Stewart Information Services (STC) 10-Q 4 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-02658
Entity Registrant Name	STEWART INFORMATION SERVICES CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-1677330
Entity Address, Address Line One	1360 Post Oak Blvd.,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	625-8100
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	STC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,682,911
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Investment income	$ 5,218	$ 4,724
Net realized and unrealized (losses) gains	(11,091)	3,403
Revenues	439,901	398,519
Expenses
Amounts retained by agencies	199,366	176,494
Employee costs	135,652	129,256
Other operating expenses	71,858	77,155
Title losses and related claims	18,632	15,686
Depreciation and amortization	4,231	5,990
Interest	892	1,164
Total expenses	430,631	405,745
Income (loss) before taxes and noncontrolling interests	9,270	(7,226)
Income tax (expense) benefit	(1,896)	2,442
Net income (loss)	7,374	(4,784)
Less net income attributable to noncontrolling interests	2,197	1,982
Net income (loss) attributable to Stewart	5,177	(6,766)
Net income (loss)	7,374	(4,784)
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(11,442)	4,588
Change in net unrealized gains and losses on investments	(2,580)	9,011
Reclassification adjustment for realized gains and losses on investments	(80)	162
Other comprehensive (loss) income, net of taxes:	(14,102)	13,761
Comprehensive (loss) income	(6,728)	8,977
Less net income attributable to noncontrolling interests	2,197	1,982
Comprehensive (loss) income attributable to Stewart	$ (8,925)	$ 6,995
Basic average shares outstanding (in shares)	23,638	23,595
Basic earnings per share attributable to Stewart (in usd per share)	$ 0.22	$ (0.29)
Diluted average shares outstanding (in shares)	23,749	23,595
Diluted earnings per share attributable to Stewart (in usd per share)	$ 0.22	$ (0.29)
Title - Direct operations
Revenues
Revenues	$ 198,283	$ 161,247
Title - Agency operations
Revenues
Revenues	242,030	214,863
Ancillary services
Revenues
Revenues	5,461	14,282
Operating revenues
Revenues
Revenues	$ 445,774	$ 390,392

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 293,599	$ 330,609
Short-term investments	19,233	23,527
Investments in debt and equity securities, at fair value	612,403	645,039
Receivables:
Premiums from agencies	24,591	26,405
Trade and other	34,515	45,962
Income taxes	3,131	1,641
Notes	2,425	2,464
Allowance for uncollectible amounts	(4,567)	(4,469)
Total receivables	60,095	72,003
Property and equipment:
Land	3,009	3,009
Buildings	22,193	20,519
Furniture and equipment	168,391	178,416
Accumulated depreciation	(142,301)	(151,483)
Total property and equipment, at cost	51,292	50,461
Operating lease assets	94,922	99,028
Title plants, at cost	72,627	72,627
Investments on equity method basis	5,579	6,169
Goodwill	249,946	248,890
Intangible assets, net of amortization	4,495	4,623
Deferred tax assets	4,407	4,407
Other assets	39,268	35,402
Total assets	1,507,866	1,592,785
Liabilities
Notes payable	102,613	110,632
Accounts payable and accrued liabilities	84,974	126,779
Operating lease liabilities	108,333	113,843
Estimated title losses	447,582	459,053
Deferred tax liabilities	27,289	28,719
Total liabilities	770,791	839,026
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	188,773	188,279
Retained earnings	562,445	564,392
Accumulated other comprehensive income (loss):
Net unrealized gains on debt securities investments	7,668	10,328
Foreign currency translation adjustments	(24,469)	(13,027)
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	731,751	747,306
Noncontrolling interests	5,324	6,453
Total stockholders’ equity (23,679,888 and 23,709,407 shares outstanding)	737,075	753,759
Total liabilities and stockholders' equity	$ 1,507,866	$ 1,592,785

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 1	$ 1
Treasury stock, common shares (in shares)	352,161	352,161
Common stock, shares outstanding (in shares)	23,679,888	23,709,407

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of net income (loss) to cash used by operating activities:
Net income (loss)	$ 7,374	$ (4,784)
Add (deduct):
Depreciation and amortization	4,231	5,990
Provision for bad debt	154	446
Net realized and unrealized losses (gains)	11,091	(3,403)
Amortization of net premium on debt securities investments	1,144	1,353
Payments for title losses in excess of provisions	(2,809)	(7,781)
Adjustment for insurance recoveries of title losses	173	380
Decrease (increase) in receivables – net	11,542	(5,686)
Increase in other assets – net	(3,813)	(815)
Decrease in accounts payable and other liabilities – net	(43,165)	(26,212)
Change in net deferred income taxes	1,495	(252)
Net income from equity investees	(645)	(374)
Dividends received from equity investees	1,235	353
Stock-based compensation expense	887	804
Other – net	(254)	98
Cash used by operating activities	(11,360)	(39,883)
Investing activities:
Proceeds from sales of investments in securities	11,796	6,958
Proceeds from matured investments in debt securities	18,814	20,094
Purchases of investments in securities	(30,703)	(561)
Net sales (purchases) of short-term investments	2,982	(456)
Purchases of property and equipment, and real estate – net	(4,781)	(2,735)
Cash paid for acquisition of businesses	(1,449)	0
Other – net	38	1,287
Cash (used) provided by investing activities	(3,303)	24,587
Financing activities:
Payments on notes payable	(8,223)	(7,446)
Proceeds from notes payable	204	4,454
Distributions to noncontrolling interests	(3,326)	(3,177)
Repurchases of common stock	(393)	(379)
Cash dividends paid	(7,099)	(7,083)
Cash used by financing activities	(18,837)	(13,631)
Effects of changes in foreign currency exchange rates	(3,510)	1,367
Decrease in cash and cash equivalents	(37,010)	(27,560)
Cash and cash equivalents at end of period	330,609	192,067
Cash and cash equivalents at end of period	$ 293,599	$ 164,507

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock	Noncontrolling interests
Balances at beginning of period at Dec. 31, 2018	$ 679,837	$ 24,072	$ 162,642	$ 514,248	$ (24,771)	$ (2,666)	$ 6,312
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	(6,766)			(6,766)
Dividends on Common Stock ($0.30 per share)	(7,147)			(7,147)
Stock-based compensation	804	(11)	815
Stock repurchases	(379)	(9)	(370)
Change in net unrealized gains and losses on investments, net of taxes	9,011				9,011
Reclassification adjustment for realized gains and losses on investments, net of taxes	162				162
Foreign currency translation adjustments, net of taxes	4,588				4,588
Net income attributable to noncontrolling interests	1,982						1,982
Distributions to noncontrolling interests	(3,177)						(3,177)
Net effect of other changes in ownership	(11)						(11)
Balances at end of period at Mar. 31, 2019	678,904	24,052	163,087	500,335	(11,010)	(2,666)	5,106
Balances at beginning of period at Dec. 31, 2019	753,759	24,062	164,217	564,392	(2,699)	(2,666)	6,453
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	5,177			5,177
Dividends on Common Stock ($0.30 per share)	(7,124)			(7,124)
Stock-based compensation	887	(20)	907
Stock repurchases	(393)	(10)	(383)
Change in net unrealized gains and losses on investments, net of taxes	(2,580)				(2,580)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(80)				(80)
Foreign currency translation adjustments, net of taxes	(11,442)				(11,442)
Net income attributable to noncontrolling interests	2,197						2,197
Distributions to noncontrolling interests	(3,326)						(3,326)
Balances at end of period at Mar. 31, 2020	$ 737,075	$ 24,032	$ 164,741	$ 562,445	$ (16,801)	$ (2,666)	$ 5,324

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in usd per share)	$ 0.30	$ 0.30

Interim financial statements

Interim financial statements	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Interim financial statements	Interim financial statements. The financial information contained in this report for the three months ended March 31, 2020 and 2019 , and as of March 31, 2020 , is unaudited. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . A. Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ. B. Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% through 50% of the voting stock, are accounted for using the equity method. C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $497.5 million and $483.4 million at March 31, 2020 and December 31, 2019 , respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $18.3 million and $39.7 million at March 31, 2020 and December 31, 2019 , respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease. D. Recently adopted accounting standard. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (Topic 326). Topic 326 significantly changed the impairment model for financial instruments by introducing the current expected credit loss (CECL) model, which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of the financial instrument. The previous GAAP generally required the recognition of credit losses when incurred. Topic 326 also amended certain accounting treatments for available-for-sale debt securities. Effective January 1, 2020, the Company adopted Topic 326 which did not result in any material impact on its consolidated financial statements. E. Impact of the COVID-19 pandemic . In March 2020, a global pandemic escalated relating to a novel strain of coronavirus (COVID-19), which resulted in a slowdown in the global economy and a U.S. declaration of a national emergency. In response to the pandemic, health and governmental bodies, including the state of Texas where the Company is headquartered, have issued travel restrictions, quarantine orders, temporary closures of non-essential businesses and other restrictive measures. Although the title insurance industry has been deemed essential in the U.S., the pandemic and measures to contain it have caused disruptions in the real estate market and in the Company's business operations. While the Company continues to close transactions on a daily basis, as it works through a pipeline of business from the first quarter, orders opened in the second quarter are expected to be lower. There is near-term uncertainty regarding future real estate market transaction volumes and the impacts to the Company's results of operations. To the extent that the COVID-19 pandemic continues or worsens, it could adversely impact the Company's future operational and financial performance, which may include impairments of the Company's goodwill, investments and other long-lived assets. The Company is currently unable to determine the effects the COVID-19 pandemic will have on the Company's financial statements or results of operations.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues. The Company's operating revenues, summarized by type, are as follows: Three Months Ended 2020 2019 ($000 omitted) Title insurance premiums: Direct 138,283 111,918 Agency 242,030 214,863 Escrow fees 33,086 25,293 Search, abstract and valuation services 16,077 22,939 Other revenues 16,298 15,379 445,774 390,392

Investments in debt and equity

Investments in debt and equity securities	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments in debt and equity securities	Investments in debt and equity securities. The total fair values of the Company's investments in debt and equity securities are as follows: March 31, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 584,153 605,721 Equity securities 28,250 39,318 612,403 645,039 As of March 31, 2020 and December 31, 2019 , the net unrealized investment (losses) gains relating to investments in equity securities held were $ (3.8) million and $ 6.9 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: March 31, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 48,780 50,348 52,176 53,823 Corporate 300,203 302,527 299,074 309,142 Foreign 218,918 224,681 234,734 236,073 U.S. Treasury Bonds 6,547 6,597 6,664 6,683 574,448 584,153 592,648 605,721 Foreign debt securities consist of Canadian government and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds. Gross unrealized gains and losses on investments in debt securities are as follows: March 31, 2020 December 31, 2019 Gains Losses Gains Losses ($000 omitted) Municipal 1,570 2 1,649 2 Corporate 6,203 3,879 10,091 23 Foreign 6,407 644 2,362 1,023 U.S. Treasury Bonds 91 41 60 41 14,271 4,566 14,162 1,089 Debt securities as of March 31, 2020 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights): Amortized costs Fair values ($000 omitted) In one year or less 77,995 78,047 After one year through five years 303,007 307,426 After five years through ten years 160,301 166,107 After ten years 33,145 32,573 574,448 584,153 Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 , were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 2 52 — — 2 52 Corporate 3,879 103,187 — — 3,879 103,187 Foreign 584 31,671 60 4,224 644 35,895 U.S. Treasury Bonds — — 41 2,105 41 2,105 4,465 134,910 101 6,329 4,566 141,239 The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2020 was 86 . Of these securities, 9 were in unrealized loss positions for more than 12 months. During 2020, the overall gross unrealized losses on debt securities increased from the prior year-end due to lower investment fair values primarily resulting from increased credit spreads, partially offset by the effect of lower interest rates. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery, and no significant credit risk is deemed to exist, these investments are not considered as other-than-temporarily impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized. Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 , were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 2 53 — — 2 53 Corporate 23 7,420 — — 23 7,420 Foreign 318 92,108 705 55,875 1,023 147,983 U.S. Treasury Bonds — — 41 2,215 41 2,215 343 99,581 746 58,090 1,089 157,671 Realized and unrealized gains and losses are detailed as follows: Three Months Ended 2020 2019 ($000 omitted) Investment and other gains 153 162 Investment and other losses (690 ) (305 ) Net unrealized investment (losses) gains recognized on equity securities still held at March 31 (10,554 ) 3,546 (11,091 ) 3,403 Investment gains and losses recognized during the periods ended March 31, 2020 and 2019 related to investments in equity securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (11,061 ) 3,657 Less: Net realized (losses) gains on equity securities sold during the period (507 ) 111 Net unrealized investment (losses) gains recognized on equity securities still held at March 31 (10,554 ) 3,546 Proceeds from sales of investments in securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Proceeds from sales of debt securities 11,503 6,318 Proceeds from sales of equity securities 293 640 Total proceeds from sales of investments in securities 11,796 6,958

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements. The Fair Value Measurements and Disclosures Topic (Topic 820) of the FASB Accounting Standards Codification (ASC) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Topic 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible. The three levels of inputs used to measure fair value are as follows: • Level 1 – quoted prices in active markets for identical assets or liabilities; • Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and • Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. As of March 31, 2020 , financial instruments measured at fair value on a recurring basis are summarized below: Level 1 Level 2 Fair value measurements ($000 omitted) Investments in securities: Debt securities: Municipal — 50,348 50,348 Corporate — 302,527 302,527 Foreign — 224,681 224,681 U.S. Treasury Bonds — 6,597 6,597 Equity securities 28,250 — 28,250 28,250 584,153 612,403 As of December 31, 2019 , financial instruments measured at fair value on a recurring basis are summarized below: Level 1 Level 2 Fair value measurements ($000 omitted) Investments in securities: Debt securities: Municipal — 53,823 53,823 Corporate — 309,142 309,142 Foreign — 236,073 236,073 U.S. Treasury Bonds — 6,683 6,683 Equity securities 39,318 — 39,318 39,318 605,721 645,039 As of March 31, 2020 , Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

Investment and other gains - ne

Investment and other gains - net	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investment and other gains - net	Investments in debt and equity securities. The total fair values of the Company's investments in debt and equity securities are as follows: March 31, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 584,153 605,721 Equity securities 28,250 39,318 612,403 645,039 As of March 31, 2020 and December 31, 2019 , the net unrealized investment (losses) gains relating to investments in equity securities held were $ (3.8) million and $ 6.9 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: March 31, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 48,780 50,348 52,176 53,823 Corporate 300,203 302,527 299,074 309,142 Foreign 218,918 224,681 234,734 236,073 U.S. Treasury Bonds 6,547 6,597 6,664 6,683 574,448 584,153 592,648 605,721 Foreign debt securities consist of Canadian government and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds. Gross unrealized gains and losses on investments in debt securities are as follows: March 31, 2020 December 31, 2019 Gains Losses Gains Losses ($000 omitted) Municipal 1,570 2 1,649 2 Corporate 6,203 3,879 10,091 23 Foreign 6,407 644 2,362 1,023 U.S. Treasury Bonds 91 41 60 41 14,271 4,566 14,162 1,089 Debt securities as of March 31, 2020 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights): Amortized costs Fair values ($000 omitted) In one year or less 77,995 78,047 After one year through five years 303,007 307,426 After five years through ten years 160,301 166,107 After ten years 33,145 32,573 574,448 584,153 Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 , were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 2 52 — — 2 52 Corporate 3,879 103,187 — — 3,879 103,187 Foreign 584 31,671 60 4,224 644 35,895 U.S. Treasury Bonds — — 41 2,105 41 2,105 4,465 134,910 101 6,329 4,566 141,239 The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2020 was 86 . Of these securities, 9 were in unrealized loss positions for more than 12 months. During 2020, the overall gross unrealized losses on debt securities increased from the prior year-end due to lower investment fair values primarily resulting from increased credit spreads, partially offset by the effect of lower interest rates. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery, and no significant credit risk is deemed to exist, these investments are not considered as other-than-temporarily impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized. Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 , were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 2 53 — — 2 53 Corporate 23 7,420 — — 23 7,420 Foreign 318 92,108 705 55,875 1,023 147,983 U.S. Treasury Bonds — — 41 2,215 41 2,215 343 99,581 746 58,090 1,089 157,671 Realized and unrealized gains and losses are detailed as follows: Three Months Ended 2020 2019 ($000 omitted) Investment and other gains 153 162 Investment and other losses (690 ) (305 ) Net unrealized investment (losses) gains recognized on equity securities still held at March 31 (10,554 ) 3,546 (11,091 ) 3,403 Investment gains and losses recognized during the periods ended March 31, 2020 and 2019 related to investments in equity securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (11,061 ) 3,657 Less: Net realized (losses) gains on equity securities sold during the period (507 ) 111 Net unrealized investment (losses) gains recognized on equity securities still held at March 31 (10,554 ) 3,546 Proceeds from sales of investments in securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Proceeds from sales of debt securities 11,503 6,318 Proceeds from sales of equity securities 293 640 Total proceeds from sales of investments in securities 11,796 6,958

Estimated title losses

Estimated title losses	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Estimated title losses	Estimated title losses. A summary of estimated title losses for the three months ended March 31 is as follows: 2020 2019 ($000 omitted) Balances at January 1 459,053 461,560 Provisions: Current year 18,521 15,526 Previous policy years 111 160 Total provisions 18,632 15,686 Payments, net of recoveries: Current year (2,214 ) (2,695 ) Previous policy years (19,227 ) (20,772 ) Total payments, net of recoveries (21,441 ) (23,467 ) Effects of changes in foreign currency exchange rates (8,662 ) 296 Balances at March 31 447,582 454,075 Loss ratios as a percentage of title operating revenues: Current year provisions 4.2 % 4.1 % Total provisions 4.2 % 4.2 % Provisions in 2020 increased compared to 2019 primarily as a result of increased title revenues. Claim payments in 2020 decreased primarily due to lower payments of large claims compared to 2019, while the 2020 reduction effect relating to foreign currency exchange rate changes were primarily influenced by the depreciation of the Canadian dollar against the U.S. dollar during the three months ended March 31, 2020.

Share-based payments

Share-based payments	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based payments	Share-based payments. Prior to 2020, the Company granted time-based and performance-based restricted stock units to executives and senior management employees. Each restricted stock unit represents a contractual right to receive a share of the Company's common stock. The time-based units vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives over a period of approximately three years . During the first quarter 2020, the Company granted time-based restricted stock units and nonqualified stock options, in lieu of performance-based restricted stock units. The stock options vest and may be exercised at a strike price of $39.76 on each of the first three anniversaries of the grant date at a rate of 20% , 30% and 50% , chronologically, and expire 10 years after the grant date. Awards are made pursuant to the Company’s employee incentive compensation plans and the compensation expense associated with the awards is recognized over the corresponding vesting period. The aggregate grant-date fair values of restricted stock unit and stock option awards during the first three months of 2020 were $2.4 million ( 60,000 units with an average grant price per unit of $39.76 ) and $ 3.4 million ( 650,000 options with an average grant price per option of $ 5.32 ), respectively. During the first three months of 2019, the aggregate grant-date fair value of restricted stock unit awards was $3.7 million ( 87,000 units with an average grant price per unit of $43.06

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per share	Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. Outstanding shares of Common Stock granted to employees that are not yet vested (restricted shares) are excluded from the calculation of the weighted-average number of shares outstanding for calculating basic EPS. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted shares and units were vested and stock options were exercised. In periods of loss, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS. The calculation of the basic and diluted EPS is as follows: Three Months Ended 2020 2019 ($000 omitted, except per share) Numerator: Net income (loss) attributable to Stewart 5,177 (6,766 ) Denominator (000): Basic average shares outstanding 23,638 23,595 Average number of dilutive shares relating to grants of restricted shares and units 111 — Diluted average shares outstanding 23,749 23,595 Basic earnings (loss) per share attributable to Stewart 0.22 (0.29 ) Diluted earnings (loss) per share attributable to Stewart 0.22 (0.29 )

Contingent liabilities and comm

Contingent liabilities and commitments	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities and commitments	Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of March 31, 2020 , the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of March 31, 2020 , the Company also had unused letters of credit aggregating $ 5.2 million related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

Regulatory and legal developmen

Regulatory and legal developments	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Regulatory and legal developments	Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiff seeks exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies discussed in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations. Additionally, the Company receives from time to time various inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. To the extent the Company is in receipt of such inquiries, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of these inquiries will materially affect its consolidated financial condition or results of operations.

Segment information

Segment information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment information	Segment information. The Company reports two operating segments: title and ancillary services and corporate . The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services and Internal Revenue Code Section 1031 tax-deferred exchanges. The ancillary services and corporate segment includes search and valuation services, which are the principal offerings of ancillary services, and expenses of the parent holding company and certain other enterprise-wide overhead costs (net of centralized administrative services costs allocated to respective operating businesses). Selected statement of operations information related to these segments is as follows: Three Months Ended 2020 2019 ($000 omitted) Title segment: Revenues 434,440 384,437 Depreciation and amortization 3,821 5,153 Income (loss) before taxes and noncontrolling interest 14,836 (379 ) Ancillary services and corporate segment: Revenues 5,461 14,082 Depreciation and amortization 410 837 Loss before taxes and noncontrolling interest (5,566 ) (6,847 ) Consolidated Stewart: Revenues 439,901 398,519 Depreciation and amortization 4,231 5,990 Income (loss) before taxes and noncontrolling interest 9,270 (7,226 ) The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment. Revenues generated in the United States and all international operations are as follows: Three Months Ended 2020 2019 ($000 omitted) United States 414,128 376,482 International 25,773 22,037 439,901 398,519

Other comprehensive (loss) inco

Other comprehensive (loss) income	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Other comprehensive (loss) income	Other comprehensive (loss) income. Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows: Three Months Ended Three Months Ended Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments (3,267 ) (687 ) (2,580 ) 11,406 2,395 9,011 Reclassification adjustment for realized gains and losses on investments (101 ) (21 ) (80 ) 205 43 162 (3,368 ) (708 ) (2,660 ) 11,611 2,438 9,173 Foreign currency translation adjustments (13,659 ) (2,217 ) (11,442 ) 5,548 960 4,588 Other comprehensive (loss) income (17,027 ) (2,925 ) (14,102 ) 17,159 3,398 13,761

Interim financial statements (P

Interim financial statements (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Management's responsibility	Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.
Consolidation	Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% through 50% of the voting stock, are accounted for using the equity method.
Restrictions on cash and investments	Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $497.5 million and $483.4 million at March 31, 2020 and December 31, 2019 , respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $18.3 million and $39.7 million at March 31, 2020 and December 31, 2019 , respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.
Recently adopted accounting standard and Recent accounting standard not yet adopted	Recently adopted accounting standard. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (Topic 326). Topic 326 significantly changed the impairment model for financial instruments by introducing the current expected credit loss (CECL) model, which requires the immediate recognition of estimated credit losses expected to occur over the remaining life of the financial instrument. The previous GAAP generally required the recognition of credit losses when incurred. Topic 326 also amended certain accounting treatments for available-for-sale debt securities. Effective January 1, 2020, the Company adopted Topic 326 which did not result in any material impact on its consolidated financial statements.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Summary of operating revenues	The Company's operating revenues, summarized by type, are as follows: Three Months Ended 2020 2019 ($000 omitted) Title insurance premiums: Direct 138,283 111,918 Agency 242,030 214,863 Escrow fees 33,086 25,293 Search, abstract and valuation services 16,077 22,939 Other revenues 16,298 15,379 445,774 390,392

Investments in debt and equit_2

Investments in debt and equity securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments in debt securities	The total fair values of the Company's investments in debt and equity securities are as follows: March 31, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 584,153 605,721 Equity securities 28,250 39,318 612,403 645,039 The amortized costs and fair values of investments in debt securities are as follows: March 31, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 48,780 50,348 52,176 53,823 Corporate 300,203 302,527 299,074 309,142 Foreign 218,918 224,681 234,734 236,073 U.S. Treasury Bonds 6,547 6,597 6,664 6,683 574,448 584,153 592,648 605,721 Proceeds from sales of investments in securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Proceeds from sales of debt securities 11,503 6,318 Proceeds from sales of equity securities 293 640 Total proceeds from sales of investments in securities 11,796 6,958
Investments in equity securities	The total fair values of the Company's investments in debt and equity securities are as follows: March 31, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 584,153 605,721 Equity securities 28,250 39,318 612,403 645,039 Investment gains and losses recognized during the periods ended March 31, 2020 and 2019 related to investments in equity securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (11,061 ) 3,657 Less: Net realized (losses) gains on equity securities sold during the period (507 ) 111 Net unrealized investment (losses) gains recognized on equity securities still held at March 31 (10,554 ) 3,546
Gross unrealized gains and losses	Gross unrealized gains and losses on investments in debt securities are as follows: March 31, 2020 December 31, 2019 Gains Losses Gains Losses ($000 omitted) Municipal 1,570 2 1,649 2 Corporate 6,203 3,879 10,091 23 Foreign 6,407 644 2,362 1,023 U.S. Treasury Bonds 91 41 60 41 14,271 4,566 14,162 1,089
Debt securities according to contractual terms	Debt securities as of March 31, 2020 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights): Amortized costs Fair values ($000 omitted) In one year or less 77,995 78,047 After one year through five years 303,007 307,426 After five years through ten years 160,301 166,107 After ten years 33,145 32,573 574,448 584,153
Gross unrealized losses on investments and fair values of related securities	Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 , were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 2 52 — — 2 52 Corporate 3,879 103,187 — — 3,879 103,187 Foreign 584 31,671 60 4,224 644 35,895 U.S. Treasury Bonds — — 41 2,105 41 2,105 4,465 134,910 101 6,329 4,566 141,239 Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 , were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 2 53 — — 2 53 Corporate 23 7,420 — — 23 7,420 Foreign 318 92,108 705 55,875 1,023 147,983 U.S. Treasury Bonds — — 41 2,215 41 2,215 343 99,581 746 58,090 1,089 157,671

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on recurring basis	As of March 31, 2020 , financial instruments measured at fair value on a recurring basis are summarized below: Level 1 Level 2 Fair value measurements ($000 omitted) Investments in securities: Debt securities: Municipal — 50,348 50,348 Corporate — 302,527 302,527 Foreign — 224,681 224,681 U.S. Treasury Bonds — 6,597 6,597 Equity securities 28,250 — 28,250 28,250 584,153 612,403 As of December 31, 2019 , financial instruments measured at fair value on a recurring basis are summarized below: Level 1 Level 2 Fair value measurements ($000 omitted) Investments in securities: Debt securities: Municipal — 53,823 53,823 Corporate — 309,142 309,142 Foreign — 236,073 236,073 U.S. Treasury Bonds — 6,683 6,683 Equity securities 39,318 — 39,318 39,318 605,721 645,039

Investment and other gains - _2

Investment and other gains - net (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Gross realized investment and other gains and losses	are detailed as follows: Three Months Ended 2020 2019 ($000 omitted) Investment and other gains 153 162 Investment and other losses (690 ) (305 ) Net unrealized investment (losses) gains recognized on equity securities still held at March 31 (10,554 ) 3,546 (11,091 ) 3,403
Investments in equity securities still held	The total fair values of the Company's investments in debt and equity securities are as follows: March 31, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 584,153 605,721 Equity securities 28,250 39,318 612,403 645,039 Investment gains and losses recognized during the periods ended March 31, 2020 and 2019 related to investments in equity securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (11,061 ) 3,657 Less: Net realized (losses) gains on equity securities sold during the period (507 ) 111 Net unrealized investment (losses) gains recognized on equity securities still held at March 31 (10,554 ) 3,546
Proceeds from sale of investments in securities	The total fair values of the Company's investments in debt and equity securities are as follows: March 31, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 584,153 605,721 Equity securities 28,250 39,318 612,403 645,039 The amortized costs and fair values of investments in debt securities are as follows: March 31, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 48,780 50,348 52,176 53,823 Corporate 300,203 302,527 299,074 309,142 Foreign 218,918 224,681 234,734 236,073 U.S. Treasury Bonds 6,547 6,597 6,664 6,683 574,448 584,153 592,648 605,721 Proceeds from sales of investments in securities are as follows: Three Months Ended 2020 2019 ($000 omitted) Proceeds from sales of debt securities 11,503 6,318 Proceeds from sales of equity securities 293 640 Total proceeds from sales of investments in securities 11,796 6,958

Estimated title losses (Tables)

Estimated title losses (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Summary of estimated title losses	A summary of estimated title losses for the three months ended March 31 is as follows: 2020 2019 ($000 omitted) Balances at January 1 459,053 461,560 Provisions: Current year 18,521 15,526 Previous policy years 111 160 Total provisions 18,632 15,686 Payments, net of recoveries: Current year (2,214 ) (2,695 ) Previous policy years (19,227 ) (20,772 ) Total payments, net of recoveries (21,441 ) (23,467 ) Effects of changes in foreign currency exchange rates (8,662 ) 296 Balances at March 31 447,582 454,075 Loss ratios as a percentage of title operating revenues: Current year provisions 4.2 % 4.1 % Total provisions 4.2 % 4.2 %

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The calculation of the basic and diluted EPS is as follows: Three Months Ended 2020 2019 ($000 omitted, except per share) Numerator: Net income (loss) attributable to Stewart 5,177 (6,766 ) Denominator (000): Basic average shares outstanding 23,638 23,595 Average number of dilutive shares relating to grants of restricted shares and units 111 — Diluted average shares outstanding 23,749 23,595 Basic earnings (loss) per share attributable to Stewart 0.22 (0.29 ) Diluted earnings (loss) per share attributable to Stewart 0.22 (0.29 )

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Selected statement of operations and income (loss) information related to segments	Selected statement of operations information related to these segments is as follows: Three Months Ended 2020 2019 ($000 omitted) Title segment: Revenues 434,440 384,437 Depreciation and amortization 3,821 5,153 Income (loss) before taxes and noncontrolling interest 14,836 (379 ) Ancillary services and corporate segment: Revenues 5,461 14,082 Depreciation and amortization 410 837 Loss before taxes and noncontrolling interest (5,566 ) (6,847 ) Consolidated Stewart: Revenues 439,901 398,519 Depreciation and amortization 4,231 5,990 Income (loss) before taxes and noncontrolling interest 9,270 (7,226 )
Revenues generated in domestic and all international operations	Revenues generated in the United States and all international operations are as follows: Three Months Ended 2020 2019 ($000 omitted) United States 414,128 376,482 International 25,773 22,037 439,901 398,519

Other comprehensive (loss) in_2

Other comprehensive (loss) income (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of changes in the balances of each component of other comprehensive income (loss)	Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows: Three Months Ended Three Months Ended Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments (3,267 ) (687 ) (2,580 ) 11,406 2,395 9,011 Reclassification adjustment for realized gains and losses on investments (101 ) (21 ) (80 ) 205 43 162 (3,368 ) (708 ) (2,660 ) 11,611 2,438 9,173 Foreign currency translation adjustments (13,659 ) (2,217 ) (11,442 ) 5,548 960 4,588 Other comprehensive (loss) income (17,027 ) (2,925 ) (14,102 ) 17,159 3,398 13,761

Interim financial statements -

Interim financial statements - Restrictions on Cash and Investments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Investments restricted for statutory reserve funds	$ 497.5	$ 483.4
Restricted cash and cash equivalent	$ 18.3	$ 39.7

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 439,901	$ 398,519
Title insurance premiums, Direct
Disaggregation of Revenue [Line Items]
Revenues	138,283	111,918
Title insurance premiums, Agency
Disaggregation of Revenue [Line Items]
Revenues	242,030	214,863
Escrow fees
Disaggregation of Revenue [Line Items]
Revenues	33,086	25,293
Search, abstract and valuation services
Disaggregation of Revenue [Line Items]
Revenues	16,077	22,939
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	16,298	15,379
Operating revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 445,774	$ 390,392

Investments in debt and equit_3

Investments in debt and equity securities - Investments in Debt and Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Debt securities	$ 584,153	$ 605,721
Equity securities	28,250	39,318
Investments in debt and equity securities	$ 612,403	$ 645,039

Investments in debt and equit_4

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)investment	Dec. 31, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ (3.8)	$ 6.9
Number of investments in an unrealized loss position	86
Number of investments in an unrealized loss positions for more than 12 months	9

Investments in debt and equit_5

Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 574,448	$ 592,648
Fair values	584,153	605,721
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	48,780	52,176
Fair values	50,348	53,823
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	300,203	299,074
Fair values	302,527	309,142
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	218,918	234,734
Fair values	224,681	236,073
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	6,547	6,664
Fair values	$ 6,597	$ 6,683

Investments in debt and equit_6

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Gains	$ 14,271	$ 14,162
Losses	4,566	1,089
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	1,570	1,649
Losses	2	2
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	6,203	10,091
Losses	3,879	23
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	6,407	2,362
Losses	644	1,023
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	91	60
Losses	$ 41	$ 41

Investments in debt and equit_7

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized costs
In one year or less	$ 77,995
After one year through five years	303,007
After five years through ten years	160,301
After ten years	33,145
Amortized costs, total	574,448	$ 592,648
Fair values
In one year or less	78,047
After one year through five years	307,426
After five years through ten years	166,107
After ten years	32,573
Fair values, total	$ 584,153	$ 605,721

Investments in debt and equit_8

Investments in debt and equity securities - Gross Unrealized Losses on Investments and Fair Values of Related Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Losses
Less than 12 months	$ 4,465	$ 343
More than 12 months	101	746
Total	4,566	1,089
Fair values
Less than 12 months	134,910	99,581
More than 12 months	6,329	58,090
Total	141,239	157,671
Municipal
Losses
Less than 12 months	2	2
More than 12 months	0	0
Total	2	2
Fair values
Less than 12 months	52	53
More than 12 months	0	0
Total	52	53
Corporate
Losses
Less than 12 months	3,879	23
More than 12 months	0	0
Total	3,879	23
Fair values
Less than 12 months	103,187	7,420
More than 12 months	0	0
Total	103,187	7,420
Foreign
Losses
Less than 12 months	584	318
More than 12 months	60	705
Total	644	1,023
Fair values
Less than 12 months	31,671	92,108
More than 12 months	4,224	55,875
Total	35,895	147,983
U.S. Treasury Bonds
Losses
Less than 12 months	0	0
More than 12 months	41	41
Total	41	41
Fair values
Less than 12 months	0	0
More than 12 months	2,105	2,215
Total	$ 2,105	$ 2,215

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 584,153	$ 605,721
Equity securities	28,250	39,318
Investments in debt and equity securities	612,403	645,039
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	28,250	39,318
Investments in debt and equity securities	28,250	39,318
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investments in debt and equity securities	584,153	605,721
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	50,348	53,823
Municipal | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Municipal | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	50,348	53,823
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	302,527	309,142
Corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	302,527	309,142
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	224,681	236,073
Foreign | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Foreign | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	224,681	236,073
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	6,597	6,683
U.S. Treasury Bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
U.S. Treasury Bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 6,597	$ 6,683

Investment and other gains - _3

Investment and other gains - net - Gross Realized Investment and Other Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Investment and other gains	$ 153	$ 162
Investment and other losses	(690)	(305)
Net unrealized investment (losses) gains recognized on equity securities still held at March 31	(10,554)	3,546
Investment and other gains (losses) – net	$ (11,091)	$ 3,403

Investment and other gains - _4

Investment and other gains - net - Net Gains on Investments in Equity Securities Still Held (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Net investment (losses) gains recognized on equity securities during the period	$ (11,061)	$ 3,657
Less: Net realized (losses) gains on equity securities sold during the period	(507)	111
Net unrealized investment (losses) gains recognized on equity securities still held at March 31	$ (10,554)	$ 3,546

Investment and other gains - _5

Investment and other gains - net - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 11,503	$ 6,318
Proceeds from sales of equity securities	293	640
Total proceeds from sales of investments in securities	$ 11,796	$ 6,958

Estimated title losses (Details

Estimated title losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 459,053	$ 461,560
Provisions:
Current year	18,521	15,526
Previous policy years	111	160
Total provisions	18,632	15,686
Payments, net of recoveries:
Current year	(2,214)	(2,695)
Previous policy years	(19,227)	(20,772)
Total payments, net of recoveries	(21,441)	(23,467)
Effects of changes in foreign currency exchange rates	(8,662)	296
Balances at end of period	$ 447,582	$ 454,075
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.20%	4.10%
Total provisions	4.20%	4.20%

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike price (USD per share)	$ 39.76
Fair value of options granted in the period	$ 3.4
Number of options granted in the period (in shares)	650,000
Grants in the period weighted average exercise price (USD per share)	$ 5.32
Time-Based Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Expiration period	10 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair values at grant date	$ 2.4
Share-based incentives, shares issued	60,000
Average grant price (in usd per share)	$ 39.76
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair values at grant date		$ 3.7
Share-based incentives, shares issued		87,000
Average grant price (in usd per share)		$ 43.06
Tranche One | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	20.00%
Tranche Two | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	30.00%
Tranche Three | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50.00%

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income (loss) attributable to Stewart	$ 5,177	$ (6,766)
Denominator (000):
Basic average shares outstanding (in shares)	23,638	23,595
Basic and diluted average shares outstanding (in shares)	23,749	23,595
Basic earnings per share attribute to Stewart (in usd per share)	$ 0.22	$ (0.29)
Diluted earnings per share attribute to Stewart (in usd per share)	$ 0.22	$ (0.29)
Restricted Stock And Restricted Stock Units
Denominator (000):
Average number of dilutive shares relating to grants of share-based arrangements	111	0

Contingent liabilities and co_2

Contingent liabilities and commitments (Details) $ in Millions	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantee of indebtedness, relating to unused letters of credit	$ 5.2

Segment information - Additiona

Segment information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment information - Selected

Segment information - Selected Statement of Operations and Income (Loss) Information Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 439,901	$ 398,519
Depreciation and amortization	4,231	5,990
Income (loss) before taxes and noncontrolling interests	9,270	(7,226)
Title segment
Segment Reporting Information [Line Items]
Revenues	434,440	384,437
Depreciation and amortization	3,821	5,153
Income (loss) before taxes and noncontrolling interests	14,836	(379)
Ancillary services and corporate segment
Segment Reporting Information [Line Items]
Revenues	5,461	14,082
Depreciation and amortization	410	837
Income (loss) before taxes and noncontrolling interests	$ (5,566)	$ (6,847)

Segment information - Revenues

Segment information - Revenues Generated in United States and All International Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 439,901	$ 398,519
United States
Segment Reporting Information [Line Items]
Revenues	414,128	376,482
International
Segment Reporting Information [Line Items]
Revenues	$ 25,773	$ 22,037

Other comprehensive (loss) in_3

Other comprehensive (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Before-Tax Amount
Other comprehensive income (loss)	$ (17,027)	$ 17,159
Tax Expense (Benefit)
Other comprehensive income (loss)	(2,925)	3,398
Net-of-Tax Amount
Other comprehensive (loss) income, net of taxes:	(14,102)	13,761
Net unrealized (losses) gains on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(3,267)	11,406
Less: reclassification adjustment for net losses (gains) included in net income	(101)	205
Other comprehensive income (loss)	(3,368)	11,611
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(687)	2,395
Less: reclassification adjustment for net losses (gains) included in net income	(21)	43
Other comprehensive income (loss)	(708)	2,438
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(2,580)	9,011
Reclassification adjustment for realized gains and losses on investments	(80)	162
Other comprehensive (loss) income, net of taxes:	(2,660)	9,173
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive income (loss)	(13,659)	5,548
Tax Expense (Benefit)
Other comprehensive income (loss)	(2,217)	960
Net-of-Tax Amount
Other comprehensive (loss) income, net of taxes:	$ (11,442)	$ 4,588