,012	331,755
Payments on notes payable	(75,505)	(158,031)
Distributions to noncontrolling interests	(14,863)	(11,683)
Repurchases of Common Stock	(3,168)	(2,145)
Proceeds from stock option and employee stock purchase plan exercises	5,799	2,715
Cash dividends paid	(32,464)	(26,558)
Payment of contingent consideration related to acquisitions	(15,997)	(9,489)
Purchase of remaining interest in consolidated subsidiaries	(72)	(5,616)
Other - net	115	(777)
Cash (used) provided by financing activities	(98,143)	120,171
Effects of changes in foreign currency exchange rates	(8,540)	(1,898)
Change in cash and cash equivalents	(164,986)	174,922
Cash and cash equivalents at beginning of period	485,919	432,683
Cash and cash equivalents at end of period	320,933	607,605

See notes to condensed consolidated financial statements.

5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests	Total
	($000 omitted)
Nine Months Ended September 30, 2022
Balance at December 31, 2021	27,246	282,376	974,800	253	(2,666)	12,726	1,294,735
Net income attributable to Stewart	—	—	148,991	—	—	—	148,991
Dividends on Common Stock ($1.20 per share)	—	—	(32,853)	—	—	—	(32,853)
Stock-based compensation	155	9,084	—	—	—	—	9,239
Stock repurchases	(49)	(3,119)	—	—	—	—	(3,168)
Stock option and employee stock purchase plan exercises	124	5,675	—	—	—	—	5,799
Purchase of remaining interest in consolidated subsidiaries	—	—	—	—	—	(72)	(72)
Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(41,513)	—	—	(41,513)
Reclassification adjustment for realized gains and losses on investments, net of taxes	—	—	—	(687)	—	—	(687)
Foreign currency translation adjustments, net of taxes	—	—	—	(22,861)	—	—	(22,861)
Net income attributable to noncontrolling interests	—	—	—	—	—	14,534	14,534
Distributions to noncontrolling interests	—	—	—	—	—	(14,863)	(14,863)
Net effect of other changes in ownership	—	—	—	—	—	220	220
Balance at September 30, 2022	27,476	294,016	1,090,938	(64,808)	(2,666)	12,545	1,357,501
Nine Months Ended September 30, 2021
Balance at December 31, 2020	27,080	274,857	688,819	17,022	(2,666)	7,294	1,012,406
Net income attributable to Stewart	—	—	237,718	—	—	—	237,718
Dividends on Common Stock ($0.99 per share)	—	—	(27,009)	—	—	—	(27,009)
Stock-based compensation	139	8,355	—	—	—	—	8,494
Stock repurchases	(41)	(2,104)	—	—	—	—	(2,145)
Stock option and employee stock purchase plan exercises	64	2,651	—	—	—	—	2,715
Purchase of remaining interest in consolidated subsidiary	—	(4,744)	—	—	—	(872)	(5,616)
Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(10,330)	—	—	(10,330)
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes	—	—	—	(918)	—	—	(918)
Foreign currency translation adjustments, net of taxes	—	—	—	(997)	—	—	(997)
Net income attributable to noncontrolling interests	—	—	—	—	—	11,639	11,639
Distributions to noncontrolling interests	—	—	—	—	—	(11,683)	(11,683)
Net effect of other changes in ownership	—	—	—	—	—	2,426	2,426
Balance at September 30, 2021	27,242	279,015	899,528	4,777	(2,666)	8,804	1,216,700

See notes to condensed consolidated financial statements.

6

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests	Total
	($000 omitted)
Three Months Ended September 30, 2022
Balances at June 30, 2022	27,390	288,834	1,073,788	(40,202)	(2,666)	12,677	1,359,821
Net income attributable to Stewart	—	—	29,434	—	—	—	29,434
Dividends on Common Stock ($0.45 per share)	—	—	(12,284)	—	—	—	(12,284)
Stock-based compensation	29	2,770	—	—	—	—	2,799
Stock repurchases	(12)	(605)	—	—	—	—	(617)
Stock option and employee stock purchase plan exercises	69	3,017	—	—	—	—	3,086
Purchase of remaining interest in consolidated subsidiaries	—	—	—	—	—	(72)	(72)
Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(8,921)	—	—	(8,921)
Reclassification adjustment for realized gains and losses on investments, net of taxes	—	—	—	(385)	—	—	(385)
Foreign currency translation adjustments, net of taxes	—	—	—	(15,300)	—	—	(15,300)
Net income attributable to noncontrolling interests	—	—	—	—	—	5,294	5,294
Distributions to noncontrolling interests	—	—	—	—	—	(5,380)	(5,380)
Net effect of other changes in ownership	—	—	—	—	—	26	26
Balance at September 30, 2022	27,476	294,016	1,090,938	(64,808)	(2,666)	12,545	1,357,501
Three Months Ended September 30, 2021
Balances at June 30, 2021	27,177	274,074	819,834	11,558	(2,666)	6,096	1,136,073
Net income attributable to Stewart	—	—	88,663	—	—	—	88,663
Dividends on Common Stock ($0.33 per share)	—	—	(8,969)	—	—	—	(8,969)
Stock-based compensation	8	2,607	—	—	—	—	2,615
Stock repurchases	(2)	(141)	—	—	—	—	(143)
Stock option exercises	59	2,475					2,534
Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(2,183)	—	—	(2,183)
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes	—	—	—	(355)	—	—	(355)
Foreign currency translation adjustments, net of taxes	—	—	—	(4,243)	—	—	(4,243)
Net income attributable to noncontrolling interests	—	—	—	—	—	4,732	4,732
Distributions to noncontrolling interests	—	—	—	—	—	(4,430)	(4,430)
Net effect of other changes in ownership	—	—	—	—	—	2,406	2,406
Balance at September 30, 2021	27,242	279,015	899,528	4,777	(2,666)	8,804	1,216,700

See notes to condensed consolidated financial statements.

7

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1

Interim financial statements. The financial information contained in this report for the three and nine months ended September 30, 2022 and 2021, and as of September 30, 2022, is unaudited. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on February 28, 2022 (2021 Form 10-K).

A. Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

B. Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $541.0 million and $523.5 million at September 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.5 million and $41.4 million at September 30, 2022 and December 31, 2021, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

D. Recently enacted Inflation Reduction Act. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the Act) that includes, among other provisions, changes to the U.S. corporate income tax system, including a 15% minimum tax based on book income of certain large corporations for tax years beginning after December 31, 2022 and a 1% excise tax on net repurchases of stock starting in 2023. Management is still in the process of evaluating the Act and its requirements, however it does not believe that the Act will have a material impact on the Company's consolidated financial statements.

8

NOTE 2

Revenues. The Company's operating revenues, summarized by type, are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Title insurance premiums:
Direct	209,477	248,738	646,760	687,369
Agency	340,470	401,762	1,154,546	1,138,023
Escrow fees	49,407	63,455	166,696	183,638
Real estate solutions and abstract fees	89,519	85,345	302,534	234,677
Other revenues	28,742	30,487	141,526	69,471
	717,615	829,787	2,412,062	2,313,178

NOTE 3

Investments in debt and equity securities. As of September 30, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securities held were $8.0 million and $21.1 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	30,759	30,119	34,739	36,323
Corporate	279,392	257,575	249,757	258,102
Foreign	297,490	278,511	287,240	288,883
U.S. Treasury Bonds	16,631	16,256	6,429	6,464
	624,272	582,461	578,165	589,772

Foreign debt securities primarily consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	2	642	1,585	1
Corporate	226	22,043	9,389	1,044
Foreign	92	19,071	3,285	1,642
U.S. Treasury Bonds	7	382	60	25
	327	42,138	14,319	2,712

9

Debt securities as of September 30, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	88,203	87,384
After one year through five years	355,367	333,584
After five years through ten years	155,555	140,592
After ten years	25,147	20,901
	624,272	582,461

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	633	28,835	9	33	642	28,868
Corporate	17,822	224,128	4,221	29,888	22,043	254,016
Foreign	13,264	210,499	5,807	65,721	19,071	276,220
U.S. Treasury Bonds	323	13,116	59	951	382	14,067
	32,042	476,578	10,096	96,593	42,138	573,171

The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2022 was 355. Of these securities, 49 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at September 30, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

10

NOTE 4

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of September 30, 2022, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	30,119	30,119
Corporate	—	257,575	257,575
Foreign	—	278,511	278,511
U.S. Treasury Bonds	—	16,256	16,256
Equity securities	87,166	—	87,166
	87,166	582,461	669,627

As of December 31, 2021, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	36,323	36,323
Corporate	—	258,102	258,102
Foreign	—	288,883	288,883
U.S. Treasury Bonds	—	6,464	6,464
Equity securities	89,442	—	89,442
	89,442	589,772	679,214

11

As of September 30, 2022 and December 31, 2021, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

NOTE 5

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Realized gains	183	2,615	3,460	10,695
Realized losses	(65)	(47)	(3,904)	(2,516)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637
	(6,374)	2,887	(14,194)	17,816

Realized gains and losses during the first nine months of 2022 included realized losses of $3.6 million from disposals of businesses, a $1.0 million gain from an acquisition contingent liability adjustment, and a $1.0 million realized gain related to a sale of a title plant copy.

Realized gains and losses during the third quarter 2021 included $2.5 million gain related to an acquisition contingent liability adjustment. Additionally, realized gains and losses for the first nine months of 2021 included $7.3 million of gains on sales of buildings and a $2.5 million loss related to a disposal of an equity method investment.

Investment gains and losses recognized related to investments in equity securities are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Net investment (losses) gains recognized on equity securities during the period	(6,489)	345	(13,284)	9,706
Less: Net realized gains on equity securities sold during the period	3	26	466	69
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637

Proceeds from sales of investments in securities are as follows: 

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Proceeds from sales of debt securities	19,123	4,854	47,405	19,425
Proceeds from sales of equity securities	62	128	549	301
Total proceeds from sales of investments in securities	19,185	4,982	47,954	19,726

12

NOTE 6

Goodwill. The summary of changes in goodwill is as follows.

	Title	Real Estate Solutions	Corporate and Other	Consolidated Total
	($000 omitted)
Balances at December 31, 2021	583,944	325,543	15,350	924,837
Acquisitions	25,325	—	—	25,325
Purchase accounting adjustments	345	26,961	(14,450)	12,856
Disposals	(392)	—	(900)	(1,292)
Balances at September 30, 2022	609,222	352,504	—	961,726

During the first nine months of 2022, goodwill recorded in the title segment was related to acquisitions of title search and support services providers, while purchase accounting adjustments were primarily related to measurements of intangible assets and deferred taxes, and adjustments to provisional estimates within one year of the related acquisitions.

NOTE 7

Estimated title losses. A summary of estimated title losses for the nine months ended September 30 is as follows:

	2022		2021
	($000 omitted)
Balances at January 1	549,614		496,275
Provisions:
Current year	81,108		91,259
Previous policy years	(3)		1,428
Total provisions	81,105		92,687
Payments, net of recoveries:
Current year	(14,191)		(12,181)
Previous policy years	(55,964)		(40,745)
Total payments, net of recoveries	(70,155)		(52,926)
Effects of changes in foreign currency exchange rates	(13,350)		(1,485)
Balances at September 30	547,214		534,551
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.8	%	4.3	%
Total provisions	3.8	%	4.3	%

13

NOTE 8

Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which usually include a combination of time-based restricted stock units, performance-based restricted stock units and stock options. Each restricted stock unit represents a contractual right to receive a share of the Company's common stock. The time-based units generally vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives and an employee service requirement over a period of approximately three years. The stock options vest on each of the first three anniversaries of the grant date at a rate of 20%, 30% and 50%, chronologically, and expire 10 years after the grant date. Each vested stock option can be exercised to purchase a share of the Company's common stock at the strike price set by the Company at the grant date. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.

During the first nine months of 2022, the Company granted time-based and performance-based restricted stock units with an aggregate grant-date fair value of $11.7 million (183,000 units with an average grant price per unit of $63.68). During the first nine months of 2021, the aggregate grant-date fair values of restricted stock unit and stock option awards, respectively, were $9.2 million (170,000 units with an average grant price per unit of $53.70) and $1.3 million (141,000 options with an average grant price per option of $9.24 and exercise strike price of $53.24).

NOTE 9

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. Outstanding shares of Common Stock granted to employees that are not yet vested (restricted shares) are excluded from the calculation of the weighted-average number of shares outstanding for calculating basic EPS. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units and shares were vested and stock options were exercised. In periods of loss, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted, except per share)
Numerator:
Net income attributable to Stewart	29,434	88,663	148,991	237,718
Denominator (000):
Basic average shares outstanding	27,113	26,873	27,031	26,803
Average number of dilutive shares relating to options	124	190	181	160
Average number of dilutive shares relating to grants of restricted units and shares	134	175	147	127
Diluted average shares outstanding	27,371	27,238	27,359	27,090
Basic earnings per share attributable to Stewart	1.09	3.30	5.51	8.87
Diluted earnings per share attributable to Stewart	1.08	3.26	5.45	8.78

14

NOTE 10

Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of September 30, 2022, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of September 30, 2022, the Company also had unused letters of credit aggregating $4.9 million related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

NOTE 11

Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiffs seek exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

The Company is subject to non-ordinary course of business claims or lawsuits from time to time. To the extent the Company is currently the subject of these types of lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Additionally, the Company occasionally receives various inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. To the extent the Company is in receipt of such inquiries, it believes that, where appropriate, it has adequately reserved for these matters and does not anticipate that the outcome of these inquiries will materially affect its consolidated financial condition or results of operations.

The Company is subject to various other administrative actions and inquiries into its business conduct in certain of the states in which it operates. While the Company cannot predict the outcome of the various regulatory and administrative matters, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of any of these matters will materially affect its consolidated financial condition or results of operations.

NOTE 12

Segment information. Prior to 2022, the Company reported two operating segments: the title insurance and related services (title) segment, and the ancillary services and corporate segment. Effective in the first quarter 2022, the Company began reporting three operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. The new segment presentation is primarily due to the increased size of the real estate solutions operations (formerly, ancillary services operations) resulting from strategic acquisitions. Previously, the real estate solutions operations were combined in one segment with the Company's corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments.

15

Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment primarily includes corporate operations and other businesses not related to title or real estate solutions operations. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The real estate solutions segment primarily includes appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. Amounts for 2021 were recast in the following table to conform with the new segment presentation.

Selected statement of income information related to these segments is as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Title segment:
Revenues	646,607	772,246	2,135,000	2,157,949
Depreciation and amortization	7,467	4,556	21,098	13,579
Income before taxes and noncontrolling interest	51,837	119,147	228,212	321,907
Real estate solutions segment:
Revenues	69,738	64,425	241,993	178,549
Depreciation and amortization	6,204	4,376	19,381	8,155
Income before taxes	3,364	2,791	16,249	7,655
Corporate and other segment:
Revenues	54	56	36,394	7,623
Depreciation and amortization	396	212	1,624	660
Loss before taxes	(9,690)	(5,492)	(32,560)	(9,658)
Consolidated Stewart:
Revenues	716,399	836,727	2,413,387	2,344,121
Depreciation and amortization	14,067	9,144	42,103	22,394
Income before taxes and noncontrolling interest	45,511	116,446	211,901	319,904

The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment.

Total revenues generated in the United States and all international operations are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
United States	670,846	781,792	2,271,497	2,196,717
International	45,553	54,935	141,890	147,404
	716,399	836,727	2,413,387	2,344,121

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NOTE 13

Other comprehensive loss. Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows:

	Three Months Ended   September 30, 2022			Three Months Ended   September 30, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(11,292)	(2,371)	(8,921)	(2,764)	(581)	(2,183)
Reclassification adjustments for realized gains and losses on investments	(488)	(103)	(385)	(449)	(94)	(355)
	(11,780)	(2,474)	(9,306)	(3,213)	(675)	(2,538)
Foreign currency translation adjustments	(18,315)	(3,015)	(15,300)	(4,950)	(707)	(4,243)
Other comprehensive loss	(30,095)	(5,489)	(24,606)	(8,163)	(1,382)	(6,781)

	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(52,548)	(11,035)	(41,513)	(13,076)	(2,746)	(10,330)
Reclassification adjustment for realized gains and losses on investments	(870)	(183)	(687)	(1,162)	(244)	(918)
	(53,418)	(11,218)	(42,200)	(14,238)	(2,990)	(11,248)
Foreign currency translation adjustments	(26,668)	(3,807)	(22,861)	(839)	158	(997)
Other comprehensive loss	(80,086)	(15,025)	(65,061)	(15,077)	(2,832)	(12,245)

17

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

MANAGEMENT’S OVERVIEW

Third quarter 2022 overview. We reported net income attributable to Stewart of $29.4 million ($1.08 per diluted share) for the third quarter 2022, compared to net income attributable to Stewart of $88.7 million ($3.26 per diluted share) for the third quarter 2021. Pretax income before noncontrolling interests for the third quarter 2022 was $45.5 million compared to pretax income before noncontrolling interests of $116.4 million for the prior year quarter. The third quarter 2022 results included $6.4 million of pretax net realized and unrealized losses, primarily related to net unrealized losses on fair value changes of equity securities investments recorded in the title segment, while the third quarter 2021 results included $2.9 million of pretax net realized and unrealized gains, primarily driven by an acquisition contingent liability adjustment recorded in the real estate solutions segment.

Summary results of the title segment are as follows ($ in millions, except pretax margin):

	For the Three Months Ended September 30
	2022		2021		% Chg
Operating revenues	647.9		767.9		(16)	%
Investment income	5.2		4.1		27	%
Net realized and unrealized (losses) gains	(6.4)		0.3		(2,042)	%
Pretax income	51.8		119.1		(56)	%
Pretax margin	8.0	%	15.4	%

The title segment’s operating revenues in the third quarter 2022 decreased $120.0 million, or 16%, compared to the third quarter 2021, primarily due to volume declines in our direct title and agency operations. Overall segment operating expenses in the third quarter 2022 decreased $58 million, or 9%, compared to the prior year quarter, primarily due to lower agency retention and title loss expenses, consistent with lower title revenues, and lower total employee costs and other operating expenses. Average independent agency remittance rate in the third quarter 2022 was 17.6% compared to 17.9% in the third quarter 2021. As a percentage of operating revenues, combined title employee costs and other operating expenses were 43.4% in the third quarter 2022 compared to 37.5% in the third quarter 2021, primarily due to lower revenues in the third quarter 2022.

Title loss expense in the third quarter 2022 decreased by $4.9 million, or 16%, compared to the prior year quarter, primarily due to lower title revenues. As a percentage of title revenues, title loss expense in the third quarter 2022 was 3.9% compared to 4.0% in the third quarter 2021. For the full year 2022, we anticipate our title losses will be approximately 4% of title revenues.

The segment’s net realized and unrealized losses and gains in the third quarters 2022 and 2021, respectively, were primarily related to fair value changes of equity securities investments. Investment income in the third quarter 2022 increased compared to the prior year quarter, primarily as a result of higher interest income driven by the increased interest rate environment in the third quarter 2022.

Summary results of the real estate solutions segment are as follows ($ in millions, except pretax margin):

	For the Three Months Ended September 30
	2022		2021		% Chg
Operating revenues	69.7		61.9		13	%
Net realized gains	—		2.5		(100)	%
Pretax income	3.4		2.8		21	%
Pretax margin	4.8	%	4.3	%

18

Pretax income for the segment improved in the third quarter 2022, compared to the prior year quarter, primarily due to $7.8 million, or 13%, net increased revenues, driven by revenues from fourth quarter 2021 acquisitions, partially offset by lower revenues from appraisal management and notary solutions operations due to reduced market activity. Total operating expenses increased $4.7 million, or 8%, driven by higher employee costs related to increased employee count resulting from acquisitions and higher purchased intangible asset amortization expenses in the third quarter 2022 compared to the prior year quarter. Total intangible asset amortization expenses in the third quarters 2022 and 2021 were $5.8 million and $4.2 million, respectively.

In regard to the corporate and other segment, net expenses attributable to corporate operations in the third quarter 2022 increased $4.2 million, or 76%, to $9.7 million, compared to $5.5 million in the third quarter 2021, primarily as a result of higher interest expense resulting from debt issued in the fourth quarter 2021.

Effective October 1, 2022, Stewart closed on the acquisition of FNC Title Services, LLC and its affiliates (FNC Group), which provides title insurance and settlement services to the reverse mortgage industry on a nationwide basis. The FNC Group operates from offices located in the states of Alabama, Louisiana, Maryland, Nevada, Texas and Utah.

CRITICAL ACCOUNTING ESTIMATES

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues, expenses and related disclosures surrounding contingencies and commitments.

Actual results can differ from our accounting estimates. While we do not anticipate significant changes in our estimates, there is a risk that such changes could have a material impact on our consolidated financial condition or results of operations for future periods. During the nine months ended September 30, 2022, we made no material changes to our critical accounting estimates as previously disclosed in Management’s Discussion and Analysis in the 2021 Form 10-K.

Operations. Our primary business is title insurance and settlement-related services. We close transactions and issue title policies on homes, commercial and other real properties located in all 50 states, the District of Columbia and international markets through policy-issuing offices, agencies and centralized title services centers. Our real estate solutions operations include appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. The corporate and other segment includes our parent holding company expenses and certain enterprise-wide overhead costs, along with other businesses not related to title or real estate solutions operations.

Factors affecting revenues. The principal factors that contribute to changes in our operating revenues include:

•mortgage interest rates;

•availability of mortgage loans;

•number and average value of mortgage loan originations;

•ability of potential purchasers to qualify for loans;

•inventory of existing homes available for sale;

•ratio of purchase transactions compared with refinance transactions;

•ratio of closed orders to open orders;

•home prices;

•consumer confidence, including employment trends;

•demand by buyers;

•premium rates;

•foreign currency exchange rates;

•market share;

•ability to attract and retain highly productive sales associates;

•independent agency remittance rates;

•opening of new offices and acquisitions;

•office closures;

•number and value of commercial transactions, which typically yield higher premiums;

•government or regulatory initiatives, including tax incentives and the implementation of the integrated

19

disclosure requirements;

•acquisitions or divestitures of businesses;

•volume of distressed property transactions;

•seasonality and/or weather; and

•outbreaks of diseases and related quarantine orders and restrictions on travel, trade and business operations.

Premiums are determined in part by the values of the transactions we handle. To the extent inflation or market conditions cause increases in the prices of homes and other real estate, premium revenues are also increased. Conversely, falling home prices cause premium revenues to decline. As an overall guideline, a 5% change in median home prices results in an approximately 3.7% change in title premiums. Home price changes may override the seasonal nature of the title insurance business. Historically, our first quarter is the least active in terms of title insurance revenues as home buying is generally depressed during winter months. Our second and third quarters are typically the most active as the summer is the traditional home buying season, and while commercial transaction closings are skewed to the end of the year, individually large commercial transactions can occur any time of year. On average, refinance title premium rates are 60% of the premium rates for a similarly priced sale transaction.

RESULTS OF OPERATIONS

Comparisons of our results of operations for the three and nine months ended September 30, 2022 with the corresponding periods in the prior year are set forth below. Factors contributing to fluctuations in the results of operations are presented in the order of their monetary significance, and we have quantified, when necessary, significant changes. Segment results are included in the discussions and, when relevant, are discussed separately.

Our statements on home sales and loan activity are based on published U.S. industry data from sources including Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors® (NAR) and the U.S. Census Bureau as of September 30, 2022. We also use information from our direct operations.

Operating environment. Existing home sales in September 2022, on a seasonally-adjusted basis, decreased for the eighth consecutive month, decreasing 2% and 24% compared to August 2022 and a year ago, respectively. According to NAR, the existing homes sales decline was primarily due to the continuous rise in interest rates, accompanied by lower housing inventory levels. Existing home prices continued to climb, with the median price in September 2022 being 8% higher compared to a year ago, which marked a record 127th consecutive month of year-over-year median home price increases. In relation to new residential construction, U.S. housing starts in September 2022 were 8% lower compared to both August 2022 and September 2021, while newly-issued building permits in September 2022 were 1% higher than August 2022, but 3% lower compared to a year ago.

According to Fannie Mae and MBA (averaged), total single family mortgage originations during the third quarter 2022 decreased 55% to approximately $494 billion compared to the third quarter 2021, primarily due to lower refinancing and purchase transactions resulting from the elevated interest rates. Refinancing and purchase originations during the third quarter 2022 were 84% and 22% lower compared to the third quarter 2021.

As of September 2022, the average 30-year fixed interest rate is expected to average 5.3% for 2022 compared to the 3.1% average interest rate observed during 2021. For the fourth quarter 2022, it is expected that total mortgage originations will be 50% lower, while existing and new home sales will decline 23% and 21%, respectively, compared to the fourth quarter 2021.

20

Title revenues. Direct title revenue information is presented below:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022	2021	Change	% Chg		2022	2021	Change	% Chg
	($ in millions)					($ in millions)
Non-commercial
Domestic	204.4	249.1	(44.7)	(18)	%	659.1	709.1	(50.0)	(7)	%
International	33.8	44.2	(10.4)	(24)	%	106.6	118.8	(12.2)	(10)	%
	238.2	293.3	(55.1)	(19)	%	765.7	827.9	(62.2)	(8)	%
Commercial:
Domestic	61.0	64.5	(3.5)	(5)	%	184.5	149.2	35.3	24	%
International	8.2	8.3	(0.1)	(1)	%	26.2	22.0	4.2	19	%
	69.2	72.8	(3.6)	(5)	%	210.7	171.2	39.5	23	%
Total direct title revenues	307.4	366.1	(58.7)	(16)	%	976.4	999.1	(22.7)	(2)	%

Non-commercial revenues declined in the third quarter and first nine months of 2022, compared to the same periods in 2021, primarily due to lower purchase and refinancing transactions driven by the high mortgage interest rate environment. Compared to the same periods in 2021, combined purchase and refinancing orders closed decreased 42% and 32% in the third quarter and first nine months of 2022, respectively, while average residential fee per file increased 38% to $3,300 and 36% to $2,900 in the third quarter and first nine months of 2022, respectively, primarily due to the higher mix of purchase transactions and higher average home prices.

Domestic commercial revenues in the third quarter 2022 decreased primarily due to reduced transaction size, while revenues in the first nine months of 2022 improved primarily due to increased commercial transaction size and volume, compared to the same periods in 2021. Domestic commercial orders closed in third quarter and first nine months of 2022 were 6% and 12% higher, respectively, while average domestic commercial fee per file decreased 11% to $13,700 in the third quarter 2022 and increased 11% to $13,200 in first nine months of 2022, compared to the same periods in 2021.

Total international revenues in the third quarter and first nine months of 2022 decreased by $10.5 million, or 20%, and $8.0 million, or 6%, compared to the same periods in 2021, primarily due to lower transaction volume in our Canadian operations and the weaker foreign currency exchange rates against the U.S. dollar.

Orders information for the three and nine months ended September 30 is as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022	2021	Change	% Chg		2022	2021	Change	% Chg
Opened Orders:
Commercial	4,456	4,461	(5)	—	%	16,028	13,635	2,393	18	%
Purchase	60,646	73,558	(12,912)	(18)	%	201,228	220,979	(19,751)	(9)	%
Refinance	20,047	64,374	(44,327)	(69)	%	85,574	205,834	(120,260)	(58)	%
Other	1,825	1,762	63	4	%	4,546	5,254	(708)	(13)	%
Total	86,974	144,155	(57,181)	(40)	%	307,376	445,702	(138,326)	(31)	%
Closed Orders:
Commercial	4,444	4,204	240	6	%	14,007	12,538	1,469	12	%
Purchase	46,592	56,570	(9,978)	(18)	%	149,272	160,763	(11,491)	(7)	%
Refinance	14,343	47,549	(33,206)	(70)	%	71,507	165,843	(94,336)	(57)	%
Other	1,419	1,139	280	25	%	4,778	3,492	1,286	37	%
Total	66,798	109,462	(42,664)	(39)	%	239,564	342,636	(103,072)	(30)	%

21

Gross revenues from independent agency operations in the third quarter 2022 declined $61.3 million, or 15%, compared to the third quarter 2021 primarily due to the effect of higher mortgage interest rates on the market in the third quarter 2022. Gross agency revenues during the first nine months of 2022 were $16.5 million, or 2%, higher than the same period in 2021 primarily due to increased market activity during the early part of 2022. Agency revenues, net of retention, decreased $11.9 million, or 17%, in the third quarter 2022 and were flat in the first nine months of 2022 compared to the same periods in 2021, generally driven by changes in gross agency revenues. Refer further to the "Retention by agencies" discussion under Expenses below.

Real estate solutions and other revenues. Real estate solutions and other revenues are comprised of revenues generated by our real estate solutions operations and, for the first half of 2022, by a real estate brokerage company which we recently sold. These revenues increased $7.8 million, or 13%, and $105.1 million, or 60%, in the third quarter and first nine months of 2022, respectively, compared to the same periods in 2021, primarily due to additional revenues from acquisitions completed in the fourth quarter 2021, which were partially offset by reduced revenues from our appraisal management and notary solutions operations due to reduced market activity.

Investment income. Investment income increased $1.1 million, or 27%, and $2.4 million, or 18%, in the third quarter and first nine months of 2022, respectively, primarily due to higher interest income driven by increased interest rates and higher dividend income from investments in 2022, compared to the same periods in 2021.

Net realized and unrealized gains. Refer to Note 5 to the condensed consolidated financial statements.

Expenses. An analysis of expenses is shown below:

	Three Months Ended September 30,							Nine Months Ended September 30,
	2022		2021		Change*	% Chg		2022		2021		Change*	% Chg
	($ in millions)							($ in millions)
Amounts retained by agencies	280.5		329.9		(49.4)	(15	%)	951.6		935.9		15.7	2	%
As a % of agency revenues	82.4	%	82.1	%				82.4	%	82.2	%
Employee costs	195.1		197.6		(2.5)	(1	%)	610.3		555.5		54.8	10	%
As a % of operating revenues	27.2	%	23.8	%				25.3	%	24.0	%
Other operating expenses	151.2		152.6		(1.4)	(1	%)	503.0		415.9		87.1	21	%
As a % of operating revenues	21.1	%	18.4	%				20.9	%	18.0	%
Title losses and related claims	25.5		30.3		(4.9)	(16	%)	81.1		92.7		(11.6)	(12	%)
As a % of title revenues	3.9	%	4.0	%				3.8	%	4.3	%

*Amounts change may not add due to rounding.

Retention by agencies. Amounts retained by title agencies are based on agreements between agencies and our title underwriters. Amounts retained by independent agencies, as a percentage of revenues generated by them, averaged 82.4% in both the third quarter and first nine months of 2022 compared to 82.1% and 82.2%, respectively, in the same periods in 2021 primarily due to higher revenues generated by our agents from higher retention states. The average retention percentage may vary from period to period due to the geographical mix of agency operations, the volume of title revenues and, in some states, laws or regulations. Due to the variety of such laws or regulations, as well as competitive factors, the average retention rate can differ significantly from state to state. In addition, a high proportion of our independent agencies are in states with retention rates greater than 80%. We continue to focus on increasing profit margins in every state, increasing premium revenue in states where remittance rates are above 20%, and maintaining the quality of our agency network, which we believe to be the industry’s best, in order to mitigate claims risk and drive consistent future performance. While market share is important in our agency operations channel, it is not as important as margins, risk mitigation and profitability.

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Employee costs. Consolidated employee costs decreased $2.5 million, or 1%, in the third quarter 2022 and increased $54.8 million, or 10%, in the first nine months of 2022, compared to the same periods in 2021. Employee costs decreased in the third quarter 2022 due to reduced incentive compensation and temporary labor costs driven by lower volumes, partially offset by higher salaries and employee benefits primarily resulting from acquisitions. Employee costs increased in the first nine months of 2022 primarily due to higher salaries and employee benefits resulting from increased employee counts driven by acquisitions. Average employee counts in the third quarter and first nine months of 2022 increased 16% and 21%, respectively, compared to the same periods in 2021. Employee costs, as a percentage of total operating revenues, were higher at 27.2% and 25.3% in the third quarter and first nine months of 2022, respectively, compared to 23.8% and 24.0% in the same periods in 2021, primarily due to lower revenues in 2022.

Compared to the same periods in 2021, employee costs in the title segment decreased $7.2 million, or 4%, in the third quarter 2022 and increased $33.9 million, or 6%, in the first nine months of 2022 due to the factors mentioned above. Employee costs in the real estate solutions segment increased $4.8 million, or 63%, and $16.5 million, or 75%, in the third quarter and first nine months of 2022, respectively, primarily due to acquisitions. During the third quarter and first nine months of 2022, average employee counts in the title segment increased 12% and 17%, respectively, while average employee counts in the real estate solutions segment increased 64% and 68%, respectively, compared to the same periods in 2021. Employee costs in the corporate and other segment in the third quarter 2022 were flat, and increased $4.4 million, or 49%, in the first nine months of 2022, compared to the same periods in 2021, primarily due to the acquired real estate brokerage company which we sold in the second quarter 2022.

As of September 30, 2022, we had approximately 7,400 employees compared to approximately 6,600 employees as of September 30, 2021.

Other operating expenses. Other operating expenses include costs that are fixed in nature, costs that follow, to varying degrees, changes in transaction volumes and revenues (variable costs) and costs that fluctuate independently of revenues (independent costs). Costs that are fixed in nature include attorney and professional fees, third-party outsourcing provider fees, equipment rental, insurance, rent and other occupancy expenses, repairs and maintenance, technology costs, telecommunications and title plant expenses. Variable costs include appraiser and service expenses related to real estate solutions operations, outside search and valuation fees, attorney fee splits, bad debt expenses, copy supplies, delivery fees, postage, premium taxes and title plant maintenance expenses. Independent costs include general supplies, litigation defense, business promotion and marketing and travel.

Consolidated other operating expenses in the third quarter 2022 decreased $1.4 million, 1%, compared to the third quarter 2021, primarily due to decreased costs tied to lower title and appraisal management and notary services revenues, partially offset by higher technology and office closure costs. Consolidated other operating expenses in the first nine months of 2022 increased $87.1 million, or 21%, compared to the same period in 2021, primarily due to higher service expenses tied to increased real estate solutions revenues, higher technology, marketing and travel costs, and increased rent and other occupancy expenses resulting from acquisitions, partially offset by lower title-related expenses related to decreased title revenues.

Total variable costs decreased $15.7 million, or 16%, in the third quarter 2022 primarily due to lower title and appraisal management and notary services revenues, while these costs increased $44.8 million, or 17%, in the first nine months of 2022 primarily driven by acquisitions in the fourth quarter 2021, which were partially offset by lower volumes in existing businesses. Total costs that are fixed in nature increased $8.6 million, or 21%, and $29.0 million, or 25%, in the third quarter and first nine months of 2022, respectively, primarily due to higher technology costs, rent and occupancy expenses, and insurance costs. Independent costs increased $5.7 million, or 47%, and $13.3 million, or 41%, in the third quarter and first nine months of 2022, respectively, primarily due to office closure costs and higher marketing and travel costs due to increased activity following the pandemic period.

As a percentage of total operating revenues, consolidated other operating expenses in the third quarter and first nine months of 2022, increased to 21.1% and 20.9%, respectively, compared to 18.4% and 18.0% in the same periods in 2021, primarily due to lower title operating revenues and the increased size of our real estate solutions operations which typically have higher other operating expenses.

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Title losses. Provisions for title losses, as a percentage of title operating revenues, were 3.9% and 3.8% for the third quarter and first nine months of 2022, compared to 4.0% and 4.3% for the third quarter and first nine months of 2021. Title loss expense in the third quarter and first nine months of 2022 decreased $4.9 million, or 16%, and $11.6 million, or 12%, respectively, compared to the same periods in 2021, primarily due to favorable claims experience and lower title revenues during 2022. The title loss ratio in any given quarter can be significantly influenced by changes in new large claims incurred, escrow losses and adjustments to reserves for existing large claims.

The composition of title policy loss expense is as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022	2021	Change	% Chg		2022	2021	Change	% Chg
	($ in millions)					($ in millions)
Provisions – known claims:
Current year	4.4	4.2	0.2	5	%	12.9	10.8	2.1	19	%
Prior policy years	25.3	13.8	11.5	83	%	56.9	41.5	15.4	37	%
	29.7	18.0	11.7	65	%	69.8	52.3	17.5	33	%
Provisions – IBNR
Current year	21.0	25.9	(4.9)	(19)	%	68.2	80.5	(12.3)	(15)	%
Prior policy years	0.1	0.2	(0.1)	(50)	%	—	1.4	(1.4)	(100)	%
	21.1	26.1	(5.0)	(19)	%	68.2	81.9	(13.7)	(17)	%
Transferred from IBNR to known claims	(25.3)	(13.8)	(11.5)	83	%	(56.9)	(41.5)	(15.4)	37	%
Total provisions	25.5	30.3	(4.8)	(16)	%	81.1	92.7	(11.6)	(13)	%

Provisions for known claims arise primarily from prior policy years as claims are not typically reported until several years after policies are issued. Provisions - Incurred But Not Reported (IBNR) are estimates of claims expected to be incurred over the next 20 years; therefore, it is not unusual or unexpected to experience changes to those estimated provisions in both current and prior policy years as additional loss experience on policy years is obtained. This loss experience may result in changes to our estimate of total ultimate losses expected (i.e., the IBNR policy loss reserve). Current year provisions - IBNR are recorded on policies issued in the current year as a percentage of premiums earned (provisioning rate). As claims become known, provisions are reclassified from IBNR to known claims. Adjustments relating to large losses (those individually in excess of $1.0 million) may impact provisions either for known claims or for IBNR.

Current year IBNR provisions in the third quarter and first nine months of 2022 decreased $4.9 million, or 19%, and $12.3 million, or 15%, respectively, compared to the same periods in 2021, due to lower title loss provisions resulting from favorable claims experience and lower title revenues. As a percentage of title operating revenues, provisions - IBNR for the current policy year were 3.2% for both the third quarter and first nine months of 2022, compared to 3.4% and 3.8% in the third quarter and first nine months of 2021, respectively. Cash claim payments in the third quarter and first nine months of 2022 increased $14.6 million, or 87%, and $17.2 million, or 33%, respectively, primarily as a result of increased large claim payments in 2022 compared to the same periods in 2021. We continue to manage and resolve large claims prudently and in keeping with our commitments to our policyholders.

In addition to title policy claims, we incur losses in our direct operations from escrow, closing and disbursement functions. These escrow losses typically relate to errors or other miscalculations of amounts to be paid at closing, including timing or amount of a mortgage payoff, payment of property or other taxes and payment of homeowners’ association fees. Escrow losses also arise in cases of fraud, and in those cases, the title insurer incurs the loss under its obligation to ensure that an unencumbered title is conveyed. Escrow losses are recognized as expenses when discovered or when contingencies associated with them (such as litigation) are resolved and are typically paid less than 12 months after the loss is recognized.

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Total title policy loss reserve balances are as follows:

	September 30, 2022	December 31, 2021
	($ in millions)
Known claims	75.6	75.9
IBNR	471.6	473.7
Total estimated title losses	547.2	549.6

The actual timing of estimated title loss payments may vary since claims, by their nature, are complex and paid over long periods of time. Based on historical payment patterns, the outstanding loss reserves are substantially paid out within seven years. As a result, the estimate of the ultimate amount to be paid on any claim may be modified over that time period. Due to the inherent uncertainty in predicting future title policy losses, significant judgment is required by both our management and our third party actuaries in estimating reserves. As a consequence, our ultimate liability may be materially greater or less than current reserves and/or our third party actuary’s calculated estimates.

Depreciation and amortization. Depreciation and amortization expenses increased $4.9 million, or 54%, and $19.7 million, or 88%, in the third quarter and first nine months of 2022 compared to the same periods in 2021, primarily due to acquisitions, which generated higher intangible asset amortization expenses of $2.4 million and $14.6 million, respectively, and higher depreciation expense resulting from increased capital expenditures.

Income taxes. Our effective tax rates, based on income before taxes and after deducting income attributable to noncontrolling interests, were 27% and 25% in the third quarter and first nine months of 2022, respectively, compared to 21% and 23% in the corresponding periods in 2021. The higher rates in 2022 were primarily due to third quarter discrete adjustments related to the annual filing of our federal income tax return, which resulted in an additional income tax expense compared to an income tax benefit in 2021.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources reflect our ability to generate cash flow to meet our obligations to stockholders, customers (payments to satisfy claims on title policies), vendors, employees, lenders and others. As of September 30, 2022, our total cash and investments, including amounts reserved pursuant to statutory requirements aggregated $1.01 billion. Of our total cash and investments at September 30, 2022, $637.3 million ($340.7 million, net of statutory reserves) was held in the United States and the rest internationally (principally in Canada).

As a holding company, the parent company is funded principally by cash from its subsidiaries' earnings in the form of dividends, operating and other administrative expense reimbursements and pursuant to intercompany tax sharing agreements. Cash held at the parent company and its unregulated subsidiaries (which totaled $28.3 million at September 30, 2022) is available for funding the parent company's operating expenses, interest payments on debt and dividend payments to common stockholders. The parent company also receives distributions from Stewart Title Guaranty Company (Guaranty), its regulated title insurance underwriter, to meet cash requirements for acquisitions and other strategic investments.

A substantial majority of our consolidated cash and investments as of September 30, 2022 was held by Guaranty and its subsidiaries. The use and investment of these funds, dividends to the parent company, and cash transfers between Guaranty and its subsidiaries and the parent company are subject to certain legal and regulatory restrictions. In general, Guaranty uses its cash and investments in excess of its legally-mandated statutory premium reserve (established in accordance with requirements under Texas law) to fund its insurance operations, including claims payments. Guaranty may also, subject to certain limitations, provide funds to its subsidiaries (whose operations consist principally of field title offices and real estate solutions operations) for their operating and debt service needs.

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We maintain investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $541.0 million and $523.5 million at September 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.5 million and $41.4 million at September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, our known claims reserve totaled $75.6 million and our estimate of claims that may be reported in the future, under generally accepted accounting principles, totaled $471.6 million. In addition to this, we had cash and investments (excluding equity method investments) of $330.3 million, which are available for underwriter operations, including claims payments, and acquisitions.

The ability of Guaranty to pay dividends to its parent is governed by Texas insurance law. The Texas Department of Insurance (TDI) must be notified of any dividend declared, and any dividend in excess of the greater of the statutory net operating income or 20% of surplus (approximately $210.1 million as of December 31, 2021) would be, by regulation, considered extraordinary and subject to pre-approval by the TDI. Also, the Texas Insurance Commissioner may raise an objection to a planned distribution during the notification period. Guaranty’s actual ability or intent to pay dividends to its parent may be constrained by business and regulatory considerations, such as the impact of dividends on surplus and liquidity, which could affect its ratings and competitive position, the amount of insurance it can write and its ability to pay future dividends. During the nine months ended September 30, 2022 and 2021, Guaranty paid dividends of $70.0 million and $158.9 million, respectively, to the parent company.

As the parent company conducts no operations apart from its wholly-owned subsidiaries, the discussion below focuses on consolidated cash flows.

	Nine Months Ended September 30,
	2022	2021
	($ in millions)
Net cash provided by operating activities	167.0	257.3
Net cash used by investing activities	(225.3)	(200.7)
Net cash (used) provided by financing activities	(98.1)	120.2

Operating activities. Our principal sources of cash from operations are premiums on title policies and revenue from title service-related transactions, real estate solutions and other operations. Our independent agencies remit cash to us net of their contractual retention. Our principal cash expenditures for operations are employee costs, operating costs and title claims payments.

Net cash provided by operations in the first nine months of 2022 decreased $90.3 million compared to the same period in 2021, primarily due to lower net income and higher payments of previously-outstanding operating liabilities in 2022. Although our business is labor intensive, we are focused on a cost-effective, scalable business model which includes utilization of technology, centralized back and middle office functions and business process outsourcing. We are continuing our emphasis on cost management, especially in light of the current economic environment due to rising mortgage interest and inflation rates, specifically focusing on lowering unit costs of production and improving operating margins in our direct title and real estate solutions operations. Our plans to improve margins include additional automation of manual processes, and further consolidation of our various systems and production operations. We continue to invest in the technology necessary to accomplish these goals.

Investing activities. Net cash used by investing activities is primarily driven by proceeds from matured and sold investments, purchases of investments, capital expenditures and acquisition of businesses. During the first nine months of 2022, total proceeds from securities investments sold and matured were $76.7 million, compared to $88.4 million during the first nine months of 2021. Cash used for purchases of securities investments was $165.1 million during the first nine months of 2022 compared to $111.1 million during the same period in 2021.

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We used $102.9 million of net cash for acquisitions in the title segment during the first nine months of 2022, compared to net cash used of $149.9 million for acquisitions in the title and real estate solutions segments and $16.1 million for acquiring an equity method investment in a title company during the same period in 2021. We used $35.3 million and $26.2 million of cash for purchases of property and equipment during the first nine months of 2022 and 2021, respectively. We maintain investment in capital expenditures at a level that enables us to implement technologies for increasing our operational and back-office efficiencies and to pursue growth in key markets.

Financing activities and capital resources. Total debt and stockholders’ equity were $446.4 million and $1.36 billion, respectively, as of September 30, 2022. During the first nine months of 2022 and 2021, payments on notes payable of $73.6 million and $157.3 million, respectively, and notes payable additions of $38.0 million and $156.8 million, respectively, were related to short-term loan agreements in connection with our Section 1031 tax-deferred property exchange (Section 1031) business.

At September 30, 2022, our line of credit facility was fully available, while our debt-to-equity and debt-to-capitalization ratios, excluding our Section 1031 notes, were approximately 33% and 25%, respectively. During the first nine months of 2022, we paid total dividends of $32.5 million ($1.20 per common share), compared to the total dividends paid in the same period in 2021 of $26.6 million ($0.99 per common share).

***********

We believe we have sufficient liquidity and capital resources to meet the cash needs of our ongoing operations, including in the current economic and real estate environment created by the increasing mortgage interest and inflation rates. However, we may determine that additional debt or equity funding is warranted to provide liquidity for achievement of strategic goals or acquisitions or for unforeseen circumstances. Other than scheduled maturities of debt, operating lease payments and anticipated claims payments, we have no material contractual commitments. We expect that cash flows from operations and cash available from our underwriters, subject to regulatory restrictions, will be sufficient to fund our operations, including claims payments. However, to the extent that these funds are not sufficient, we may be required to borrow funds on terms less favorable than we currently have or seek funding from the equity market, which may not be successful or may be on terms that are dilutive to existing stockholders.

Contingent liabilities and commitments. See discussion of contingent liabilities and commitments in Note 10 to the condensed consolidated financial statements.

Other comprehensive loss. Unrealized gains and losses on available-for-sale debt securities investments and changes in foreign currency exchange rates are reported net of deferred taxes in accumulated other comprehensive income (loss), a component of stockholders’ equity, until they are realized. During the first nine months of 2022, net unrealized investment losses of $42.2 million, net of taxes, which increased our other comprehensive loss, were primarily related to net decreases in the fair values of our corporate and foreign bond securities investments, primarily driven by the effect of higher interest rates and credit spreads in 2022. During the first nine months of 2021, net unrealized investment losses of $11.2 million, net of taxes, which increased our other comprehensive loss, were primarily related to a net decrease in the fair values of our overall bond securities investment portfolio mainly driven by the effect of rising interest rates.

Changes in foreign currency exchange rates, primarily related to our Canadian and United Kingdom operations, increased our other comprehensive loss, net of taxes, by $22.9 million and $1.0 million in the first nine months of 2022 and 2021, respectively.

Off-balance sheet arrangements. We do not have any material source of liquidity or financing that involves off-balance sheet arrangements, other than our contractual obligations under operating leases. We also routinely hold funds in segregated escrow accounts pending the closing of real estate transactions and have qualified intermediaries in tax-deferred property exchanges for customers pursuant to Section 1031 of the Internal Revenue Code. The Company holds the proceeds from these transactions until a qualifying exchange can occur. In accordance with industry practice, these segregated accounts are not included on the balance sheet. See Note 15 in our 2021 Form 10-K.

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Forward-looking statements. Certain statements in this report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “may,” "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the following:

•the volatility of economic conditions;

•adverse changes in the level of real estate activity;

•changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing;

•our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems;

•our ability to prevent and mitigate cyber risks;

•the impact of unanticipated title losses or the need to strengthen our policy loss reserves;

•any effect of title losses on our cash flows and financial condition;

•the ability to attract and retain highly productive sales associates;

•the impact of vetting our agency operations for quality and profitability;

•independent agency remittance rates;

•changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products;

•regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees;

•our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services;

•our ability to realize anticipated benefits of our previous acquisitions;

•the outcome of pending litigation;

•the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services;

•our dependence on our operating subsidiaries as a source of cash flow;

•our ability to access the equity and debt financing markets when and if needed;

•our ability to grow our international operations; seasonality and weather; and

•our ability to respond to the actions of our competitors.

The above risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including in Part I, Item 1A "Risk Factors" in our 2021 Form 10-K, and as maybe further updated and supplemented from time to time in our future Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this report are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this report to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes during the quarter ended September 30, 2022 in our investment strategies, types of financial instruments held or the risks associated with such instruments that would materially alter the market risk disclosures made in our 2021 Form 10-K.

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Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer are responsible for establishing and maintaining disclosure controls and procedures. They evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of September 30, 2022, and have concluded that, as of such date, our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting. There was no change in our internal control over financial reporting during the quarter ended September 30, 2022, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See discussion of legal proceedings in Note 11 to the condensed consolidated financial statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part II, Item 1, as well as Item 3. Legal Proceedings, in our 2021 Form 10-K.

Item 1A. Risk Factors

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in our 2021 Form 10-K. There have been no material changes to our risk factors since our 2021 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no repurchases of our Common Stock during the nine months ended September 30, 2022, except for repurchases of approximately 48,800 shares (aggregate purchase price of approximately $3.2 million) related to the statutory income tax withholding on the vesting of restricted unit grants to executives and senior management employees.

Item 5. Other Information

Book value per share. Our book value per share was $49.59 and $47.67 as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, our book value per share was based on approximately $1.34 billion of stockholders’ equity attributable to Stewart and 27,123,388 shares of Common Stock outstanding. As of December 31, 2021, our book value per share was based on approximately $1.28 billion of stockholders’ equity attributable to Stewart and 26,893,430 shares of Common Stock outstanding.

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Item 6. Exhibits

Exhibit
3.1	—	Restated Certificate of Incorporation of the Registrant, dated April 28, 2016 (incorporated by reference in this report from Exhibit 3.1 of the Current Report on Form 8-K filed April 29, 2016)
3.2	—	Third Amended and Restated By-Laws of the Registrant, as of April 27, 2016 (incorporated by reference in this report from Exhibit 3.2 of the Current Report on Form 8-K filed April 28, 2016)
10.1†*		Amended and Restated Employment Agreement, effective October 13, 2022, by and between the Registrant and Frederick Eppinger
31.1*	—	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	—	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	—	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	—	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	—	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	—	XBRL Taxonomy Extension Schema Document
101.CAL*	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	—	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	—	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	—	XBRL Taxonomy Extension Presentation Linkbase Document
104*	—	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

† Management contract or compensatory plan

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SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

November 8, 2022

Date

	Stewart Information Services Corporation
	Registrant
By:	/s/ David C. Hisey
	David C. Hisey, Chief Financial Officer, Secretary and Treasurer

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EX-10.1

- 1 - Firmwide:144971698.11 090952.1011 AMENDED AND RESTATED EMPLOYMENT AGREEMENT THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of October 13, 2022 by and between Stewart Information Services Corporation, a Delaware corporation (the “Company”), and Frederick H. Eppinger (“Executive”) (collectively, the “Parties”). This Agreement amends, restates and supersedes any prior written employment agreement between the Parties and any other written or unwritten agreement or understanding between the Parties regarding the subject matter hereof. The Company and Executive agree as follows: 1. Definitions. The following terms used in this Agreement shall, unless otherwise clearly required by the context, have the meanings assigned to them in this Section 1. “Annual Salary” means the annual salary payable to Executive in the amount of $953,000, as it may be adjusted by the Company from time to time. “Benefits” has the meaning set forth in Section 4.4. “Board” means the Board of Directors of the Company. “Cause” has the meaning set forth in Section 6.1(a). “Change in Control” has the meaning set forth in Section 6.8. “Change in Control Effective Date” shall mean the first date during the Term on which a Change in Control occurs; provided that if a Change in Control occurs and if Executive’s employment with the Company is terminated prior to the date on which the Change in Control occurs, the Change in Control Effective Date shall be the date immediately prior to such termination of employment if Executive can demonstrate that such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with or anticipation of a Change in Control. “Change in Control Period” shall mean the period commencing on the Change in Control Effective Date and ending on the second anniversary of the Change in Control Effective Date. “Code” means the Internal Revenue Code of 1986, as amended. “Company Business” means the business of providing real estate support services, including, without limitation, title insurance, real estate information services, escrow services and related transaction services. “Conflict of Interest” has the meaning set forth in Section 5.5. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 2 - Firmwide:144971698.11 090952.1011 “Date of Termination” means the date that is Executive’s last day of work for the Company. “Disability” means a physical or mental disability, whether total or partial, as defined by the Company’s Long-Term Disability Plan, as in effect from time to time. “Exchange Act” means the Securities Exchange Act of 1934, as amended. “Expenses” means all damages, losses, judgments, liabilities, fines, penalties, excise taxes, settlements, and costs, attorneys’ fees, accountants’ fees, and disbursements and costs of attachment or similar bonds, investigations, and any other expenses incurred in establishing a right to indemnification under this Agreement. “Good Reason” has the meaning set forth in Section 6.3(a). “Incentive Plan” means the Company’s shareholder approved incentive plan or plans, which may include long-term equity-based compensation plans, short-term performance- based compensation plans and any other similar plans, as such may be in effect from time to time. “Mutual Separation” has the meaning set forth in Section 6.10. “Other Separation Pay” has the meaning set forth in Section 6.6. “Proceeding” means any action, suit or proceeding, whether civil, criminal, administrative or investigative. “Release” has the meaning set forth in Section 6.9. “Restrictive Covenants” has the meaning set forth in Section 5.6. “Section 409A Penalties” has the meaning set forth in Section 7.1. “Separation Payment Commencement Date” has the meaning set forth in Section 6.5(a). “Term” has the meaning set forth in Section 2. 2. Term. The term of this Agreement begins on October 13, 2022 and ends on December 31, 2025 (the “Term”). The Term will automatically be extended for successive one year periods unless either party provides written notice of non-renewal to the other party at least ninety (90) days prior to the applicable renewal date. Notwithstanding the foregoing, Executive’s employment may be terminated prior to the end of the Term pursuant to the express provisions of this Agreement. 3. Title and Duties. Executive shall serve as Chief Executive Officer of the Company. Executive will have such duties and responsibilities appropriate to Executive’s position as may be DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 3 - Firmwide:144971698.11 090952.1011 assigned to Executive by the Board from time to time, at the Board’s discretion. Executive will report to the Board and devote all reasonable efforts and all of his or her business time to the Company. 4. Compensation and Benefits. 4.1 Annual Salary. The Annual Salary will be payable in accordance with the payroll policies of the Company in effect from time to time, but in no event less frequently than twice each month, less any deductions required to be withheld by applicable law and less any voluntary deductions made by Executive. 4.2 Incentive Compensation. Executive shall be eligible to receive long and short-term incentive compensation in the form of annual bonuses or long-term grants under the Incentive Plan. The decision to award any incentive compensation to Executive under the Incentive Plan and the amount and terms of any such awards or grants are subject to change from year to year and shall be in the sole and absolute discretion of the Compensation Committee of the Board or any other committee that may be designated as the administrative committee for the Incentive Plan with respect to Executive. 4.3 Vacation Policy. Executive shall be entitled to four weeks of paid vacation during each calendar year of the Term, which such vacation shall accrue in accordance with Company policy. 4.4 Participation in Employee Benefit Plans. Executive may participate in any group life, hospitalization or disability insurance plan, health program, retirement plan, similar benefit plan or other so called “fringe benefits” of the Company (collectively, “Benefits”). Executive’s participation in any such plans shall be on the terms and conditions set forth in the governing plan documents as they may be in effect from time to time. 4.5 General Business Expenses. The Company shall pay or reimburse Executive for all business expenses reasonably and necessarily incurred by Executive in the performance of Executive’s duties under this Agreement, consistent with the Company’s business expense reimbursement policy, as in effect from time to time. 4.6 Other Benefits. Executive shall be entitled to participate in or receive benefits under any compensatory employee benefit plan or other benefit or similar arrangements made available by the Company now or in the future to its senior executive officers and key management employees, subject to and on a basis consistent with the terms, conditions, and overall administration of such plans or arrangement. 4.7 Clawback Policy. Executive agrees that the compensation and benefits provided by the Company under this Agreement or otherwise may be subject to recoupment under the Company’s Clawback Policy, as in effect from time to time. A copy of the current Clawback Policy is available on request. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 4 - Firmwide:144971698.11 090952.1011 4.8 Stock Ownership. Executive understands and agrees that Executive is subject to the Company’s stock ownership guidelines, as such guidelines may be in effect from time to time and shall take all appropriate steps to comply with the stock ownership guidelines. Executive understands and the Company agrees that notice of changes to the stock ownership guidelines shall be made available by the Company as appropriate. 4.9 Perquisites. Executive shall be entitled, as of the date hereof, to the perquisites described in the Stewart Information Services Corporation List of Perquisites provided to Executive with this Agreement; provided, however, that Executive’s perquisites shall be subject to modification from time to time by the Compensation Committee of the Board, at its sole discretion. 5. Confidentiality and Company Property, Non-Competition and Non-Solicitation. 5.1 Confidentiality, Non-Solicit, and Non-Compete Agreement. Executive agrees that, as a condition of Executive’s employment, Executive shall execute and shall be bound by the terms of the Stewart Title Guaranty Company, Stewart Title Company and Affiliates Confidentiality, Non-Solicit, and Non-Compete Agreement attached hereto as Exhibit A. 5.2 Non-Disparagement. Executive also agrees, as a condition of Executive’s employment, that Executive and Executive’s immediate family will not make any comments to the employees, vendors, customers, or suppliers of the Company or any of its affiliates, or to any media outlet or to others with the intent to impugn, castigate or otherwise damage the reputation of the Company, any of its affiliates or any of the owners, directors, officers, or employees of the Company. 5.3 Covenants Independent. The covenants of Executive contained in this Section 5 will be construed as independent of any other provision in this Agreement; and the existence of any claim or cause of action by Executive against the Company will not constitute a defense to the enforcement by the Company of said covenants. Executive has been advised to consult with counsel in order to be informed in all respects concerning the reasonableness and propriety of this Section 5 and its provisions with the specific regard to the nature of the business conducted by the Company. Executive acknowledges that this Section 5 and its provisions are reasonable in all respects. 5.4 Non-Competition During Employment. Executive agrees that during Executive’s employment with the Company Executive will not compete with the Company by engaging in the Company Business or in the conception, design, development, production, marketing, or servicing of any product or service that is substantially similar to the products or services which the Company provides, and that Executive will not work for (in any capacity), assist, or became affiliated with as an owner, partner, or otherwise, either directly or indirectly, any individual or business which engages in the Company Business or offers or performs services, or offers or provides products substantially similar to the services and products provided by the Company. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 5 - Firmwide:144971698.11 090952.1011 5.5 Conflicts of Interest. Executive agrees that during Executive’s employment with the Company he or she will not engage, either directly or indirectly, in any activity which might adversely affect the Company or its affiliates (a “Conflict of Interest”), including ownership of a material interest in any supplier, contractor, distributor, subcontractor, customer or other entity with which the Company does business or acceptance of any material payment, service, loan, gift, trip, entertainment, or other favor from a supplier, contractor, distributor, subcontractor, customer or other entity with which the Company does business, and that Executive will promptly inform the Board as to each offer received by Executive to engage in any such activity. Executive further agrees to disclose to the Company any other facts of which Executive becomes aware which might in Executive’s good faith judgment reasonably be expected to involve or give rise to a Conflict of Interest or potential Conflict of Interest. 5.6 Rights and Remedies Upon Breach. If Executive breaches any of the provisions contained in this Section 5, including any provisions of Exhibit A (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the others and severally enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity, including, without limitation, recovery of money damages and termination of this Agreement: (a) Specific Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction, it being agreed that any breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the Company. (b) Accounting. The right and remedy to require Executive to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive as the result of any action constituting a breach of the Restrictive Covenants. (c) Remedies for Violation of Non-Competition or Confidentiality Provisions. Executive acknowledges and agrees that: (i) the skills, experience and contacts of Executive are of a special, unique, unusual and extraordinary character which give them a peculiar value; (ii) because of the business of the Company, the restrictions agreed to by Executive as to time and area contained in this Section 5 are reasonable; and (iii) the injury suffered by the Company by a violation of this Section 5 will be difficult to calculate in damages in an action at law and damages cannot fully compensate the Company for any violation of any obligation or covenant in this Section 5. Executive’s compliance with this Section 5 is a condition precedent to the Company’s obligation to make payments of any nature to Executive (including, without limitation, payments otherwise payable pursuant to the Incentive Plan). 5.7 Materiality and Conditionality of this Section 5. The covenants contained in this Section 5 are material to this Agreement. Executive’s agreement to strictly comply with this Section 5 is a precondition for Executive’s receipt of payments of any nature under this Agreement (including, without limitation, payments otherwise payable pursuant to the Incentive Plan). DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 6 - Firmwide:144971698.11 090952.1011 Whether or not this Section 5 or any portion thereof has been held or found invalid or unenforceable for any reason whatsoever by a court or other constituted legal authority of competent jurisdiction, upon any violation of this Section 5 or any portion thereof, or upon a finding that a violation would have occurred if this Section 5 or any portion thereof were enforceable, Executive and the Company agree that (i) Executive’s interest in unvested awards granted pursuant to the Incentive Plan shall automatically lapse and be forfeited; and (ii) Company shall have no obligation to make any further payments to Executive under this Agreement. 5.8 Severability, Modification of Covenants. The Restrictive Covenants shall survive the termination or expiration of this Agreement, and in the event any of the Restrictive Covenants shall be held by any court to be effective in any particular area or jurisdiction only if said Restrictive Covenant is modified to be limited in its duration or scope, then, at the sole option of the Company, the provisions of Section 5.7 may be deemed to have been triggered, and the rights, liabilities and obligations set forth therein shall apply. In the event the Company does not elect to trigger application of Section 5.7, then the court shall have such authority to so reform the covenants and the parties hereto shall consider such covenants and/or other provisions of this Section 5 to be amended and modified with respect to that particular area or jurisdiction so as to comply with the order of such court and, as to all other jurisdictions, the covenants contained herein shall remain in full force and effect as originally written. Should any court hold that the covenants in this Section 5 are void and otherwise unenforceable in a particular area or jurisdiction, then notwithstanding the foregoing provisions of this Section 5.8, the provisions of Section 5.7 shall be applicable and the rights, liabilities and obligations of the parties set forth therein shall apply. Alternatively, at the sole option of the Company, the Company may consider such covenants to be amended and modified so as to eliminate therefrom the particular area or jurisdictions as to which such covenants are so held void or otherwise unenforceable and, as to all other areas and jurisdictions covered herein, the covenants contained herein shall remain in full force and effect as originally written. 6. Termination. In general, on termination of Executive’s employment for any reason, the following amounts will be paid to Executive, or Executive’s estate, as applicable: (a) All accrued but unpaid Annual Salary through Executive’s last active day of employment, payable in a lump sum within thirty (30) days following Executive’s termination of employment; (b) Accrued but unused vacation time, to the extent payment is either required by law or provided for in the Company’s vacation or paid-time-off policy, as such may be in effect from time to time; (c) Any amounts payable to Executive under the terms of any employee benefit plans in which Executive was a participant; (d) Reimbursement of any of Executive’s business expenses not previously reimbursed, to the extent provided for under the Company’s business expense reimbursement policy; and DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 7 - Firmwide:144971698.11 090952.1011 (e) Any other amounts determined to be due under the terms of the Incentive Plan, or any grants or awards made thereunder. Unless expressly provided for under this Agreement, no amounts other than those set forth above shall be paid following any termination of Executive’s employment, including, by way of example, and not limitation, termination of Executive’s employment by reason of the Company for Cause, by reason of Executive’s resignation without Good Reason, and by reason of Executive’s voluntary retirement. In the event of a Mutual Separation under paragraph 6.10, Executive will also receive any benefits specified under paragraph 6.10 in addition to the amounts set forth in this paragraph 6. 6.1 Termination for Cause. The Company has the right, at any time during the Term, subject to all provisions hereof, exercisable by serving notice, effective on or after the date of service of such notice as specified therein, to terminate Executive’s employment under this Agreement and discharge Executive for Cause. (a) The term “Cause” means, in the good faith determination of the Board, any of the following: (i) Executive’s willful failure to substantially perform Executive’s duties with the Company (other than by reason of Executive’s Disability), after a written demand for substantial performance is delivered to Executive that specifically identifies the manner in which the Company believes that Executive has not substantially performed such duties, and Executive has failed to remedy the situation within 30 days of such written notice from the Company; (ii) Executive’s gross negligence in the performance of Executive’s duties; (iii) Executive’s conviction of, or plea of guilty or nolo contendre to any felony or any crime involving moral turpitude or the personal enrichment of Executive at the expense of the Company; (iv) Executive’s willful engagement in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise, including, without limitation, Executive’s breach of fiduciary duties owed to the Company; (v) Executive’s willful violation of any material provision of the Company’s code of conduct; (vi) Executive’s willful violation of any of the material covenants contained in Section 5; (vii) Executive’s act of dishonesty resulting in or intending to result in personal gain at the expense of the Company; or DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 8 - Firmwide:144971698.11 090952.1011 (viii) Executive’s engaging in any material act that is intended or may be reasonably expected to harm the reputation, business prospects, or operations of the Company. 6.2 Termination without Cause. The Company has the right, at any time during the Term to terminate Executive’s employment without Cause. 6.3 Resignation for Good Reason. Executive’s resignation for Good Reason, as set forth below, shall be treated in all respects like a Termination by the Company without Cause. In the event Executive’s resignation is deemed to be for Good Reason, Executive shall, subject to execution of a Release, receive separation pay benefits outlined in Section 6.5. For these purposes, the following provisions shall be applicable: (a) The term “Good Reason” shall mean any of the following: (i) The occurrence of any material breach by the Company or any of its affiliates of the terms of this Agreement or of the terms of any other material agreement between Executive and the Company or any of its affiliates; (ii) The Company’s assignment to Executive of any duties materially inconsistent with Executive’s position, including any other action which results in a material diminution in such status, title, authority, duties or responsibility; (iii) The relocation of Executive’s office to a location more than 35 miles outside Executive’s office location as agreed at the time of execution of this Agreement; or (iv) The Company’s failure, following a Change in Control, to obtain the assumption in writing of all of the Company’s material obligations under the Executive’s employment agreement and any of the Executive’s outstanding grants or awards by the successor to all or substantially all of the assets of the Company or any Subsidiary within fifteen (15) days after a reorganization, merger, consolidation, sale or other disposition of assets of the Company or such Subsidiary. (b) Notwithstanding the foregoing, Executive’s resignation shall not be deemed to be for Good Reason if Executive has consented to the condition claimed to constitute Good Reason, nor shall Executive’s resignation be deemed to be for Good Reason, unless Executive has provided any written notice to the Company specifying the event or condition claimed to constitute Good Reason within sixty (60) days following the initial existence of such event or condition, and the Company has, after receipt of such notice of Good Reason from Executive, failed to cure or correct such condition or event within sixty (60) days following the Company’s receipt of Executive’s notice of intent to resign for Good Reason. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 9 - Firmwide:144971698.11 090952.1011 6.4 Resignation without Good Reason. Executive may resign and any time without Good Reason. It is understood that Executive shall provide the Company with ninety (90) days’ notice of Executive’s intent to resign. 6.5 Separation Pay Benefits. In the event Executive’s employment with the Company or a Subsidiary is terminated by the Company without Cause, or by the Executive for Good Reason, Executive shall, subject to execution of a Release, receive, in addition to any payments required by law, the following separation pay benefits: (a) Twenty-four (24) months of Executive’s then current base salary, payable in semi-monthly installments or other regular installments in accordance with the Company’s payroll practices, no earlier than the 60th day after Executive’s termination of employment and after the date all applicable revocation periods has past (the “Separation Payment Commencement Date”); (b) An additional payment in installments payable on the same schedule as the payments provided for in Section 6.5(a), equal to an amount such that Executive will retain, net after taxes paid by Executive (assuming Executive is taxed at the highest applicable federal, state and local tax rates in effect for the Executive), in the aggregate, the dollar value of the Company’s subsidy (based on costs borne by the Company for active employees) of the cost of Executive’s coverage under the Company’s group health plan for a period of eighteen (18) months; and (c) Such accelerated vesting as may be provided for under the terms of the Incentive Plan and/or award agreement under the Incentive Plan. Notwithstanding anything in this Section 6.5 to the contrary, the Company shall have the right to cease or terminate the separation pay benefits otherwise provided for in the event Executive breaches, as determined by the Board in its sole discretion, the covenants set forth in Section 5 above. 6.6 Other Separation Pay Benefits. Notwithstanding anything in this Section 6, if Executive is entitled to any separation pay by reason of any agreement or arrangement applicable to Executive other than by reason of the terms of this Section 6 (“Other Separation Pay”), the separation pay otherwise payable to Executive under Section 6.5 shall be reduced by the amount of Executive’s Other Separation Pay. The Executive’s entitlement to Other Separation Pay shall be deemed to be separation pay provided for under Section 6. To the extent any separation pay is subject to Code Section 409A, the provisions regarding the time and manner such separation payments are to be made shall not be modified so as to avoid, to the extent possible, any modification to the time and manner of payment of compensation that would constitute a violation of the requirements of Code Section 409A. 6.7 Consequences of a Change in Control. In the event Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason during a Change in Control Period, and provided Executive executes, and does not thereafter revoke, a Release, the DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 10 - Firmwide:144971698.11 090952.1011 Executive shall be entitled to receive, in lieu of the separation pay benefits provided for under Section 6.5: (a) Twenty-Four (24) months of Executive’s then current base salary, payable in semi-monthly installments or other regular installments in accordance with the Company’s payroll practices, beginning on the Separation Payment Commencement Date; (b) An amount equal to two times Executive’s target annual bonus in effect for the fiscal year in which Executive’s termination of employment occurs, to be paid to Executive in a lump sum within thirty (30) days after the date all applicable revocation periods under the Release have expired, and, in all events, no later than the end of the “applicable 2 ½ month period” (as that phrase is defined for purposes of Treasury Regulation Section 1.409A- 1(b)(4)); (c) An additional payment in installments payable on the same schedule as the payments provided for in Section 6.7(a), equal to an amount such that Executive will retain, net after taxes paid by Executive (assuming Executive is taxed at the highest applicable federal, state and local tax rates in effect for Executive), in the aggregate, the dollar value of the Company’s subsidy (based on costs borne by the Company for active employees) of the cost of Executive’s coverage under the Company’s group health plan for a period of eighteen (18) months; (d) Such accelerated vesting as may be provided for under the terms of the Incentive Plan and/or award agreement under the Incentive Plan. (e) Executive shall also be entitled to all other payments and/or benefits provided for under Section 6 (other than Section 6.5). 6.8 Conditions for Change in Control. Notwithstanding the foregoing, a “Change in Control” shall be deemed to have occurred if any of the following events shall occur: (a) Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; or (b) There occurs a proxy contest or a consent solicitation, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization, as a consequence of which members of the Board in office immediately prior to such transaction or event thereafter constitute less than a majority of the Board immediately after such transaction or event; or (c) There occurs a reverse merger involving the Company in which the Company is the surviving corporation but the shares of common stock of the Company DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 11 - Firmwide:144971698.11 090952.1011 outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise; or (d) There is a sale or other disposition of all or substantially all of the assets of the Company; or (e) There is an adoption of any plan or proposal for the liquidation or dissolution of the Company; or (f) Stewart Title Guaranty Company is placed in supervision, receivership, conservatorship, or special administrative action by its domiciled Department of Insurance. Notwithstanding the foregoing, however, in any circumstance or transaction in which compensation resulting from or in respect of any payment due hereunder would result in the imposition of an additional tax under Code Section 409A if the foregoing definition of “Change in Control” were to apply, but would not result in the imposition of any additional tax if the term “Change in Control” were defined herein to mean a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5), then “Change in Control” shall mean a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5), but only to the extent necessary to prevent such compensation from becoming subject to an additional tax under Code Section 409A. 6.9 Required Release and Other Requirements. As a condition to Executive’s receipt of payments and/or benefits described in Section 6.5 and Section 6.7, Executive must execute and deliver to the Company a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include Executive’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company (the “Release”), and all applicable revocation periods must have expired prior to the Separation Payment Commencement Date. The Company shall provide Executive with the form of Release within 10 days following the Date of Termination. In addition, Executive must execute such other documentation that formalizes Executive’s resignation from the Board, the boards of any affiliates of the Company, and any other positions with the Company and its affiliates to be eligible for receipt of payments and benefits under Section 6.5 and Section 6.7. 6.10 Additional Rules Regarding Mutual Separation. Executive and the Company may mutually agree to end Executive’s employment. To the extent the following requirements are satisfied, such termination of employment shall be classified as a “Mutual Separation” for purposes of this Agreement: (a) Executive shall provide a written letter of resignation to the Board at least ninety (90) days prior to the conclusion of the Term; DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 12 - Firmwide:144971698.11 090952.1011 (b) Executive identifies, and obtains Board approval on, a successor to the role of Chief Executive Officer. In the event of Mutual Separation, and provided Executive executes, and does not thereafter revoke, a Release, Executive shall be entitled to the following benefits upon Executive’s termination of employment: (x) Executive shall continue to vest in all previously granted but unvested shares of Company stock that vest upon the passage of time, as provided for under the terms of the Incentive Plan and/or award agreement under the Incentive Plan; and (y) Executive shall continue to vest in all previously granted but unvested shares of Company stock that vest, in whole or in part, upon attainment of certain performance criteria, as provided for under the terms of the Incentive Plan and/or award agreement under the Incentive Plan. Notwithstanding anything in this Section 6.10 to the contrary, the Company shall have the right to cease or terminate the vesting benefits in this Section 6.10(x) and Section 6.10(y) above in the event Executive breaches, as determined by the Board in its sole discretion, any of the covenants set forth in Section 5. Executive shall also make all reasonable efforts to assist the Company after Executive’s termination of employment with any matters arising during Executive’s employment with the Company. 7. Section 409A; Certain Excise Taxes. 7.1 Section 409A Separate Payments. This Agreement is intended to be written, administered, interpreted and construed in a manner such that no payment or benefits provided under the Agreement become subject to (a) the gross income inclusion set forth within Section 409A(a)(1)(A) of the Code or (b) the interest and additional tax set forth within Section 409A(a)(1)(B) of the Code (collectively, “Section 409A Penalties”), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of Section 409A Penalties. Notwithstanding anything to the contrary in this Agreement, the Company does not guarantee the tax treatment of any payment hereunder and in no event shall the Company be liable for any Section 409A Penalties that may be imposed on Executive. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that Executive may be eligible to receive under this Agreement shall be treated as a separate and distinct payment and shall not collectively be treated as a single payment. 7.2 In-kind Benefits and Reimbursements. Notwithstanding anything to the contrary in this Agreement or in any Company policy with respect to such payments, in-kind benefits and reimbursements provided under this Agreement during any tax year of Executive shall not affect in-kind benefits or reimbursements to be provided in any other tax year of Executive and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Executive and, DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 13 - Firmwide:144971698.11 090952.1011 if timely submitted, reimbursement payments shall be made to Executive as soon as administratively practicable following such submission in accordance with the Company’s policies regarding reimbursements, but in no event later than the last day of Executive’s taxable year following the taxable year in which the expense was incurred. This Section 7.2 shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Executive. 7.3 Specified Employee Rule. To the extent applicable, any payments to Executive called for under this Agreement or under the terms of any other plan, agreement or award, that are determined to be payments of deferred compensation to which Code Section 409A is applicable and that are paid by reason of Executive’s separation from service, shall be delayed, to the extent necessary, to avoid a violation of Code Section 409A(a)(2)(B)(i). In general, this Section 7.3 may require that payments of nonqualified deferred compensation to Executive that would otherwise be made within six (6) months following Executive’s separation from service shall be paid on the first day of the seventh (7th) month following Executive’s separation from service if Executive is determined to be a “specified employee” as that term is defined in Code Section 409A(a)(2)(B)(i) and related Treasury Regulations. 7.4 Certain Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if Executive is a “disqualified individual” (as defined in Code Section 280G(c)), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has the right to receive from the Company or any of its affiliates, would constitute a “parachute payment” (as defined in Code Section 280G(b)(2)), then the payments and benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company and its affiliates will be one dollar ($1.00) less than three times Executive’s “base amount” (as defined in Code Section 280G(b)(3)) and so that no portion of such amounts and benefits received by Executive shall be subject to the excise tax imposed by Code Section 4999, or (b) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under Code Section 4999 and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times Executive’s base amount, then Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 7.4 shall require the Company to be responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under Code Section 4999. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 14 - Firmwide:144971698.11 090952.1011 8. Indemnification. 8.1 General. The Company agrees that if Executive is made a party or is threatened to be made a party to any Proceeding by reason of the fact that Executive is or was a trustee, director or officer of the Company, or any predecessor to the Company (including any sole proprietorship owned by Executive) or any of their affiliates or is or was serving at the request of the Company, any predecessor to the Company (including any sole proprietorship owned by Executive), or any of their affiliates as a trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, limited liability company, trust or other enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity as a trustee, director, officer, member, employee or agent while serving as a trustee, director, officer, member, employee or agent, Executive shall be indemnified and held harmless by the Company to the fullest extent authorized by Texas or Delaware law, as the same exists or may hereafter be amended, against all Expenses incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even if Executive has ceased to be an officer, director, trustee or agent, or is no longer employed by the Company and shall inure to the benefit of Executive’s heirs, executors and administrators. 8.2 Enforcement. If a claim or request under this Section 8 is not paid by the Company or on its behalf, within thirty (30) days after a written claim or request has been received by the Company, Executive may at any time thereafter bring an arbitration claim against the Company to recover the unpaid amount of the claim or request and if successful in whole or in part, Executive shall be entitled to be paid also the expenses of prosecuting such suit. All obligations for indemnification hereunder shall be subject to, and paid in accordance with, applicable Texas or Delaware law. 8.3 Partial Indemnification. If Executive is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Executive for the portion of such expenses to which Executive is entitled. 8.4 Advances of Expenses. Expenses incurred by Executive in connection with any Proceeding shall be paid by the Company in advance upon request of Executive that the Company pay such expenses, but only in the event that Executive shall have delivered in writing to the Company (i) an undertaking to reimburse the Company for expenses with respect to which Executive is not entitled to indemnification and (ii) a statement of Executive’s good faith belief that the standard of conduct necessary for indemnification by the Company has been met. 8.5 Notice of Claim. Executive shall give to the Company notice of any claim made against Executive for which indemnification will or could be sought under this Agreement. In addition, Executive shall give the Company such information and cooperation as it may reasonably require and as shall be within Executive’s power and at such times and places as are convenient for Executive. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 15 - Firmwide:144971698.11 090952.1011 8.6 Defense of Claim. With respect to any Proceeding as to which Executive notifies the Company of the commencement thereof: (a) The Company will be entitled to participate therein at its own expense; (b) Except as otherwise provided below, to the extent that it may wish, the Company will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Executive, which in the Company’s sole discretion may be regular counsel to the Company and may be counsel to other officers and directors of the Company or any subsidiary. Executive also shall have the right to employ Executive’s own counsel in such action, suit or proceeding if Executive reasonably concludes that failure to do so would involve a conflict of interest between the Company and Executive, and under such circumstances the fees and expenses of such counsel shall be at the expense of the Company; and (c) The Company shall not be liable to indemnify Executive under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent. The Company shall not settle any action or claim in any manner which would impose any penalty that would not be paid directly or indirectly by the Company or limitation on Executive without Executive’s written consent. Neither the Company nor Executive will unreasonably withhold or delay their consent to any proposed settlement. 8.7 Non-exclusivity. The right to indemnification and the payment of expenses incurred in defending a Proceeding in advance of its final disposition conferred in this Section 8 shall not be exclusive of any other right which Executive may have or hereafter may acquire under any statute or certificate of incorporation or by-laws of the Company or any subsidiary, agreement, vote of shareholders or disinterested directors or trustees or otherwise. 9. Miscellaneous. 9.1 Legal Fees and Expenses. If any contest or dispute shall arise between the Company and Executive regarding any provision of this Agreement, the Company shall reimburse Executive for all legal fees and expenses reasonably incurred by Executive in connection with such contest or dispute, but only if Executive prevails to a substantial extent with respect to Executive’s claims brought and pursued in connection with such contest or dispute. Such reimbursement shall be made as soon as practicable following the resolution of such contest or dispute (whether or not appealed) to the extent the Company receives reasonable written evidence of such fees and expenses. 9.2 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, sent by courier service, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally or sent by facsimile transmission or, if mailed or sent by courier service, on the date of actual receipt thereof, as follows: DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 16 - Firmwide:144971698.11 090952.1011 if to the Company, to: Chairman of the Board, Thomas G. Apel 1360 Post Oak Blvd., Suite 100 Houston, Texas 77056 if to Executive, to: Frederick H. Eppinger 44 South Street Grafton, MA 01519 Any party may change its address for notice hereunder by notice to the other party hereto. 9.3 Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements (including but not limited to prior employment agreements and incentive plans and agreements), written or oral, with respect thereto, however, the terms of any benefit plans shall remain in force and effect. 9.4 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any waiver on the part of any party of any such right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 9.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas (without giving effect to the choice of law provisions thereof). 9.6 Assignment. This Agreement and any rights and obligations hereunder, may not be assigned by Executive and may be assigned by the Company only to a successor by merger or purchasers of substantially all of the assets of the Company or its affiliates. 9.7 Counterparts. This Agreement may be executed in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which together shall constitute one and the same instrument. 9.8 Headings. The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 17 - Firmwide:144971698.11 090952.1011 9.9 No Presumption Against Interest. This Agreement has been negotiated, drafted, edited and reviewed by the respective parties, and therefore, no provision of this Agreement shall be construed against any party as being drafted by said party. 9.10 No Duty to Mitigate. Executive shall not be required to mitigate damages with respect to the termination of Executive’s employment under this Agreement by seeking other employment or otherwise, and there shall be no offset against amounts due Executive under this Agreement on account of subsequent employment except as specifically provided in this Agreement. Additionally, amounts owed to Executive under this Agreement shall not be offset by any claims the Company may have against Executive, and the Company’s obligation to make the payments provided for in this Agreement, and otherwise to perform its obligations hereunder, shall not be affected by any other circumstances, including, without limitation, any counterclaim, recoupment, defense or other right which the Company may have against Executive or others. 9.11 Dispute Resolution. If any dispute arises out of or relates to this Agreement, or the breach thereof, Executive and the Company agree to promptly negotiate in good faith to resolve such dispute. If the dispute cannot be settled by the parties through negotiation, Executive and the Company agree to try in good faith to settle the dispute by mediation under the Commercial Mediation Rules of the American Arbitration Association before resorting to arbitration or any other dispute resolution procedure. If the parties are unable to settle the dispute by mediation as provided in the preceding sentence within thirty (30) days of a written demand for mediation, any claim, controversy or dispute arising out of or relating to this Agreement, or the breach thereof, shall be settled by binding arbitration before one arbitrator in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitration shall be conducted in English and held in Houston, Harris County, Texas, or such other location to which the parties mutually agree. The arbitrator shall among other things determine the validity, scope, interpretation and enforceability of this arbitration clause. The award shall be a reasoned award and rendered within 30 days of the conclusion of the arbitration hearing. The decision of the arbitrator shall be final and binding and judgment upon the award rendered may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing provisions of this Section 9.11, the Company may seek injunctive relief from a court of competent jurisdiction located in Harris County, Texas, in the event of a breach or threatened breach of any covenant contained in Section 5. 9.12 Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns and Executive and Executive’s legal representatives.’ DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 18 - Firmwide:144971698.11 090952.1011 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. EXECUTIVE: COMPANY: ______________________________ Frederick H. Eppinger STEWART INFORMATION SERVICES CORPORATION By:__________________________________ Name: Thomas G. Apel Title: Chairman of the Board Date:__________________________ DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C 10/14/2022

- 19 - Firmwide:144971698.11 090952.1011 Exhibit A Stewart Title Guaranty Company, Stewart Title Company and Affiliates Confidentiality, Non-Solicit, and Non-Compete Agreement This Confidentiality, Non-Solicit, and Non-Compete Agreement (“Agreement”) is entered into between the undersigned individual (“I”, “me”, or “Employee”) and Stewart Title Guaranty Company, Stewart Title Company, or an affiliated company (“Employer”), for the benefit of Stewart Title Guaranty Company, and its parents, subsidiaries, affiliates, successors, and assigns to or for which Employee provides services, including Employer (collectively the “Company”). I understand the Company is in the business of providing global real estate services, including residential and commercial title insurance and closing and settlement services, offering products and services through its direct operations, network of Stewart Trusted Providers and family of companies, (the Company’s “Business” or “line of business”), and seeks to employ me in a position of trust and confidence related to this line of business, and I wish to be employed in such a position. In consideration of my employment and the compensation and other benefits received as a consequence thereof, and the other mutual promises and representations of the parties made herein, the parties agree as follows: 1. Position of Trust and Confidence. In reliance upon the promises made by me in this Agreement, the Company will provide me with access to Confidential Information (including trade secrets) related to my position, and may also provide me specialized training related to the Company’s Business and/or the opportunity to develop relationships with the Company’s employees, business contacts (customers and others) and agents for the purpose of developing goodwill for the Company. I agree that my receipt of the foregoing would give me an unfair competitive advantage if my activities during employment, and for a reasonable period thereafter, were not restricted as provided for in this Agreement. 2. Confidential Information and Company Property. Subject to Paragraph 6, I agree to use Company’s Confidential Information only in the performance of my duties, to hold such information in confidence and trust, and not to engage in any unauthorized use or disclosure of such information during my employment and for so long thereafter as such information qualifies as Confidential Information. “Confidential Information” means an item of information or compilation of information in any form (tangible or intangible) related to the Company’s Business that I acquire or gain access to during my employment that the Company has not authorized public disclosure of, and that is not readily available to the public or persons outside the Company. By way of example and not limitation, Confidential Information is understood to include: lists and records, contact information, private contract terms, business preferences, and historical transaction data regarding existing and prospective customers; non-public records and data regarding the Company’s financial performance; business plans and strategies, forecasts and analyses; internal business methods and systems, know how, and innovations; marketing plans, research and analysis; unpublished pricing information, and variables such as costs, discounting options, and profit margins; business sale and acquisition opportunities identified by the Company and related analysis; records of private dealings with vendors, suppliers, and distributors; and Company trade secrets. I acknowledge that items of Confidential Information are the Company’s valuable assets and have economic value because they are not generally known by the public or others who could use them to their own economic benefit and/or to the competitive disadvantage of the Company. I agree that all records, in any form (such as email, database, correspondence, notes, files, contact lists, drawings, specifications, spreadsheets, manuals, and calendars) that contain Confidential Information or otherwise relate to the Company’s Business, with the exception of wage and benefit related materials provided to me as an employee for my own use as an employee, are the property of the Company (collectively “Company Records”). I will follow all Company DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 20 - Firmwide:144971698.11 090952.1011 policies regarding use or storage of Company Records, and return all such records (including all copies) when my employment with Company ends or sooner if requested. Confidential Information does not include information lawfully acquired by a non-management employee about wages, hours or other terms and conditions of employment when used for purposes protected by §7 of the National Labor Relations Act such as joining or forming a union, engaging in collective bargaining, or engaging in other concerted activity for mutual aid or protection of laborers. For purpose of clarity, it shall still be a violation of this Agreement for a non-management employee to wrongfully compete by sharing Confidential Information with a competitor about other employees’ compensation and benefits which was obtained through the course of employment with the Company for purposes of assisting such competitor in soliciting Company employees. 3. Protective Covenants. In order to protect the Company’s Confidential Information (including trade secrets) and key business relationships, I agree that for a period of one (1) year after my employment ends (irrespective of which party ends the relationship or why it ends), I will not: (a) solicit any employee of Company that I gained knowledge of through my employment with Employer (a “Covered Employee”) to leave the employment of the Company; or, (b) hire, attempt to hire, or assist in hiring any Covered Employee on behalf of a Competing Business; or, (c) solicit, or attempt to solicit a Covered Customer or Key Relationship (terms separately defined below), as defined below, for the purpose of doing any business that would compete with the Company’s Business, or (d) knowingly engage in any conduct that is intended to cause, or could reasonably be expected to cause the Covered Customer or Key Relationship to stop or reduce doing business with the Company, or that would involve diverting business opportunities away from the Company; or, (e) provide services for the benefit of a Competing Business within the Territory (terms separately defined below) that are the same or similar in function or purpose to those I provided to the Employer during the Look Back Period; or (f) take on any other responsibilities for a Competing Business that would involve the probable use or disclosure of Confidential Information or the conversion of Covered Customers or Key Relationships to the benefit of a Competing Business or detriment of the Company. Nothing herein is intended or to be construed as a prohibition against general advertising such as “help wanted” ads that are not targeted at the Company’s employees. This Agreement is not intended to prohibit: (i) employment with a non-competitive independently operated subsidiary, division, or unit of a family of companies that include a Competing Business, so long as the employing independently operated business unit is truly independent and my services to it do not otherwise violate this Agreement; or, (ii) a passive and non-controlling ownership of less than 2% of the stock in a publicly traded company. Further, nothing herein is intended to preclude conduct protected by Section 7 of the NLRA such as joining or forming a union, engaging in collective bargaining, or engaging in other concerted activity for mutual aid and protection. “Competing Business” means any person or entity that engages in (or is planning to engage in) a business that competes with a portion of the Company Business that I had involvement with or access to Confidential DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 21 - Firmwide:144971698.11 090952.1011 Information during the last two years of my employment (or such shorter period of time as I am employed)(the “Look Back Period”). “Covered Customer” means a customer that I had material business-related contact or dealings with or received Confidential Information about during the Look Back Period. “Key Relationships” refers to a person or entity with an ongoing business relationship with the Company (including vendors, agents, and contractors) that I had material business-related contact or dealings with during the Look Back Period. “Territory” means the geographic territory(ies) assigned to me by Company during the Look Back Period (by state, county, or other recognized geographic boundary used in the Company’s business); and, if I have no such specifically assigned geographic territory then: (i) those states and counties in which Company does business that I participated in and/or about which I was provided access to Confidential Information during the Look Back Period; and, (ii) the state and county where I reside and the states and counties contiguous thereto. I am responsible for seeking clarification from the Company’s Human Resources department if it is unclear to me at any time what the scope of the Territory is. State and county references include equivalents. 4. Severability and Special Remedies. Each of my obligations under this Agreement shall be considered a separate and severable obligation. If a court determines that a restriction in this Agreement cannot be enforced as written due to an overbroad limitation (such as time, geography, or scope of activity), the parties agree that the court shall reform or modify the restrictions or enforce the restrictions to such lesser extent as is allowed by law. If, despite the foregoing, any provision contained in this Agreement is determined to be void or unenforceable, in whole or in part, then the other provisions of this Agreement will remain in full force and effect. The parties agree that the Company will suffer irreparable harm, in addition to any damages that can be quantified, by a breach of this Agreement by me. Accordingly, in the event of such a breach or a threatened breach, the Company will be entitled to all remedies that may be awarded by a Court of competent jurisdiction, recovery of its attorneys’ fees and expenses (including not only costs of court, but also expert fees, travel expenses, and other expenses incurred), and any other legal or equitable relief allowed by law. 5. Choice of Law and Venue. The Parties agree that the law of the State in which the Employee primarily resides and was last employed by the Employer shall govern the interpretation, application, and enforcement of this Agreement, without regard to any choice of law rules of that or any other state. All disputes arising out of this Agreement or concerning the interpretation or enforcement of this Agreement shall be exclusively brought in the state and federal courts covering Harris County, Texas. Employee hereby expressly consents to the personal jurisdiction of the state and federal courts located in Harris County, Texas, for any lawsuit arising from or relating to this Agreement. 6. Agreement Limitations. Nothing in this Agreement prohibits me from reporting an event that I reasonably and in good faith believe is a violation of law to the relevant law-enforcement agency (such as the Securities and Exchange Commission or Department of Labor), requires notice to or approval from the Company before doing so, or prohibits me from cooperating in an investigation conducted by such a government agency. This may include a disclosure of trade secret information provided that it must comply with the restrictions in the Defend Trade Secrets Act of 2016 (DTSA). The DTSA provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that: (i) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (ii) is made in a complaint or other document if such filing is under seal so that it is not made public. Also, an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 22 - Firmwide:144971698.11 090952.1011 trade secret under seal, and does not disclose the trade secret, except as permitted by court order. To the extent that I am covered by Section 7 of the National Labor Relations Act (NLRA) because I am not in a supervisor or management role, nothing in this Agreement shall be construed to prohibit me from using information I acquire regarding the wages, benefits, or other terms and conditions of employment at the Company for any purpose protected under the NLRA. I understand that under the NLRA, covered employees have a right to self-organization, to form, join, or assist labor organizations, to bargain collectively through representatives of their own choosing, and to engage in other concerted activities for the purpose of collective bargaining or other mutual aid or protection, and to refrain from any or all of such activities. 7. Intellectual Property Protection and Assignment. Employee is expected to use his or her inventive and creative capacities for the benefit of the Employer and to contribute, where possible, to the Employer’s intellectual property in the ordinary course of employment. (a) Definitions. “Inventions” mean any inventions, software source code, discoveries, improvements, designs, processes, machines, products, innovations, business methods or systems, know how, ideas or concepts of commercial value or utility, and related technologies or methodologies, whether or not shown or described in writing or reduced to practice and whether patentable or not. “Works” mean original works of authorship, including, but not limited to: literary works (including all written material), mask works, computer programs, formulas, tests, notes, data compilations, databases, artistic and graphic works (including designs, graphs, drawings, blueprints, and other works), recordings, models, photographs, slides, motion pictures, and audio visual works; whether copyrightable or not, and regardless of the form or manner in which documented or recorded. “Trademarks” mean any trademarks, trade dress or names, symbols, special wording or devices used to identify a business or its business activities whether subject to trademark protection or not. The foregoing is collectively referred to in this Agreement as “Intellectual Property.” (b) Inventions Assignment. I agree to and do hereby grant and assign to Employer or its nominee my entire right, title and interest in and to all Inventions that are made, conceived, or reduced to practice by me, alone or jointly with others, during my employment with Employer (whether during working hours or not) that either (i) relate to Employer’s business, or actual or demonstrably anticipated research or development of the Employer, or (ii) involve the use or assistance of any tools, time, material, personnel, information, or facility of the Employer, or (iii) result from or relate to any work, services, or duties undertaken by me for the Employer. (c) Works and Trademarks. I recognize that all Works and Trademarks conceived, created, or reduced to practice by me, alone or jointly with others, during my employment shall to the fullest extent permissible by law be considered the Employer’s sole and exclusive property and “works made for hire” as defined in the U.S. Copyright Laws for purposes of United States law and the law of any other country adhering to the “works made for hire” or similar notion or doctrine, and will be considered the Employer’s property from the moment of creation or conception forward for all purposes without the need for any further action or agreement by Employee or the Employer. If any such Works, Trademarks or portions thereof shall not be legally qualified as a works made for hire in the United States or elsewhere, or shall subsequently be held to not be a work made for hire or not the exclusive property of the Employer, I do hereby assign to Employer all of my rights, title and interest, past, present and future, to such Works or Trademarks. I will not engage in any unauthorized publication or use of such Company Works or Trademarks, nor will I use same to compete with or otherwise cause damage to the business interests of the Employer. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 23 - Firmwide:144971698.11 090952.1011 (d) Waiver, License and Cooperation Obligation. It is the purpose and intent of this Agreement to convey to Employer all of the rights (inclusive of moral rights) and interests of every kind, that I may hold in Inventions, Works, Trademarks and other intellectual property that are covered by Paragraphs 7 (a) – (c) above (“Company Intellectual Property”), past, present and future; and, Employee waives any right that Employee may have to assert moral rights or other claims contrary to the foregoing understanding. It is understood that this means that in addition to the original work product (be it invention, plan, idea, know how, concept, development, discovery, process, method, or any other legally recognized item that can be legally owned), the Employer exclusively owns all rights in any and all derivative works, copies, improvements, patents, registrations, claims, or other embodiments of ownership or control arising or resulting from an item of assigned Intellectual Property everywhere such may arise throughout the world. The decision whether or not to commercialize or market any Company Intellectual Property is within the Employer's sole discretion and for the Employer’s sole benefit and no royalty will be due to Employee as a result of the Employer's efforts to commercialize or market any such invention. In the event that there is any Invention, Work, Trademark, or other form of intellectual property that is incorporated into any product or service of the Employer that Employee retains any ownership of or rights in despite the assignments created by this Agreement, then Employee does hereby grant to the Employer and its assigns a nonexclusive, perpetual, irrevocable, fully paid-up, royalty-free, worldwide license to the use and control of any such item that is so incorporated and any derivatives thereof, including all rights to make, use, sell, reproduce, display, modify, or distribute the item and its derivatives. All assignments of rights provided for in this Agreement are understood to be fully completed and immediately effective and enforceable assignments by Employee of all intellectual property rights in Company Intellectual Property. When requested to do so by Employer, either during or subsequent to employment with Employer, Employee will (i) execute all documents requested by Employer to affirm or effect the vesting in Employer of the entire right, title and interest in and to the Company Intellectual Property at issue, and all patent, trademark, and/or copyright applications filed or issuing on such property; (ii) execute all documents requested by Employer for filing and obtaining of patents, trademarks and/or copyrights; and (iii) provide assistance that Employer reasonably requires to protect its right, title and interest in the Company Intellectual Property, including, but not limited to, providing declarations and testifying in administrative and legal proceedings with regard to Company Intellectual Property. Power of Attorney: Employee does hereby irrevocably appoint the Employer as its agent and attorney in fact to execute any documents and take any action necessary for applications, registrations, or similar measures needed to secure the issuance of letters patent, copyright or trademark registration, or other legal establishment of the Employer’s ownership and control rights in Company Intellectual Property in the event that Employee’s signature or other action is necessary and cannot be secured due to Employee’s physical or mental incapacity or for any other reason. (e) Records and Notice Obligations. Employee will make and maintain, and not destroy, notes and other records related to the conception, creation, discovery, and other development of Company Intellectual Property. These records shall be considered the exclusive property of the Employer and are covered by Paragraphs 1 and 3 above. During employment and for a period of one (1) year thereafter, Employee will promptly disclose to the Employer (without revealing the trade secrets of any third party) any Intellectual Property that Employee creates, conceives, or contributes to, alone or with others, that involve, result from, relate to, or may reasonably be anticipated to have some relationship to the line of business the Employer is engaged in or its actual or demonstrably anticipated research or development activity. (f) Prior Intellectual Property. Employee will not claim rights in, or control over, any Invention, Work, or Trademark as something excluded from this Agreement because it was conceived or created prior to being employed by Employer (a “Prior Work”) unless such item is identified on Appendix B and signed DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 24 - Firmwide:144971698.11 090952.1011 by Employee as of the date of this Agreement. Employee will not incorporate any such Prior Work into any work or product of the Employer without prior written authorization from the Employer to do so; and, if such incorporation does occur, Employee grants Employer and its assigns a nonexclusive, perpetual, irrevocable, fully paid-up, royalty-free, worldwide license to the use and control of any such item that is so incorporated and any derivatives thereof, including all rights to make, use, sell, reproduce, display, modify, or distribute the item and its derivatives. (g) Notice. To the extent that Employee is a citizen of California and subject to its law, then Employee is notified that the foregoing assignment shall not include inventions excluded under Cal. Lab. Code § 2870 which provides: “(a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: (1) relate at the time of concept or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or (2) result from any work performed by the employee for the employer”, and to the extent Employee is a citizen of and subject to the law of another state which provides a similar limitation on invention assignments then Employee is notified that the foregoing assignment shall not include inventions excluded under such law (namely, Delaware Code Title 19 Section 805; Illinois 765ILCS1060/1-3, "Employees Patent Act"; Kansas Statutes Section 44-130; Minnesota Statutes 13A Section 181.78; North Carolina General Statutes Article 10A, Chapter 66, Commerce and Business, Section 66-57.1; Utah Code Sections 34-39-l through 34-39-3, "Employment Inventions Act"; Washington Rev. Code, Title 49 RCW: Labor Regulations, Chapter 49.44.140). 7. Survival, All Duties and At-Will Status Preserved. Nothing in this Agreement limits or reduces any common law or statutory duty I owe to the Company, nor does this Agreement limit or eliminate any remedies available to the Company for a violation of such duties. This Agreement will survive the expiration or termination of Employee’s employment with the Company and/or any assignee pursuant to Paragraph 9 and shall, likewise, continue to apply and be valid notwithstanding any change in the Employee’s duties, responsibilities, position, or title. Nothing in this Agreement modifies the parties’ at- will employment relationship or limits either party’s right to end the employment relationship between them. 8. Tolling. If Employee fails to comply with a timed restriction in this Agreement, the time period for that will be extended by one day for each day Employee is found to have violated the restriction, up to a maximum of twelve (12) months. 9. Assignment. This Agreement, including the restrictions on Employee’s activities set forth herein, also apply to any parent, subsidiary, affiliate, successor and assign of the Company to which Employee provides services or about which Employee receives Confidential Information. The Company shall have the right to assign this Agreement at its sole election without the need for further notice to or consent by Employee. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 25 - Firmwide:144971698.11 090952.1011 AGREED: Executive: _________________________________ (signature) __________________________________ (name printed) Date: _____________________________ For Company: By:___________________________________ Title: Chairman of the Board DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C Fred Eppinger 10/14/2022

- 26 - Firmwide:144971698.11 090952.1011 APPENDIX A Arizona: If Employee resides in Arizona and is subject to Arizona law, then the following applies to Employee: (a) Employee’s nondisclosure obligation in Paragraph 2 shall extend for a period of three (3) years after Employee’s termination as to Confidential Information that does not qualify for protection as a trade secret. Trade Secret information shall be protected from disclosure as long as the information at issue continues to qualify as a trade secret; and (b) the restrictions in Paragraph 3 shall be limited to the Territory. California: If Employee resides in California, then the following applies to Employee: (a) the no-hire provision in Paragraph 3(b) shall not apply; (b) Paragraph 3(c)-(d) shall be limited to situations where Employee is aided in his or her conduct by the use or disclosure of the Company’s trade secrets (as defined by California law); (c) the noncompetition restrictions in Paragraph 3(e) and (f) shall not apply; (d) the provision in Paragraph 4 allowing the Company to recover its attorneys’ fees and expenses shall not apply; and (e) the venue provision in Paragraph 5 shall not apply. Oklahoma: For so long as Employee resides in Oklahoma and is subject to Oklahoma law, the noncompetition restrictions in Paragraph 3(e) and (f) shall not apply. Oregon: For so long as Employee resides in Oregon and is subject to Oregon law, the restrictions in Paragraph 3(e) and (f) shall only apply if Employee: (a) is engaged in administrative, executive or professional work and performs predominantly intellectual, managerial, or creative tasks, exercises discretion and independent judgment and earns a salary or is otherwise exempt from Oregon's minimum wage and overtime laws; (b) the Company has a "protectable interest" (meaning, access to trade secrets or competitively sensitive confidential business or professional information); and (c) the total amount of the Employee's annual gross salary and commission, calculated on an annual basis, at the time of the Employee's termination, exceeds the median family income for a family of four, as determined by the United States Census Bureau. However, if Employee does not meet requirements of either (a) or (c) (or both), the Company may, on a case-by-case basis, decide to make Paragraphs 3(e) and (f) enforceable as to Employee (as allowed by Oregon law), but paying the Employee during the period of time the Employee is restrained from competing the greater of: (i) compensation equal to at least 50 percent of the Employee’s annual gross base salary and commissions at the time of the Employee’s termination; or (ii) fifty percent of the median family income for a four- person family, as determined by the United States Census Bureau for the most recent year available at the time of the Employee’s termination. DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 27 - Firmwide:144971698.11 090952.1011 Wisconsin: For so long as Employee resides in Wisconsin and is subject to Wisconsin law: (a) Employee’s nondisclosure obligation in Paragraph 2 shall extend for a period of three (3) years after Employee’s termination as to Confidential Information that does not qualify for protection as a trade secret. Trade Secret information shall be protected from disclosure as long as the information at issue continues to qualify as a trade secret; (b) Paragraph 8 shall not apply; and (c) Paragraph 3(a) and (b) is rewritten as follows: “While employed and for a period of one (1) year from the date of the termination of Employee’s employment, I will not participate in soliciting any Covered Employee of the Company that is in a Sensitive Position to leave the employment of the Company on behalf of (or for the benefit of) a Competing Business nor will I knowingly assist a Competing Business in efforts to hire a Covered Employee away from the Company. As used in this paragraph, an employee is a “Covered Employee” if the employee is someone with whom Employee worked, as to whom Employee had supervisory responsibilities, or regarding which Employee received Confidential Information during the Look Back Period. An employee in a “Sensitive Position” refers to an employee of the Company who is in a management, supervisory, sales, research and development, or similar role where the employee is provided Confidential Information or is involved in business dealings with the Company’s customers.” DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C

- 28 - Firmwide:144971698.11 090952.1011 APPENDIX B Statement Regarding Prior Inventions, Works & Trademarks Employee seeks to exclude his or her Prior Works (Invention, Work, or Trademark) listed below from assignment to the Employer under Paragraph 7(f) of the attached Agreement (if there are none, write “none” or leave the section below blank): _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ ____________________________________ Employee agrees not to disclose the trade secrets of any third party in describing the Prior Work. If additional pages are attached to provide a description, this fact and the number of pages attached are described above. Executive: ___________________________ Date: ___________________ (signature) DocuSign Envelope ID: E834C922-1215-4EF4-93D5-85B7EB95CF9C 10/14/2022

EX-31.1

EXHIBIT 31.1

CERTIFICATION

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Frederick H. Eppinger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Stewart Information Services Corporation (registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 8, 2022

/s/ Frederick H. Eppinger
Name:	Frederick H. Eppinger
Title:	Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, David C. Hisey, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Stewart Information Services Corporation (registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 8, 2022

/s/ David C. Hisey
Name:	David C. Hisey
Title:	Chief Financial Officer, Secretary and Treasurer

EX-32.1

EXHIBIT 32.1

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Stewart Information Services Corporation (the “Company”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Frederick H. Eppinger, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 8, 2022

/s/ Frederick H. Eppinger
Name:	Frederick H. Eppinger
Title:	Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Stewart Information Services Corporation and will be retained by Stewart Information Services Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Stewart Information Services Corporation (the “Company”) on Form 10-Q for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David C. Hisey, Chief Financial Officer, Secretary and Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 8, 2022

/s/ David C. Hisey
Name:	David C. Hisey
Title:	Chief Financial Officer, Secretary and Treasurer

A signed original of this written statement required by Section 906 has been provided to Stewart Information Services Corporation and will be retained by Stewart Information Services Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-02658
Entity Registrant Name	STEWART INFORMATION SERVICES CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-1677330
Entity Address, Address Line One	1360 Post Oak Blvd.,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	625-8100
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	STC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,127,013
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Operating revenues	$ 717,615	$ 829,787	$ 2,412,062	$ 2,313,178
Investment income	5,158	4,053	15,519	13,127
Net realized and unrealized (losses) gains	(6,374)	2,887	(14,194)	17,816
Revenues	716,399	836,727	2,413,387	2,344,121
Expenses
Amounts retained by agencies	280,517	329,906	951,555	935,861
Employee costs	195,057	197,587	610,286	555,451
Other operating expenses	151,208	152,587	502,966	415,864
Title losses and related claims	25,486	30,345	81,105	92,687
Depreciation and amortization	14,067	9,144	42,103	22,394
Interest	4,553	712	13,471	1,960
Total expenses	670,888	720,281	2,201,486	2,024,217
Income before taxes and noncontrolling interests	45,511	116,446	211,901	319,904
Income tax expense	(10,783)	(23,051)	(48,376)	(70,547)
Net income	34,728	93,395	163,525	249,357
Less income attributable to noncontrolling interests	5,294	4,732	14,534	11,639
Net income attributable to Stewart	29,434	88,663	148,991	237,718
Net income attributable to Stewart
Net income	34,728	93,395	163,525	249,357
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(15,300)	(4,243)	(22,861)	(997)
Change in net unrealized gains and losses on investments	(8,921)	(2,183)	(41,513)	(10,330)
Reclassification adjustments for realized gains and losses on investments	(385)	(355)	(687)	(918)
Other comprehensive loss	(24,606)	(6,781)	(65,061)	(12,245)
Comprehensive income	10,122	86,614	98,464	237,112
Less income attributable to noncontrolling interests	5,294	4,732	14,534	11,639
Comprehensive income attributable to Stewart	$ 4,828	$ 81,882	$ 83,930	$ 225,473
Basic average shares outstanding (in shares)	27,113	26,873	27,031	26,803
Basic earnings per share attributable to Stewart (in usd per share)	$ 1.09	$ 3.30	$ 5.51	$ 8.87
Diluted average shares outstanding (in shares)	27,371	27,238	27,359	27,090
Diluted earnings per share attributable to Stewart (in usd per share)	$ 1.08	$ 3.26	$ 5.45	$ 8.78
Direct operations
Revenues
Operating revenues	$ 307,408	$ 366,091	$ 976,364	$ 999,098
Agency operations
Revenues
Operating revenues	340,470	401,762	1,154,546	1,138,023
Real estate solutions and other
Revenues
Operating revenues	$ 69,737	$ 61,934	$ 281,152	$ 176,057

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 320,933	$ 485,919
Short-term investments	18,077	17,650
Investments, at fair value:
Debt securities	582,461	589,772
Equity securities	87,166	89,442
Investments, fair value	669,627	679,214
Receivables:
Premiums from agencies	43,426	45,428
Trade and other	65,620	75,079
Income taxes	9,395	5,420
Notes	5,995	1,124
Allowance for uncollectible amounts	(7,577)	(7,711)
Total receivables	116,859	119,340
Property and equipment:
Land	2,545	2,545
Buildings	18,553	19,303
Furniture and equipment	220,224	216,261
Accumulated depreciation	(160,715)	(165,653)
Total property and equipment, at cost	80,607	72,456
Operating lease assets	130,316	134,578
Title plants, at cost	73,358	76,859
Investments on equity method basis	4,341	4,754
Goodwill	961,726	924,837
Intangible assets, net of amortization	174,430	229,804
Deferred tax assets	4,328	3,846
Other assets	150,858	64,105
Total assets	2,705,460	2,813,362
Liabilities
Notes payable	446,372	483,491
Accounts payable and accrued liabilities	184,065	287,326
Operating lease liabilities	146,309	149,417
Estimated title losses	547,214	549,614
Deferred tax liabilities	23,999	48,779
Total liabilities	1,347,959	1,518,627
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	321,492	309,622
Retained earnings	1,090,938	974,800
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(31,778)	(8,917)
Net unrealized (losses) gains on debt securities investments	(33,030)	9,170
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,344,956	1,282,009
Noncontrolling interests	12,545	12,726
Total stockholders’ equity (27,123,388 and 26,893,430 shares outstanding)	1,357,501	1,294,735
Total liabilities and stockholders' equity	$ 2,705,460	$ 2,813,362

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Amortized cost	$ 624,272	$ 578,165
Common stock, par value (in usd per share)	$ 1	$ 1
Treasury stock, common shares (in shares)	352,161	352,161
Common stock, shares outstanding (in shares)	27,123,388	26,893,430

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of net income to cash provided by operating activities:
Net income	$ 163,525	$ 249,357
Add (deduct):
Depreciation and amortization	42,103	22,394
Adjustments for bad debt provisions	812	1,871
Net realized and unrealized losses (gains)	14,194	(17,816)
Amortization of net premium on debt securities investments	1,870	2,794
Payments for title losses less than provisions	10,950	39,761
Adjustments for insurance recoveries of title losses	220	0
Decrease (increase) in receivables – net	9,521	(20,771)
Increase in other assets – net	(4,343)	(3,725)
Decrease in accounts payable and other liabilities – net	(81,987)	(30,385)
Change in net deferred income taxes	25	7,024
Net income from equity method investments	(2,536)	(6,852)
Dividends received from equity method investments	3,135	5,496
Stock-based compensation expense	9,239	8,494
Other – net	312	(325)
Cash provided by operating activities	167,040	257,317
Investing activities:
Proceeds from sales of investments in securities	47,954	19,726
Proceeds from matured investments in debt securities	28,754	68,653
Purchases of investments in securities	(165,130)	(111,107)
Net (purchases) sales of short-term investments	(1,632)	2,734
Purchases of property and equipment, and real estate	(35,274)	(26,213)
Proceeds from sale of property and equipment and other assets	977	10,552
Cash paid for acquisition of businesses	(102,864)	(149,921)
Cash paid for acquisition of equity method investment	(69)	(16,080)
Other – net	1,941	988
Cash used by investing activities	(225,343)	(200,668)
Financing activities:
Proceeds from notes payable	38,012	331,755
Payments on notes payable	(75,505)	(158,031)
Distributions to noncontrolling interests	(14,863)	(11,683)
Repurchases of Common Stock	(3,168)	(2,145)
Proceeds from stock option and employee stock purchase plan exercises	5,799	2,715
Cash dividends paid	(32,464)	(26,558)
Payment of contingent consideration related to acquisitions	(15,997)	(9,489)
Purchase of remaining interest in consolidated subsidiaries	(72)	(5,616)
Other - net	115	(777)
Cash (used) provided by financing activities	(98,143)	120,171
Effects of changes in foreign currency exchange rates	(8,540)	(1,898)
Change in cash and cash equivalents	(164,986)	174,922
Cash and cash equivalents at beginning of period	485,919	432,683
Cash and cash equivalents at end of period	$ 320,933	$ 607,605

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests
Balances at beginning of period at Dec. 31, 2020	$ 1,012,406	$ 27,080	$ 274,857	$ 688,819	$ 17,022	$ (2,666)	$ 7,294
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	237,718			237,718
Dividends on common stock	(27,009)			(27,009)
Stock-based compensation	8,494	139	8,355
Stock repurchases	(2,145)	(41)	(2,104)
Stock option and employee stock purchase plan exercises	2,715	64	2,651
Purchase of remaining interest in consolidated subsidiary	(5,616)		(4,744)				(872)
Change in net unrealized gains and losses on investments, net of taxes	(10,330)				(10,330)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(918)				(918)
Foreign currency translation adjustments, net of taxes	(997)				(997)
Net income attributable to noncontrolling interests	11,639						11,639
Distributions to noncontrolling interests	(11,683)						(11,683)
Net effect of other changes in ownership	2,426						2,426
Balances at end of period at Sep. 30, 2021	1,216,700	27,242	279,015	899,528	4,777	(2,666)	8,804
Balances at beginning of period at Jun. 30, 2021	1,136,073	27,177	274,074	819,834	11,558	(2,666)	6,096
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	88,663			88,663
Dividends on common stock	(8,969)			(8,969)
Stock-based compensation	2,615	8	2,607
Stock repurchases	(143)	(2)	(141)
Stock option exercises	2,534	59	2,475
Change in net unrealized gains and losses on investments, net of taxes	(2,183)				(2,183)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(355)				(355)
Foreign currency translation adjustments, net of taxes	(4,243)				(4,243)
Net income attributable to noncontrolling interests	4,732						4,732
Distributions to noncontrolling interests	(4,430)						(4,430)
Net effect of other changes in ownership	2,406						2,406
Balances at end of period at Sep. 30, 2021	1,216,700	27,242	279,015	899,528	4,777	(2,666)	8,804
Balances at beginning of period at Dec. 31, 2021	1,294,735	27,246	282,376	974,800	253	(2,666)	12,726
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	148,991			148,991
Dividends on common stock	(32,853)			(32,853)
Stock-based compensation	9,239	155	9,084
Stock repurchases	(3,168)	(49)	(3,119)
Stock option and employee stock purchase plan exercises	5,799	124	5,675
Purchase of remaining interest in consolidated subsidiary	(72)		0				(72)
Change in net unrealized gains and losses on investments, net of taxes	(41,513)				(41,513)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(687)				(687)
Foreign currency translation adjustments, net of taxes	(22,861)				(22,861)
Net income attributable to noncontrolling interests	14,534						14,534
Distributions to noncontrolling interests	(14,863)						(14,863)
Net effect of other changes in ownership	220						220
Balances at end of period at Sep. 30, 2022	1,357,501	27,476	294,016	1,090,938	(64,808)	(2,666)	12,545
Balances at beginning of period at Jun. 30, 2022	1,359,821	27,390	288,834	1,073,788	(40,202)	(2,666)	12,677
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	29,434			29,434
Dividends on common stock	(12,284)			(12,284)
Stock-based compensation	2,799	29	2,770
Stock repurchases	(617)	(12)	(605)
Stock option and employee stock purchase plan exercises	3,086	69	3,017
Purchase of remaining interest in consolidated subsidiary	(72)		0				(72)
Change in net unrealized gains and losses on investments, net of taxes	(8,921)				(8,921)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(385)				(385)
Foreign currency translation adjustments, net of taxes	(15,300)				(15,300)
Net income attributable to noncontrolling interests	5,294						5,294
Distributions to noncontrolling interests	(5,380)						(5,380)
Net effect of other changes in ownership	26						26
Balances at end of period at Sep. 30, 2022	$ 1,357,501	$ 27,476	$ 294,016	$ 1,090,938	$ (64,808)	$ (2,666)	$ 12,545

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock per share (in usd per share)	$ 0.45	$ 0.33	$ 1.20	$ 0.99

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Interim financial statements

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Interim financial statements

Interim financial statements. The financial information contained in this report for the three and nine months ended September 30, 2022 and 2021, and as of September 30, 2022, is unaudited. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on February 28, 2022 (2021 Form 10-K).

A. Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

B. Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $541.0 million and $523.5 million at September 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.5 million and $41.4 million at September 30, 2022 and December 31, 2021, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

D. Recently enacted Inflation Reduction Act. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the Act) that includes, among other provisions, changes to the U.S. corporate income tax system, including a 15% minimum tax based on book income of certain large corporations for tax years beginning after December 31, 2022 and a 1% excise tax on net repurchases of stock starting in 2023. Management is still in the process of evaluating the Act and its requirements, however it does not believe that the Act will have a material impact on the Company's consolidated financial statements.

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Revenues

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenues

Revenues. The Company's operating revenues, summarized by type, are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Title insurance premiums:
Direct	209,477	248,738	646,760	687,369
Agency	340,470	401,762	1,154,546	1,138,023
Escrow fees	49,407	63,455	166,696	183,638
Real estate solutions and abstract fees	89,519	85,345	302,534	234,677
Other revenues	28,742	30,487	141,526	69,471
	717,615	829,787	2,412,062	2,313,178

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Investments in debt and equity securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in debt and equity securities

Investments in debt and equity securities. As of September 30, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securities held were $8.0 million and $21.1 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	30,759	30,119	34,739	36,323
Corporate	279,392	257,575	249,757	258,102
Foreign	297,490	278,511	287,240	288,883
U.S. Treasury Bonds	16,631	16,256	6,429	6,464
	624,272	582,461	578,165	589,772

Foreign debt securities primarily consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	2	642	1,585	1
Corporate	226	22,043	9,389	1,044
Foreign	92	19,071	3,285	1,642
U.S. Treasury Bonds	7	382	60	25
	327	42,138	14,319	2,712

Debt securities as of September 30, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	88,203	87,384
After one year through five years	355,367	333,584
After five years through ten years	155,555	140,592
After ten years	25,147	20,901
	624,272	582,461

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	633	28,835	9	33	642	28,868
Corporate	17,822	224,128	4,221	29,888	22,043	254,016
Foreign	13,264	210,499	5,807	65,721	19,071	276,220
U.S. Treasury Bonds	323	13,116	59	951	382	14,067
	32,042	476,578	10,096	96,593	42,138	573,171

The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2022 was 355. Of these securities, 49 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at September 30, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Realized gains	183	2,615	3,460	10,695
Realized losses	(65)	(47)	(3,904)	(2,516)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637
	(6,374)	2,887	(14,194)	17,816

Realized gains and losses during the first nine months of 2022 included realized losses of $3.6 million from disposals of businesses, a $1.0 million gain from an acquisition contingent liability adjustment, and a $1.0 million realized gain related to a sale of a title plant copy.

Realized gains and losses during the third quarter 2021 included $2.5 million gain related to an acquisition contingent liability adjustment. Additionally, realized gains and losses for the first nine months of 2021 included $7.3 million of gains on sales of buildings and a $2.5 million loss related to a disposal of an equity method investment.

Investment gains and losses recognized related to investments in equity securities are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Net investment (losses) gains recognized on equity securities during the period	(6,489)	345	(13,284)	9,706
Less: Net realized gains on equity securities sold during the period	3	26	466	69
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637

Proceeds from sales of investments in securities are as follows: 

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Proceeds from sales of debt securities	19,123	4,854	47,405	19,425
Proceeds from sales of equity securities	62	128	549	301
Total proceeds from sales of investments in securities	19,185	4,982	47,954	19,726

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Fair value measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of September 30, 2022, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	30,119	30,119
Corporate	—	257,575	257,575
Foreign	—	278,511	278,511
U.S. Treasury Bonds	—	16,256	16,256
Equity securities	87,166	—	87,166
	87,166	582,461	669,627

As of December 31, 2021, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	36,323	36,323
Corporate	—	258,102	258,102
Foreign	—	288,883	288,883
U.S. Treasury Bonds	—	6,464	6,464
Equity securities	89,442	—	89,442
	89,442	589,772	679,214

As of September 30, 2022 and December 31, 2021, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

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Net realized and unrealized gains

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Net realized and unrealized gains

Investments in debt and equity securities. As of September 30, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securities held were $8.0 million and $21.1 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	30,759	30,119	34,739	36,323
Corporate	279,392	257,575	249,757	258,102
Foreign	297,490	278,511	287,240	288,883
U.S. Treasury Bonds	16,631	16,256	6,429	6,464
	624,272	582,461	578,165	589,772

Foreign debt securities primarily consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	2	642	1,585	1
Corporate	226	22,043	9,389	1,044
Foreign	92	19,071	3,285	1,642
U.S. Treasury Bonds	7	382	60	25
	327	42,138	14,319	2,712

Debt securities as of September 30, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	88,203	87,384
After one year through five years	355,367	333,584
After five years through ten years	155,555	140,592
After ten years	25,147	20,901
	624,272	582,461

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	633	28,835	9	33	642	28,868
Corporate	17,822	224,128	4,221	29,888	22,043	254,016
Foreign	13,264	210,499	5,807	65,721	19,071	276,220
U.S. Treasury Bonds	323	13,116	59	951	382	14,067
	32,042	476,578	10,096	96,593	42,138	573,171

The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2022 was 355. Of these securities, 49 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at September 30, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Realized gains	183	2,615	3,460	10,695
Realized losses	(65)	(47)	(3,904)	(2,516)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637
	(6,374)	2,887	(14,194)	17,816

Realized gains and losses during the first nine months of 2022 included realized losses of $3.6 million from disposals of businesses, a $1.0 million gain from an acquisition contingent liability adjustment, and a $1.0 million realized gain related to a sale of a title plant copy.

Realized gains and losses during the third quarter 2021 included $2.5 million gain related to an acquisition contingent liability adjustment. Additionally, realized gains and losses for the first nine months of 2021 included $7.3 million of gains on sales of buildings and a $2.5 million loss related to a disposal of an equity method investment.

Investment gains and losses recognized related to investments in equity securities are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Net investment (losses) gains recognized on equity securities during the period	(6,489)	345	(13,284)	9,706
Less: Net realized gains on equity securities sold during the period	3	26	466	69
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637

Proceeds from sales of investments in securities are as follows: 

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Proceeds from sales of debt securities	19,123	4,854	47,405	19,425
Proceeds from sales of equity securities	62	128	549	301
Total proceeds from sales of investments in securities	19,185	4,982	47,954	19,726

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Goodwill

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill. The summary of changes in goodwill is as follows.

	Title	Real Estate Solutions	Corporate and Other	Consolidated Total
	($000 omitted)
Balances at December 31, 2021	583,944	325,543	15,350	924,837
Acquisitions	25,325	—	—	25,325
Purchase accounting adjustments	345	26,961	(14,450)	12,856
Disposals	(392)	—	(900)	(1,292)
Balances at September 30, 2022	609,222	352,504	—	961,726

During the first nine months of 2022, goodwill recorded in the title segment was related to acquisitions of title search and support services providers, while purchase accounting adjustments were primarily related to measurements of intangible assets and deferred taxes, and adjustments to provisional estimates within one year of the related acquisitions.

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Estimated title losses

9 Months Ended

Sep. 30, 2022

Loss Contingency [Abstract]

Estimated title losses

Estimated title losses. A summary of estimated title losses for the nine months ended September 30 is as follows:

	2022		2021
	($000 omitted)
Balances at January 1	549,614		496,275
Provisions:
Current year	81,108		91,259
Previous policy years	(3)		1,428
Total provisions	81,105		92,687
Payments, net of recoveries:
Current year	(14,191)		(12,181)
Previous policy years	(55,964)		(40,745)
Total payments, net of recoveries	(70,155)		(52,926)
Effects of changes in foreign currency exchange rates	(13,350)		(1,485)
Balances at September 30	547,214		534,551
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.8	%	4.3	%
Total provisions	3.8	%	4.3	%

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Share-based payments	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based payments	Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which usually include a combination of time-based restricted stock units, performance-based restricted stock units and stock options. Each restricted stock unit represents a contractual right to receive a share of the Company's common stock. The time-based units generally vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives and an employee service requirement over a period of approximately three years. The stock options vest on each of the first three anniversaries of the grant date at a rate of 20%, 30% and 50%, chronologically, and expire 10 years after the grant date. Each vested stock option can be exercised to purchase a share of the Company's common stock at the strike price set by the Company at the grant date. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.During the first nine months of 2022, the Company granted time-based and performance-based restricted stock units with an aggregate grant-date fair value of $11.7 million (183,000 units with an average grant price per unit of $63.68). During the first nine months of 2021, the aggregate grant-date fair values of restricted stock unit and stock option awards, respectively, were $9.2 million (170,000 units with an average grant price per unit of $53.70) and $1.3 million (141,000 options with an average grant price per option of $9.24 and exercise strike price of $53.24).

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Earnings per share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per share

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. Outstanding shares of Common Stock granted to employees that are not yet vested (restricted shares) are excluded from the calculation of the weighted-average number of shares outstanding for calculating basic EPS. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units and shares were vested and stock options were exercised. In periods of loss, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted, except per share)
Numerator:
Net income attributable to Stewart	29,434	88,663	148,991	237,718
Denominator (000):
Basic average shares outstanding	27,113	26,873	27,031	26,803
Average number of dilutive shares relating to options	124	190	181	160
Average number of dilutive shares relating to grants of restricted units and shares	134	175	147	127
Diluted average shares outstanding	27,371	27,238	27,359	27,090
Basic earnings per share attributable to Stewart	1.09	3.30	5.51	8.87
Diluted earnings per share attributable to Stewart	1.08	3.26	5.45	8.78

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Contingent liabilities and commitments	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities and commitments	Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of September 30, 2022, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of September 30, 2022, the Company also had unused letters of credit aggregating $4.9 million related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

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Regulatory and legal developments

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Regulatory and legal developments

Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiffs seek exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

The Company is subject to non-ordinary course of business claims or lawsuits from time to time. To the extent the Company is currently the subject of these types of lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Additionally, the Company occasionally receives various inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. To the extent the Company is in receipt of such inquiries, it believes that, where appropriate, it has adequately reserved for these matters and does not anticipate that the outcome of these inquiries will materially affect its consolidated financial condition or results of operations.

The Company is subject to various other administrative actions and inquiries into its business conduct in certain of the states in which it operates. While the Company cannot predict the outcome of the various regulatory and administrative matters, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of any of these matters will materially affect its consolidated financial condition or results of operations.

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Segment information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment information

Segment information. Prior to 2022, the Company reported two operating segments: the title insurance and related services (title) segment, and the ancillary services and corporate segment. Effective in the first quarter 2022, the Company began reporting three operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. The new segment presentation is primarily due to the increased size of the real estate solutions operations (formerly, ancillary services operations) resulting from strategic acquisitions. Previously, the real estate solutions operations were combined in one segment with the Company's corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments.

Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment primarily includes corporate operations and other businesses not related to title or real estate solutions operations. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The real estate solutions segment primarily includes appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. Amounts for 2021 were recast in the following table to conform with the new segment presentation.

Selected statement of income information related to these segments is as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Title segment:
Revenues	646,607	772,246	2,135,000	2,157,949
Depreciation and amortization	7,467	4,556	21,098	13,579
Income before taxes and noncontrolling interest	51,837	119,147	228,212	321,907
Real estate solutions segment:
Revenues	69,738	64,425	241,993	178,549
Depreciation and amortization	6,204	4,376	19,381	8,155
Income before taxes	3,364	2,791	16,249	7,655
Corporate and other segment:
Revenues	54	56	36,394	7,623
Depreciation and amortization	396	212	1,624	660
Loss before taxes	(9,690)	(5,492)	(32,560)	(9,658)
Consolidated Stewart:
Revenues	716,399	836,727	2,413,387	2,344,121
Depreciation and amortization	14,067	9,144	42,103	22,394
Income before taxes and noncontrolling interest	45,511	116,446	211,901	319,904

The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment.

Total revenues generated in the United States and all international operations are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
United States	670,846	781,792	2,271,497	2,196,717
International	45,553	54,935	141,890	147,404
	716,399	836,727	2,413,387	2,344,121

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Other comprehensive loss

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Other comprehensive loss

Other comprehensive loss. Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows:

	Three Months Ended   September 30, 2022			Three Months Ended   September 30, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(11,292)	(2,371)	(8,921)	(2,764)	(581)	(2,183)
Reclassification adjustments for realized gains and losses on investments	(488)	(103)	(385)	(449)	(94)	(355)
	(11,780)	(2,474)	(9,306)	(3,213)	(675)	(2,538)
Foreign currency translation adjustments	(18,315)	(3,015)	(15,300)	(4,950)	(707)	(4,243)
Other comprehensive loss	(30,095)	(5,489)	(24,606)	(8,163)	(1,382)	(6,781)

	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(52,548)	(11,035)	(41,513)	(13,076)	(2,746)	(10,330)
Reclassification adjustment for realized gains and losses on investments	(870)	(183)	(687)	(1,162)	(244)	(918)
	(53,418)	(11,218)	(42,200)	(14,238)	(2,990)	(11,248)
Foreign currency translation adjustments	(26,668)	(3,807)	(22,861)	(839)	158	(997)
Other comprehensive loss	(80,086)	(15,025)	(65,061)	(15,077)	(2,832)	(12,245)

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Interim financial statements (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Management's responsibility

Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

Consolidation

Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

Restrictions on cash and investments

Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $541.0 million and $523.5 million at September 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.5 million and $41.4 million at September 30, 2022 and December 31, 2021, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

Fair value measurements

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

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Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of operating revenues

The Company's operating revenues, summarized by type, are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Title insurance premiums:
Direct	209,477	248,738	646,760	687,369
Agency	340,470	401,762	1,154,546	1,138,023
Escrow fees	49,407	63,455	166,696	183,638
Real estate solutions and abstract fees	89,519	85,345	302,534	234,677
Other revenues	28,742	30,487	141,526	69,471
	717,615	829,787	2,412,062	2,313,178

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Investments in debt and equity securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Amortized costs and fair values

The amortized costs and fair values of investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	30,759	30,119	34,739	36,323
Corporate	279,392	257,575	249,757	258,102
Foreign	297,490	278,511	287,240	288,883
U.S. Treasury Bonds	16,631	16,256	6,429	6,464
	624,272	582,461	578,165	589,772

Proceeds from sales of investments in securities are as follows: 

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Proceeds from sales of debt securities	19,123	4,854	47,405	19,425
Proceeds from sales of equity securities	62	128	549	301
Total proceeds from sales of investments in securities	19,185	4,982	47,954	19,726

Gross unrealized gains and losses

Gross unrealized gains and losses on investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	2	642	1,585	1
Corporate	226	22,043	9,389	1,044
Foreign	92	19,071	3,285	1,642
U.S. Treasury Bonds	7	382	60	25
	327	42,138	14,319	2,712

Debt securities according to contractual terms

Debt securities as of September 30, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	88,203	87,384
After one year through five years	355,367	333,584
After five years through ten years	155,555	140,592
After ten years	25,147	20,901
	624,272	582,461

Gross unrealized losses on investments and fair values of related securities

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	633	28,835	9	33	642	28,868
Corporate	17,822	224,128	4,221	29,888	22,043	254,016
Foreign	13,264	210,499	5,807	65,721	19,071	276,220
U.S. Treasury Bonds	323	13,116	59	951	382	14,067
	32,042	476,578	10,096	96,593	42,138	573,171

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

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Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Financial instruments measured at fair value on recurring basis

As of September 30, 2022, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	30,119	30,119
Corporate	—	257,575	257,575
Foreign	—	278,511	278,511
U.S. Treasury Bonds	—	16,256	16,256
Equity securities	87,166	—	87,166
	87,166	582,461	669,627

As of December 31, 2021, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	36,323	36,323
Corporate	—	258,102	258,102
Foreign	—	288,883	288,883
U.S. Treasury Bonds	—	6,464	6,464
Equity securities	89,442	—	89,442
	89,442	589,772	679,214

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Net realized and unrealized gains (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Gross realized investment and other gains

Realized and unrealized gains and losses are detailed as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Realized gains	183	2,615	3,460	10,695
Realized losses	(65)	(47)	(3,904)	(2,516)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637
	(6,374)	2,887	(14,194)	17,816

Investments in equity securities still held

Investment gains and losses recognized related to investments in equity securities are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Net investment (losses) gains recognized on equity securities during the period	(6,489)	345	(13,284)	9,706
Less: Net realized gains on equity securities sold during the period	3	26	466	69
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637

Proceeds from sale of investments in securities

The amortized costs and fair values of investments in debt securities are as follows:

	September 30, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	30,759	30,119	34,739	36,323
Corporate	279,392	257,575	249,757	258,102
Foreign	297,490	278,511	287,240	288,883
U.S. Treasury Bonds	16,631	16,256	6,429	6,464
	624,272	582,461	578,165	589,772

Proceeds from sales of investments in securities are as follows: 

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Proceeds from sales of debt securities	19,123	4,854	47,405	19,425
Proceeds from sales of equity securities	62	128	549	301
Total proceeds from sales of investments in securities	19,185	4,982	47,954	19,726

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Goodwill (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of goodwill

The summary of changes in goodwill is as follows.

	Title	Real Estate Solutions	Corporate and Other	Consolidated Total
	($000 omitted)
Balances at December 31, 2021	583,944	325,543	15,350	924,837
Acquisitions	25,325	—	—	25,325
Purchase accounting adjustments	345	26,961	(14,450)	12,856
Disposals	(392)	—	(900)	(1,292)
Balances at September 30, 2022	609,222	352,504	—	961,726

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Estimated title losses (Tables)

9 Months Ended

Sep. 30, 2022

Loss Contingency [Abstract]

Summary of estimated title losses

A summary of estimated title losses for the nine months ended September 30 is as follows:

	2022		2021
	($000 omitted)
Balances at January 1	549,614		496,275
Provisions:
Current year	81,108		91,259
Previous policy years	(3)		1,428
Total provisions	81,105		92,687
Payments, net of recoveries:
Current year	(14,191)		(12,181)
Previous policy years	(55,964)		(40,745)
Total payments, net of recoveries	(70,155)		(52,926)
Effects of changes in foreign currency exchange rates	(13,350)		(1,485)
Balances at September 30	547,214		534,551
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.8	%	4.3	%
Total provisions	3.8	%	4.3	%

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Earnings per share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Basic and diluted earnings (loss) per share

The calculation of the basic and diluted EPS is as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted, except per share)
Numerator:
Net income attributable to Stewart	29,434	88,663	148,991	237,718
Denominator (000):
Basic average shares outstanding	27,113	26,873	27,031	26,803
Average number of dilutive shares relating to options	124	190	181	160
Average number of dilutive shares relating to grants of restricted units and shares	134	175	147	127
Diluted average shares outstanding	27,371	27,238	27,359	27,090
Basic earnings per share attributable to Stewart	1.09	3.30	5.51	8.87
Diluted earnings per share attributable to Stewart	1.08	3.26	5.45	8.78

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Segment information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Selected statement of operations and income (loss) information related to segments

Selected statement of income information related to these segments is as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
Title segment:
Revenues	646,607	772,246	2,135,000	2,157,949
Depreciation and amortization	7,467	4,556	21,098	13,579
Income before taxes and noncontrolling interest	51,837	119,147	228,212	321,907
Real estate solutions segment:
Revenues	69,738	64,425	241,993	178,549
Depreciation and amortization	6,204	4,376	19,381	8,155
Income before taxes	3,364	2,791	16,249	7,655
Corporate and other segment:
Revenues	54	56	36,394	7,623
Depreciation and amortization	396	212	1,624	660
Loss before taxes	(9,690)	(5,492)	(32,560)	(9,658)
Consolidated Stewart:
Revenues	716,399	836,727	2,413,387	2,344,121
Depreciation and amortization	14,067	9,144	42,103	22,394
Income before taxes and noncontrolling interest	45,511	116,446	211,901	319,904

Revenues generated in domestic and all international operations

Total revenues generated in the United States and all international operations are as follows:

	Three Months Ended   September 30,		Nine Months Ended   September 30,
	2022	2021	2022	2021
	($000 omitted)
United States	670,846	781,792	2,271,497	2,196,717
International	45,553	54,935	141,890	147,404
	716,399	836,727	2,413,387	2,344,121

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Other comprehensive loss (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of changes in other comprehensive income (loss)

Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows:

	Three Months Ended   September 30, 2022			Three Months Ended   September 30, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(11,292)	(2,371)	(8,921)	(2,764)	(581)	(2,183)
Reclassification adjustments for realized gains and losses on investments	(488)	(103)	(385)	(449)	(94)	(355)
	(11,780)	(2,474)	(9,306)	(3,213)	(675)	(2,538)
Foreign currency translation adjustments	(18,315)	(3,015)	(15,300)	(4,950)	(707)	(4,243)
Other comprehensive loss	(30,095)	(5,489)	(24,606)	(8,163)	(1,382)	(6,781)

	Nine Months Ended September 30, 2022			Nine Months Ended September 30, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(52,548)	(11,035)	(41,513)	(13,076)	(2,746)	(10,330)
Reclassification adjustment for realized gains and losses on investments	(870)	(183)	(687)	(1,162)	(244)	(918)
	(53,418)	(11,218)	(42,200)	(14,238)	(2,990)	(11,248)
Foreign currency translation adjustments	(26,668)	(3,807)	(22,861)	(839)	158	(997)
Other comprehensive loss	(80,086)	(15,025)	(65,061)	(15,077)	(2,832)	(12,245)

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Interim financial statements - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Investments restricted for statutory reserve funds	$ 541.0	$ 523.5
Restricted cash and cash equivalent	$ 10.5	$ 41.4

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Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Operating revenues	$ 717,615	$ 829,787	$ 2,412,062	$ 2,313,178
Direct
Disaggregation of Revenue [Line Items]
Operating revenues	209,477	248,738	646,760	687,369
Agency
Disaggregation of Revenue [Line Items]
Operating revenues	340,470	401,762	1,154,546	1,138,023
Escrow fees
Disaggregation of Revenue [Line Items]
Operating revenues	49,407	63,455	166,696	183,638
Real estate solutions and abstract fees
Disaggregation of Revenue [Line Items]
Operating revenues	89,519	85,345	302,534	234,677
Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	$ 28,742	$ 30,487	$ 141,526	$ 69,471

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Investments in debt and equity securities - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($) investment	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 8.0	$ 21.1
Number of investments in an unrealized loss position	355
Number of investments in an unrealized loss positions for more than 12 months	49

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Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 624,272	$ 578,165
Fair values	582,461	589,772
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	30,759	34,739
Fair values	30,119	36,323
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	279,392	249,757
Fair values	257,575	258,102
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	297,490	287,240
Fair values	278,511	288,883
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	16,631	6,429
Fair values	$ 16,256	$ 6,464

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Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gains	$ 327	$ 14,319
Losses	42,138	2,712
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	2	1,585
Losses	642	1
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	226	9,389
Losses	22,043	1,044
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	92	3,285
Losses	19,071	1,642
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	7	60
Losses	$ 382	$ 25

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Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized costs
In one year or less	$ 88,203
After one year through five years	355,367
After five years through ten years	155,555
After ten years	25,147
Amortized costs	624,272	$ 578,165
Fair values
In one year or less	87,384
After one year through five years	333,584
After five years through ten years	140,592
After ten years	20,901
Fair values	$ 582,461	$ 589,772

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Investments in debt and equity securities - Gross Unrealized Losses on Investments and Fair Values of Related Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Losses
Less than 12 months	$ 32,042	$ 2,099
More than 12 months	10,096	613
Total	42,138	2,712
Fair values
Less than 12 months	476,578	161,781
More than 12 months	96,593	15,916
Total	573,171	177,697
Municipal
Losses
Less than 12 months	633	1
More than 12 months	9	0
Total	642	1
Fair values
Less than 12 months	28,835	130
More than 12 months	33	0
Total	28,868	130
Corporate
Losses
Less than 12 months	17,822	588
More than 12 months	4,221	456
Total	22,043	1,044
Fair values
Less than 12 months	224,128	42,231
More than 12 months	29,888	12,014
Total	254,016	54,245
Foreign
Losses
Less than 12 months	13,264	1,502
More than 12 months	5,807	140
Total	19,071	1,642
Fair values
Less than 12 months	210,499	118,943
More than 12 months	65,721	3,394
Total	276,220	122,337
U.S. Treasury Bonds
Losses
Less than 12 months	323	8
More than 12 months	59	17
Total	382	25
Fair values
Less than 12 months	13,116	477
More than 12 months	951	508
Total	$ 14,067	$ 985

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Fair value measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 582,461	$ 589,772
Equity securities	87,166	89,442
Investments in debt and equity securities	669,627	679,214
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	87,166	89,442
Investments in debt and equity securities	87,166	89,442
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investments in debt and equity securities	582,461	589,772
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	30,119	36,323
Municipal | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Municipal | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	30,119	36,323
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	257,575	258,102
Corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	257,575	258,102
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	278,511	288,883
Foreign | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Foreign | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	278,511	288,883
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	16,256	6,464
U.S. Treasury Bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
U.S. Treasury Bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 16,256	$ 6,464

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Net realized and unrealized gains - Gross Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 183	$ 2,615	$ 3,460	$ 10,695
Realized losses	(65)	(47)	(3,904)	(2,516)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637
Investment and other gains (losses) – net	$ (6,374)	$ 2,887	$ (14,194)	$ 17,816

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Net realized and unrealized gains - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Loss on sale of business		$ 3.6
Gain from acquisition contingent liability adjustment		1.0
Gain on sale of title plant copy		$ 1.0
Gain related to acquisition contingent liability adjustment	$ 2.5
Gains on sales of buildings			$ 7.3
Loss on disposal of equity method investment			$ 2.5

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Net realized and unrealized gains - Net Gains on Investments in Equity Securities Still Held (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment (losses) gains recognized on equity securities during the period	$ (6,489)	$ 345	$ (13,284)	$ 9,706
Less: Net realized gains on equity securities sold during the period	3	26	466	69
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	$ (6,492)	$ 319	$ (13,750)	$ 9,637

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Net realized and unrealized gains - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 19,123	$ 4,854	$ 47,405	$ 19,425
Proceeds from sales of equity securities	62	128	549	301
Total proceeds from sales of investments in securities	$ 19,185	$ 4,982	$ 47,954	$ 19,726

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Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 924,837
Acquisitions	25,325
Purchase accounting adjustments	12,856
Disposals	(1,292)
Ending balance	961,726
Title
Goodwill [Roll Forward]
Beginning balances	583,944
Acquisitions	25,325
Purchase accounting adjustments	345
Disposals	(392)
Ending balance	609,222
Ancillary services and corporate segment
Goodwill [Roll Forward]
Beginning balances	325,543
Acquisitions	0
Purchase accounting adjustments	26,961
Disposals	0
Ending balance	352,504
Corporate and Other
Goodwill [Roll Forward]
Beginning balances	15,350
Acquisitions	0
Purchase accounting adjustments	(14,450)
Disposals	(900)
Ending balance	$ 0

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Estimated title losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 549,614	$ 496,275
Provisions:
Current year	81,108	91,259
Previous policy years	(3)	1,428
Total provisions	81,105	92,687
Payments, net of recoveries:
Current year	(14,191)	(12,181)
Previous policy years	(55,964)	(40,745)
Total payments, net of recoveries	(70,155)	(52,926)
Effects of changes in foreign currency exchange rates	(13,350)	(1,485)
Balances at end of period	$ 547,214	$ 534,551
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.80%	4.30%
Total provisions	3.80%	4.30%

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Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted in the period		$ 1.3
Number of options granted in the period (in shares)		141,000
Average grant price (in usd per share)		$ 9.24
Grant price (in usd per share)		$ 53.24
Time-based shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance-based shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Stock options | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	20.00%
Stock options | Second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	30.00%
Stock options | Third anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50.00%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value at grant date	$ 11.7	$ 9.2
Granted (in shares)	183,000	170,000
Average grant price (in usd per share)	$ 63.68	$ 53.70

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Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to Stewart	$ 29,434	$ 88,663	$ 148,991	$ 237,718
Denominator (000):
Basic average shares outstanding (in shares)	27,113	26,873	27,031	26,803
Diluted average shares outstanding (in shares)	27,371	27,238	27,359	27,090
Basic earnings per share attributable to Stewart (in usd per share)	$ 1.09	$ 3.30	$ 5.51	$ 8.87
Diluted earnings per share attributable to Stewart (in usd per share)	$ 1.08	$ 3.26	$ 5.45	$ 8.78
Stock options
Denominator (000):
Average number of dilutive shares relating to options and grants of restricted shares and units (in shares)	124	190	181	160
Restricted stock and restricted stock units
Denominator (000):
Average number of dilutive shares relating to options and grants of restricted shares and units (in shares)	134	175	147	127

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Contingent liabilities and commitments (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantee of indebtedness, relating to unused letters of credit	$ 4.9

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Segment information - Additional Information (Details) - segment		3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Segment Reporting [Abstract]
Number of operating segments	2	3

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Segment information - Selected Statement of Operations and Income (Loss) Information Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 716,399	$ 836,727	$ 2,413,387	$ 2,344,121
Depreciation and amortization	14,067	9,144	42,103	22,394
Loss before taxes	45,511	116,446	211,901	319,904
Title segment
Segment Reporting Information [Line Items]
Revenues	646,607	772,246	2,135,000	2,157,949
Depreciation and amortization	7,467	4,556	21,098	13,579
Loss before taxes	51,837	119,147	228,212	321,907
Real estate solutions and abstract fees
Segment Reporting Information [Line Items]
Revenues	69,738	64,425	241,993	178,549
Depreciation and amortization	6,204	4,376	19,381	8,155
Loss before taxes	3,364	2,791	16,249	7,655
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	54	56	36,394	7,623
Depreciation and amortization	396	212	1,624	660
Loss before taxes	$ (9,690)	$ (5,492)	$ (32,560)	$ (9,658)

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Segment information - Revenues Generated in Domestic and Foreign Country (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 716,399	$ 836,727	$ 2,413,387	$ 2,344,121
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	670,846	781,792	2,271,497	2,196,717
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 45,553	$ 54,935	$ 141,890	$ 147,404

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Other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Before-Tax Amount
Other comprehensive loss	$ (30,095)	$ (8,163)	$ (80,086)	$ (15,077)
Tax Expense (Benefit)
Other comprehensive loss	(5,489)	(1,382)	(15,025)	(2,832)
Net-of-Tax Amount
Other comprehensive loss	(24,606)	(6,781)	(65,061)	(12,245)
Net unrealized gains and losses on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(11,292)	(2,764)	(52,548)	(13,076)
Reclassification adjustments for realized gains and losses on investments	(488)	(449)	(870)	(1,162)
Other comprehensive loss	(11,780)	(3,213)	(53,418)	(14,238)
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(2,371)	(581)	(11,035)	(2,746)
Reclassification adjustments for realized gains and losses on investments	(103)	(94)	(183)	(244)
Other comprehensive loss	(2,474)	(675)	(11,218)	(2,990)
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(8,921)	(2,183)	(41,513)	(10,330)
Reclassification adjustments for realized gains and losses on investments	(385)	(355)	(687)	(918)
Other comprehensive loss	(9,306)	(2,538)	(42,200)	(11,248)
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive loss	(18,315)	(4,950)	(26,668)	(839)
Tax Expense (Benefit)
Other comprehensive loss	(3,015)	(707)	(3,807)	158
Net-of-Tax Amount
Other comprehensive loss	$ (15,300)	$ (4,243)	$ (22,861)	$ (997)