0001564590-22-004416.txt : 20220209 0001564590-22-004416.hdr.sgml : 20220209 20220209163146 ACCESSION NUMBER: 0001564590-22-004416 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220209 DATE AS OF CHANGE: 20220209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEWART INFORMATION SERVICES CORP CENTRAL INDEX KEY: 0000094344 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 741677330 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-02658 FILM NUMBER: 22607687 BUSINESS ADDRESS: STREET 1: 1360 POST OAK BLVD STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7136258100 MAIL ADDRESS: STREET 1: 1360 POST OAK BLVD STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77056 8-K 1 stc-8k_20220209.htm 8-K stc-8k_20220209.htm
false 0000094344 0000094344 2022-02-09 2022-02-09

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

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

 

 

 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 9, 2022

 

STEWART INFORMATION SERVICES CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

Delaware

 

001-02658

 

74-1677330

(STATE OR OTHER

JURISDICTION)

 

(COMMISSION FILE NO.)

 

(I.R.S. EMPLOYER

IDENTIFICATION NO.)

 

1360 Post Oak Blvd, Suite 100, Houston, Texas 77056 

(Address Of Principal Executive Offices) (Zip Code)

 

Registrant's Telephone Number, Including Area Code: (713) 625-8100

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

STC

New York Stock Exchange (NYSE)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

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

 

 


 

 

 

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

A press release issued by Stewart Information Services Corporation on February 9, 2022, regarding financial results for the three months ended December 31, 2021, is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference in any filing under the Securities Act of 1933, as amended.

.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

 

(d) EXHIBITS

 

Exhibit No.

Description

 

 

99.1

Press release of Stewart Information Services Corporation dated February 9, 2022, reporting financial results for the three months ended December 31, 2021.

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 


 

 

 

 

 

SIGNATURE

 

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

 

 

STEWART INFORMATION SERVICES CORPORATION

(Registrant)

 

 

 

 

 

 

 

By:

/S/ David C. Hisey

 

 

(David C. Hisey, Chief Financial Officer, Secretary and Treasurer)

 

 

 

Date: February 9, 2022

 

 

 

 

 

 

 EX-99.1 2 d436090dex991.htm EX-99.1
Exhibit 99.1

Stewart Reports Fourth Quarter 2021 Results



- Operating revenues of $951.4 million, an increase of $223.1 million, or 31 percent, compared to the prior year quarter

- Net income of $85.5 million ($80.5 million on an adjusted basis) compared to $59.7 million ($56.4 million on an adjusted basis) in the prior year quarter

- Diluted EPS of $3.12 ($2.94 on an adjusted basis) compared to prior year quarter diluted EPS of $2.22 ($2.09 on an adjusted basis)

- Full year 2021 net income of $323.2 million ($304.4 million on an adjusted basis) compared to $154.9 million ($158.3 million on an adjusted basis) in the prior year

- Full year 2021 diluted EPS of $11.90 ($11.20 on an adjusted basis) compared to 2020 diluted EPS of $6.22 ($6.35 on an adjusted basis)

HOUSTON, Feb. 9, 2022 /PRNewswire/ -- Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart for the fourth quarter 2021 of $85.5 million ($3.12 per diluted share), compared to net income attributable to Stewart of $59.7 million ($2.22 per diluted share) for the fourth quarter 2020. On an adjusted basis, Stewart's fourth quarter 2021 net income was $80.5 million ($2.94 per diluted share), an improvement of $24.1 million, or 43 percent, from the fourth quarter 2020. Fourth quarter 2021 pretax income before noncontrolling interests was $114.1 million compared to pretax income before noncontrolling interests of $83.9 million for the fourth quarter 2020.

Fourth quarter 2021 results included $6.5 million of pretax net realized and unrealized gains, which included $8.1 million of net unrealized gains on fair value changes of equity securities investments and $1.3 million of net gains related to acquisition contingent liability adjustments, partially offset by $2.9 million of net realized losses primarily related to sale of securities investments and other assets.

Fourth quarter 2020 results included $4.4 million of pretax net realized and unrealized gains, composed of $3.9 million of net unrealized gains on fair value changes of equity securities investments and $0.5 million of net realized gains on sale of securities investments.

"The year finished on a positive note, as improving purchase, commercial and agency activity more than offset declining refinancing volumes. By combining this top line strength with our continued focus on operational discipline across all of our channels, the fourth quarter results further illustrate the significant progress Stewart has made in a relatively short period of time," commented Fred Eppinger, chief executive officer. "While we believe that this past quarter reflects the start of a broader market shift away from some of the interest rate-driven order activity of the past couple of years, we see opportunity in a market that is more heavily weighted to residential home buying and improving commercial activity. Our goal has always been to build a stable and resilient business that can thrive through the full real estate cycle."

Selected Financial Information
Summary results of operations are as follows (dollars in millions, except per share amounts, and amounts may not foot as presented due to rounding):


Quarter Ended

December 31,


Year Ended

December,


2021

2020

2021

2020




Total revenues

961.7

736.7

3,305.8

2,288.4

Pretax income before noncontrolling interests

114.1

83.9

434.0

218.5

Income tax expense

(23.4)

(19.5)

(94.0)

(48.8)

Net income attributable to noncontrolling interests

(5.1)

(4.7)

(16.8)

(14.8)

Net income attributable to Stewart

85.5

59.7

323.2

154.9

Non-GAAP adjustments, after taxes*

(5.0)

(3.3)

(18.8)

3.4

Adjusted net income attributable to Stewart*

80.5

56.4

304.4

158.3

Net income per diluted Stewart share

3.12

2.22

11.90

6.22

Adjusted net income per diluted Stewart share*

2.94

2.09

11.20

6.35

* See Appendix A for an explanation and reconciliation of non-GAAP adjustments.

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


Quarter Ended December 31,

2021

2020

% Change





Operating revenues

867.8

690.2

26%

Investment income

3.7

4.1

(9%)

Net realized and unrealized gains

4.9

4.4

12%

Pretax income

118.3

94.9

25%

Pretax margin

13.5%

13.6%

Pretax income for the title segment increased by $23.4 million, or 25 percent, in the fourth quarter 2021 compared to the prior year quarter, while pretax margin was 13.5 percent in the fourth quarter 2021 which was comparable to 13.6 percent in the fourth quarter 2020. Title operating revenues in the fourth quarter 2021 grew $177.5 million, or 26 percent, as a result of improvements in direct title and gross independent agency revenues of $81.9 million, or 24 percent, and $95.6 million, or 27 percent, respectively. In line with higher title revenues, overall segment operating expenses in the fourth quarter 2021 increased $154.3 million, or 26 percent, primarily driven by 28 percent and 31 percent higher agency retention expenses and combined title employee costs and other operating expenses, respectively, compared to the prior year quarter. Average independent agency remittance rate in the fourth quarter 2021 was 18.0 percent, compared to 18.2 percent in the prior year quarter. As a percentage of title revenues, combined title employee costs and other operating expenses increased to 40.6 percent in the fourth quarter 2021 compared to 38.8 percent in the fourth quarter 2020, primarily due to office consolidation costs and state sales tax assessments.

Title loss expense decreased $13.1 million, or 28 percent, in the fourth quarter 2021 compared to the prior year quarter, primarily due to favorable claims experience which was partially offset by higher title revenues. As a percentage of title revenues, the title loss expense in the fourth quarter 2021 was 3.9 percent compared to 6.8 percent in the prior year quarter. For the year, the title loss ratio was 4.2 percent compared to 5.3 percent in 2020.

The segment's net realized and unrealized gains in the fourth quarter 2021 primarily included $8.1 million of net unrealized gains on fair value changes of equity securities investments, $2.0 million of net losses related to acquisition contingent liability adjustments, and $0.8 million of net realized losses on sale of securities investments, while net realized and unrealized gains in the fourth quarter 2020 were related to $3.9 million of net unrealized gains on fair value changes of equity securities investments and $0.5 million of net realized gains on sale of securities investments. Investment income in the fourth quarter 2021 was slightly lower compared to the prior year quarter, primarily due to lower interest income resulting from lower interest rates.

Direct title revenues information is presented below (dollars in millions):


Quarter Ended December 31,

2021

2020

% Change







Non-commercial:




Domestic

282.3

239.7

18%

International

38.3

35.7

7%

Commercial:




Domestic

93.1

58.1

60%

International

9.4

7.7

22%

Total direct title revenues

423.1

341.2

24%






Overall revenue improvements in both non-commercial and commercial operations contributed to higher direct title revenues in the fourth quarter 2021 compared to the prior year quarter. Non-commercial revenues increased $45.2 million, or 16 percent, primarily driven by increased residential purchase transactions and scale, partially offset by reduced refinancing transactions in the fourth quarter 2021 compared to the fourth quarter 2020. Domestic commercial revenues increased $35.0 million, or 60 percent, in the fourth quarter 2021, primarily due to improved commercial transaction size and volume compared to the prior year quarter. Domestic commercial and residential fees per file in the fourth quarter 2021 were approximately $19,400 and $2,700, respectively, which were 50 percent and 38 percent, respectively, higher compared to the fourth quarter 2020. Total international revenues grew $4.3 million, or 10 percent, primarily due to increased residential and commercial transaction volumes in our Canadian operations in the fourth quarter 2021 compared to the prior year quarter.

Ancillary Services and Corporate Segment
Summary results of the ancillary services and corporate segment are as follows (dollars in millions):


Quarter Ended December 31,

2021

2020

% Change





Operating revenues

83.7

38.0

120%

Net realized and unrealized gains

1.6

-

100%

Pretax loss

(4.2)

(11.0)

62%

The segment's operating revenues improved $45.6 million, or 120 percent, in the fourth quarter 2021, compared to the prior year quarter, primarily due to revenues generated by recent acquisitions and increased revenues from appraisal management and online notary services. Net realized and unrealized gains during the fourth quarter 2021 were primarily related to acquisition contingent liability net gain adjustments, which were partially offset by asset disposal charges. The ancillary services operations in the fourth quarter 2021 generated pretax income of $5.3 million (which included $3.3 million of net gains related to acquisition contingent liability adjustments and $5.6 million of purchased intangibles amortization expense), compared to a fourth quarter 2020 pretax loss of $0.6 million (which included $1.6 million of purchased intangibles amortization expense).

Net expenses attributable to parent company and corporate operations in the fourth quarter 2021 were approximately $7.9 million, which included increased interest expense resulting from newly issued debt, while net expenses for the fourth quarter 2020 were approximately $10.4 million, which included costs related to charitable contributions and consulting fees.

Expenses
Consolidated employee costs in the fourth quarter 2021 increased $37.1 million, or 20 percent, compared to the fourth quarter 2020, primarily driven by increased salaries and employee benefits (due to a 22 percent higher average employee count driven by acquisitions) and higher incentive compensation on improved overall operating results. As a percentage of total operating revenues, consolidated employee costs for the fourth quarter 2021 improved to 23.3 percent compared to 25.3 percent in the prior year quarter.

Total other operating expenses in the fourth quarter 2021 increased $80.7 million, or 62 percent, compared to the prior year quarter. This increase was primarily driven by increased service expenses tied to higher ancillary services revenues, higher outside title search and premium tax expenses on improved title revenues, state sales tax assessments and office consolidation costs. As a percentage of total operating revenues, consolidated other operating expenses for the fourth quarter 2021 increased to 22.2 percent, compared to 17.9 percent in the fourth quarter 2020, primarily due to the increased size of our ancillary and other real estate services operations, which typically have higher operating expenses, driven by 2021 acquisitions.

Other
Net cash provided by operations in the fourth quarter 2021 was $133.0 million, compared to net cash provided by operations of $134.9 million in the fourth quarter 2020.

Fourth Quarter Earnings Call
Stewart will hold a conference call to discuss the fourth quarter 2021 earnings at 8:30 a.m. Eastern Time on Thursday, February 10, 2022. To participate, dial (800) 891-3968 (USA) and (203) 518-9544 (International) - access code STCQ421. Additionally, participants can listen to the conference call through Stewart's Investor Relations website at http://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on February 10, 2022 until midnight on February 17, 2022, by dialing (800) 938-1584 (USA) or (402) 220-1542 (International) - the access code is also STCQ421.

About Stewart
Stewart (NYSE:STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. More information can be found at http://www.stewart.com, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter® @stewarttitleco.

Cautionary statement regarding forward-looking statements. Certain statements in this earnings release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as "may," "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the volatility of economic conditions, including the duration and ultimate impact of the COVID-19 pandemic; adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect of title losses on our cash flows and financial condition; the ability to attract and retain highly productive sales associates; the impact of vetting our agency operations for quality and profitability; independent agency remittance rates; changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; the outcome of pending litigation; the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; our dependence on our operating subsidiaries as a source of cash flow; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; seasonality and weather; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2020, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this earnings release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this earnings release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

ST-IR

STEWART INFORMATION SERVICES CORPORATION
CONDENSED STATEMENTS OF INCOME
(In thousands of dollars, except per share amounts and except where noted)



Quarter Ended

December 31,

Year Ended December 31,


2021

2020

2021

2020

Revenues:




Title revenues:




Direct operations

423,146

341,241

1,422,244

1,037,852

Agency operations

444,617

349,008

1,582,640

1,151,030

Ancillary services

83,675

38,048

259,732

82,621

Total operating revenues

951,438

728,297

3,264,616

2,271,503

Investment income

3,728

4,077

16,855

18,607

Net realized and unrealized gains (losses)

6,505

4,357

24,321

(1,678)


961,671

736,731

3,305,792

2,288,432

Expenses:




Amounts retained by agencies

364,570

285,342

1,300,431

944,480

Employee costs

221,517

184,377

776,968

613,195

Other operating expenses

210,898

130,184

626,762

375,188

Title losses and related claims

33,556

46,625

126,243

115,224

Depreciation and amortization

13,992

5,780

36,386

19,216

Interest

3,071

550

5,031

2,624


847,604

652,858

2,871,821

2,069,927

Income before taxes and noncontrolling interests

114,067

83,873

433,971

218,505

Income tax expense

(23,442)

(19,540)

(93,989)

(48,833)

Net income

90,625

64,333

339,982

169,672

Less net income attributable to noncontrolling interests

5,127

4,660

16,766

14,767

Net income attributable to Stewart

85,498

59,673

323,216

154,905




Net earnings per diluted share attributable to Stewart

3.12

2.22

11.90

6.22

Diluted average shares outstanding (000)

27,405

26,908

27,168

24,913




Selected financial information:




Net cash provided by operations

132,974

134,945

390,291

275,806

Other comprehensive (loss) income

(4,524)

8,346

(16,769)

19,721

Fourth Quarter Domestic Order Counts:






Opened Orders 2021:

Oct

Nov

Dec

Total

Closed Orders 2021:

Oct

Nov

Dec

Total

Commercial

1,292

1,315

1,871

4,478

Commercial

1,341

1,264

2,191

4,796

Purchase

22,331

21,281

18,759

62,371

Purchase

18,578

18,507

20,047

57,132

Refinancing

18,377

17,310

15,100

50,787

Refinancing

15,651

15,752

13,863

45,266

Other

674

412

413

1,499

Other

449

438

357

1,244

Total

42,674

40,318

36,143

119,135

Total

36,019

35,961

36,458

108,438









Opened Orders 2020:

Oct

Nov

Dec

Total

Closed Orders 2020:

Oct

Nov

Dec

Total

Commercial

1,448

1,366

1,653

4,467

Commercial

1,335

1,355

1,796

4,486

Purchase

24,787

20,996

20,051

65,834

Purchase

19,086

16,601

19,719

55,406

Refinancing

27,726

25,596

27,424

80,746

Refinancing

22,954

20,221

21,682

64,857

Other

590

524

461

1,575

Other

431

439

408

1,278

Total

54,551

48,482

49,589

152,622

Total

43,806

38,616

43,605

126,027

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)



 

 

December 31, 2021

 

December 31, 2020

Assets:

Cash and cash equivalents

485,919

432,683

Short-term investments

17,650

20,678

Investments in debt and equity securities, at fair value

679,214

684,387

Receivables – premiums from agencies

45,428

34,507

Receivables – other

81,623

58,112

Allowance for uncollectible amounts

(7,711)

(4,807)

Property and equipment, net

72,456

51,671

Operating lease assets, net

134,578

106,479

Title plants

76,859

72,863

Goodwill

924,837

431,477

Intangible assets, net of amortization

229,804

37,382

Deferred tax assets

3,846

4,330

Other assets

68,859

48,813


2,813,362

1,978,575

Liabilities:

Notes payable

483,491

101,773

Accounts payable and accrued liabilities

287,326

225,180

Operating lease liabilities

149,417

119,089

Estimated title losses

549,614

496,275

Deferred tax liabilities

48,779

23,852


1,518,627

966,169

Stockholders' equity:

Common Stock and additional paid-in capital

309,622

301,937

Retained earnings

974,800

688,819

Accumulated other comprehensive income

253

17,022

Treasury stock

(2,666)

(2,666)

Stockholders' equity attributable to Stewart

1,282,009

1,005,112

Noncontrolling interests

12,726

7,294

Total stockholders' equity

1,294,735

1,012,406


2,813,362

1,978,575

Number of shares outstanding (000)

26,893

26,728

Book value per share

47.67

37.60

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)


 

Three months ended:

December 31, 2021

December 31, 2020


Title

Ancillary Services and Corporate

Consolidated

Title

Ancillary Services and Corporate

Consolidated

Revenues:






Operating revenues

867,763

83,675

951,438

690,249

38,048

728,297

Investment income

3,728

-

3,728

4,077

-

4,077

Net realized and unrealized gains

4,877

1,628

6,505

4,357

-

4,357


876,368

85,303

961,671

698,683

38,048

736,731

Expenses:






Amounts retained by agencies

364,570

-

364,570

285,342

-

285,342

Employee costs

206,573

14,944

221,517

175,682

8,695

184,377

Other operating expenses

145,484

65,414

210,898

92,230

37,954

130,184

Title losses and related claims

33,556

-

33,556

46,625

-

46,625

Depreciation and amortization

7,872

6,120

13,992

3,929

1,851

5,780

Interest

11

3,060

3,071

550

550


758,066

89,538

847,604

603,808

49,050

652,858

Income (loss) before taxes

118,302

(4,235)

114,067

94,875

(11,002)

83,873





 

Year ended:

December 31, 2021

December 31, 2020


Title

Ancillary Services and Corporate

Consolidated

Title

Ancillary Services and Corporate

Consolidated

Revenues:






Operating revenues

3,004,893

259,723

3,264,616

2,188,882

82,621

2,271,503

Investment income

16,855

-

16,855

18,607

-

18,607

Net realized and unrealized gains (losses)

12,570

11,751

24,321

(2,188)

510

(1,678)


3,034,318

271,474

3,305,792

2,205,301

83,131

2,288,432

Expenses:






Amounts retained by agencies

1,300,431

-

1,300,431

944,480

-

944,480

Employee costs

731,041

45,927

776,968

587,316

25,879

613,195

Other operating expenses

414,928

211,834

626,762

296,173

79,015

375,188

Title losses and related claims

126,243

-

126,243

115,224

-

115,224

Depreciation and amortization

21,451

14,935

36,386

15,230

3,986

19,216

Interest

13

5,018

5,031

2,624

2,624


2,594,107

277,714

2,871,821

1,958,423

111,504

2,069,927

Income (loss) before taxes

440,211

(6,240)

433,971

246,878

(28,373)

218,505

Appendix A
Non-GAAP Adjustments

Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for any net realized and unrealized gains and losses and (2) net income after earnings from noncontrolling interests and adjusted for net realized and unrealized gains and losses and non-recurring expenses (adjusted net income). Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.

Below is a reconciliation of the non-GAAP financial measurements used by management to the most directly comparable GAAP measures for the quarter and year ended December 31, 2021 and 2020 (dollars in millions, except share and per share amounts, and amounts may not foot as presented due to rounding).


Quarter Ended December 31,

Year Ended December 31,


2021

2020

%Chg

2021

2020

%Chg






Total revenues

961.7

736.7

3,305.8

2,288.4

Less: Net realized and unrealized gains (losses)

6.5

4.4

24.3

(1.7)

Adjusted revenues

955.2

732.4

30%

3,281.5

2,290.1

43%






Net income attributable to Stewart

85.5

59.7

323.2

154.9

Non-GAAP pretax adjustments:






Net realized and unrealized (gains) losses

(6.5)

(4.4)

(24.3)

1.7

Cost initiatives severance expenses

-

-

-

2.8

Net tax effects of non-GAAP adjustments

1.5

1.0

5.5

(1.1)

Non-GAAP adjustments, after taxes

(5.0)

(3.3)

(18.8)

3.4

Adjusted net income attributable to Stewart

80.5

56.4

43%

304.4

158.3

92%






Diluted average shares outstanding (000)

27,405

26,908

27,168

24,913

Adjusted net income per share

2.94

2.09

11.20

6.35










CONTACT: Nat Otis, SVP - Investor Relations/Corporate Development, (713) 625-8360

 EX-101.SCH 3 stc-20220209.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000 - Document - Template Link link:presentationLink link:calculationLink link:definitionLink 100000 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink EX-101.LAB 4 stc-20220209_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity Central Index Key Cover [Abstract] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Entity File Number Entity File Number Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Tax Identification Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Incorporation State Country Code Entity Address, Address Line One Entity Address Address Line1 Entity Address, Address Line Two Entity Address Address Line2 Entity Address, City or Town Entity Address City Or Town Entity Address, State or Province Entity Address State Or Province Entity Address, Postal Zip Code Entity Address Postal Zip Code City Area Code City Area Code Local Phone Number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre Commencement Tender Offer Pre-commencement Issuer Tender Offer Pre Commencement Issuer Tender Offer Title of 12(b) Security Security12b Title Trading Symbol Trading Symbol Security Exchange Name Security Exchange Name Entity Emerging Growth Company Entity Emerging Growth Company EX-101.PRE 5 stc-20220209_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 6 R1.htm IDEA: XBRL DOCUMENT v3.22.0.1
Document and Entity Information
Feb. 09, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 09, 2022
Entity File Number 001-02658
Entity Registrant Name STEWART INFORMATION SERVICES CORPORATION
Entity Central Index Key 0000094344
Entity Tax Identification Number 74-1677330
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 1360 Post Oak Blvd
Entity Address, Address Line Two Suite 100
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77056
City Area Code 713
Local Phone Number 625-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1 par value
Trading Symbol STC
Security Exchange Name NYSE
Entity Emerging Growth Company false
XML 7 stc-8k_20220209_htm.xml IDEA: XBRL DOCUMENT 0000094344 2022-02-09 2022-02-09 false 0000094344 8-K 2022-02-09 STEWART INFORMATION SERVICES CORPORATION DE 001-02658 74-1677330 1360 Post Oak Blvd Suite 100 Houston TX 77056 713 625-8100 false false false false Common Stock, $1 par value STC NYSE false EXCEL 8 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 9 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 FilingSummary.xml IDEA: XBRL DOCUMENT 3.22.0.1 html 1 122 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports stc-8k_20220209.htm d436090dex991.htm stc-20220209.xsd stc-20220209_lab.xml stc-20220209_pre.xml http://xbrl.sec.gov/dei/2021q4 true false JSON 13 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "stc-8k_20220209.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "stc-8k_20220209.htm" ] }, "labelLink": { "local": [ "stc-20220209_lab.xml" ] }, "presentationLink": { "local": [ "stc-20220209_pre.xml" ] }, "schema": { "local": [ "stc-20220209.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-roles-2021-01-31.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-roles-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd", "https://xbrl.sec.gov/country/2021/country-2021.xsd", "https://xbrl.sec.gov/currency/2021/currency-2021.xsd", "https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd", "https://xbrl.sec.gov/exch/2021/exch-2021.xsd", "https://xbrl.sec.gov/naics/2021/naics-2021.xsd", "https://xbrl.sec.gov/sic/2021/sic-2021.xsd", "https://xbrl.sec.gov/stpr/2021/stpr-2021.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2021q4": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 122, "memberCustom": 0, "memberStandard": 0, "nsprefix": "stc", "nsuri": "http://www.stewart.com/20220209", "report": { "R1": { "firstAnchor": { "ancestors": [ "p", "body", "html" ], "baseRef": "stc-8k_20220209.htm", "contextRef": "C_0000094344_20220209_20220209", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document and Entity Information", "role": "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "p", "body", "html" ], "baseRef": "stc-8k_20220209.htm", "contextRef": "C_0000094344_20220209_20220209", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "verboseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "verboseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address Address Line1", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address Address Line2", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address City Or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address State Or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation State Country Code", "terseLabel": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre Commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre Commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Security12b Title", "terseLabel": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.stewart.com/20220209/taxonomy/role/DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 14 0001564590-22-004416-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001564590-22-004416-xbrl.zip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