First-Quarter Market Share Report Complete

July 6, 2010

Complete Title Insurance Industry Market Share and Financial Statement compilations for the 1st Quarter of 2010 are now available on the ALTA website.

The first quarter of 2010 proved to be better than the first quarter of 2009. Operating Income increased $61 million (2.7%), Operating Expense decreased by $24 million (1.1%), Net Investment Gain increased by $75 million (331%) and Income Taxes decreased by $34 million. These positives were offset by an increase in Losses and Loss Adjustment Expenses of $76 million (53%), but still resulted in a small positive net income of $1.2 million, compared to a net loss in the 1st quarter of 2009 of $117 million.

Consequently, the industry remains in a strong financial position at March 31st, with Admitted Assets of almost $8.5 billion, including over $7.2 billion in Cash and Invested Assets. Also, Statutory Reserves were almost $5 billion and Statutory Surplus exceeded $2.4 billion.

After 13 consecutive quarters in which Title Premiums Written declined from the prior year’s equivalent quarter, the 3rd Quarter of 2009 ended this string with an increase of 1.4% over 3rd Quarter of 2008 and the 4th Quarter continued the trend with an increase of 17.2%. The 1st Quarter of 2010 now marks the 3rd consecutive quarter in which Title Premiums Written have increased over the prior year’s equivalent quarter, reporting a gain of 4.3% compared to the 1st Quarter of 2009.

Notable in the 1st Quarter are changes in title insurance underwriter family market share. The Fidelity Family leads the industry with 37% of the national market, but dropped 8% from their 45% in 2009. Meanwhile, First American increased .7% to 28.3%, Stewart increased 1% to 13.7% and Old Republic increased 4.2% to 10.5%. Regional Companies market share also increased significantly to 10.7%.

On a state-by-state basis, 30 states plus the District of Columbia showed 1st Quarter 2010 written premiums increasing over 1st Quarter 2009 and only 20 states recording decreases. Eight states were up over 30%, but only one state, Colorado (30.3%) is in the top 20. Of those reporting decreases, only one, Alaska (-31.4%) declined more than 30%. Of the twenty largest states, fifteen showed increases from 3.1% (Utah) to 30.3% (Colorado) and only five showed decreases, ranging from 4.2% (California) to 20% (Oregon). The top three states all declined - California down 4.2%, Texas down 7.4% and Florida down 7.9%.


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro, based in Raleigh, NC, offers a mature suite of products, designed specifically for the closing and title industry. Our mission is to serve our client base, with best-in-class products and services. Our products are modular so we don't force you to buy anything you don't need. You can always add on as your business grows. Unlike other software companies, we view the sale as the beginning of the relationship rather than the end. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.