Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 22, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Entity Registrant Name | INVESTORS TITLE CO | |
Entity Central Index Key | 720,858 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 1,886,630 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and cash equivalents | $ 36,862 | $ 20,214 |
Investments in securities: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost: September 30, 2018: $91,336; December 31, 2017: $100,314) | 91,827 | 103,341 |
Equity securities, at fair value (cost: September 30, 2018: $27,382; December 31, 2017: $26,003) | 51,372 | 47,367 |
Short-term investments | 27,693 | 23,780 |
Other investments | 11,997 | 12,032 |
Total investments | 182,889 | 186,520 |
Premium and fees receivable | 12,588 | 10,031 |
Accrued interest and dividends | 1,242 | 1,100 |
Prepaid expenses and other receivables | 7,601 | 7,730 |
Property, net | 10,454 | 10,173 |
Goodwill and other intangible assets, net | 10,906 | 11,357 |
Other assets | 1,459 | 1,403 |
Current income taxes receivable | 2,575 | 385 |
Total Assets | 266,576 | 248,913 |
Liabilities: | ||
Reserve for claims | 32,375 | 34,801 |
Accounts payable and accrued liabilities | 27,437 | 27,565 |
Deferred income taxes, net | 11,223 | 8,626 |
Total liabilities | 71,035 | 70,992 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred stock (1,000 authorized shares; no shares issued) | 0 | 0 |
Common stock – no par value (10,000 authorized shares; 1,887 and 1,886 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively, excluding in each period 292 shares of common stock held by the Company) | 0 | 0 |
Retained earnings | 195,220 | 161,891 |
Accumulated other comprehensive income | 319 | 15,945 |
Total stockholders’ equity attributable to the Company | 195,539 | 177,836 |
Noncontrolling interests | 2 | 85 |
Total stockholders' equity | 195,541 | 177,921 |
Total Liabilities and Stockholders’ Equity | $ 266,576 | $ 248,913 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, available-for-sale, amortized cost | $ 91,336 | $ 100,314 |
Equity securities, cost | $ 27,382 | $ 26,003 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value | ||
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, shares issued | 1,887 | 1,886 |
Common stock, shares outstanding | 1,887 | 1,886 |
Common stock, held by Company's subsidiary | 292 | 292 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Net premiums written | $ 39,422 | $ 37,428 | $ 104,123 | $ 104,838 |
Escrow and other title-related fees | 1,812 | 1,470 | 5,465 | 5,427 |
Non-title services | 1,795 | 1,620 | 5,083 | 4,498 |
Interest and dividends | 1,138 | 1,087 | 3,381 | 3,298 |
Other investment income | 829 | 610 | 2,279 | 1,605 |
Net realized investment gains | 188 | 804 | 629 | 990 |
Net unrealized gain on equity investments | 2,920 | 0 | 2,626 | 0 |
Other | 157 | 116 | 387 | 397 |
Total Revenues | 48,261 | 43,135 | 123,973 | 121,053 |
Operating Expenses: | ||||
Commissions to agents | 18,490 | 17,641 | 48,942 | 50,570 |
Provision for claims | 997 | 1,855 | 155 | 2,715 |
Personnel expenses | 11,096 | 10,082 | 33,234 | 29,982 |
Office and technology expenses | 2,208 | 2,062 | 6,603 | 5,985 |
Other expenses | 2,910 | 2,578 | 8,440 | 8,087 |
Total Operating Expenses | 35,701 | 34,218 | 97,374 | 97,339 |
Income before Income Taxes | 12,560 | 8,917 | 26,599 | 23,714 |
Provision for Income Taxes | 1,927 | 2,990 | 4,873 | 7,647 |
Net Income | 10,633 | 5,927 | 21,726 | 16,067 |
Net Loss Attributable to Noncontrolling Interests | 1 | 0 | 31 | 11 |
Net Income Attributable to the Company | $ 10,634 | $ 5,927 | $ 21,757 | $ 16,078 |
Basic Earnings per Common Share | $ 5.64 | $ 3.14 | $ 11.53 | $ 8.52 |
Weighted Average Shares Outstanding – Basic | 1,887 | 1,887 | 1,886 | 1,886 |
Diluted Earnings per Common Share | $ 5.61 | $ 3.13 | $ 11.47 | $ 8.48 |
Weighted Average Shares Outstanding – Diluted | 1,897 | 1,896 | 1,896 | 1,896 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 10,633 | $ 5,927 | $ 21,726 | $ 16,067 |
Other comprehensive income, before tax: | ||||
Amortization of unrecognized loss | 0 | 2 | 0 | 6 |
Unrealized (losses) gains on investments arising during the period | (618) | 1,879 | (2,536) | 4,941 |
Reclassification adjustment for sales of securities included in net income | 0 | (804) | 0 | (977) |
Other comprehensive (loss) income, before tax | (618) | 1,077 | (2,536) | 3,970 |
Income tax expense related to postretirement health benefits | 0 | 1 | 0 | 2 |
Income tax (benefit) expense related to unrealized (losses) gains on investments arising during the period | (131) | 643 | (537) | 1,688 |
Income tax benefit related to reclassification adjustment for sales of securities included in net income | 0 | (274) | 0 | (334) |
Net income tax (benefit) expense on other comprehensive (loss) income | (131) | 370 | (537) | 1,356 |
Other comprehensive (loss) income | (487) | 707 | (1,999) | 2,614 |
Comprehensive Income | 10,146 | 6,634 | 19,727 | 18,681 |
Comprehensive loss attributable to noncontrolling interests | 1 | 0 | 31 | 11 |
Comprehensive Income Attributable to the Company | $ 10,147 | $ 6,634 | $ 19,758 | $ 18,692 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest [Member] |
Balance, beginning of year, shares at Dec. 31, 2016 | 1,884 | ||||
Balance, beginning of year at Dec. 31, 2016 | $ 155,136 | $ 0 | $ 143,284 | $ 11,761 | $ 91 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to the Company | 16,078 | 16,078 | |||
Dividends paid | (1,792) | (1,792) | |||
Shares of common stock repurchased and retired (in shares) | 0 | ||||
Shares of common stock repurchased and retired | (50) | (50) | |||
Stock options and stock appreciation rights exercised (in shares) | 3 | ||||
Stock options and stock appreciation rights exercised | (1) | (1) | |||
Share-based compensation expense related to stock appreciation rights | 157 | 157 | |||
Amortization related to postretirement health benefits | 4 | 4 | |||
Net unrealized gain (loss) on investments | 2,610 | 2,610 | |||
Distribution of equity to noncontrolling interests | 0 | ||||
Net loss attributable to noncontrolling interests | (11) | (11) | |||
Balance, end of year, shares at Sep. 30, 2017 | 1,887 | ||||
Balance, end of year at Sep. 30, 2017 | 172,131 | $ 0 | 157,676 | 14,375 | 80 |
Balance, beginning of year, shares at Jun. 30, 2017 | 1,887 | ||||
Balance, beginning of year at Jun. 30, 2017 | 166,230 | $ 0 | 152,482 | 13,668 | 80 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to the Company | 5,927 | 5,927 | |||
Dividends paid | (754) | (754) | |||
Shares of common stock repurchased and retired (in shares) | 0 | ||||
Shares of common stock repurchased and retired | (41) | (41) | |||
Stock options and stock appreciation rights exercised (in shares) | 0 | ||||
Stock options and stock appreciation rights exercised | 0 | 0 | |||
Share-based compensation expense related to stock appreciation rights | 62 | 62 | |||
Amortization related to postretirement health benefits | 1 | 1 | |||
Net unrealized gain (loss) on investments | 706 | 706 | |||
Net loss attributable to noncontrolling interests | 0 | 0 | |||
Balance, end of year, shares at Sep. 30, 2017 | 1,887 | ||||
Balance, end of year at Sep. 30, 2017 | 172,131 | $ 0 | 157,676 | 14,375 | 80 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative effect adjustment for adoption of new accounting standards | 0 | 13,627 | (13,627) | ||
Balance, beginning of year, shares at Dec. 31, 2017 | 1,886 | ||||
Balance, beginning of year at Dec. 31, 2017 | 177,921 | $ 0 | 161,891 | 15,945 | 85 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to the Company | 21,757 | 21,757 | |||
Dividends paid | (2,264) | (2,264) | |||
Shares of common stock repurchased and retired (in shares) | 0 | ||||
Shares of common stock repurchased and retired | (29) | (29) | |||
Stock options and stock appreciation rights exercised (in shares) | 1 | ||||
Stock options and stock appreciation rights exercised | (1) | (1) | |||
Share-based compensation expense related to stock appreciation rights | 239 | 239 | |||
Net unrealized gain (loss) on investments | (1,999) | (1,999) | |||
Distribution of equity to noncontrolling interests | (52) | (52) | |||
Net loss attributable to noncontrolling interests | (31) | (31) | |||
Balance, end of year, shares at Sep. 30, 2018 | 1,887 | ||||
Balance, end of year at Sep. 30, 2018 | 195,541 | $ 0 | 195,220 | 319 | 2 |
Balance, beginning of year, shares at Jun. 30, 2018 | 1,887 | ||||
Balance, beginning of year at Jun. 30, 2018 | 186,113 | $ 0 | 185,252 | 806 | 55 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to the Company | 10,634 | 10,634 | |||
Dividends paid | (755) | (755) | |||
Shares of common stock repurchased and retired (in shares) | 0 | ||||
Shares of common stock repurchased and retired | 0 | 0 | |||
Stock options and stock appreciation rights exercised (in shares) | 0 | ||||
Stock options and stock appreciation rights exercised | 0 | 0 | |||
Share-based compensation expense related to stock appreciation rights | 89 | 89 | |||
Net unrealized gain (loss) on investments | (487) | (487) | |||
Distribution of equity to noncontrolling interests | (52) | (52) | |||
Net loss attributable to noncontrolling interests | (1) | (1) | |||
Balance, end of year, shares at Sep. 30, 2018 | 1,887 | ||||
Balance, end of year at Sep. 30, 2018 | 195,541 | $ 0 | 195,220 | 319 | $ 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative effect adjustment for adoption of new accounting standards | $ 0 | $ 0 | $ 0 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.40 | $ 0.40 | $ 1.20 | $ 0.95 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Activities | ||
Net income | $ 21,726 | $ 16,067 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,234 | 1,055 |
Amortization of investments, net | 617 | 573 |
Amortization related to postretirement benefits obligation | 0 | 6 |
Amortization of other intangible assets, net | 451 | 708 |
Share-based compensation expense related to stock appreciation rights | 239 | 157 |
Net loss (gain) on disposals of property | 12 | (16) |
Net realized investment gains | (629) | (990) |
Net unrealized gain on equity investments | (2,626) | 0 |
Net earnings from other investments | (1,471) | (1,252) |
Provision for claims | 155 | 2,715 |
Provision for deferred income taxes | 3,134 | 1,923 |
Changes in assets and liabilities: | ||
Increase in premium and fees receivables | (2,557) | (1,606) |
Increase in other assets | (69) | (44) |
Increase in current income taxes receivable | (2,190) | (1,641) |
(Decrease) increase in accounts payable and accrued liabilities | (128) | 5,254 |
Decrease in current income taxes payable | 0 | (1,232) |
Payments of claims, net of recoveries | (2,581) | (2,813) |
Net cash provided by operating activities | 15,317 | 18,864 |
Investing Activities | ||
Purchases of fixed maturity securities | 0 | (9,273) |
Purchases of equity securities | (2,484) | (3,680) |
Purchases of short-term investments | (44,403) | (15,668) |
Purchases of other investments | (730) | (1,224) |
Purchase of subsidiary | 0 | (175) |
Proceeds from sales and maturities of fixed maturity securities | 8,155 | 11,020 |
Proceeds from sales of equity securities | 1,728 | 3,565 |
Proceeds from sales and maturities of short-term investments | 40,697 | 1,536 |
Proceeds from sales and distributions of other investments | 2,238 | 2,144 |
Proceeds from sales of other assets | 3 | 13 |
Purchases of property | (1,580) | (2,343) |
Proceeds from the sale of property | 53 | 27 |
Net cash provided by (used in) investing activities | 3,677 | (14,058) |
Financing Activities | ||
Repurchases of common stock | (29) | (50) |
Exercise of stock appreciation rights | (1) | (1) |
Distribution of equity for noncontrolling interest | (52) | 0 |
Dividends paid | (2,264) | (1,792) |
Net cash used in financing activities | (2,346) | (1,843) |
Net Increase in Cash and Cash Equivalents | 16,648 | 2,963 |
Cash and Cash Equivalents, Beginning of Period | 20,214 | 27,928 |
Cash and Cash Equivalents, End of Period | 36,862 | 30,891 |
Cash Paid During the Year for: | ||
Income tax payments, net | 5,477 | 9,236 |
Non cash net unrealized loss (gain) on investments, net of deferred tax benefit (provision) of $537 and $(1,354) for September 30, 2018 and 2017, respectively | $ 1,999 | $ (2,610) |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Cash Flows [Abstract] | ||
Non cash net unrealized loss (gain) on investments, net of deferred tax benefit (provision) | $ 537 | $ (1,354) |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Reference should be made to the “Notes to Consolidated Financial Statements” appearing in the Annual Report on Form 10-K for the year ended December 31, 2017 of Investors Title Company (the “Company”) for a complete description of the Company’s significant accounting policies. Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to noncontrolling interests in majority-owned title insurance agencies are recorded in the Consolidated Statements of Income. Noncontrolling interests representing the portion of equity not related to the Company's ownership interests are recorded in separate sections of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended September 30, 2018 are not necessarily indicative of the financial condition and results that may be expected for the year ending December 31, 2018 or any other interim period. Reclassifications – Certain prior year amounts have been reclassified for consistency with the current period presentation. The primary change was the presentation of revenue and operating expenses. Revenue other than title premiums are now presented in more detail than previously provided. Presentation of operating expenses has also been modified. These reclassifications had no effect on the reported results of operations. Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. Subsequent Events – The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements. Recently Adopted Accounting Standards In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU 2018-02 is intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act (“TCJA”). Under the ASU, entities have the option to reclassify tax effects from the TCJA within other comprehensive income to retained earnings in each period in which the effect of the change in the federal corporate tax rate under the TCJA is recorded. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this update on January 1, 2018 by means of a $3.1 million cumulative effect reclassification between retained earnings and accumulated other comprehensive income. The update had no material impact on the Company's financial position and results of operations. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715). This update requires entities to (1) disaggregate the current service cost component from the other components of net benefit cost (the "other components") and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The update was effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact on the Company's financial position and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 updated guidance to enhance the reporting model for financial instruments. Among the main principles of the guidance applicable to the Company are provisions to: (1) require equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, noting that when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost; (4) require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) require separate presentation of financial assets and financial liabilities by measuring category and form of financial asset on the balance sheet or accompanying notes to the financial statements; and (6) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The update was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this update on January 1, 2018 by means of a $16.8 million cumulative effect reclassification of the net unrealized gain related to equity securities from accumulated other comprehensive income to retained earnings. The amendments relating to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. As a result, the Company recognized a $2.6 million net unrealized gain on equity investments in the Consolidated Statements of Income for the nine-month period ended September 30, 2018 . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. As the ASU does not apply to the Company's core title insurance business, its potential effect is limited to the Company's other lines of business. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update originally became effective for interim and annual reporting periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . ASU 2015-14 updated guidance to defer the effective date of the standard by one year. The Company adopted this update using the modified retrospective transition approach on January 1, 2018 with no impact on the Company's financial position and results of operations. Refer to Note 11 for further information regarding the Company's revenue from contracts with customers. Recently Issued Accounting Standards In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the ASU shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the ASU clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The update is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. None of these amendments are expected to have a material impact on the Company's financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The update broadens the information that an entity must consider in developing its expected credit loss estimates, and is meant to better reflect an entity’s current estimate of all expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The update is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. Currently, the Company's potential credit losses under this accounting standard relate to fixed maturity securities. The Company does not believe that the risk of credit losses, based on current fixed maturity holdings, is material to the Company's financial statements as a whole. Refer to Note 6 for further information about the Company's investments. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 updated guidance to improve financial reporting for leasing transactions. The core principle of the guidance is that lessees will be required to recognize assets and liabilities on the balance sheet for all leases with terms of more than twelve months. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The accounting applied by a lessor is largely unchanged from current GAAP, with some targeted improvements. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted for all entities upon issuance. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. As of December 31, 2017, future minimum lease payments with terms of more than twelve months were approximately $3.6 million . In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. The amendments in this update provide entities with an additional (and optional) transition method to adopt the new lease standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, the amendments in this update provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component similar to the expedient provided to lessees. The Company is not planning to adopt the optional transition method under ASU 2018-11. Significant Accounting Policies – The Company has updated the following accounting policies due to the adoption of ASU 2016-01. Investments in Fixed Maturity Securitie s – Fixed maturity securities are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax and adjusted for other-than-temporary declines in fair value, and reported as accumulated other comprehensive income. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Realized gains and losses are determined on the specific identification method (refer to Note 6 for further information regarding the Company's investments). Investments in Equity Securities – Equity securities represent ownership interests held by the Company in entities for investment purposes. Prior to January 1, 2018, these equity securities were classified as available-for-sale and were carried at fair value on the Company’s Consolidated Balance Sheets. Unrealized holding gains and losses from changes in the fair values of available-for-sale equity securities were reported in accumulated other comprehensive income. Effective January 1, 2018, unrealized holding gains and losses are reported in the Consolidated Statements of Income as a net unrealized gain or loss on equity securities. As a result, other-than-temporary impairments will no longer be considered for equity securities. Realized investment gains and losses from sales are recorded on the trade date and are determined using the specific identification method (refer to Note 6 for further information regarding the Company's investments). Other Investments – Other investments consist of investments in unconsolidated affiliated entities, typically structured as limited liability companies ("LLC's"), without readily determinable fair values. Other investments are accounted for under either the equity method or the measurement alternative method. The measurement alternative method is used when an investment does not qualify for the equity method or the practical expedient in Accounting Standards Codification ("ASC") Topic 820, which estimates fair value using the net asset value per share. Under the measurement alternative method, investments are recorded at cost, less any impairment and plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments. |
Reserves For Claims
Reserves For Claims | 9 Months Ended |
Sep. 30, 2018 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Reserves For Claims | Reserve for Claims Activity in the reserve for claims for the nine-month period ended September 30, 2018 and the year ended December 31, 2017 are summarized as follows: (in thousands) September 30, 2018 December 31, 2017 Balance, beginning of period $ 34,801 $ 35,305 Provision, charged to operations 155 3,311 Payments of claims, net of recoveries (2,581 ) (3,815 ) Balance, end of period $ 32,375 $ 34,801 The total reserve for all reported and unreported losses the Company incurred through September 30, 2018 is represented by the reserve for claims. The Company's reserves for unpaid losses and loss adjustment expenses are established using estimated amounts required to settle claims for which notice has been received (reported) and the amount estimated to be required to satisfy claims that have been incurred but not yet reported (“IBNR”). Despite the variability of such estimates, management believes that the total reserve is adequate to cover claim losses which might result from pending and future claims under title insurance policies issued through September 30, 2018 . Management continually reviews and adjusts its reserve for claims estimates to reflect its loss experience and any new information that becomes available. Adjustments resulting from such reviews could be significant. A summary of the Company’s reserve for claims, broken down into its components of known title claims and IBNR, follows: (in thousands, except percentages) September 30, 2018 % December 31, 2017 % Known title claims $ 3,157 9.8 $ 4,646 13.4 IBNR 29,218 90.2 30,155 86.6 Total reserve for claims $ 32,375 100.0 $ 34,801 100.0 Claims and losses paid are charged to the reserve for claims. Although claims losses are typically paid in cash, occasionally claims are settled by purchasing the interest of the insured or the claimant in the real property. When this event occurs, the Company carries assets at the lower of cost or estimated realizable value, net of any indebtedness on the property. |
Earnings Per Common Share And S
Earnings Per Common Share And Share Awards | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share And Share Awards | Earnings Per Common Share and Share Awards Basic earnings per common share is computed by dividing net income attributable to the Company by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share is computed by dividing net income attributable to the Company by the combination of dilutive potential common stock, comprised of shares issuable under the Company’s share-based compensation plans and the weighted average number of common shares outstanding during the reporting period. Dilutive common share equivalents include the dilutive effect of in-the-money share-based awards, which are calculated based on the average share price for each period using the treasury stock method. Under the treasury stock method, when share-based awards are exercised, (a) the exercise price of a share-based award and (b) the amount of compensation cost, if any, for future services that the Company has not yet recognized, are assumed to be used to repurchase shares in the current period. The following table sets forth the computation of basic and diluted earnings per share for the three- and nine-month periods ended September 30 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Net income attributable to the Company $ 10,634 $ 5,927 $ 21,757 $ 16,078 Weighted average common shares outstanding – Basic 1,887 1,887 1,886 1,886 Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled) 10 9 10 10 Weighted average common shares outstanding – Diluted 1,897 1,896 1,896 1,896 Basic earnings per common share $ 5.64 $ 3.14 $ 11.53 $ 8.52 Diluted earnings per common share $ 5.61 $ 3.13 $ 11.47 $ 8.48 There were 9 thousand and 4 thousand potential shares excluded from the computation of diluted earnings per share for the three-and nine-month periods ended September 30, 2018 , respectively. There were 4 thousand potential shares excluded from the computation of diluted earnings per share for the three-and nine-month periods ended September 30, 2017 , respectively. The Company historically has adopted employee stock award plans under which restricted stock, and options or stock appreciation rights ("SARs") exercisable for the Company's stock, may be granted to key employees or directors of the Company. There is currently one active plan from which the Company may grant share-based awards. The awards eligible to be granted under the active plan are limited to SARs, and the maximum aggregate number of shares of common stock of the Company available pursuant to the plan for the grant of SARs is 250 thousand shares. As of September 30, 2018 , the only outstanding awards under the plans were SARs, which expire in seven years from the date of grant, and all of which vest and are exercisable within one year of the date of grant. All SARs issued to date have been share-settled only. There have been no stock options or SARs granted where the exercise price was less than the market price on the date of grant. There was approximately $239 thousand and $157 thousand of compensation expense relating to SARs vesting on or before September 30, 2018 and 2017 , respectively, included in salaries, employee benefits and payroll taxes in the Consolidated Statements of Income. As of September 30, 2018 , there was $177 thousand of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Company’s stock award plans. A summary of share-based award transactions for all share-based award plans follows: (in thousands, except weighted average exercise price and average remaining contractual term) Number Of Shares Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2017 25 $ 65.85 3.85 $ 837 SARs granted 4 192.71 SARs exercised (4 ) 36.38 Outstanding as of December 31, 2017 25 $ 93.40 3.98 $ 2,624 SARs granted 4 188.71 SARs exercised (1 ) 41.50 Outstanding as of September 30, 2018 28 $ 110.27 3.90 $ 1,848 Exercisable as of September 30, 2018 26 $ 103.55 3.66 $ 1,848 Unvested as of September 30, 2018 2 $ 188.71 6.63 $ — During the second quarters of both 2018 and 2017 , the Company issued 4 thousand share-settled SARs to the directors of the Company. SARs give the holder the right to receive stock equal to the appreciation in the value of shares of stock from the grant date for a specified period of time, and as a result, are accounted for as equity instruments. The fair value of each award is estimated on the date of grant using the Black-Scholes option valuation model with the weighted average assumptions noted in the table shown below. Expected volatilities are based on both the implied and historical volatility of the Company’s stock. The Company uses historical data to project SAR exercises and pre-exercise forfeitures within the valuation model. The expected term of awards represents the period of time that SARs granted are expected to be outstanding. The interest rate assumed for the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of the grant. The weighted average fair values for the SARs issued during 2018 and 2017 were $78.61 and $55.40 , respectively, and were estimated using the weighted average assumptions shown in the table below. 2018 2017 Expected Life in Years 7.0 7.0 Volatility 39.0% 26.2% Interest Rate 3.1% 2.0% Yield Rate 0.8% 0.8% |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has one reportable segment, title insurance services. The remaining immaterial segments have been combined into a group called “All Other.” The title insurance segment primarily issues title insurance policies through approved attorneys from underwriting offices and through independent issuing agents. Title insurance policies insure titles to real estate. Provided below is selected financial information about the Company's operations by segment for the periods ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 42,891 $ 2,120 $ (1,825 ) $ 43,186 Investment income 4,247 640 — 4,887 Net realized gain on investments 141 47 — 188 Total revenues $ 47,279 $ 2,807 $ (1,825 ) $ 48,261 Operating expenses 35,359 2,033 (1,691 ) 35,701 Income before income taxes $ 11,920 $ 774 $ (134 ) $ 12,560 Total assets $ 212,181 $ 54,395 $ — $ 266,576 Three Months Ended September 30, 2017 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 40,658 $ 1,928 $ (1,952 ) $ 40,634 Investment income 1,503 194 — 1,697 Net realized gain on investments 749 55 — 804 Total revenues $ 42,910 $ 2,177 $ (1,952 ) $ 43,135 Operating expenses 34,125 1,911 (1,818 ) 34,218 Income before income taxes $ 8,785 $ 266 $ (134 ) $ 8,917 Total assets $ 201,138 $ 52,060 $ — $ 253,198 Nine Months Ended September 30, 2018 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 113,992 $ 6,006 $ (4,940 ) $ 115,058 Investment income 6,986 1,300 — 8,286 Net realized gain on investments 548 81 — 629 Total revenues $ 121,526 $ 7,387 $ (4,940 ) $ 123,973 Operating expenses 95,575 6,337 (4,538 ) 97,374 Income before income taxes $ 25,951 $ 1,050 $ (402 ) $ 26,599 Total assets $ 212,181 $ 54,395 $ — $ 266,576 Nine Months Ended September 30, 2017 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 114,344 $ 5,379 $ (4,563 ) $ 115,160 Investment income 4,380 523 — 4,903 Net realized gain on investments 893 97 — 990 Total revenues $ 119,617 $ 5,999 $ (4,563 ) $ 121,053 Operating expenses 95,802 5,771 (4,234 ) 97,339 Income before income taxes $ 23,815 $ 228 $ (329 ) $ 23,714 Total assets $ 201,138 $ 52,060 $ — $ 253,198 |
Retirement Agreements And Other
Retirement Agreements And Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Agreements And Other Postretirement Benefits | Retirement Agreements and Other Postretirement Benefits The Company’s subsidiary, Investors Title Insurance Company ("ITIC"), is a party to employment agreements with key executives that provide for the continuation of certain employee benefits and other payments due under the agreements upon retirement, estimated to total $10.9 million and $9.5 million as of September 30, 2018 and December 31, 2017 , respectively. The executive employee benefits include health, dental, vision and life insurance and are unfunded. These amounts are classified as accounts payable and accrued liabilities in the Consolidated Balance Sheets. The following sets forth the net periodic benefit cost for the executive benefits for the periods ended September 30, 2018 and 2017 : Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Service cost – benefits earned during the year $ — $ — $ — $ — Interest cost on the projected benefit obligation 8 9 24 28 Amortization of unrecognized losses — 2 — 6 Net periodic benefit cost $ 8 $ 11 $ 24 $ 34 |
Investments In Securities
Investments In Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments In Securities and Fair Value [Text Block] | Investments and Estimated Fair Value Investments in Fixed Maturity Securities The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturities by major classification are as follows: As of September 30, 2018 (in thousands) Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Fixed maturities, available-for-sale, at fair value: Government obligations $ 1,028 $ — $ 14 $ 1,014 General obligations of U.S. states, territories and political subdivisions 20,952 170 304 20,818 Special revenue issuer obligations of U.S. states, territories and political subdivisions 56,860 970 582 57,248 Corporate debt securities 12,496 329 78 12,747 Total $ 91,336 $ 1,469 $ 978 $ 91,827 As of December 31, 2017 (in thousands) Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities, available-for-sale, at fair value: Government obligations $ 1,043 $ — $ 1 $ 1,042 General obligations of U.S. states, territories and political subdivisions 24,189 505 50 24,644 Special revenue issuer obligations of U.S. states, territories and political subdivisions 62,592 2,218 165 64,645 Corporate debt securities 12,490 527 7 13,010 Total $ 100,314 $ 3,250 $ 223 $ 103,341 The special revenue category for both periods presented includes approximately 60 individual fixed maturities with revenue sources from a variety of industry sectors. The scheduled maturities of fixed maturity securities at September 30, 2018 were as follows: Available-for-Sale (in thousands) Amortized Cost Estimated Fair Due in one year or less $ 10,708 $ 10,677 Due one year through five years 35,318 35,920 Due five years through ten years 41,648 41,217 Due after ten years 3,662 4,013 Total $ 91,336 $ 91,827 Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2018 and December 31, 2017 : Less than 12 Months 12 Months or Longer Total As of September 30, 2018 (in thousands) Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses Government obligations $ 1,014 $ (14 ) $ — $ — $ 1,014 $ (14 ) General obligations of U.S. states, territories and political subdivisions 9,152 (146 ) 3,370 (158 ) 12,522 (304 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 22,523 (290 ) 6,019 (292 ) 28,542 (582 ) Corporate debt securities 10,194 (78 ) — — 10,194 (78 ) Total temporarily impaired securities $ 42,883 $ (528 ) $ 9,389 $ (450 ) $ 52,272 $ (978 ) Less than 12 Months 12 Months or Longer Total As of December 31, 2017 (in thousands) Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses Government obligations $ 1,042 $ (1 ) $ — $ — $ 1,042 $ (1 ) General obligations of U.S. states, territories and political subdivisions 4,560 (27 ) 3,535 (23 ) 8,095 (50 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 13,551 (61 ) 4,023 (104 ) 17,574 (165 ) Corporate debt securities 3,744 (7 ) — — 3,744 (7 ) Total temporarily impaired securities $ 22,897 $ (96 ) $ 7,558 $ (127 ) $ 30,455 $ (223 ) The decline in estimated fair value of the fixed maturity securities can be attributed primarily to changes in market interest rates and changes in credit spreads over Treasury securities. Because the Company does not have the intent to sell these securities and will likely not be compelled to sell them before it can recover its cost basis, the Company does not consider these investments to be other-than-temporarily impaired. Factors considered in determining whether a loss is temporary include the length of time and extent to which fair value has been below cost, the financial condition and prospects of the issuer (including credit ratings and analyst reports) and macro-economic changes. A total of 63 and 32 securities had unrealized losses at September 30, 2018 and December 31, 2017 , respectively. Reviews of the values of securities are inherently uncertain and the value of the investment may not fully recover, or may decline in future periods resulting in a realized loss. The Company recorded no other-than-temporary impairment charges for fixed maturities for the nine-month periods ended September 30, 2018 and 2017. Other-than-temporary impairment charges are included in net realized investment gains in the Consolidated Statements of Income. Investments in Equity Securities The cost and estimated fair value of equity securities are as follows: As of September 30, 2018 (in thousands) Cost Estimated Equity securities, at fair value: Common stocks $ 27,382 $ 51,372 Total $ 27,382 $ 51,372 As of December 31, 2017 (in thousands) Cost Gross Gains Gross Unrealized Losses Estimated Equity securities, at fair value: Common stocks $ 26,003 $ 21,376 $ 12 $ 47,367 Total $ 26,003 $ 21,376 $ 12 $ 47,367 Effective January 1, 2018, unrealized holding gains and losses are reported in the Consolidated Statements of Income as net unrealized gain or loss on equity securities and other-than-temporary impairments will no longer be considered for equity securities. As such, unrealized holding gains and losses are excluded from the table above as of September 30, 2018. Reference the discussion under Recently Adopted Accounting Standards in Note 1. The Company did not record any other-than-temporary charges for equity securities for the nine-month period ended September 30, 2017. Realized Gains from the Sale of Investment Securities Gross realized gains and losses on sales of investments for the nine-month periods ended September 30 are summarized as follows: (in thousands) 2018 2017 Gross realized gains from securities: Special revenue issuer obligations of U.S. states, territories and political subdivisions $ — $ — Corporate debt securities — — Common stocks 688 1,232 Total $ 688 $ 1,232 Gross realized losses from securities: General obligations of U.S. states, territories and political subdivisions $ — $ — Special revenue issuer obligations of U.S. states, territories and political subdivisions — — Common stocks (63 ) (255 ) Other-than-temporary impairment of securities — — Total $ (63 ) $ (255 ) Net realized gains from securities $ 625 $ 977 Net realized gains on other investments: Gains on other investments $ 4 $ 13 Total $ 4 $ 13 Net realized investment gains $ 629 $ 990 Realized gains and losses are determined on the specific identification method. Variable Interest Entities The Company holds investments in variable interest entities ("VIEs") that are not consolidated in the Company's financial statements as the Company is not the primary beneficiary. These entities are considered VIEs as the equity investors at risk, including the Company, do not have the power over the activities that most significantly impact the economic performance of the entities; this power resides with a third-party general partner or managing member that cannot be removed except for cause. The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of September 30, 2018 : Type of Investment (in thousands) Balance Sheet Classification Carrying Value Estimated Fair Value Maximum Potential Loss (a) Tax credit LPs Other investments $ 629 $ 629 $ 1,325 Real estate LLCs or LPs Other investments 4,854 5,563 7,950 Small business investment LPs Other investments 4,320 4,267 9,400 Total $ 9,803 $ 10,459 $ 18,675 (a) Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment. Valuation of Financial Assets The FASB has established a valuation hierarchy for disclosure of the inputs used to measure estimated fair value of financial assets and liabilities, such as securities. This hierarchy categorizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial instrument’s classification within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement – consequently, if there are multiple significant valuation inputs that are categorized in different levels of the hierarchy, the instrument’s hierarchy level is the lowest level (with Level 3 being the lowest level) within which any significant input falls. The Level 1 category includes equity securities that are measured at estimated fair value using quoted active market prices. The Level 2 category includes fixed maturity investments such as corporate debt securities, U.S. government, and obligations of U.S. states, territories, and political subdivisions. Estimated fair value is principally based on market values obtained from a third-party pricing service. Factors that are used in determining estimated fair market value include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. The Company receives one quote per security from a third-party pricing service, although as discussed below, the Company does consult other pricing resources when confirming that the prices it obtains reflect the fair values of the instruments in accordance with ASC 820 , Fair Value Measurements and Disclosures . Generally, quotes obtained from the pricing service for instruments classified as Level 2 are not adjusted and are not binding. As of September 30, 2018 and December 31, 2017 , the Company did not adjust any Level 2 fair values. A number of the Company’s investment grade corporate debt securities are frequently traded in active markets, and trading prices are consequently available for these securities. However, these securities are classified as Level 2 because the pricing service from which the Company has obtained estimated fair values for these instruments uses valuation models that use observable market inputs in addition to trading prices. Substantially all of the input assumptions used in the service’s model are observable in the marketplace or can be derived or supported by observable market data. In the measurement of the estimated fair value of certain financial instruments, other valuation techniques were utilized if quoted market prices were not available. These derived fair value estimates are significantly affected by the assumptions used. Additionally, ASC 820 excludes from its scope certain financial instruments, including those related to insurance contracts, pension and other postretirement benefits, and equity method investments. In estimating the fair value of the financial instruments presented, the Company used the following methods and assumptions: Cash and cash equivalents The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments. Measurement alternative equity investments The measurement alternative method requires investments without readily determinable fair values to be recorded at cost, less impairments plus or minus any changes resulting from observable price changes. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments. Accrued interest and dividends The carrying amount for accrued dividends and interest is a reasonable estimate of fair value due to the short-term maturity of these assets. The following table presents, by level, fixed maturities carried at estimated fair value measured as of September 30, 2018 and December 31, 2017 : As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: Obligations of U.S. states, territories and political subdivisions* $ — $ 79,080 $ — $ 79,080 Corporate debt securities* — 12,747 — 12,747 Total $ — $ 91,827 $ — $ 91,827 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: Obligations of U.S. states, territories and political subdivisions* $ — $ 90,331 $ — $ 90,331 Corporate debt securities* — 13,010 — 13,010 Total $ — $ 103,341 $ — $ 103,341 *Denotes fair market value obtained from pricing services. The estimated fair values of equity investments and other financial instruments as of September 30, 2018 and December 31, 2017 are presented in the following table: As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash $ 36,862 $ — $ — $ 36,862 Accrued interest and dividends 1,242 — — 1,242 Equity securities, at fair value: Common stocks 51,372 — — 51,372 Short-term investments: Commercial paper and money market funds 27,693 — — 27,693 Other investments: Equity investments in unconsolidated affiliates, equity method — — 6,129 6,129 Equity investments in unconsolidated affiliates, measurement alternative — — 5,868 5,868 Total $ 117,169 $ — $ 11,997 $ 129,166 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash $ 20,214 $ — $ — $ 20,214 Accrued interest and dividends 1,100 — — 1,100 Equity securities, at fair value: Common stocks 47,367 — — 47,367 Short-term investments: Commercial paper, money market funds and certificates of deposit 23,780 — — 23,780 Other investments: Equity investments in unconsolidated affiliates, equity method — — 6,593 6,593 Equity investments in unconsolidated affiliates, measurement alternative — — 5,439 5,439 Total $ 92,461 $ — $ 12,032 $ 104,493 The Company did not hold any Level 3 category debt or marketable equity investment securities as of September 30, 2018 or December 31, 2017. There were no transfers into or out of Levels 1, 2 or 3 during the period. To help ensure that estimated fair value determinations are consistent with ASC 820, prices from our pricing services go through multiple review processes to ensure appropriate pricing. Pricing procedures and inputs used to price each security include, but are not limited to, the following: unadjusted quoted market prices for identical securities such as stock market closing prices; non-binding quoted prices for identical securities in markets that are not active; interest rates; yield curves observable at commonly quoted intervals; volatility; prepayment speeds; loss severity; credit risks; and default rates. The Company reviews the procedures and inputs used by its pricing services, and verifies a sample of the services’ quotes by comparing them to values obtained from other pricing resources. In the event the Company disagrees with a price provided by its pricing services, the respective service reevaluates the price to corroborate the market information and then reviews inputs to the evaluation in light of potentially new market data. The Company believes that these processes and inputs result in appropriate classifications and estimated fair values consistent with ASC 820. Certain equity investments under the measurement alternative are measured at estimated fair value on a non-recurring basis and are reviewed for impairment quarterly. If any such investment is determined to be other-than-temporarily impaired, an impairment charge is recorded against such investment and reflected in the Consolidated Statements of Income. There were no impairments of such investments made during the nine-month period ended September 30, 2018 or the twelve-month period ended December 31, 2017 . The following table presents a rollforward of equity investments under the measurement alternative as of September 30, 2018 and December 31, 2017 : (in thousands) Balance, January 1, 2018 Amounts Impaired Observable Changes Purchases and Additional Commitments Paid Sales, Returns of Capital and Other Reductions Balance, September 30, 2018 Other investments: Equity investments in unconsolidated affiliates, measurement alternative $ 5,439 $ — $ — $ 672 $ (243 ) $ 5,868 Total $ 5,439 $ — $ — $ 672 $ (243 ) $ 5,868 (in thousands) Balance, January 1, 2017 Amounts Impaired Observable Changes Purchases and Additional Commitments Paid Sales, Returns of Capital and Other Reductions Balance, December 31, 2017 Other investments: Equity investments in unconsolidated affiliates, measurement alternative $ 4,744 $ — $ — $ 1,082 $ (387 ) $ 5,439 Total $ 4,744 $ — $ — $ 1,082 $ (387 ) $ 5,439 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Legal Proceedings – The Company and its subsidiaries are involved in legal proceedings that are incidental to their business. In the Company’s opinion, based on the present status of these proceedings, any potential liability of the Company or its subsidiaries with respect to these legal proceedings, will not, in the aggregate, be material to the Company’s consolidated financial condition or operations. Regulation – The Company’s title insurance and trust subsidiaries are regulated by various federal, state and local governmental agencies and are subject to various audits, examinations, and inquiries. It is the opinion of management based on its present expectations that these audits, examinations, and inquiries will not have a material impact on the Company’s consolidated financial condition or results of operations. Escrow and Trust Deposits – As a service to its customers, the Company, through ITIC, administers escrow and trust deposits representing earnest money received under real estate contracts, undisbursed amounts received for settlement of mortgage loans and indemnities against specific title risks. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for the disposition of these deposits. Like-Kind Exchanges Proceeds – In administering tax-deferred property exchanges, the Company’s subsidiary, Investors Title Exchange Corporation (“ITEC”), serves as a qualified intermediary for exchanges, holding the net sales proceeds from relinquished property to be used for purchase of replacement property. Another Company subsidiary, Investors Title Accommodation Corporation (“ITAC”), serves as exchange accommodation titleholder and, through limited liability companies that are wholly owned subsidiaries of ITAC, holds property for exchangers in reverse exchange transactions. Like-kind exchange deposits and reverse exchange property totaled approximately $185.9 million and $185.0 million as of September 30, 2018 and December 31, 2017 , respectively. These amounts are not considered assets of the Company and, therefore, are excluded from the accompanying Consolidated Balance Sheets; however, the Company remains contingently liable for transfers of property, disbursements of proceeds and the return on the proceeds at the agreed upon rate. Exchange services revenues include earnings on these deposits; therefore, investment income is shown as non-title services rather than investment income. These like-kind exchange funds are primarily invested in money market and other short-term investments. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company does business with, and has investments in, unconsolidated limited liability companies that are primarily title insurance agencies. The Company utilizes the equity method to account for its investment in these limited liability companies. The following table sets forth the approximate values by year found within each financial statement classification: Financial Statement Classification, Consolidated Balance Sheets (in thousands) As of September 30, 2018 As of December 31, 2017 Other investments $ 6,129 $ 6,594 Premiums and fees receivable $ 233 $ 720 Financial Statement Classification, Consolidated Statements of Income (in thousands) For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Net premiums written $ 4,148 $ 3,784 $ 10,967 $ 11,259 Non-title services and other investment income $ 724 $ 642 $ 1,859 $ 1,689 Commissions to agents $ 2,662 $ 2,501 $ 7,192 $ 7,457 |
Business Combinations, Intangib
Business Combinations, Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations, Intangible Assets and Goodwill | Note 9 – Intangible Assets and Goodwill Intangible Assets The fair values of intangible assets recognized as the result of title insurance agency acquisitions, all Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other , management determined that no events or changes in circumstances occurred during 2018 that would indicate the carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired during the nine-months ended September 30, 2018 . Net identifiable intangible assets of $154 thousand were impaired during 2017. Identifiable intangible assets consist of the following as of September 30, 2018 and December 31, 2017 : (in thousands) 2018 2017 Referral relationships $ 6,416 $ 6,416 Non-compete agreements 1,406 1,406 Tradename 560 560 Total 8,382 8,382 Accumulated amortization (1,826 ) (1,375 ) Identifiable intangible assets, net $ 6,556 $ 7,007 The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years: Year Ended (in thousands) 2018 $ 126 2019 569 2020 569 2021 562 2022 525 Thereafter 4,205 Total $ 6,556 Goodwill and Title Plant As of September 30, 2018 , the Company recognized $4.4 million in goodwill and $690 thousand in a title plant, net of impairments, as the result of title insurance agency acquisitions. The title plant is included with other assets in the Consolidated Balance Sheets. The fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other , management determined that no events or changes in circumstances occurred during 2018 that would indicate the carrying amounts may not be recoverable, and therefore determined that neither goodwill nor the title plant were impaired during the nine-months ended September 30, 2018 . Goodwill of $29 thousand was impaired during 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 (in thousands) Unrealized Gains and Losses Postretirement Total Beginning balance at July 1 $ 875 $ (69 ) $ 806 Other comprehensive loss before reclassifications (487 ) — (487 ) Amounts reclassified from accumulated other comprehensive income — — — Net current-period other comprehensive loss (487 ) — (487 ) Ending balance $ 388 $ (69 ) $ 319 Three Months Ended September 30, 2017 (in thousands) Unrealized Gains and Losses Postretirement Total Beginning balance at July 1 $ 13,775 $ (107 ) $ 13,668 Other comprehensive gain before reclassifications 1,236 — 1,236 Amounts reclassified from accumulated other comprehensive income (530 ) 1 (529 ) Net current-period other comprehensive income 706 1 707 Ending balance $ 14,481 $ (106 ) $ 14,375 Nine Months Ended September 30, 2018 (in thousands) Unrealized Gains and Losses Postretirement Total Beginning balance at January 1 $ 16,003 $ (58 ) $ 15,945 Cumulative effect adjustment for adoption of new accounting standards (13,616 ) (11 ) (13,627 ) Other comprehensive loss before reclassifications (1,999 ) — (1,999 ) Amounts reclassified from accumulated other comprehensive income — — — Net current-period other comprehensive loss (1,999 ) — (1,999 ) Ending balance $ 388 $ (69 ) $ 319 Nine Months Ended September 30, 2017 (in thousands) Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,871 $ (110 ) $ 11,761 Other comprehensive income before reclassifications 3,253 — 3,253 Amounts reclassified from accumulated other comprehensive income (643 ) 4 (639 ) Net current-period other comprehensive income 2,610 4 2,614 Ending balance $ 14,481 $ (106 ) $ 14,375 The following tables provide amounts reclassified out of each component of accumulated other comprehensive income for the periods ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 (in thousands) Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ — Other-than-temporary impairments — Total $ — Net realized investment gains Tax — Provision for Income Taxes Net of Tax $ — Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss — Total $ — (a) Tax — Provision for Income Taxes Net of Tax $ — Reclassifications for the period $ — Three Months Ended September 30, 2017 (in thousands) Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ 804 Other-than-temporary impairments — Total $ 804 Net realized investment gains Tax (274 ) Provision for Income Taxes Net of Tax $ 530 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (2 ) Total $ (2 ) (a) Tax 1 Provision for Income Taxes Net of Tax $ (1 ) Reclassifications for the period $ 529 Nine Months Ended September 30, 2018 (in thousands) Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ — Other-than-temporary impairments — Total $ — Net realized investment gains Tax — Provision for Income Taxes Net of Tax $ — Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss — Total $ — (a) Tax — Provision for Income Taxes Net of Tax $ — Reclassifications for the period $ — Nine Months Ended September 30, 2017 (in thousands) Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ 977 Other-than-temporary impairments — Total $ 977 Net realized investment gains Tax (334 ) Provision for Income Taxes Net of Tax $ 643 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (6 ) Total $ (6 ) (a) Tax 2 Provision for Income Taxes Net of Tax $ (4 ) Reclassifications for the period $ 639 (a) These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within personnel costs on the Consolidated Statements of Income as amortized. Amortization and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 11 – Revenue Recognition In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 updated guidance to improve the comparability of revenue recognition practices for entities that enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this update on January 1, 2018 with no impact on the Company's financial position and results of operations. The new revenue guidance does not apply to revenue associated with insurance contracts (including title insurance policies), financial instruments and lease contracts. The new revenue standard therefore is primarily applicable to the following Company revenue categories. Escrow and other title-related fees : The Company’s title segment recognizes commission revenue and fees related to items such as searches, settlements, commitments and other ancillary services. Escrow and other title-related fees are recognized as revenue at the time of the related transactions as the earnings process, or performance obligation, is then considered to be complete. Non-title services : Through various subsidiaries, the Company offers management services, tax-deferred real property exchange services, investment management and trust services. Nonrefundable exchange fees are recognized as revenue upon receipt of the funds, which is at the time of closing of the initial sale of property. All other non-title service fees are recognized as revenue as performance obligations are completed. Other : The Company occasionally recognizes revenue from other miscellaneous contracts which can include, but is not limited to seminar and education registration fees and software licensing contracts. These revenue streams are deemed immaterial to the operations of the Company, and revenue is recognized when, or as, performance obligations are completed. The following table provides a breakdown of the Company’s revenue by major business activity: (in thousands) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenue from contracts with customers: Escrow and other title-related fees $ 1,812 $ 5,465 Non-title services 1,795 5,083 Total revenue from contracts with customers 3,607 10,548 Other sources of revenue: Net premiums written 39,422 104,123 Investment related revenue 5,075 8,915 Other 157 387 Total Revenues $ 48,261 $ 123,973 |
Basis Of Presentation And Sig_2
Basis Of Presentation And Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles Of Consolidation | Principles of Consolidation – The accompanying unaudited Consolidated Financial Statements include the accounts and operations of Investors Title Company and its subsidiaries, and have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information, with the instructions to Form 10-Q and with Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted. Earnings attributable to noncontrolling interests in majority-owned title insurance agencies are recorded in the Consolidated Statements of Income. Noncontrolling interests representing the portion of equity not related to the Company's ownership interests are recorded in separate sections of the Consolidated Balance Sheets. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company in the accompanying unaudited Consolidated Financial Statements have been included. All such adjustments are of a normal recurring nature. Operating results for the quarter ended September 30, 2018 are not necessarily indicative of the financial condition and results that may be expected for the year ending December 31, 2018 or any other interim period. |
Accounting Changes and Error Corrections | Reclassifications – Certain prior year amounts have been reclassified for consistency with the current period presentation. The primary change was the presentation of revenue and operating expenses. Revenue other than title premiums are now presented in more detail than previously provided. Presentation of operating expenses has also been modified. These reclassifications had no effect on the reported results of operations. |
Use Of Estimates And Assumptions | Use of Estimates and Assumptions – The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used. |
Subsequent Events, Policy | Subsequent Events – The Company has evaluated and concluded that there were no material subsequent events requiring adjustment or disclosure to its Consolidated Financial Statements. |
Recently Issued Accounting Standards | In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU 2018-02 is intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act (“TCJA”). Under the ASU, entities have the option to reclassify tax effects from the TCJA within other comprehensive income to retained earnings in each period in which the effect of the change in the federal corporate tax rate under the TCJA is recorded. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this update on January 1, 2018 by means of a $3.1 million cumulative effect reclassification between retained earnings and accumulated other comprehensive income. The update had no material impact on the Company's financial position and results of operations. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715). This update requires entities to (1) disaggregate the current service cost component from the other components of net benefit cost (the "other components") and present it with other current compensation costs for related employees in the income statement and (2) present the other components elsewhere in the income statement and outside of income from operations if that subtotal is presented. In addition, the ASU requires entities to disclose the income statement lines that contain the other components if they are not presented on appropriately described separate lines. The update was effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company adopted this update on January 1, 2018 with no material impact on the Company's financial position and results of operations. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 updated guidance to enhance the reporting model for financial instruments. Among the main principles of the guidance applicable to the Company are provisions to: (1) require equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in fair value recognized in net income; (2) simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, noting that when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; (3) eliminate the requirement to disclose methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost; (4) require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (5) require separate presentation of financial assets and financial liabilities by measuring category and form of financial asset on the balance sheet or accompanying notes to the financial statements; and (6) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The update was effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this update on January 1, 2018 by means of a $16.8 million cumulative effect reclassification of the net unrealized gain related to equity securities from accumulated other comprehensive income to retained earnings. The amendments relating to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. As a result, the Company recognized a $2.6 million net unrealized gain on equity investments in the Consolidated Statements of Income for the nine-month period ended September 30, 2018 . In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 updated guidance to improve the comparability of revenue recognition practices for entities that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards such as insurance contracts or lease standards. As the ASU does not apply to the Company's core title insurance business, its potential effect is limited to the Company's other lines of business. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For public entities, this update originally became effective for interim and annual reporting periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . ASU 2015-14 updated guidance to defer the effective date of the standard by one year. The Company adopted this update using the modified retrospective transition approach on January 1, 2018 with no impact on the Company's financial position and results of operations. Refer to Note 11 for further information regarding the Company's revenue from contracts with customers. Recently Issued Accounting Standards In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 is intended to enhance the accounting for the amortization of premiums for purchased callable debt securities. Specifically, the ASU shortens the amortization period for certain investments in callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The update is effective for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This update removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. As a result, under the ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, the ASU clarifies that an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The update is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. None of these amendments are expected to have a material impact on the Company's financial position or results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) . ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The update broadens the information that an entity must consider in developing its expected credit loss estimates, and is meant to better reflect an entity’s current estimate of all expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The update is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted as of fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. Currently, the Company's potential credit losses under this accounting standard relate to fixed maturity securities. The Company does not believe that the risk of credit losses, based on current fixed maturity holdings, is material to the Company's financial statements as a whole. Refer to Note 6 for further information about the Company's investments. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 updated guidance to improve financial reporting for leasing transactions. The core principle of the guidance is that lessees will be required to recognize assets and liabilities on the balance sheet for all leases with terms of more than twelve months. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The accounting applied by a lessor is largely unchanged from current GAAP, with some targeted improvements. Disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. In transition, both lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption was permitted for all entities upon issuance. The Company is currently evaluating the impact that the recently issued accounting standard will have on the Company's financial position and results of operations, but does not expect it to have a material impact. As of December 31, 2017, future minimum lease payments with terms of more than twelve months were approximately $3.6 million . In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. The amendments in this update provide entities with an additional (and optional) transition method to adopt the new lease standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, the amendments in this update provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component similar to the expedient provided to lessees. The Company is not planning to adopt the optional transition method under ASU 2018-11. Significant Accounting Policies – The Company has updated the following accounting policies due to the adoption of ASU 2016-01. Investments in Fixed Maturity Securitie s – Fixed maturity securities are classified as available-for-sale and reported at fair value with unrealized gains and losses, net of tax and adjusted for other-than-temporary declines in fair value, and reported as accumulated other comprehensive income. Securities are regularly reviewed for differences between the cost and estimated fair value of each security for factors that may indicate that a decline in fair value is other-than-temporary. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include the duration and extent to which the fair value has been less than cost and the Company’s ability and intent to retain the investment for a period of time sufficient to allow for a recovery in value. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. Realized gains and losses are determined on the specific identification method (refer to Note 6 for further information regarding the Company's investments). Investments in Equity Securities – Equity securities represent ownership interests held by the Company in entities for investment purposes. Prior to January 1, 2018, these equity securities were classified as available-for-sale and were carried at fair value on the Company’s Consolidated Balance Sheets. Unrealized holding gains and losses from changes in the fair values of available-for-sale equity securities were reported in accumulated other comprehensive income. Effective January 1, 2018, unrealized holding gains and losses are reported in the Consolidated Statements of Income as a net unrealized gain or loss on equity securities. As a result, other-than-temporary impairments will no longer be considered for equity securities. Realized investment gains and losses from sales are recorded on the trade date and are determined using the specific identification method (refer to Note 6 for further information regarding the Company's investments). Other Investments – Other investments consist of investments in unconsolidated affiliated entities, typically structured as limited liability companies ("LLC's"), without readily determinable fair values. Other investments are accounted for under either the equity method or the measurement alternative method. The measurement alternative method is used when an investment does not qualify for the equity method or the practical expedient in Accounting Standards Codification ("ASC") Topic 820, which estimates fair value using the net asset value per share. Under the measurement alternative method, investments are recorded at cost, less any impairment and plus or minus any changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The Company monitors any events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments and makes any necessary adjustments. |
Reserves For Claims (Tables)
Reserves For Claims (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |
Summary Of Transactions In Reserves For Claims | Activity in the reserve for claims for the nine-month period ended September 30, 2018 and the year ended December 31, 2017 are summarized as follows: (in thousands) September 30, 2018 December 31, 2017 Balance, beginning of period $ 34,801 $ 35,305 Provision, charged to operations 155 3,311 Payments of claims, net of recoveries (2,581 ) (3,815 ) Balance, end of period $ 32,375 $ 34,801 |
Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense Reported And Incurred But Not Reported Claims | A summary of the Company’s reserve for claims, broken down into its components of known title claims and IBNR, follows: (in thousands, except percentages) September 30, 2018 % December 31, 2017 % Known title claims $ 3,157 9.8 $ 4,646 13.4 IBNR 29,218 90.2 30,155 86.6 Total reserve for claims $ 32,375 100.0 $ 34,801 100.0 |
Earnings Per Common Share And_2
Earnings Per Common Share And Share Awards (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the three- and nine-month periods ended September 30 : Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Net income attributable to the Company $ 10,634 $ 5,927 $ 21,757 $ 16,078 Weighted average common shares outstanding – Basic 1,887 1,887 1,886 1,886 Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled) 10 9 10 10 Weighted average common shares outstanding – Diluted 1,897 1,896 1,896 1,896 Basic earnings per common share $ 5.64 $ 3.14 $ 11.53 $ 8.52 Diluted earnings per common share $ 5.61 $ 3.13 $ 11.47 $ 8.48 |
Summary Of Share-Based Award Transactions | A summary of share-based award transactions for all share-based award plans follows: (in thousands, except weighted average exercise price and average remaining contractual term) Number Of Shares Weighted Average Exercise Price Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2017 25 $ 65.85 3.85 $ 837 SARs granted 4 192.71 SARs exercised (4 ) 36.38 Outstanding as of December 31, 2017 25 $ 93.40 3.98 $ 2,624 SARs granted 4 188.71 SARs exercised (1 ) 41.50 Outstanding as of September 30, 2018 28 $ 110.27 3.90 $ 1,848 Exercisable as of September 30, 2018 26 $ 103.55 3.66 $ 1,848 Unvested as of September 30, 2018 2 $ 188.71 6.63 $ — |
Share-Based Valuation Assumptions | The weighted average fair values for the SARs issued during 2018 and 2017 were $78.61 and $55.40 , respectively, and were estimated using the weighted average assumptions shown in the table below. 2018 2017 Expected Life in Years 7.0 7.0 Volatility 39.0% 26.2% Interest Rate 3.1% 2.0% Yield Rate 0.8% 0.8% |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Selected Financial Information About The Company's Operations By Segment | Provided below is selected financial information about the Company's operations by segment for the periods ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 42,891 $ 2,120 $ (1,825 ) $ 43,186 Investment income 4,247 640 — 4,887 Net realized gain on investments 141 47 — 188 Total revenues $ 47,279 $ 2,807 $ (1,825 ) $ 48,261 Operating expenses 35,359 2,033 (1,691 ) 35,701 Income before income taxes $ 11,920 $ 774 $ (134 ) $ 12,560 Total assets $ 212,181 $ 54,395 $ — $ 266,576 Three Months Ended September 30, 2017 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 40,658 $ 1,928 $ (1,952 ) $ 40,634 Investment income 1,503 194 — 1,697 Net realized gain on investments 749 55 — 804 Total revenues $ 42,910 $ 2,177 $ (1,952 ) $ 43,135 Operating expenses 34,125 1,911 (1,818 ) 34,218 Income before income taxes $ 8,785 $ 266 $ (134 ) $ 8,917 Total assets $ 201,138 $ 52,060 $ — $ 253,198 Nine Months Ended September 30, 2018 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 113,992 $ 6,006 $ (4,940 ) $ 115,058 Investment income 6,986 1,300 — 8,286 Net realized gain on investments 548 81 — 629 Total revenues $ 121,526 $ 7,387 $ (4,940 ) $ 123,973 Operating expenses 95,575 6,337 (4,538 ) 97,374 Income before income taxes $ 25,951 $ 1,050 $ (402 ) $ 26,599 Total assets $ 212,181 $ 54,395 $ — $ 266,576 Nine Months Ended September 30, 2017 (in thousands) Title All Intersegment Total Insurance and other services revenues $ 114,344 $ 5,379 $ (4,563 ) $ 115,160 Investment income 4,380 523 — 4,903 Net realized gain on investments 893 97 — 990 Total revenues $ 119,617 $ 5,999 $ (4,563 ) $ 121,053 Operating expenses 95,802 5,771 (4,234 ) 97,339 Income before income taxes $ 23,815 $ 228 $ (329 ) $ 23,714 Total assets $ 201,138 $ 52,060 $ — $ 253,198 |
Retirement Agreements And Oth_2
Retirement Agreements And Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Benefits Cost | The following sets forth the net periodic benefit cost for the executive benefits for the periods ended September 30, 2018 and 2017 : Three Months Ended Nine Months Ended (in thousands) 2018 2017 2018 2017 Service cost – benefits earned during the year $ — $ — $ — $ — Interest cost on the projected benefit obligation 8 9 24 28 Amortization of unrecognized losses — 2 — 6 Net periodic benefit cost $ 8 $ 11 $ 24 $ 34 |
Investments In Securities (Tabl
Investments In Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Gross Unrealized Gains And Losses For Securities | The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturities by major classification are as follows: As of September 30, 2018 (in thousands) Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Fixed maturities, available-for-sale, at fair value: Government obligations $ 1,028 $ — $ 14 $ 1,014 General obligations of U.S. states, territories and political subdivisions 20,952 170 304 20,818 Special revenue issuer obligations of U.S. states, territories and political subdivisions 56,860 970 582 57,248 Corporate debt securities 12,496 329 78 12,747 Total $ 91,336 $ 1,469 $ 978 $ 91,827 As of December 31, 2017 (in thousands) Amortized Cost Gross Gains Gross Unrealized Losses Estimated Fair Value Fixed maturities, available-for-sale, at fair value: Government obligations $ 1,043 $ — $ 1 $ 1,042 General obligations of U.S. states, territories and political subdivisions 24,189 505 50 24,644 Special revenue issuer obligations of U.S. states, territories and political subdivisions 62,592 2,218 165 64,645 Corporate debt securities 12,490 527 7 13,010 Total $ 100,314 $ 3,250 $ 223 $ 103,341 The cost and estimated fair value of equity securities are as follows: As of September 30, 2018 (in thousands) Cost Estimated Equity securities, at fair value: Common stocks $ 27,382 $ 51,372 Total $ 27,382 $ 51,372 As of December 31, 2017 (in thousands) Cost Gross Gains Gross Unrealized Losses Estimated Equity securities, at fair value: Common stocks $ 26,003 $ 21,376 $ 12 $ 47,367 Total $ 26,003 $ 21,376 $ 12 $ 47,367 |
Schedule Of Fixed Maturity Securities | The scheduled maturities of fixed maturity securities at September 30, 2018 were as follows: Available-for-Sale (in thousands) Amortized Cost Estimated Fair Due in one year or less $ 10,708 $ 10,677 Due one year through five years 35,318 35,920 Due five years through ten years 41,648 41,217 Due after ten years 3,662 4,013 Total $ 91,336 $ 91,827 |
Schedule of Unrealized Loss on Investments | The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2018 and December 31, 2017 : Less than 12 Months 12 Months or Longer Total As of September 30, 2018 (in thousands) Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses Government obligations $ 1,014 $ (14 ) $ — $ — $ 1,014 $ (14 ) General obligations of U.S. states, territories and political subdivisions 9,152 (146 ) 3,370 (158 ) 12,522 (304 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 22,523 (290 ) 6,019 (292 ) 28,542 (582 ) Corporate debt securities 10,194 (78 ) — — 10,194 (78 ) Total temporarily impaired securities $ 42,883 $ (528 ) $ 9,389 $ (450 ) $ 52,272 $ (978 ) Less than 12 Months 12 Months or Longer Total As of December 31, 2017 (in thousands) Estimated Fair Value Unrealized Losses Estimated Fair Unrealized Losses Estimated Fair Unrealized Losses Government obligations $ 1,042 $ (1 ) $ — $ — $ 1,042 $ (1 ) General obligations of U.S. states, territories and political subdivisions 4,560 (27 ) 3,535 (23 ) 8,095 (50 ) Special revenue issuer obligations of U.S. states, territories and political subdivisions 13,551 (61 ) 4,023 (104 ) 17,574 (165 ) Corporate debt securities 3,744 (7 ) — — 3,744 (7 ) Total temporarily impaired securities $ 22,897 $ (96 ) $ 7,558 $ (127 ) $ 30,455 $ (223 ) |
Schedule Of Gross Realized Gains And Losses On Securities | Gross realized gains and losses on sales of investments for the nine-month periods ended September 30 are summarized as follows: (in thousands) 2018 2017 Gross realized gains from securities: Special revenue issuer obligations of U.S. states, territories and political subdivisions $ — $ — Corporate debt securities — — Common stocks 688 1,232 Total $ 688 $ 1,232 Gross realized losses from securities: General obligations of U.S. states, territories and political subdivisions $ — $ — Special revenue issuer obligations of U.S. states, territories and political subdivisions — — Common stocks (63 ) (255 ) Other-than-temporary impairment of securities — — Total $ (63 ) $ (255 ) Net realized gains from securities $ 625 $ 977 Net realized gains on other investments: Gains on other investments $ 4 $ 13 Total $ 4 $ 13 Net realized investment gains $ 629 $ 990 |
Schedule of Variable Interest Entities | The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of September 30, 2018 : Type of Investment (in thousands) Balance Sheet Classification Carrying Value Estimated Fair Value Maximum Potential Loss (a) Tax credit LPs Other investments $ 629 $ 629 $ 1,325 Real estate LLCs or LPs Other investments 4,854 5,563 7,950 Small business investment LPs Other investments 4,320 4,267 9,400 Total $ 9,803 $ 10,459 $ 18,675 (a) Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment. |
Schedule Of Fair Value Assets Measured On Recurring Basis | The following table presents, by level, fixed maturities carried at estimated fair value measured as of September 30, 2018 and December 31, 2017 : As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: Obligations of U.S. states, territories and political subdivisions* $ — $ 79,080 $ — $ 79,080 Corporate debt securities* — 12,747 — 12,747 Total $ — $ 91,827 $ — $ 91,827 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Fixed maturities: Obligations of U.S. states, territories and political subdivisions* $ — $ 90,331 $ — $ 90,331 Corporate debt securities* — 13,010 — 13,010 Total $ — $ 103,341 $ — $ 103,341 |
Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed | The estimated fair values of equity investments and other financial instruments as of September 30, 2018 and December 31, 2017 are presented in the following table: As of September 30, 2018 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash $ 36,862 $ — $ — $ 36,862 Accrued interest and dividends 1,242 — — 1,242 Equity securities, at fair value: Common stocks 51,372 — — 51,372 Short-term investments: Commercial paper and money market funds 27,693 — — 27,693 Other investments: Equity investments in unconsolidated affiliates, equity method — — 6,129 6,129 Equity investments in unconsolidated affiliates, measurement alternative — — 5,868 5,868 Total $ 117,169 $ — $ 11,997 $ 129,166 As of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Financial assets: Cash $ 20,214 $ — $ — $ 20,214 Accrued interest and dividends 1,100 — — 1,100 Equity securities, at fair value: Common stocks 47,367 — — 47,367 Short-term investments: Commercial paper, money market funds and certificates of deposit 23,780 — — 23,780 Other investments: Equity investments in unconsolidated affiliates, equity method — — 6,593 6,593 Equity investments in unconsolidated affiliates, measurement alternative — — 5,439 5,439 Total $ 92,461 $ — $ 12,032 $ 104,493 |
Schedule of Cost Method Investments | The following table presents a rollforward of equity investments under the measurement alternative as of September 30, 2018 and December 31, 2017 : (in thousands) Balance, January 1, 2018 Amounts Impaired Observable Changes Purchases and Additional Commitments Paid Sales, Returns of Capital and Other Reductions Balance, September 30, 2018 Other investments: Equity investments in unconsolidated affiliates, measurement alternative $ 5,439 $ — $ — $ 672 $ (243 ) $ 5,868 Total $ 5,439 $ — $ — $ 672 $ (243 ) $ 5,868 (in thousands) Balance, January 1, 2017 Amounts Impaired Observable Changes Purchases and Additional Commitments Paid Sales, Returns of Capital and Other Reductions Balance, December 31, 2017 Other investments: Equity investments in unconsolidated affiliates, measurement alternative $ 4,744 $ — $ — $ 1,082 $ (387 ) $ 5,439 Total $ 4,744 $ — $ — $ 1,082 $ (387 ) $ 5,439 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets | The following table sets forth the approximate values by year found within each financial statement classification: Financial Statement Classification, Consolidated Balance Sheets (in thousands) As of September 30, 2018 As of December 31, 2017 Other investments $ 6,129 $ 6,594 Premiums and fees receivable $ 233 $ 720 |
Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income | Financial Statement Classification, Consolidated Statements of Income (in thousands) For the Three Months Ended For the Nine Months Ended 2018 2017 2018 2017 Net premiums written $ 4,148 $ 3,784 $ 10,967 $ 11,259 Non-title services and other investment income $ 724 $ 642 $ 1,859 $ 1,689 Commissions to agents $ 2,662 $ 2,501 $ 7,192 $ 7,457 |
Business Combinations, Intang_2
Business Combinations, Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Identifiable intangible assets consist of the following as of September 30, 2018 and December 31, 2017 : (in thousands) 2018 2017 Referral relationships $ 6,416 $ 6,416 Non-compete agreements 1,406 1,406 Tradename 560 560 Total 8,382 8,382 Accumulated amortization (1,826 ) (1,375 ) Identifiable intangible assets, net $ 6,556 $ 7,007 |
Schedule Of Aggregate Amortization Expense for Intangible Assets | The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years: Year Ended (in thousands) 2018 $ 126 2019 569 2020 569 2021 562 2022 525 Thereafter 4,205 Total $ 6,556 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Changes In Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax | The following tables provide changes in the balances of each component of accumulated other comprehensive income, net of tax, for the periods ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 (in thousands) Unrealized Gains and Losses Postretirement Total Beginning balance at July 1 $ 875 $ (69 ) $ 806 Other comprehensive loss before reclassifications (487 ) — (487 ) Amounts reclassified from accumulated other comprehensive income — — — Net current-period other comprehensive loss (487 ) — (487 ) Ending balance $ 388 $ (69 ) $ 319 Three Months Ended September 30, 2017 (in thousands) Unrealized Gains and Losses Postretirement Total Beginning balance at July 1 $ 13,775 $ (107 ) $ 13,668 Other comprehensive gain before reclassifications 1,236 — 1,236 Amounts reclassified from accumulated other comprehensive income (530 ) 1 (529 ) Net current-period other comprehensive income 706 1 707 Ending balance $ 14,481 $ (106 ) $ 14,375 Nine Months Ended September 30, 2018 (in thousands) Unrealized Gains and Losses Postretirement Total Beginning balance at January 1 $ 16,003 $ (58 ) $ 15,945 Cumulative effect adjustment for adoption of new accounting standards (13,616 ) (11 ) (13,627 ) Other comprehensive loss before reclassifications (1,999 ) — (1,999 ) Amounts reclassified from accumulated other comprehensive income — — — Net current-period other comprehensive loss (1,999 ) — (1,999 ) Ending balance $ 388 $ (69 ) $ 319 Nine Months Ended September 30, 2017 (in thousands) Unrealized Gains and Losses On Available-for-Sale Securities Postretirement Benefits Plans Total Beginning balance at January 1 $ 11,871 $ (110 ) $ 11,761 Other comprehensive income before reclassifications 3,253 — 3,253 Amounts reclassified from accumulated other comprehensive income (643 ) 4 (639 ) Net current-period other comprehensive income 2,610 4 2,614 Ending balance $ 14,481 $ (106 ) $ 14,375 |
Schedule Of Reclassification Out Of Accumulated Other Comprehensive Income | The following tables provide amounts reclassified out of each component of accumulated other comprehensive income for the periods ended September 30, 2018 and 2017 : Three Months Ended September 30, 2018 (in thousands) Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ — Other-than-temporary impairments — Total $ — Net realized investment gains Tax — Provision for Income Taxes Net of Tax $ — Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss — Total $ — (a) Tax — Provision for Income Taxes Net of Tax $ — Reclassifications for the period $ — Three Months Ended September 30, 2017 (in thousands) Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ 804 Other-than-temporary impairments — Total $ 804 Net realized investment gains Tax (274 ) Provision for Income Taxes Net of Tax $ 530 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (2 ) Total $ (2 ) (a) Tax 1 Provision for Income Taxes Net of Tax $ (1 ) Reclassifications for the period $ 529 Nine Months Ended September 30, 2018 (in thousands) Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ — Other-than-temporary impairments — Total $ — Net realized investment gains Tax — Provision for Income Taxes Net of Tax $ — Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss — Total $ — (a) Tax — Provision for Income Taxes Net of Tax $ — Reclassifications for the period $ — Nine Months Ended September 30, 2017 (in thousands) Details about Accumulated Other Amount Reclassified from Affected Line Item in the Consolidated Unrealized gains and losses on available-for-sale securities: Net realized investment gains $ 977 Other-than-temporary impairments — Total $ 977 Net realized investment gains Tax (334 ) Provision for Income Taxes Net of Tax $ 643 Amortization related to postretirement benefit plans: Prior year service cost $ — Unrecognized loss (6 ) Total $ (6 ) (a) Tax 2 Provision for Income Taxes Net of Tax $ (4 ) Reclassifications for the period $ 639 (a) These accumulated other comprehensive income components are not reclassified to net income in their entirety in the same reporting period. The amounts are presented within personnel costs on the Consolidated Statements of Income as amortized. Amortization and accretion related to postretirement benefit plans is included in the computation of net periodic pension costs, as discussed in Note 5. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | (in thousands) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Revenue from contracts with customers: Escrow and other title-related fees $ 1,812 $ 5,465 Non-title services 1,795 5,083 Total revenue from contracts with customers 3,607 10,548 Other sources of revenue: Net premiums written 39,422 104,123 Investment related revenue 5,075 8,915 Other 157 387 Total Revenues $ 48,261 $ 123,973 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Cumulative effect adjustment for adoption of new accounting standards | $ 0 | $ 0 | $ 0 | |||
Net unrealized gain on equity investments | 2,920 | $ 0 | 2,626 | $ 0 | ||
Future minimum lease payments | 3,600 | |||||
Retained Earnings | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Cumulative effect adjustment for adoption of new accounting standards | $ 0 | $ 0 | $ 13,627 | |||
Retained Earnings | Accounting Standards Update 2018-02 | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Cumulative effect adjustment for adoption of new accounting standards | $ 3,100 | |||||
Retained Earnings | Accounting Standards Update 2016-01 | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Cumulative effect adjustment for adoption of new accounting standards | $ 16,800 |
Reserves For Claims Summary Of
Reserves For Claims Summary Of Transactions In Reserves For Claims (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Liability for Title Claims and Claims Adjustment Expense | $ 32,375 | $ 34,801 | $ 35,305 |
Provision, charged to operations | 155 | 3,311 | |
Payments of claims, net of recoveries | $ (2,581) | $ (3,815) |
Reserves For Claims Summary O_2
Reserves For Claims Summary Of The Company's Loss Reserves (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] | |||
Known title claims | $ 3,157 | $ 4,646 | |
IBNR | 29,218 | 30,155 | |
Total reserve for claims | $ 32,375 | $ 34,801 | $ 35,305 |
% of known title reserves | 9.80% | 13.40% | |
% of IBNR | 90.20% | 86.60% | |
% of total loss reserves | 100.00% | 100.00% |
Earnings Per Common Share And_3
Earnings Per Common Share And Share Awards (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Earnings Per Common Share And Share Awards [Line Items] | |||||
Anti-dilutive shares excluded from computation of diluted earnings per share | 9,000 | 4,000 | 4,000 | 4,000 | |
SARs expiration period | 7 years | ||||
SARs vesting period | 1 year | ||||
Number of SARs granted where exercise price was less than market price on date of grant | 0 | 0 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 177,000 | $ 177,000 | |||
Maximum | |||||
Earnings Per Common Share And Share Awards [Line Items] | |||||
Maximum shares of Company stock to be granted to key employees or directors | 250,000 | ||||
StockAppreciationRightsShareSettledSARS [Member] | |||||
Earnings Per Common Share And Share Awards [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 4,000 | 4,000 | 4,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 78.61 | $ 55.40 |
Computation Of Basic And Dilute
Computation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to the Company | $ 10,634 | $ 5,927 | $ 21,757 | $ 16,078 |
Weighted average common shares outstanding - Basic | 1,887 | 1,887 | 1,886 | 1,886 |
Incremental shares outstanding assuming the exercise of dilutive stock options and SARs (share settled) | 10 | 9 | 10 | 10 |
Weighted average common shares outstanding - Diluted | 1,897 | 1,896 | 1,896 | 1,896 |
Basic Earnings per Common Share | $ 5.64 | $ 3.14 | $ 11.53 | $ 8.52 |
Diluted Earnings per Common Share | $ 5.61 | $ 3.13 | $ 11.47 | $ 8.48 |
Earnings Per Common Share And_4
Earnings Per Common Share And Share Awards Summary Of Share-Based Award Transactions (Details) - SARs - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number Of Shares, Outstanding Beginning Balance | 25,000 | 25,000 | 25,000 | |
Number Of Shares, SARs granted | 4,000 | 4,000 | 4,000 | |
Number Of Shares, SARS exercised | (1,000) | (4,000) | ||
Number Of Shares, Outstanding Ending Balance | 28,000 | 25,000 | 25,000 | |
Number Of Shares, Exercisable as of September 30, 2018 | 26,000 | |||
Number Of Shares, Unvested as of September 30, 2018 | 2,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 93.40 | $ 65.85 | $ 65.85 | |
Weighted Average Exercise Price, SARs granted | 188.71 | 192.71 | ||
Weighted Average Exercise Price, SARS exercised | 41.50 | 36.38 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | 110.27 | $ 93.40 | $ 65.85 | |
Weighted Average Exercise Price, Exercisable as of September 30, 2018 | $ 103.55 | |||
Average Remaining Contractual Term, Outstanding Beginning Balance | 3 years 10 months 24 days | 3 years 11 months 23 days | 3 years 10 months 6 days | |
Average Remaining Contractual Term, Outstanding Ending Balance | 3 years 10 months 24 days | 3 years 11 months 23 days | 3 years 10 months 6 days | |
Average Remaining Contractual Term, Exercisable as of September 30, 2018 | 3 years 7 months 27 days | |||
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 2,624 | $ 837 | $ 837 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | 1,848 | $ 2,624 | $ 837 | |
Aggregate Intrinsic Value, Exercisable as of September 30, 2018 | $ 1,848 | |||
Share Based Compensation Arrangement By Share Based Payment Award, Unvested, Weighted Average Exercise Price | $ 188.71 | |||
Average Remaining Contractual Term, Unvested as of September 30, 2018 | 6 years 7 months 17 days | |||
Aggregate Intrinsic Value, Unvested as of September 30, 2018 | $ 0 |
Earnings Per Common Share And_5
Earnings Per Common Share And Share Awards Earnings Per Common Share And Share Awards Share-Based Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 39.00% | 26.20% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 3.10% | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.80% | 0.80% |
Segment Information Selected Fi
Segment Information Selected Financial Information By Segment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Insurance And Other Services Revenue | $ 43,186 | $ 40,634 | $ 115,058 | $ 115,160 | |
Investment income | 4,887 | 1,697 | 8,286 | 4,903 | |
Net realized gain (loss) on investments | 188 | 804 | 629 | 990 | |
Total Revenues | 48,261 | 43,135 | 123,973 | 121,053 | |
Operating expenses | 35,701 | 34,218 | 97,374 | 97,339 | |
Income (loss) before income taxes | 12,560 | 8,917 | 26,599 | 23,714 | |
Total assets | 266,576 | 253,198 | 266,576 | 253,198 | $ 248,913 |
Title Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 42,891 | 40,658 | 113,992 | 114,344 | |
Investment income | 4,247 | 1,503 | 6,986 | 4,380 | |
Net realized gain (loss) on investments | 141 | 749 | 548 | 893 | |
Total Revenues | 47,279 | 42,910 | 121,526 | 119,617 | |
Operating expenses | 35,359 | 34,125 | 95,575 | 95,802 | |
Income (loss) before income taxes | 11,920 | 8,785 | 25,951 | 23,815 | |
Total assets | 212,181 | 201,138 | 212,181 | 201,138 | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | 2,120 | 1,928 | 6,006 | 5,379 | |
Investment income | 640 | 194 | 1,300 | 523 | |
Net realized gain (loss) on investments | 47 | 55 | 81 | 97 | |
Total Revenues | 2,807 | 2,177 | 7,387 | 5,999 | |
Operating expenses | 2,033 | 1,911 | 6,337 | 5,771 | |
Income (loss) before income taxes | 774 | 266 | 1,050 | 228 | |
Total assets | 54,395 | 52,060 | 54,395 | 52,060 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Insurance And Other Services Revenue | (1,825) | (1,952) | (4,940) | (4,563) | |
Investment income | 0 | 0 | 0 | 0 | |
Net realized gain (loss) on investments | 0 | 0 | 0 | 0 | |
Total Revenues | (1,825) | (1,952) | (4,940) | (4,563) | |
Operating expenses | (1,691) | (1,818) | (4,538) | (4,234) | |
Income (loss) before income taxes | (134) | (134) | (402) | (329) | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
Retirement Agreements And Oth_3
Retirement Agreements And Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost - benefits earned during the year | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest cost on the projected benefit obligation | 8 | 9 | 24 | 28 | |
Amortization of unrecognized losses | 0 | 2 | 0 | 6 | |
Net periodic benefits costs | 8 | $ 11 | 24 | $ 34 | |
Employee benefits and other payments | $ 10,900 | $ 10,900 | $ 9,500 |
Investments In Securities (Deta
Investments In Securities (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)security | Dec. 31, 2017USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of securities with unrealized losses | security | 63 | 32 |
Impairment amount for cost-method investments | $ | $ 0 | $ 0 |
Investments In Securities (Sche
Investments In Securities (Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities) (Details) $ in Thousands | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt and Equity Securities, FV-NI [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | $ 91,336 | $ 100,314 |
Government obligations | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 1,028 | 1,043 |
Available-for-sale, at fair value, Gross Unrealized Gains | 0 | 0 |
Available-for-sale, at fair value, Gross Unrealized Losses | 14 | 1 |
Available-for-sale, at fair value, Estimated Fair Value | 1,014 | 1,042 |
General Obligations Of U.S. States, Territories And Political Subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 20,952 | 24,189 |
Available-for-sale, at fair value, Gross Unrealized Gains | 170 | 505 |
Available-for-sale, at fair value, Gross Unrealized Losses | 304 | 50 |
Available-for-sale, at fair value, Estimated Fair Value | 20,818 | 24,644 |
Special Revenue Obligations Of U.S. States, Territories And Political Subdivisions | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 56,860 | 62,592 |
Available-for-sale, at fair value, Gross Unrealized Gains | 970 | 2,218 |
Available-for-sale, at fair value, Gross Unrealized Losses | 582 | 165 |
Available-for-sale, at fair value, Estimated Fair Value | $ 57,248 | $ 64,645 |
Number of Special Revenue Bonds | 60 | 60 |
Corporate Debt Securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | $ 12,496 | $ 12,490 |
Available-for-sale, at fair value, Gross Unrealized Gains | 329 | 527 |
Available-for-sale, at fair value, Gross Unrealized Losses | 78 | 7 |
Available-for-sale, at fair value, Estimated Fair Value | 12,747 | 13,010 |
Total Fixed Maturities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Fixed maturities, available-for-sale, amortized cost | 91,336 | 100,314 |
Available-for-sale, at fair value, Gross Unrealized Gains | 1,469 | 3,250 |
Available-for-sale, at fair value, Gross Unrealized Losses | 978 | 223 |
Available-for-sale, at fair value, Estimated Fair Value | $ 91,827 | $ 103,341 |
Investments In Securities (Sc_2
Investments In Securities (Schedule Of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 10,708 | |
Due after one year through five years, Amortized Cost | 35,318 | |
Due five years through ten years, Amortized Cost | 41,648 | |
Due after ten years, Amortized Cost | 3,662 | |
Total, Amortized Cost | 91,336 | |
Due in one year or less, Fair Value | 10,677 | |
Due after one year through five years, Fair Value | 35,920 | |
Due five years through ten years, Fair Value | 41,217 | |
Due after ten years, Fair Value | 4,013 | |
Total, Fair Value | $ 91,827 | $ 103,341 |
Investments In Securities (Sc_3
Investments In Securities (Schedule Of Unrealized Losses On Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | $ 1,014 | $ 1,042 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (14) | (1) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total temporarily impaired securities, Total Fair Value | 1,014 | 1,042 |
Total temporarily impaired securities, Unrealized Losses | (14) | (1) |
General Obligations Us States And Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 9,152 | 4,560 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (146) | (27) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 3,370 | 3,535 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (158) | (23) |
Total temporarily impaired securities, Total Fair Value | 12,522 | 8,095 |
Total temporarily impaired securities, Unrealized Losses | (304) | (50) |
Issuer Obligations Us States And Political Subdivisions Debt Securities Special Revenues [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 22,523 | 13,551 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (290) | (61) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 6,019 | 4,023 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (292) | (104) |
Total temporarily impaired securities, Total Fair Value | 28,542 | 17,574 |
Total temporarily impaired securities, Unrealized Losses | (582) | (165) |
Corporate Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 10,194 | 3,744 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (78) | (7) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Total temporarily impaired securities, Total Fair Value | 10,194 | 3,744 |
Total temporarily impaired securities, Unrealized Losses | (78) | (7) |
Total Fixed Maturity Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total temporarily impaired securities, Less than 12 Months, Fair Value | 42,883 | 22,897 |
Total temporarily impaired securities, Less than 12 Months, Unrealized Losses | (528) | (96) |
Total temporarily impaired securities, 12 Months or Longer, Fair Value | 9,389 | 7,558 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (450) | (127) |
Total temporarily impaired securities, Total Fair Value | 52,272 | 30,455 |
Total temporarily impaired securities, Unrealized Losses | $ (978) | $ (223) |
Investments In Securities (Sc_4
Investments In Securities (Schedule of Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, Cost | $ 26,003 | $ 27,382 |
Gross Unrealized Gains | 21,376 | |
Gross Unrealized Losses | 12 | |
Equity Securities, Estimated Fair Value | 47,367 | 51,372 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, Cost | 26,003 | 27,382 |
Gross Unrealized Gains | 21,376 | |
Gross Unrealized Losses | 12 | |
Equity Securities, Estimated Fair Value | $ 47,367 | $ 51,372 |
Investments In Securities (Sc_5
Investments In Securities (Schedule Of Gross Realized Gains And Losses On Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Total, Gross realized gains | $ 688 | $ 1,232 | ||
Total, Gross realized losses | (63) | (255) | ||
Net realized gains from securities | 625 | 977 | ||
Gain on other investments | 4 | 13 | ||
Total | 4 | 13 | ||
Net realized investment gains | $ 188 | $ 804 | 629 | 990 |
Issuer Obligations Of U S States Territories And Political Subdivisions Special Revenue [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total, Gross realized gains | 0 | 0 | ||
Total, Gross realized losses | 0 | 0 | ||
Corporate Debt Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total, Gross realized gains | 0 | 0 | ||
Common Stocks And Nonredeemable Preferred Stocks | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Equity Securities, Realized Gain | 688 | 1,232 | ||
Equity Securities, Realized Loss | (63) | (255) | ||
General Obligations Of U.S. States, Territories And Political Subdivisions | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total, Gross realized losses | 0 | 0 | ||
Impairments of Debt And Equity Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Total, Gross realized losses | $ 0 | $ 0 |
Investments In Securities Inves
Investments In Securities Investments In Securities (Schedule of Variable Interest Entities) (Details) - Other investments $ in Thousands | Sep. 30, 2018USD ($) |
Variable Interest Entity [Line Items] | |
Carrying Value | $ 9,803 |
Estimated Fair Value | 10,459 |
Maximum Potential Loss | 18,675 |
Tax credit LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 629 |
Estimated Fair Value | 629 |
Maximum Potential Loss | 1,325 |
Real estate LLCs or LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 4,854 |
Estimated Fair Value | 5,563 |
Maximum Potential Loss | 7,950 |
Small business investment LPs | |
Variable Interest Entity [Line Items] | |
Carrying Value | 4,320 |
Estimated Fair Value | 4,267 |
Maximum Potential Loss | $ 9,400 |
Investments In Securities Inv_2
Investments In Securities Investments In Securities (Schedule Of Fair Value Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 91,827 | $ 103,341 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 91,827 | 103,341 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
General Obligations Of U.S. States, Territories And Political Subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 79,080 | 90,331 |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 79,080 | 90,331 |
General Obligations Of U.S. States, Territories And Political Subdivisions | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 12,747 | 13,010 |
Corporate Debt Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 12,747 | 13,010 |
Corporate Debt Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 0 | $ 0 |
Investments In Securities Inv_3
Investments In Securities Investments in Securities (Schedule of Carrying Value and Fair Value of Financial Assets Disclosed) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash | $ 36,862 | $ 20,214 | |
Accrued interest and dividends | 1,242 | 1,100 | |
Equity Securities, Estimated Fair Value | 51,372 | 47,367 | |
Commercial paper, money market funds and certificates of deposit | 27,693 | 23,780 | |
Equity investments in unconsolidated affiliates, equity method | 6,129 | 6,593 | |
Equity investments in unconsolidated affiliates, measurement alternative | 5,868 | 5,439 | $ 4,744 |
Assets, Fair Value Disclosure | 129,166 | 104,493 | |
Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash | 36,862 | 20,214 | |
Accrued interest and dividends | 1,242 | 1,100 | |
Equity Securities, Estimated Fair Value | 51,372 | 47,367 | |
Commercial paper, money market funds and certificates of deposit | 27,693 | 23,780 | |
Equity investments in unconsolidated affiliates, equity method | 0 | 0 | |
Equity investments in unconsolidated affiliates, measurement alternative | 0 | 0 | |
Assets, Fair Value Disclosure | 117,169 | 92,461 | |
Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash | 0 | 0 | |
Accrued interest and dividends | 0 | 0 | |
Equity Securities, Estimated Fair Value | 0 | 0 | |
Commercial paper, money market funds and certificates of deposit | 0 | 0 | |
Equity investments in unconsolidated affiliates, equity method | 0 | 0 | |
Equity investments in unconsolidated affiliates, measurement alternative | 0 | 0 | |
Assets, Fair Value Disclosure | 0 | 0 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash | 0 | 0 | |
Accrued interest and dividends | 0 | 0 | |
Equity Securities, Estimated Fair Value | 0 | 0 | |
Commercial paper, money market funds and certificates of deposit | 0 | 0 | |
Equity investments in unconsolidated affiliates, equity method | 6,129 | 6,593 | |
Equity investments in unconsolidated affiliates, measurement alternative | 5,868 | 5,439 | |
Assets, Fair Value Disclosure | $ 11,997 | $ 12,032 |
Investments In Securities (Sc_6
Investments In Securities (Schedule of Other Investments) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Other Equity Investments | ||
Beginning of period | $ 5,439 | $ 4,744 |
Amounts Impaired | 0 | 0 |
Observable Changes | 0 | 0 |
Purchases and Additional Commitments Paid | 672 | 1,082 |
Sales, Returns of Capital and Other Reductions | (243) | (387) |
End of period | $ 5,868 | $ 5,439 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Like-kind exchange deposits and reverse exchange property | $ 185.9 | $ 185 |
Related Party Transactions Summ
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Other investments | $ 11,997 | $ 12,032 |
Premiums and fees receivable | 12,588 | 10,031 |
Title Insurance Agencies | ||
Related Party Transaction [Line Items] | ||
Other investments | 6,129 | 6,594 |
Premiums and fees receivable | $ 233 | $ 720 |
Related Party Transactions Su_2
Related Party Transactions Summary Of Approximate Values By Year Found Within Consolidated Statements Of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Net premiums written | $ 39,422 | $ 37,428 | $ 104,123 | $ 104,838 |
Other | 157 | 116 | 387 | 397 |
Commissions to agents | 18,490 | 17,641 | 48,942 | 50,570 |
Title Insurance Agencies | ||||
Related Party Transaction [Line Items] | ||||
Net premiums written | 4,148 | 3,784 | 10,967 | 11,259 |
Other | 724 | 642 | 1,859 | 1,689 |
Commissions to agents | $ 2,662 | $ 2,501 | $ 7,192 | $ 7,457 |
Business Combinations, Intang_3
Business Combinations, Intangible Assets and Goodwill (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 154,000 |
Goodwill | 4,400,000 | |
Title Plants | 690,000 | |
Goodwill, Impairment Loss | $ 0 | $ 29,000 |
Business Combinations, Intang_4
Business Combinations, Intangible Assets and Goodwill Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Finite-Lived Intangible Assets [Abstract] | ||
Referral Relationships | $ 6,416 | $ 6,416 |
Non-compete Agreements | 1,406 | 1,406 |
Tradename | 560 | 560 |
Identifiable Intangible Assets, Gross | 8,382 | 8,382 |
Accumulated Amortization | (1,826) | (1,375) |
Identifiable Intangible Assets, Net | $ 6,556 | $ 7,007 |
Business Combinations, Intang_5
Business Combinations, Intangible Assets and Goodwill, Schedule of Aggregate Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Business Combinations [Abstract] | ||
2,018 | $ 126 | |
2,019 | 569 | |
2,020 | 569 | |
2,021 | 562 | |
2,022 | 525 | |
Thereafter | 4,205 | |
Identifiable Intangible Assets, Net | $ 6,556 | $ 7,007 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Balances Of Each Component Of Accumulated Other Comprehensive Income, Net Of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | $ 15,945 | ||||
Cumulative effect adjustment for adoption of new accounting standards | $ 0 | 0 | $ 0 | ||
Other comprehensive income before reclassifications | (487) | $ 1,236 | (1,999) | $ 3,253 | |
Amounts reclassified from accumulated other comprehensive income | 0 | (529) | 0 | (639) | |
Other comprehensive (loss) income | (487) | 707 | (1,999) | 2,614 | |
Ending balance | 319 | 319 | |||
Unrealized Gains and Losses On Available-for-Sale Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 875 | 13,775 | 16,003 | 11,871 | |
Cumulative effect adjustment for adoption of new accounting standards | (13,616) | ||||
Other comprehensive income before reclassifications | (487) | 1,236 | (1,999) | 3,253 | |
Amounts reclassified from accumulated other comprehensive income | 0 | (530) | 0 | (643) | |
Other comprehensive (loss) income | (487) | 706 | (1,999) | 2,610 | |
Ending balance | 388 | 14,481 | 388 | 14,481 | |
Postretirement Benefits Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | (69) | (107) | (58) | (110) | |
Cumulative effect adjustment for adoption of new accounting standards | (11) | ||||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 1 | 0 | 4 | |
Other comprehensive (loss) income | 0 | 1 | 0 | 4 | |
Ending balance | (69) | (106) | (69) | (106) | |
Accumulated Other Comprehensive Income | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Beginning balance | 806 | 13,668 | 15,945 | 11,761 | |
Cumulative effect adjustment for adoption of new accounting standards | 0 | 0 | $ (13,627) | ||
Ending balance | $ 319 | $ 14,375 | $ 319 | $ 14,375 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income Reclassification Out Of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized gain on investment | $ 188 | $ 804 | $ 629 | $ 990 |
Unrecognized loss | 0 | (2) | 0 | (6) |
Income before Income Taxes | 12,560 | 8,917 | 26,599 | 23,714 |
Other Comprehensive Income (Loss), Tax | (131) | 370 | (537) | 1,356 |
Tax | (1,927) | (2,990) | (4,873) | (7,647) |
Net Income | 10,633 | 5,927 | 21,726 | 16,067 |
Reclassification Out Of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net Income | 0 | 529 | 0 | 639 |
Reclassification Out Of Accumulated Other Comprehensive Income | Unrealized Gains and Losses On Available-for-Sale Securities | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized gain on investment | 0 | 804 | 0 | 977 |
Other-than-temporary impairments | 0 | 0 | 0 | 0 |
Income before Income Taxes | 0 | 804 | 0 | 977 |
Tax | 0 | (274) | 0 | (334) |
Net Income | 0 | 530 | 0 | 643 |
Reclassification Out Of Accumulated Other Comprehensive Income | Postretirement Benefits Plans | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior year service cost | 0 | 0 | 0 | 0 |
Unrecognized loss | 0 | (2) | 0 | (6) |
Income before Income Taxes | 0 | (2) | 0 | (6) |
Tax | 0 | 1 | 0 | 2 |
Net Income | $ 0 | $ (1) | $ 0 | $ (4) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 3,607 | $ 10,548 | ||
Total Revenues | 48,261 | $ 43,135 | 123,973 | $ 121,053 |
Escrow and other title-related fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,812 | 5,465 | ||
Non-title services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,795 | 5,083 | ||
Net premiums written | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 39,422 | 104,123 | ||
Investment related revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | 5,075 | 8,915 | ||
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Other sources of revenue | $ 157 | $ 387 |