Schedule I - Financial Information of the Registrant (Parent Company)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule I - Financial Information of the Registrant (Parent Company)

SCHEDULE I

STEWART INFORMATION SERVICES CORPORATION

(Parent Company)

STATEMENTS OF INCOME AND RETAINED EARNINGS

	For the Years Ended December 31,
	2023	2022	2021
	(in $ thousands)
Revenues
Net realized losses, net of interest and other income	(2,222)	(1,639)	(281)
Expenses
Interest	18,402	18,276	5,101
Other operating expenses	8,440	8,161	6,924
	26,842	26,437	12,025
Loss before taxes and income from investments in subsidiaries	(29,064)	(28,076)	(12,306)
Income tax expense	(28)	(8)	—
Income from investments in subsidiaries	59,531	190,389	335,522
Net income	30,439	162,305	323,216
Retained earnings at beginning of year	1,091,816	974,800	688,819
Cash dividends on Common Stock	(51,414)	(45,289)	(37,235)
Retained earnings at end of year	1,070,841	1,091,816	974,800

See accompanying notes to financial statement information.

See accompanying Report of Independent Registered Public Accounting Firm.

STEWART INFORMATION SERVICES CORPORATION

(Parent Company)

BALANCE SHEETS

	As of December 31,
	2023	2022
	(in $ thousands)
Assets
Cash and cash equivalents	6,070	31,912
Receivables from affiliates	50,183	49,055
Property and equipment, at cost:
Furniture and equipment	1,713	21
Accumulated depreciation	(190)	(21)
	1,523	—
Investments in subsidiaries, on an equity-method basis	1,771,359	1,736,570
Operating lease assets	1,487	4,180
Goodwill	8,068	8,068
Other assets	17,495	16,730
	1,856,185	1,846,515
Liabilities
Accounts payable and other liabilities	27,255	24,036
Operating lease liabilities	2,389	5,720
Notes payable	455,130	454,608
	484,774	484,364
Contingent liabilities and commitments	—	—
Stockholders’ equity
Common Stock – $1 par, authorized 51,500,000; issued 27,722,388 and 27,482,573; outstanding 27,370,227 and 27,130,412, respectively	27,723	27,483
Additional paid-in capital	310,728	296,861
Retained earnings	1,070,841	1,091,816
Accumulated other comprehensive income (loss) (AOCI):
Foreign currency translation adjustments	(18,579)	(23,856)
Net unrealized investment gains	(16,636)	(27,487)
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Total stockholders’ equity	1,371,411	1,362,151
	1,856,185	1,846,515

See accompanying notes to financial statement information.

See accompanying Report of Independent Registered Public Accounting Firm.

STEWART INFORMATION SERVICES CORPORATION

(Parent Company)

STATEMENTS OF CASH FLOWS

	For the Years Ended December 31,
	2023	2022	2021
	(in $ thousands)
Reconciliation of net income to cash provided by operating activities:
Net income	30,439	162,305	323,216
Add (deduct):
Depreciation	169	—	—
Increase in receivables – net	(1,128)	(27,536)	(19,261)
(Increase) decrease in other assets – net	(764)	2,925	(1,574)
Increase (decrease) in payables and accrued liabilities – net	1,717	(1,963)	(297)
Income from and other adjustments for subsidiaries	11,753	31,886	(31,841)
Cash provided by operating activities	42,186	167,617	270,243
Investing activities:
Investments in and contributions to subsidiaries	(19,000)	(109,126)	(615,147)
Purchase of property and equipment	(1,692)	—	—
Collections on notes receivables	—	—	45,193
Cash used by investing activities	(20,692)	(109,126)	(569,954)
Financing activities:
Dividends paid	(50,523)	(44,672)	(36,637)
Repurchases of Common Stock	(1,783)	(3,262)	(2,252)
Proceeds from stock option and employee stock purchase plan exercises	4,970	5,828	2,715
Proceeds from notes payable	—	—	1,004,703
Payments on notes payable	—	—	(643,875)
Purchase of remaining interest of consolidated subsidiary	—	—	(5,616)
Payment for debt issuance costs	—	—	(7,404)
Cash (used) provided by financing activities	(47,336)	(42,106)	311,634
(Decrease) increase in cash and cash equivalents	(25,842)	16,385	11,923
Cash and cash equivalents at beginning of year	31,912	15,527	3,604
Cash and cash equivalents at end of year	6,070	31,912	15,527
Supplemental information:
Income taxes paid, net	—	—	5
Interest paid	17,197	17,271	2,795

See accompanying notes to financial statement information.

See accompanying Report of Independent Registered Public Accounting Firm.

STEWART INFORMATION SERVICES CORPORATION

(Parent Company)

NOTES TO FINANCIAL STATEMENT INFORMATION

The Parent Company operates as a holding company, transacting substantially all of its business through its subsidiaries. Its consolidated financial statements are included in Part II, Item 8 of Form 10-K. The Parent Company financial statements should be read in conjunction with the aforementioned consolidated financial statements and notes thereto and financial statement schedules.

Dividends received. During 2022 and 2021, Stewart Title Guaranty Company, a wholly-owned subsidiary, paid to the Parent Company dividends of $150.0 million and $293.9 million, respectively, and none in 2023. Also, during 2023, 2022 and 2021, the Parent Company received dividends of $62.0 million, $58.7 million and $2.0 million, respectively, from its unregulated subsidiaries, primarily related to real estate solutions operations.