Title Insurers Bring in Increased Premiums in Third Quarter

The American Land Title Association (ALTA) ""reports"":http://www.alta.org/press/ALTA_Press_Release_Q3MarketShare.pdf continued improvements for title companies. Each of the three quarters the association reported on so far this year have registered increasing volume for title companies. Premiums rose 28 percent year-over-year in the third quarter.

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The industry produced $3 billion in title insurance premiums over the third quarter, up from $2.4 billion during the same period in 2011.

""Title insurance premium volume is highly dependent on real estate sales and mortgage-refinancing activity,"" said ALTA CEO Michelle Korsmo.

The Fidelity Family of title insurance underwriters claimed the greatest portion of market share with 33.7 percent. First American Family took the second-largest share with 26.1 percent.

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Next in line were the Old Republic Family with 13.7 percent and the Stewart Family with 13.6 percent market share.

Regional underwriters stepped up to claim 13 percent of the market during the third quarter, an increase from the third quarter of last year when they claimed 11.9 percent.

The five states where insurers produced the highest dollar volume in title insurance premiums during the third quarter included California ($440.7 million), Texas ($382.1 million), Florida ($241.9 million), New York ($213.8 million), and Pennsylvania ($130 million).

In five states, insurance premiums increased by at least 45 percent in the third quarter when compared with the same quarter last year. Leading this category was North Dakota with an increase of 94.2 percent. The remaining four states include Louisiana (52.9 percent), North Carolina (51.4 percent), Idaho (51 percent), and Nebraska (45.3 percent).

The industry as a whole experienced an operating gain of $114 million, up sharply from $16 million in the third quarter last year. This was the result of rising operating income and expenses and falling loss expenses.

With $8.7 billion in assets, Korsmo said the title industry is in a ""strong financial position.""