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North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Fitch Ratings Publishes Stewart Title Group's IFS Report

April 29, 2002

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has just published a insurer financial strength report on Stewart Title Guaranty Company and its wholly owned subsidiary Stewart Title Insurance Company (collectively referred to as Stewart) affirming the 'A+' insurer financial strength ratings.

The ratings reflect Stewart's strong capital position as measured by Fitch's risk adjusted capital (RAC) ratio, high quality and very liquid investment portfolio, minimal debt leverage, and conservative reserving practices. Additionally, the ratings take into account the company's low operating leverage, reasonable agency monitoring and auditing controls, and good market positioning as a national title insurer.

The ratings also consider that the company's profitability has not met Fitch's expectations. The company's historical position as a leader in technology was anticipated to translate into enhanced profitability over time. To date, Fitch has not seen these technology related financial benefits. Fitch has noted the company's profitability in 2001 will likely be the best in Stewart's history, though Fitch believes the primary driver is favorable market conditions. For the current ratings, Fitch expects profitability to be among the best in the industry, and will continue to monitor Stewart's operating results to assess the company's ability to meet these expectations.

Entity/Issue/Type Action Rating/Outlook
Stewart Title Guaranty Company -- Insurer financial strength  Affirmed  'A+'/Stable.
Stewart Title Insurance Company -- Insurer financial strength Affirmed  'A+'/Stable.

Source: Fitch Ratings

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