(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | ☐ | Non-accelerated filer | Emerging growth company | ||||||||||||||||||||
☐ | Accelerated filer | Smaller reporting company |
Item | Page | |||||||
PART I – FINANCIAL INFORMATION | ||||||||
1. | ||||||||
2. | ||||||||
3. | ||||||||
4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
1. | ||||||||
1A. | ||||||||
2. | ||||||||
5. | ||||||||
6. | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted, except per share) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Title revenues: | |||||||||||||||||||||||
Direct operations | |||||||||||||||||||||||
Agency operations | |||||||||||||||||||||||
Real estate solutions and other | |||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Investment income | |||||||||||||||||||||||
Net realized and unrealized losses | ( | ( | ( | ( | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Amounts retained by agencies | |||||||||||||||||||||||
Employee costs | |||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Title losses and related claims | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Interest | |||||||||||||||||||||||
Income before taxes and noncontrolling interests | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Less net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net income attributable to Stewart | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive (loss) income, net of taxes: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||
Change in net unrealized gains and losses on investments | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustments for realized gains and losses on investments | ( | ( | |||||||||||||||||||||
Other comprehensive (loss) income, net of taxes: | ( | ( | ( | ||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less net income attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income attributable to Stewart | |||||||||||||||||||||||
Basic average shares outstanding (000) | |||||||||||||||||||||||
Basic earnings per share attributable to Stewart | |||||||||||||||||||||||
Diluted average shares outstanding (000) | |||||||||||||||||||||||
Diluted earnings per share attributable to Stewart |
June 30, 2023 (Unaudited) | December 31, 2022 | ||||||||||
($000 omitted) | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | |||||||||||
Short-term investments | |||||||||||
Investments, at fair value: | |||||||||||
Debt securities (amortized cost of $ | |||||||||||
Equity securities | |||||||||||
Receivables: | |||||||||||
Premiums from agencies | |||||||||||
Trade and other | |||||||||||
Income taxes | |||||||||||
Notes | |||||||||||
Allowance for uncollectible amounts | ( | ( | |||||||||
Property and equipment: | |||||||||||
Land | |||||||||||
Buildings | |||||||||||
Furniture and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Operating lease assets | |||||||||||
Title plants, at cost | |||||||||||
Investments on equity method basis | |||||||||||
Goodwill | |||||||||||
Intangible assets, net of amortization | |||||||||||
Deferred tax assets | |||||||||||
Other assets | |||||||||||
Liabilities | |||||||||||
Notes payable | |||||||||||
Accounts payable and accrued liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Estimated title losses | |||||||||||
Deferred tax liabilities | |||||||||||
Contingent liabilities and commitments | |||||||||||
Stockholders’ equity | |||||||||||
Common Stock ($ | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss: | |||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||
Net unrealized losses on debt securities investments | ( | ( | |||||||||
Treasury stock – | ( | ( | |||||||||
Stockholders’ equity attributable to Stewart | |||||||||||
Noncontrolling interests | |||||||||||
Total stockholders’ equity ( | |||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
($000 omitted) | |||||||||||
Reconciliation of net income to cash (used) provided by operating activities: | |||||||||||
Net income | |||||||||||
Add (deduct): | |||||||||||
Depreciation and amortization | |||||||||||
Adjustments for bad debt provisions | ( | ||||||||||
Net realized and unrealized losses | |||||||||||
Amortization of net premium on debt securities investments | |||||||||||
Payments for title losses (in excess of) less than provisions | ( | ||||||||||
Adjustments for insurance recoveries of title losses | |||||||||||
(Increase) decrease in receivables – net | ( | ||||||||||
Increase in other assets – net | ( | ( | |||||||||
Decrease in accounts payable and other liabilities – net | ( | ( | |||||||||
Change in net deferred income taxes | |||||||||||
Net income from equity method investments | ( | ( | |||||||||
Dividends received from equity method investments | |||||||||||
Stock-based compensation expense | |||||||||||
Other – net | |||||||||||
Cash (used) provided by operating activities | ( | ||||||||||
Investing activities: | |||||||||||
Proceeds from sales of investments in securities | |||||||||||
Proceeds from matured investments in debt securities | |||||||||||
Purchases of investments in securities | ( | ( | |||||||||
Net purchases of short-term investments | ( | ( | |||||||||
Purchases of property and equipment, and real estate | ( | ( | |||||||||
Proceeds from sale of property and equipment and other assets | |||||||||||
Cash paid for acquisition of businesses | ( | ( | |||||||||
Increase in notes receivable | ( | ( | |||||||||
Other – net | |||||||||||
Cash used by investing activities | ( | ( | |||||||||
Financing activities: | |||||||||||
Proceeds from notes payable | |||||||||||
Payments on notes payable | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Repurchases of Common Stock | ( | ( | |||||||||
Proceeds from stock option and employee stock purchase plan exercises | |||||||||||
Cash dividends paid | ( | ( | |||||||||
Payment of contingent consideration related to acquisitions | ( | ( | |||||||||
Other - net | |||||||||||
Cash used by financing activities | ( | ( | |||||||||
Effects of changes in foreign currency exchange rates | ( | ||||||||||
Change in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | |||||||||||
Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss) income | Treasury stock | Noncontrolling interests | Total | |||||||||||||||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Stewart | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock repurchases | ( | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock option and employee stock purchase plan exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in net unrealized gains and losses on investments, net of taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains and losses on investments, net of taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | ( | ||||||||||||||||||||||||||||||||||||||||
Net income attributable to Stewart | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock repurchases | ( | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock option and employee stock purchase plan exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in net unrealized gains and losses on investments, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Net effect of other changes in ownership | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | ( | ( |
Common Stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Noncontrolling interests | Total | |||||||||||||||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Stewart | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock repurchases | ( | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Change in net unrealized gains and losses on investments, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains and losses on investments, net of taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income attributable to Stewart | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends on Common Stock ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock repurchases | ( | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Stock option exercises | |||||||||||||||||||||||||||||||||||||||||
Change in net unrealized gains and losses on investments, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of taxes | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Net effect of other changes in ownership | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | ( | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Title insurance premiums: | |||||||||||||||||||||||
Direct | |||||||||||||||||||||||
Agency | |||||||||||||||||||||||
Escrow fees | |||||||||||||||||||||||
Real estate solutions and abstract fees | |||||||||||||||||||||||
Other revenues | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Amortized costs | Fair values | Amortized costs | Fair values | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Foreign | |||||||||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Municipal | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Foreign | |||||||||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||||||||
Amortized costs | Fair values | ||||||||||
($000 omitted) | |||||||||||
In one year or less | |||||||||||
After one year through five years | |||||||||||
After five years through ten years | |||||||||||
After ten years | |||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||||||||||||
Losses | Fair values | Losses | Fair values | Losses | Fair values | ||||||||||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Foreign | |||||||||||||||||||||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||||||||||||
Losses | Fair values | Losses | Fair values | Losses | Fair values | ||||||||||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Foreign | |||||||||||||||||||||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Fair value measurements | |||||||||||||||
($000 omitted) | |||||||||||||||||
Investments in securities: | |||||||||||||||||
Debt securities: | |||||||||||||||||
Municipal | |||||||||||||||||
Corporate | |||||||||||||||||
Foreign | |||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||
Equity securities | |||||||||||||||||
Level 1 | Level 2 | Fair value measurements | |||||||||||||||
($000 omitted) | |||||||||||||||||
Investments in securities: | |||||||||||||||||
Debt securities: | |||||||||||||||||
Municipal | |||||||||||||||||
Corporate | |||||||||||||||||
Foreign | |||||||||||||||||
U.S. Treasury Bonds | |||||||||||||||||
Equity securities | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Realized gains | |||||||||||||||||||||||
Realized losses | ( | ( | ( | ( | |||||||||||||||||||
Net unrealized investment gains (losses) recognized on equity securities still held at end of period | ( | ( | |||||||||||||||||||||
( | ( | ( | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Net investment gains (losses) recognized on equity securities during the period | ( | ( | |||||||||||||||||||||
Less: Net realized (losses) gains on equity securities sold during the period | ( | ( | |||||||||||||||||||||
Net unrealized investment gains (losses) recognized on equity securities still held at end of period | ( | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Proceeds from sales of debt securities | |||||||||||||||||||||||
Proceeds from sales of equity securities | |||||||||||||||||||||||
Total proceeds from sales of investments in securities |
Title | Real Estate Solutions | Corporate and Other | Consolidated Total | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Balances at December 31, 2022 | |||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||
Purchase accounting adjustments | ( | ( | |||||||||||||||||||||
Balances at June 30, 2023 |
2023 | 2022 | ||||||||||
($000 omitted) | |||||||||||
Balances at January 1 | |||||||||||
Provisions: | |||||||||||
Current year | |||||||||||
Previous policy years | ( | ||||||||||
Total provisions | |||||||||||
Payments, net of recoveries: | |||||||||||
Current year | ( | ( | |||||||||
Previous policy years | ( | ( | |||||||||
Total payments, net of recoveries | ( | ( | |||||||||
Effects of changes in foreign currency exchange rates | ( | ||||||||||
Balances at June 30 | |||||||||||
Loss ratios as a percentage of title operating revenues: | |||||||||||
Current year provisions | % | % | |||||||||
Total provisions | % | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted, except per share) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Stewart | |||||||||||||||||||||||
Denominator (000): | |||||||||||||||||||||||
Basic average shares outstanding | |||||||||||||||||||||||
Average number of dilutive shares relating to options | |||||||||||||||||||||||
Average number of dilutive shares relating to grants of restricted units and shares | |||||||||||||||||||||||
Diluted average shares outstanding | |||||||||||||||||||||||
Basic earnings per share attributable to Stewart | |||||||||||||||||||||||
Diluted earnings per share attributable to Stewart |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Title segment: | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Income before taxes and noncontrolling interest | |||||||||||||||||||||||
Real estate solutions segment: | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Income before taxes | |||||||||||||||||||||||
Corporate and other segment: | |||||||||||||||||||||||
Revenues (net realized losses) | ( | ( | |||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Loss before taxes | ( | ( | ( | ( | |||||||||||||||||||
Consolidated Stewart: | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Income before taxes and noncontrolling interest |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
International | |||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||
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 | ( | ( | ( | ( | ( | ( | |||||||||||||||||
Reclassification adjustments for realized gains and losses on investments | ( | ( | ( | ||||||||||||||||||||
( | ( | ( | ( | ( | ( | ||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ( | ( | ( |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||
Before-Tax Amount | Tax Expense (Benefit) | Net-of-Tax Amount | Before-Tax Amount | Tax Expense (Benefit) | Net-of-Tax Amount | ||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||
Net unrealized gains and losses on investments: | |||||||||||||||||||||||
Change in net unrealized gains and losses on investments | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustment for realized gains and losses on investments | ( | ( | ( | ||||||||||||||||||||
( | ( | ( | |||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( |
For the Three Months Ended June 30 | |||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||
Operating revenues | 466.7 | 761.1 | (39) | % | |||||||||||||
Investment income | 12.1 | 6.7 | 80 | % | |||||||||||||
Net realized and unrealized (losses) gains | 2.0 | (8.8) | 123 | % | |||||||||||||
Pretax income | 35.5 | 93.6 | (62) | % | |||||||||||||
Pretax margin | 7.4 | % | 12.3 | % |
For the Three Months Ended June 30 | |||||||||||||||||
2023 | 2022 | % Change | |||||||||||||||
Operating revenues | 71.4 | 82.9 | (14) | % | |||||||||||||
Pretax income | 3.3 | 6.1 | (46) | % | |||||||||||||
Pretax margin | 4.6 | % | 7.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Chg | 2023 | 2022 | Change | % Chg | ||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||||||||||
Non-commercial | |||||||||||||||||||||||||||||||||||||||||
Domestic | 184.5 | 234.4 | (49.9) | (21) | % | 334.9 | 454.8 | (119.9) | (26) | % | |||||||||||||||||||||||||||||||
International | 25.9 | 41.2 | (15.3) | (37) | % | 45.0 | 72.6 | (27.6) | (38) | % | |||||||||||||||||||||||||||||||
210.4 | 275.6 | (65.2) | (24) | % | 379.9 | 527.4 | (147.5) | (28) | % | ||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||
Domestic | 41.5 | 67.1 | (25.6) | (38) | % | 74.2 | 123.5 | (49.3) | (40) | % | |||||||||||||||||||||||||||||||
International | 6.1 | 8.4 | (2.3) | (27) | % | 11.8 | 18.1 | (6.3) | (35) | % | |||||||||||||||||||||||||||||||
47.6 | 75.5 | (27.9) | (37) | % | 86.0 | 141.6 | (55.6) | (39) | % | ||||||||||||||||||||||||||||||||
Total direct title revenues | 258.0 | 351.1 | (93.1) | (27) | % | 465.9 | 669.0 | (203.1) | (30) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2023 | 2022 | Change | % Chg | 2023 | 2022 | Change | % Chg | ||||||||||||||||||||||
Opened Orders: | |||||||||||||||||||||||||||||
Commercial | 3,294 | 5,530 | (2,236) | (40) | % | 7,136 | 11,572 | (4,436) | (38) | % | |||||||||||||||||||
Purchase | 58,637 | 72,084 | (13,447) | (19) | % | 108,106 | 140,582 | (32,476) | (23) | % | |||||||||||||||||||
Refinance | 18,642 | 24,953 | (6,311) | (25) | % | 34,771 | 65,527 | (30,756) | (47) | % | |||||||||||||||||||
Other | 4,611 | 1,079 | 3,532 | 327 | % | 9,032 | 2,721 | 6,311 | 232 | % | |||||||||||||||||||
Total | 85,184 | 103,646 | (18,462) | (18) | % | 159,045 | 220,402 | (61,357) | (28) | % | |||||||||||||||||||
Closed Orders: | |||||||||||||||||||||||||||||
Commercial | 3,585 | 5,132 | (1,547) | (30) | % | 7,509 | 9,563 | (2,054) | (21) | % | |||||||||||||||||||
Purchase | 43,082 | 55,354 | (12,272) | (22) | % | 74,710 | 102,680 | (27,970) | (27) | % | |||||||||||||||||||
Refinance | 10,674 | 22,677 | (12,003) | (53) | % | 20,287 | 57,164 | (36,877) | (65) | % | |||||||||||||||||||
Other | 2,905 | 1,719 | 1,186 | 69 | % | 5,639 | 3,359 | 2,280 | 68 | % | |||||||||||||||||||
Total | 60,246 | 84,882 | (24,636) | (29) | % | 108,145 | 172,766 | (64,621) | (37) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change* | % Chg | 2023 | 2022 | Change* | % Chg | ||||||||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||||||||||
Amounts retained by agencies | 171.8 | 339.8 | (168.0) | (49 | %) | 377.5 | 671.0 | (293.5) | (44 | %) | |||||||||||||||||||||||||||||||
As a % of agency revenues | 82.3 | % | 82.9 | % | 82.5 | % | 82.4 | % | |||||||||||||||||||||||||||||||||
Employee costs | 182.7 | 210.2 | (27.6) | (13 | %) | 353.2 | 415.2 | (62.0) | (15 | %) | |||||||||||||||||||||||||||||||
As a % of operating revenues | 33.9 | % | 24.8 | % | 33.4 | % | 24.5 | % | |||||||||||||||||||||||||||||||||
Other operating expenses | 129.3 | 162.0 | (32.7) | (20 | %) | 250.1 | 351.8 | (101.7) | (29 | %) | |||||||||||||||||||||||||||||||
As a % of operating revenues | 24.0 | % | 19.1 | % | 23.6 | % | 20.8 | % | |||||||||||||||||||||||||||||||||
Title losses and related claims | 19.8 | 26.4 | (6.6) | (25 | %) | 37.5 | 55.6 | (18.1) | (33 | %) | |||||||||||||||||||||||||||||||
As a % of title revenues | 4.2 | % | 3.5 | % | 4.1 | % | 3.8 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | % Chg | 2023 | 2022 | Change | % Chg | ||||||||||||||||||||||||||||
($ in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||||
Provisions – known claims: | |||||||||||||||||||||||||||||||||||
Current year | 3.3 | 3.7 | (0.4) | (11) | % | 5.8 | 8.4 | (2.6) | (31) | % | |||||||||||||||||||||||||
Prior policy years | 24.5 | 16.7 | 7.8 | 47 | % | 42.5 | 31.6 | 10.9 | 34 | % | |||||||||||||||||||||||||
27.8 | 20.4 | 7.4 | 36 | % | 48.3 | 40.0 | 8.3 | 21 | % | ||||||||||||||||||||||||||
Provisions – IBNR | |||||||||||||||||||||||||||||||||||
Current year | 16.3 | 23.2 | (6.9) | (30) | % | 31.0 | 47.3 | (16.3) | (34) | % | |||||||||||||||||||||||||
Prior policy years | 0.2 | (0.5) | 0.7 | (140) | % | 0.7 | (0.1) | 0.8 | (800) | % | |||||||||||||||||||||||||
16.5 | 22.7 | (6.2) | (27) | % | 31.7 | 47.2 | (15.5) | (33) | % | ||||||||||||||||||||||||||
Transferred from IBNR to known claims | (24.5) | (16.7) | (7.8) | 47 | % | (42.5) | (31.6) | (10.9) | 34 | % | |||||||||||||||||||||||||
Total provisions | 19.8 | 26.4 | (6.6) | (25) | % | 37.5 | 55.6 | (18.1) | (33) | % |
June 30, 2023 | December 31, 2022 | ||||||||||
($ in millions) | |||||||||||
Known claims | 70.5 | 87.3 | |||||||||
IBNR | 453.6 | 462.1 | |||||||||
Total estimated title losses | 524.1 | 549.4 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
($ in millions) | |||||||||||
Net cash (used) provided by operating activities | (16.0) | 118.2 | |||||||||
Net cash used by investing activities | (7.3) | (111.1) | |||||||||
Net cash used by financing activities | (35.7) | (84.3) |
Exhibit | ||||||||
3.1 | — | |||||||
3.2 | — | |||||||
31.1* | — | |||||||
31.2* | — | |||||||
32.1* | — | |||||||
32.2* | — | |||||||
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 | ||
August 8, 2023 | ||
Date |
Stewart Information Services Corporation | ||||||||
Registrant | ||||||||
By: | /s/ David C. Hisey | |||||||
David C. Hisey, Chief Financial Officer and Treasurer |
(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 |
(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. |
/s/ Frederick H. Eppinger | ||||||||
Name: | Frederick H. Eppinger | |||||||
Title: | Chief Executive Officer |
(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 |
(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. |
/s/ David C. Hisey | ||||||||
Name: | David C. Hisey | |||||||
Title: | Chief Financial Officer and Treasurer |
/s/ Frederick H. Eppinger | ||||||||
Name: | Frederick H. Eppinger | |||||||
Title: | Chief Executive Officer |
/s/ David C. Hisey | ||||||||
Name: | David C. Hisey | |||||||
Title: | Chief Financial Officer and Treasurer |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenues | ||||
Operating revenues | $ 538,136 | $ 849,239 | $ 1,057,617 | $ 1,694,447 |
Investment income | 12,123 | 6,739 | 18,722 | 10,361 |
Net realized and unrealized losses | (1,105) | (11,905) | (2,883) | (7,820) |
Revenues | 549,154 | 844,073 | 1,073,456 | 1,696,988 |
Expenses | ||||
Amounts retained by agencies | 171,776 | 339,847 | 377,514 | 671,039 |
Employee costs | 182,666 | 210,246 | 353,217 | 415,228 |
Other operating expenses | 129,333 | 162,008 | 250,073 | 351,756 |
Title losses and related claims | 19,802 | 26,398 | 37,476 | 55,619 |
Depreciation and amortization | 15,528 | 14,288 | 30,434 | 28,037 |
Interest | 4,875 | 4,507 | 9,724 | 8,918 |
Total expenses | 523,980 | 757,294 | 1,058,438 | 1,530,597 |
Income before taxes and noncontrolling interests | 25,174 | 86,779 | 15,018 | 166,391 |
Income tax expense | (5,392) | (19,894) | (454) | (37,594) |
Net income | 19,782 | 66,885 | 14,564 | 128,797 |
Less net income attributable to noncontrolling interests | 3,967 | 5,225 | 6,939 | 9,240 |
Net income attributable to Stewart | 15,815 | 61,660 | 7,625 | 119,557 |
Net income attributable to Stewart | ||||
Net income | 19,782 | 66,885 | 14,564 | 128,797 |
Other comprehensive (loss) income, net of taxes: | ||||
Foreign currency translation adjustments | 4,254 | (8,181) | 4,852 | (7,561) |
Change in net unrealized gains and losses on investments | (5,765) | (12,694) | 852 | (32,592) |
Reclassification adjustments for realized gains and losses on investments | 221 | (117) | 313 | (302) |
Other comprehensive loss | (1,290) | (20,992) | 6,017 | (40,455) |
Comprehensive income | 18,492 | 45,893 | 20,581 | 88,342 |
Less net income attributable to noncontrolling interests | 3,967 | 5,225 | 6,939 | 9,240 |
Comprehensive income attributable to Stewart | $ 14,525 | $ 40,668 | $ 13,642 | $ 79,102 |
Basic average shares outstanding (in shares) | 27,255 | 27,018 | 27,228 | 26,989 |
Basic earnings per share attributable to Stewart (in usd per share) | $ 0.58 | $ 2.28 | $ 0.28 | $ 4.43 |
Diluted average shares outstanding (in shares) | 27,444 | 27,293 | 27,402 | 27,377 |
Diluted earnings per share attributable to Stewart (in usd per share) | $ 0.58 | $ 2.26 | $ 0.28 | $ 4.37 |
Direct operations | ||||
Revenues | ||||
Operating revenues | $ 257,994 | $ 351,122 | $ 465,864 | $ 668,956 |
Agency operations | ||||
Revenues | ||||
Operating revenues | 208,755 | 409,931 | 457,775 | 814,076 |
Real estate solutions and other | ||||
Revenues | ||||
Operating revenues | $ 71,387 | $ 88,186 | $ 133,978 | $ 211,415 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 635,247 | $ 646,728 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Treasury stock (in shares) | 352,161 | 352,161 |
Common stock, shares outstanding (in shares) | 27,266,830 | 27,130,412 |
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common stock per share (in usd per share) | $ 0.45 | $ 0.38 | $ 0.90 | $ 0.75 |
Interim financial statements |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Interim financial statements | Interim financial statements. The financial information contained in this report for the three and six months ended June 30, 2023 and 2022, and as of June 30, 2023, 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, 2022 filed with the Securities and Exchange Commission on February 28, 2023 (2022 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 $519.5 million and $544.0 million at June 30, 2023 and December 31, 2022, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.2 million and $8.6 million at June 30, 2023 and December 31, 2022, 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.
|
Revenues |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenues | Revenues. The Company's operating revenues, summarized by type, are as follows:
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Investments in debt and equity securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt and equity securities | Investments in debt and equity securities. As of June 30, 2023 and December 31, 2022, the net unrealized investment gains relating to investments in equity securities held were $13.6 million and $19.2 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows:
Foreign debt securities 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:
Debt securities as of June 30, 2023 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):
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 June 30, 2023, were:
The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2023 was 356. Of these securities, 216 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses at June 30, 2023 slightly improved compared to December 31, 2022 primarily due to slower interest rate increases during 2023. 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, 2022, were:
Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:
Realized losses during the second quarter and first six months of 2023 included a $3.2 million contingent receivable loss adjustment resulting from a previous disposition of a business, while realized gains and losses during the second quarter and first six months of 2022 included a loss of $3.6 million from the same disposition of a business, partially offset by a $1.0 million gain from an acquisition contingent liability adjustment. Investment gains and losses recognized related to investments in equity securities are as follows:
Proceeds from sales of investments in securities are as follows:
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Fair value measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 June 30, 2023, financial instruments measured at fair value on a recurring basis are summarized below:
As of December 31, 2022, financial instruments measured at fair value on a recurring basis are summarized below:
As of June 30, 2023 and December 31, 2022, 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 |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains | Investments in debt and equity securities. As of June 30, 2023 and December 31, 2022, the net unrealized investment gains relating to investments in equity securities held were $13.6 million and $19.2 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows:
Foreign debt securities 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:
Debt securities as of June 30, 2023 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):
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 June 30, 2023, were:
The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2023 was 356. Of these securities, 216 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses at June 30, 2023 slightly improved compared to December 31, 2022 primarily due to slower interest rate increases during 2023. 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, 2022, were:
Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:
Realized losses during the second quarter and first six months of 2023 included a $3.2 million contingent receivable loss adjustment resulting from a previous disposition of a business, while realized gains and losses during the second quarter and first six months of 2022 included a loss of $3.6 million from the same disposition of a business, partially offset by a $1.0 million gain from an acquisition contingent liability adjustment. Investment gains and losses recognized related to investments in equity securities are as follows:
Proceeds from sales of investments in securities are as follows:
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Goodwill |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill. The summary of changes in goodwill is as follows:
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Estimated title losses |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingency [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated title losses | Estimated title losses. A summary of estimated title losses for the six months ended June 30 is as follows:
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Share-based payments |
6 Months Ended |
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Jun. 30, 2023 | |
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 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 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 six months of 2023 and 2022, the Company granted time-based and performance-based restricted stock units with an aggregate grant-date fair values of $12.0 million (293,000 units with an average grant price per unit of $41.01) and $11.2 million (174,000 units with an average grant price per unit of $64.15). |
Earnings per share |
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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:
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Contingent liabilities and commitments |
6 Months Ended |
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Jun. 30, 2023 | |
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 June 30, 2023, 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 June 30, 2023, 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. |
Regulatory and legal developments |
6 Months Ended |
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Jun. 30, 2023 | |
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, investigations 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 |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information | Segment information. The Company has three reportable operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. 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 supports the real estate industry and primarily includes credit and real estate information services, valuation management services, online notarization and closing services, and search services. The corporate and other segment is primarily comprised of the parent holding company and centralized administrative services departments. Selected statement of income information related to these segments is as follows:
The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment. During 2022, the corporate and other segment included results of a real estate brokerage company that was sold during the second quarter 2022. Total revenues generated in the United States and all international operations are as follows:
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Other comprehensive (loss) income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income. Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows:
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Interim financial statements (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
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 $519.5 million and $544.0 million at June 30, 2023 and December 31, 2022, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.2 million and $8.6 million at June 30, 2023 and December 31, 2022, 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) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating revenues | The Company's operating revenues, summarized by type, are as follows:
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Investments in debt and equity securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortized costs and fair values | The amortized costs and fair values of investments in debt securities are as follows:
Proceeds from sales of investments in securities are as follows:
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Schedule of gross unrealized gains and losses | Gross unrealized gains and losses on investments in debt securities are as follows:
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Schedule of debt securities according to contractual terms | Debt securities as of June 30, 2023 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):
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Schedule of 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 June 30, 2023, were:
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, 2022, were:
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Fair value measurements (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments measured at fair value on recurring basis | As of June 30, 2023, financial instruments measured at fair value on a recurring basis are summarized below:
As of December 31, 2022, financial instruments measured at fair value on a recurring basis are summarized below:
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Net realized and unrealized gains (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of gross realized and unrealized gains and losses | Realized and unrealized gains and losses are detailed as follows:
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Schedule of investment gains and losses recognized related to investments in equity securities | Investment gains and losses recognized related to investments in equity securities are as follows:
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Schedule of proceeds from sale of investments in securities | The amortized costs and fair values of investments in debt securities are as follows:
Proceeds from sales of investments in securities are as follows:
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Goodwill (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The summary of changes in goodwill is as follows:
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Estimated title losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingency [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated title losses | A summary of estimated title losses for the six months ended June 30 is as follows:
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Earnings per share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted earnings per share | The calculation of the basic and diluted EPS is as follows:
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Segment information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of selected statement of income information related to segments | Selected statement of income information related to these segments is as follows:
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Schedule of revenues generated in domestic and all international operations | Total revenues generated in the United States and all international operations are as follows:
|
Other comprehensive (loss) income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in other comprehensive (loss) income | Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows:
|
Interim financial statements - Additional Information (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
Investments restricted for statutory reserve funds | $ 519.5 | $ 544.0 |
Restricted cash and cash equivalent | $ 10.2 | $ 8.6 |
Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | $ 538,136 | $ 849,239 | $ 1,057,617 | $ 1,694,447 |
Direct | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 170,677 | 231,721 | 301,494 | 437,283 |
Agency | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 208,755 | 409,931 | 457,775 | 814,076 |
Escrow fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 42,323 | 61,497 | 75,250 | 117,289 |
Real estate solutions and abstract fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 89,811 | 104,213 | 166,971 | 213,015 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | $ 26,570 | $ 41,877 | $ 56,127 | $ 112,784 |
Investments in debt and equity securities - Additional Information (Details) $ in Millions |
Jun. 30, 2023
USD ($)
investment
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Net unrealized investment (losses) gains on equity securities held | $ | $ 13.6 | $ 19.2 |
Number of investments in an unrealized loss position | 356 | |
Number of investments in an unrealized loss positions for more than 12 months | 216 |
Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized costs | $ 635,247 | $ 646,728 |
Fair values | 601,927 | 611,934 |
Municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized costs | 26,273 | 30,104 |
Fair values | 25,949 | 29,835 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized costs | 249,888 | 272,362 |
Fair values | 233,200 | 254,316 |
Foreign | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized costs | 326,937 | 315,184 |
Fair values | 311,354 | 299,137 |
U.S. Treasury Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized costs | 32,149 | 29,078 |
Fair values | $ 31,424 | $ 28,646 |
Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Gains | $ 739 | $ 678 |
Losses | 34,059 | 35,472 |
Municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gains | 1 | 3 |
Losses | 325 | 272 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gains | 433 | 489 |
Losses | 17,121 | 18,535 |
Foreign | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gains | 293 | 165 |
Losses | 15,876 | 16,212 |
U.S. Treasury Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gains | 12 | 21 |
Losses | $ 737 | $ 453 |
Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortized costs | ||
In one year or less | $ 90,765 | |
After one year through five years | 357,970 | |
After five years through ten years | 171,140 | |
After ten years | 15,372 | |
Amortized costs | 635,247 | $ 646,728 |
Fair values | ||
In one year or less | 88,947 | |
After one year through five years | 337,352 | |
After five years through ten years | 162,291 | |
After ten years | 13,337 | |
Fair values | $ 601,927 | $ 611,934 |
Investments in debt and equity securities - Gross Unrealized Losses on Investments and Fair Values of Related Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Losses | ||
Less than 12 months | $ 4,172 | $ 21,218 |
More than 12 months | 29,887 | 14,254 |
Total | 34,059 | 35,472 |
Fair values | ||
Less than 12 months | 185,242 | 432,053 |
More than 12 months | 377,551 | 146,148 |
Total | 562,793 | 578,201 |
Municipal | ||
Losses | ||
Less than 12 months | 191 | 262 |
More than 12 months | 134 | 10 |
Total | 325 | 272 |
Fair values | ||
Less than 12 months | 20,666 | 27,491 |
More than 12 months | 4,033 | 67 |
Total | 24,699 | 27,558 |
Corporate | ||
Losses | ||
Less than 12 months | 1,990 | 12,935 |
More than 12 months | 15,131 | 5,600 |
Total | 17,121 | 18,535 |
Fair values | ||
Less than 12 months | 50,979 | 193,239 |
More than 12 months | 165,730 | 44,342 |
Total | 216,709 | 237,581 |
Foreign | ||
Losses | ||
Less than 12 months | 1,335 | 7,608 |
More than 12 months | 14,541 | 8,604 |
Total | 15,876 | 16,212 |
Fair values | ||
Less than 12 months | 84,849 | 186,221 |
More than 12 months | 206,510 | 101,294 |
Total | 291,359 | 287,515 |
U.S. Treasury Bonds | ||
Losses | ||
Less than 12 months | 656 | 413 |
More than 12 months | 81 | 40 |
Total | 737 | 453 |
Fair values | ||
Less than 12 months | 28,748 | 25,102 |
More than 12 months | 1,278 | 445 |
Total | $ 30,026 | $ 25,547 |
Net realized and unrealized gains - Gross Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Realized gains | $ 278 | $ 1,683 | $ 339 | $ 3,277 |
Realized losses | (3,430) | (3,671) | (4,177) | (3,839) |
Net unrealized investment gains (losses) recognized on equity securities still held at end of period | 2,047 | (9,917) | 955 | (7,258) |
Investment and other gains (losses) – net | $ (1,105) | $ (11,905) | $ (2,883) | $ (7,820) |
Net realized and unrealized gains - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Contingent receivable loss adjustment | $ 3.2 | $ 3.2 | ||
Loss on sale of business | $ 3.6 | $ 3.6 | ||
Gain from acquisition contingent liability adjustment | $ 1.0 | $ (1.0) |
Net realized and unrealized gains - Investment Gains and Losses recognized related to Investments in Equity Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Net investment gains (losses) recognized on equity securities during the period | $ 1,988 | $ (9,366) | $ 232 | $ (6,795) |
Less: Net realized (losses) gains on equity securities sold during the period | (59) | 551 | (723) | 463 |
Net unrealized investment gains (losses) recognized on equity securities still held at end of period | $ 2,047 | $ (9,917) | $ 955 | $ (7,258) |
Net realized and unrealized gains - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales of debt securities | $ 7,433 | $ 11,002 | $ 14,879 | $ 28,282 |
Proceeds from sales of equity securities | 5,283 | 117 | 24,609 | 487 |
Total proceeds from sales of investments in securities | $ 12,716 | $ 11,119 | $ 39,488 | $ 28,769 |
Goodwill (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balances | $ 1,072,982 |
Acquisitions | 22,674 |
Purchase accounting adjustments | (20,978) |
Ending balance | 1,074,678 |
Title | |
Goodwill [Roll Forward] | |
Beginning balances | 720,478 |
Acquisitions | 4,674 |
Purchase accounting adjustments | (20,978) |
Ending balance | 704,174 |
Real Estate Solutions | |
Goodwill [Roll Forward] | |
Beginning balances | 352,504 |
Acquisitions | 18,000 |
Purchase accounting adjustments | 0 |
Ending balance | 370,504 |
Corporate and Other | |
Goodwill [Roll Forward] | |
Beginning balances | 0 |
Acquisitions | 0 |
Purchase accounting adjustments | 0 |
Ending balance | $ 0 |
Estimated title losses (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balances at beginning of period | $ 549,448 | $ 549,614 |
Provisions: | ||
Current year | 36,773 | 55,760 |
Previous policy years | 703 | (141) |
Total provisions | 37,476 | 55,619 |
Payments, net of recoveries: | ||
Current year | (6,990) | (8,927) |
Previous policy years | (57,954) | (29,790) |
Total payments, net of recoveries | (64,944) | (38,717) |
Effects of changes in foreign currency exchange rates | 2,161 | (3,835) |
Balances at end of period | $ 524,141 | $ 562,681 |
Loss ratios as a percentage of title operating revenues: | ||
Current year provisions | 4.00% | 3.80% |
Total provisions | 4.10% | 3.80% |
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||
Net income attributable to Stewart | $ 15,815 | $ 61,660 | $ 7,625 | $ 119,557 |
Denominator (000): | ||||
Basic average shares outstanding (in shares) | 27,255 | 27,018 | 27,228 | 26,989 |
Diluted average shares outstanding (in shares) | 27,444 | 27,293 | 27,402 | 27,377 |
Basic earnings per share attributable to Stewart (in usd per share) | $ 0.58 | $ 2.28 | $ 0.28 | $ 4.43 |
Diluted earnings per share attributable to Stewart (in usd per share) | $ 0.58 | $ 2.26 | $ 0.28 | $ 4.37 |
Stock options | ||||
Denominator (000): | ||||
Average number of dilutive shares relating to options and grants of restricted shares and units (in shares) | 43 | 154 | 52 | 226 |
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) | 146 | 121 | 122 | 162 |
Contingent liabilities and commitments (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Guarantee of indebtedness, relating to unused letters of credit | $ 4.9 |
Segment information - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment information - Revenues Generated in Domestic and all International Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $ 549,154 | $ 844,073 | $ 1,073,456 | $ 1,696,988 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 514,699 | 791,447 | 1,012,228 | 1,600,651 |
International | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $ 34,455 | $ 52,626 | $ 61,228 | $ 96,337 |
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