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News & Press: Industry News

Major Insurers Report Q1 Earnings

Tuesday, May 19, 2020  
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  • Fidelity Q1 Earnings

    Fidelity National Financial, reported that its title segment generated adjusted pre-tax income of $279 million during the first quarter of 2020. This compared to $172 million in adjusted pre-tax income during the same period a year ago. William Foley II, Chairman of Fidelity noted that more than 80 percent of its employees are working remotely. During Q1 of 2020, Fidelity opened 682,00 direct orders. This compares to 438,000 direct orders the company opened during Q1 2019. The spike was driven by a 170 percent increase in opened refinance orders versus the first quarter of 2019. Fidelity paid $58 million in claims during the first quarter of 2020 compared to $45 million in claims paid during the same quarter in 2019.

  • First American Q1 Earnings

    First American Financial Corp. reported that its title insurance and services segment generated $73.0 million in pre-tax income during the first quarter of 2020. This is down from $142.0 million in pre-tax income during the same period a year ago. C.E.O. Dennis Gilmore reported that the majority of First American’s workforce is now working remotely. First American’s direct operations opened 354,400 orders during Q1 of 2020. This is up from 227,800 opened orders during Q1 of 2019. Meanwhile, the company closed 202,700 direct title orders during first-quarter 2020, compared to 150,900 closed direct orders during the same period in 2019. Refinances comprised 53 percent of First American’s closed residential orders during the latest quarter. During the latest quarter, First American paid $55.0 million in claims. This is up from $36.2 million in claims paid during the first quarter of 2019.

  • Old Republic Q1 Earnings

    Old Republic International Corp. reported that its title insurance segment generated $43.3 million in pre-tax income during the first quarter of 2020. This is up from $20.5 million in pre-tax income during the same period a year ago. Old Republic International CEO and President, Craig Smiddy, said about 80 percent of the company’s title insurance associates were working remotely. Old Republic paid $21.5 million in claims during Q1 of 2020 versus $14.4 million in claims paid during Q1 of 2019. Carolyn Monroe, president of Old Republic’s title insurance group, said the company ended the first quarter with some of the highest open order counts in its history. In addition, all-time first quarter highs were set in terms of both direct and independent agency revenue and operating profitability. For the first quarter, total premium and fee revenue was $628.1 million, which was an increase of nearly 24 percent over the first quarter of 2019.

  • Stewart Q1 Earnings

    Stewart Information Services Corp. reported that its title insurance segment generated pre-tax income of $14.8 million during the first quarter of 2020. This compared to a pre-tax loss during the same period a year ago. By the second week of March, Stewart reported that 70 percent of its 5,500 employees were working remotely. During Q1 of 2020, Stewart opened 122,708 direct orders. This compares to 82,620 direct orders the company opened during Q1 2019. Meanwhile, Stewart closed 69,533 direct orders during the latest quarter. Stewart paid $18.6 million in claims during the latest quarter. This is up slightly from $15.7 million in claims paid during the first quarter of 2019.

California Land Title Association


1215 K Street #1816 Sacramento, CA 95814-3905
Email: mail@clta.org  |  Phone: 916-444-2647  |   Fax: 916-444-2851