Stewart Information Services (STC) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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 (in shares)		26,719,342
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenues	$ 590,676	$ 507,851	$ 1,543,206	$ 1,364,741
Investment income	5,027	4,752	14,530	14,631
Net realized and unrealized (losses) gains	(7)	46,905	(6,035)	50,730
Revenues	595,696	559,508	1,551,701	1,430,102
Expenses
Amounts retained by agencies	231,051	208,973	659,138	576,559
Employee costs	155,638	143,815	428,817	412,967
Other operating expenses	98,531	87,826	245,003	251,030
Title losses and related claims	28,427	21,059	68,600	55,532
Depreciation and amortization	5,144	5,694	13,436	17,458
Interest	562	1,080	2,075	3,369
Total expenses	519,353	468,447	1,417,069	1,316,915
Income before taxes and noncontrolling interests	76,343	91,061	134,632	113,187
Income tax expense	(16,058)	(21,393)	(29,293)	(25,978)
Net income	60,285	69,668	105,339	87,209
Less net income attributable to noncontrolling interests	4,376	3,560	10,107	8,561
Net income attributable to Stewart	55,909	66,108	95,232	78,648
Net income	60,285	69,668	105,339	87,209
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	3,844	(5,135)	(3,404)	1,928
Change in net unrealized gains and losses on investments	920	3,603	15,055	17,985
Reclassification adjustment for realized gains and losses on investments	(175)	(92)	(276)	120
Other comprehensive income (loss), net of taxes:	4,589	(1,624)	11,375	20,033
Comprehensive income	64,874	68,044	116,714	107,242
Less net income attributable to noncontrolling interests	4,376	3,560	10,107	8,561
Comprehensive income attributable to Stewart	$ 60,498	$ 64,484	$ 106,607	$ 98,681
Basic average shares outstanding (in shares)	25,148	23,616	24,151	23,608
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.22	$ 2.80	$ 3.94	$ 3.33
Diluted average shares outstanding (in shares)	25,297	23,773	24,256	23,780
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.21	$ 2.78	$ 3.93	$ 3.31
Direct operations
Revenues
Revenues	$ 280,114	$ 245,068	$ 696,611	$ 634,198
Agency operations
Revenues
Revenues	282,605	254,155	802,022	699,835
Ancillary services
Revenues
Revenues	27,957	8,628	44,573	30,708
Operating revenues
Revenues
Revenues	$ 590,676	$ 507,851	$ 1,543,206	$ 1,364,741

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 381,560	$ 330,609
Short-term investments	21,288	23,527
Investments in debt and equity securities, at fair value	650,599	645,039
Receivables:
Premiums from agencies	32,749	26,405
Trade and other	47,287	45,962
Income taxes	2,110	1,641
Notes	1,591	2,464
Allowance for uncollectible amounts	(4,456)	(4,469)
Total receivables	79,281	72,003
Property and equipment:
Land	2,964	3,009
Buildings	22,423	20,519
Furniture and equipment	174,079	178,416
Accumulated depreciation	(148,490)	(151,483)
Total property and equipment, at cost	50,976	50,461
Operating lease assets	110,038	99,028
Title plants, at cost	72,850	72,627
Investments on equity method basis	6,851	6,169
Goodwill	382,235	248,890
Intangible assets, net of amortization	22,002	4,623
Deferred tax assets	4,451	4,407
Other assets	38,058	35,402
Total assets	1,820,189	1,592,785
Liabilities
Notes payable	101,256	110,632
Accounts payable and accrued liabilities	143,207	126,779
Operating lease liabilities	122,475	113,843
Estimated title losses	466,812	459,053
Deferred tax liabilities	35,570	28,719
Total liabilities	869,320	839,026
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	300,648	188,279
Retained earnings	637,223	564,392
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(16,430)	(13,027)
Net unrealized gains on debt securities investments	25,106	10,328
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	943,881	747,306
Noncontrolling interests	6,988	6,453
Total stockholders’ equity (26,719,342 and 23,709,407 shares outstanding)	950,869	753,759
Total liabilities and stockholders' equity	$ 1,820,189	$ 1,592,785
Common stock, par value (in usd per share)	$ 1	$ 1

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	26,719,342	23,709,407

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of net income to cash provided by operating activities:
Net income	$ 105,339	$ 87,209
Add (deduct):
Depreciation and amortization	13,436	17,458
Provision for bad debt	363	889
Net realized and unrealized losses (gains)	6,035	(730)
Amortization of net premium on debt securities investments	3,280	3,790
Payments for title losses less than (in excess of) provisions	9,615	(11,266)
Adjustment for insurance recoveries of title losses	(73)	175
Increase in receivables – net	(4,290)	(8,838)
(Increase) decrease in other assets – net	(1,702)	2,910
Decrease in accounts payable and other liabilities – net	1,301	6,753
Change in net deferred income taxes	3,576	5,563
Net income from equity investees	(2,385)	(1,996)
Dividends received from equity investees	2,499	1,964
Stock-based compensation expense	4,234	3,380
Other – net	(367)	28
Cash provided by operating activities	140,861	107,289
Investing activities:
Proceeds from sales of investments in securities	25,772	20,899
Proceeds from matured investments in debt securities	46,677	44,685
Purchases of investments in securities	(75,487)	(2,187)
Net sales (purchases) of short-term investments	2,431	(193)
Purchases of property and equipment, and real estate – net	(10,492)	(11,957)
Cash paid for acquisition of businesses	(146,518)	0
Other – net	1,524	2,111
Cash (used) provided by investing activities	(156,093)	53,358
Financing activities:
Proceeds from notes payable	2,361	23,514
Payments on notes payable	(11,737)	(26,179)
Distributions to noncontrolling interests	(9,572)	(8,578)
Issuance of new Common Stock	108,961	0
Repurchases of Common Stock	(826)	(481)
Cash dividends paid	(22,214)	(21,257)
Other - net	(311)	25
Cash provided (used) by financing activities	66,662	(32,956)
Effects of changes in foreign currency exchange rates	(479)	1,202
Increase in cash and cash equivalents	50,951	128,893
Cash and cash equivalents at beginning of period	330,609	192,067
Cash and cash equivalents at end of period	$ 381,560	$ 320,960

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) income	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	78,648			78,648
Dividends on Common Stock	(21,506)			(21,506)
Stock-based compensation	3,380	4	3,376
Stock repurchases	(481)	(11)	(470)
Change in net unrealized gains and losses on investments, net of taxes	17,985				17,985
Reclassification adjustment for realized gains and losses on investments, net of taxes	120				120
Foreign currency translation adjustments, net of taxes	1,928				1,928
Net income attributable to noncontrolling interests	8,561						8,561
Distributions to noncontrolling interests	(8,578)						(8,578)
Net effect of other changes in ownership	(10)						(10)
Balances at end of period at Sep. 30, 2019	759,884	24,065	165,548	571,390	(4,738)	(2,666)	6,285
Balances at beginning of period at Jun. 30, 2019	700,827	24,065	164,235	512,467	(3,114)	(2,666)	5,840
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	66,108			66,108
Dividends on Common Stock	(7,185)			(7,185)
Stock-based compensation	1,323	0	1,323
Stock repurchases	(10)	0	(10)
Change in net unrealized gains and losses on investments, net of taxes	3,603				3,603
Reclassification adjustment for realized gains and losses on investments, net of taxes	(92)				(92)
Foreign currency translation adjustments, net of taxes	(5,135)				(5,135)
Net income attributable to noncontrolling interests	3,560						3,560
Distributions to noncontrolling interests	(3,091)						(3,091)
Net effect of other changes in ownership	(24)						(24)
Balances at end of period at Sep. 30, 2019	759,884	24,065	165,548	571,390	(4,738)	(2,666)	6,285
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	95,232			95,232
Dividends on Common Stock	(22,401)			(22,401)
Issuance of Common Stock	108,961	3,026	105,935
Stock-based compensation	4,234	4	4,230
Stock repurchases	(826)	(20)	(806)
Change in net unrealized gains and losses on investments, net of taxes	15,055				15,055
Reclassification adjustment for realized gains and losses on investments, net of taxes	(276)				(276)
Foreign currency translation adjustments, net of taxes	(3,404)				(3,404)
Net income attributable to noncontrolling interests	10,107						10,107
Distributions to noncontrolling interests	(9,572)						(9,572)
Balances at end of period at Sep. 30, 2020	950,869	27,072	273,576	637,223	8,676	(2,666)	6,988
Balances at beginning of period at Jun. 30, 2020	787,332	24,052	166,208	589,424	4,087	(2,666)	6,227
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	55,909			55,909
Dividends on Common Stock	(8,110)			(8,110)
Issuance of Common Stock	108,961	3,026	105,935
Stock-based compensation	1,785	2	1,783
Stock repurchases	(358)	(8)	(350)
Change in net unrealized gains and losses on investments, net of taxes	920				920
Reclassification adjustment for realized gains and losses on investments, net of taxes	(175)				(175)
Foreign currency translation adjustments, net of taxes	3,844				3,844
Net income attributable to noncontrolling interests	4,376						4,376
Distributions to noncontrolling interests	(3,615)						(3,615)
Balances at end of period at Sep. 30, 2020	$ 950,869	$ 27,072	$ 273,576	$ 637,223	$ 8,676	$ (2,666)	$ 6,988

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in usd per share)	$ 0.30	$ 0.30	$ 0.90	$ 0.90

Interim financial statements

Interim financial statements	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Interim financial statements	Interim financial statements. The financial information contained in this report for the three months ended September 30, 2020 and 2019, and as of September 30, 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 filed with the Securities and Exchange Commission on February 27, 2020 (2019 Form 10-K). 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% to 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 $535.7 million and $483.4 million at September 30, 2020 and December 31, 2019, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $21.1 million and $39.7 million at September 30, 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. Issuance of Common Stock. On August 17, 2020, the Company issued an aggregate of 3,026,340 new shares of its Common Stock ($1 par value), which included shares purchased by the underwriters to the transaction. Proceeds from the Common Stock issuance, net of issuance costs, amounted to $109.0 million. 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, issued travel restrictions, quarantine orders, temporary closures of non-essential businesses and other restrictive measures. To date, various levels of restrictions are still in place across the U.S. to address the spread of COVID-19. 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. 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 result in impairments of its assets. The Company is currently unable to determine the effects the COVID-19 pandemic will have on the Company's future financial statements or results of operations.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues	Revenues. The Company's operating revenues, summarized by type, are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Title insurance premiums: Direct 190,794 174,635 478,822 448,920 Agency 282,605 254,155 802,022 699,835 Escrow fees 53,384 38,666 127,903 100,570 Search, abstract and valuation services 42,627 20,922 81,533 63,109 Other revenues 21,266 19,473 52,926 52,307 590,676 507,851 1,543,206 1,364,741

Investments in debt and equity

Investments in debt and equity securities	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net realized and unrealized gains (losses)	Investments in debt and equity securities. The total fair values of the Company's investments in debt and equity securities are as follows: September 30, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 617,895 605,721 Equity securities 32,704 39,318 650,599 645,039 As of September 30, 2020 and December 31, 2019, the net unrealized investment gains relating to investments in equity securities held were $0.4 million and $6.9 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: September 30, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 46,397 48,952 52,176 53,823 Corporate 301,297 320,348 299,074 309,142 Foreign 231,859 241,969 234,734 236,073 U.S. Treasury Bonds 6,562 6,626 6,664 6,683 586,115 617,895 592,648 605,721 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: September 30, 2020 December 31, 2019 Gains Losses Gains Losses ($000 omitted) Municipal 2,555 — 1,649 2 Corporate 19,396 345 10,091 23 Foreign 10,131 21 2,362 1,023 U.S. Treasury Bonds 88 24 60 41 32,170 390 14,162 1,089 Debt securities as of September 30, 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 68,394 69,164 After one year through five years 299,977 313,410 After five years through ten years 186,766 201,134 After ten years 30,978 34,187 586,115 617,895 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 September 30, 2020, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal — — — — — — Corporate 345 22,781 — — 345 22,781 Foreign 1 4,106 20 240 21 4,346 U.S. Treasury Bonds — — 24 1,022 24 1,022 346 26,887 44 1,262 390 28,149 The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2020 was 15. Of these securities, 3 were in unrealized loss positions for more than 12 months. During 2020, the overall investment fair values increased, primarily resulting from the effect of lower interest rates which was partially offset by increased credit spreads. 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 Net realized and unrealized (losses) gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Realized gains 241 50,237 1,749 51,190 Realized losses (209) (3,038) (1,556) (3,402) Net unrealized investment (losses) gains recognized on equity securities still held at September 30 (39) (294) (6,228) 2,942 (7) 46,905 (6,035) 50,730 Net realized gains for the first nine months of 2020 included $1.3 million of gains from settlements of equity investments with no previously readily determinable fair values (cost-basis investments), partially offset by net realized losses of $1.1 million from the sale of investment securities. Net realized gains during both the third quarter and first nine months of 2019 included a $50.0 million realized gain related to the merger termination fee paid by Fidelity National Financial and a $2.7 million impairment charge on an equity method investment. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (41) (171) (7,136) 3,222 Less: Net realized (losses) gains on equity securities sold during the period (2) 123 (908) 280 Net unrealized investment (losses) gains recognized on equity securities still held at September 30 (39) (294) (6,228) 2,942 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Proceeds from sales of debt securities 10,218 10,227 24,990 19,279 Proceeds from sales of equity securities 56 720 782 1,620 Total proceeds from sales of investments in securities 10,274 10,947 25,772 20,899

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements. The Fair Value Measurements and Disclosures Topic (Topic 820) of the Financial Accounting Standards Board's 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 September 30, 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 — 48,952 48,952 Corporate — 320,348 320,348 Foreign — 241,969 241,969 U.S. Treasury Bonds — 6,626 6,626 Equity securities 32,704 — 32,704 32,704 617,895 650,599 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 September 30, 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.

Net realized and unrealized (lo

Net realized and unrealized (losses) gains	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net realized and unrealized (losses) gains	Investments in debt and equity securities. The total fair values of the Company's investments in debt and equity securities are as follows: September 30, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 617,895 605,721 Equity securities 32,704 39,318 650,599 645,039 As of September 30, 2020 and December 31, 2019, the net unrealized investment gains relating to investments in equity securities held were $0.4 million and $6.9 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: September 30, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 46,397 48,952 52,176 53,823 Corporate 301,297 320,348 299,074 309,142 Foreign 231,859 241,969 234,734 236,073 U.S. Treasury Bonds 6,562 6,626 6,664 6,683 586,115 617,895 592,648 605,721 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: September 30, 2020 December 31, 2019 Gains Losses Gains Losses ($000 omitted) Municipal 2,555 — 1,649 2 Corporate 19,396 345 10,091 23 Foreign 10,131 21 2,362 1,023 U.S. Treasury Bonds 88 24 60 41 32,170 390 14,162 1,089 Debt securities as of September 30, 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 68,394 69,164 After one year through five years 299,977 313,410 After five years through ten years 186,766 201,134 After ten years 30,978 34,187 586,115 617,895 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 September 30, 2020, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal — — — — — — Corporate 345 22,781 — — 345 22,781 Foreign 1 4,106 20 240 21 4,346 U.S. Treasury Bonds — — 24 1,022 24 1,022 346 26,887 44 1,262 390 28,149 The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2020 was 15. Of these securities, 3 were in unrealized loss positions for more than 12 months. During 2020, the overall investment fair values increased, primarily resulting from the effect of lower interest rates which was partially offset by increased credit spreads. 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 Net realized and unrealized (losses) gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Realized gains 241 50,237 1,749 51,190 Realized losses (209) (3,038) (1,556) (3,402) Net unrealized investment (losses) gains recognized on equity securities still held at September 30 (39) (294) (6,228) 2,942 (7) 46,905 (6,035) 50,730 Net realized gains for the first nine months of 2020 included $1.3 million of gains from settlements of equity investments with no previously readily determinable fair values (cost-basis investments), partially offset by net realized losses of $1.1 million from the sale of investment securities. Net realized gains during both the third quarter and first nine months of 2019 included a $50.0 million realized gain related to the merger termination fee paid by Fidelity National Financial and a $2.7 million impairment charge on an equity method investment. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (41) (171) (7,136) 3,222 Less: Net realized (losses) gains on equity securities sold during the period (2) 123 (908) 280 Net unrealized investment (losses) gains recognized on equity securities still held at September 30 (39) (294) (6,228) 2,942 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Proceeds from sales of debt securities 10,218 10,227 24,990 19,279 Proceeds from sales of equity securities 56 720 782 1,620 Total proceeds from sales of investments in securities 10,274 10,947 25,772 20,899

Goodwill and other intangibles

Goodwill and other intangibles	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangibles	Goodwill and other intangibles. The summary of changes in goodwill is as follows. Title Ancillary Services and Corporate Consolidated Total ($000 omitted) Balances at December 31, 2019 243,161 5,729 248,890 Acquisitions 113,642 19,703 133,345 Balances at September 30, 2020 356,803 25,432 382,235 During the third quarter 2020, the Company recorded total goodwill of $112.6 million under the title segment in connection with its acquisition of several title offices. This goodwill adjustment was based on management's preliminary purchase accounting, which is expected to be finalized during the fourth quarter 2020. During the second quarter 2020, the Company recorded goodwill under the ancillary services and corporate segment, which was based on management's preliminary purchase accounting related to its acquisition of U.S. Appraisals, a national appraisal management company providing residential property appraisals for mortgage lenders. During the third quarter 2020, management completed the purchase accounting, which resulted in goodwill of $19.7 million. The Company also recognized from the acquisition other intangible assets of $19.6 million, primarily related to customer relationships and internally-developed technology, which have estimated useful lives of 10 and 5 years, respectively.

Estimated title losses

Estimated title losses	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Estimated title losses	Estimated title losses. A summary of estimated title losses for the nine months ended September 30 is as follows: 2020 2019 ($000 omitted) Balances at January 1 459,053 461,560 Provisions: Current year 68,063 54,670 Previous policy years 537 863 Total provisions 68,600 55,533 Payments, net of recoveries: Current year (9,595) (11,424) Previous policy years (49,390) (55,375) Total payments, net of recoveries (58,985) (66,799) Effects of changes in foreign currency exchange rates (1,856) 2,067 Balances at September 30 466,812 452,361 Loss ratios as a percentage of title operating revenues: Current year provisions 4.5 % 4.1 % Total provisions 4.6 % 4.2 % Provisions in the first nine months of 2020 increased compared to the same period in 2019, primarily as a result of increased title revenues, higher domestic loss provisioning rates due to the current economic environment, and unfavorable loss development related to certain coverages in the Canadian operations. Claim payments in the first nine months of 2020 decreased compared to the same period in 2019, primarily due to lower payments on large and non-large claims relating to prior policy years; while the effect of changes in foreign currency exchange rates for the first nine months of 2020 and 2019 were primarily influenced by the depreciation and appreciation, respectively, of the Canadian dollar against the U.S. dollar during those periods.

Share-based payments

Share-based payments	9 Months Ended
	Sep. 30, 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 nine months of 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.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2020 2019 2020 2019 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 55,909 66,108 95,232 78,648 Denominator (000): Basic average shares outstanding 25,148 23,616 24,151 23,608 Average number of dilutive shares relating to grants of restricted shares and units 149 157 105 172 Diluted average shares outstanding 25,297 23,773 24,256 23,780 Basic earnings per share attributable to Stewart 2.22 2.80 3.94 3.33 Diluted earnings per share attributable to Stewart 2.21 2.78 3.93 3.31

Contingent liabilities and comm

Contingent liabilities and commitments	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 plaintiffs seek 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 referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

Segment information

Segment information	9 Months Ended
	Sep. 30, 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 income information related to these segments is as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Title segment: Revenues 567,743 501,199 1,506,618 1,349,272 Depreciation and amortization 3,748 5,110 11,302 15,309 Income before taxes and noncontrolling interest 82,376 49,481 152,003 88,144 Ancillary services and corporate segment: Revenues 27,953 58,309 45,083 80,830 Depreciation and amortization 1,396 584 2,134 2,149 (Loss) income before taxes and noncontrolling interest (6,033) 41,580 (17,371) 25,043 Consolidated Stewart: Revenues 595,696 559,508 1,551,701 1,430,102 Depreciation and amortization 5,144 5,694 13,436 17,458 Income before taxes and noncontrolling interest 76,343 91,061 134,632 113,187 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 Nine Months Ended 2020 2019 2020 2019 ($000 omitted) United States 559,057 522,159 1,463,129 1,340,254 International 36,639 37,349 88,572 89,848 595,696 559,508 1,551,701 1,430,102

Other comprehensive income (los

Other comprehensive income (loss)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Other comprehensive income (loss)	Other comprehensive income (loss). Changes in the balances of each component of other comprehensive 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 1,164 244 920 4,560 957 3,603 Reclassification adjustment for realized gains and losses on investments (221) (46) (175) (116) (24) (92) 943 198 745 4,444 933 3,511 Foreign currency translation adjustments 4,384 540 3,844 (6,176) (1,041) (5,135) Other comprehensive income (loss) 5,327 738 4,589 (1,732) (108) (1,624) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 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 19,056 4,001 15,055 22,766 4,781 17,985 Reclassification adjustment for realized gains and losses on investments (349) (73) (276) 152 32 120 18,707 3,928 14,779 22,918 4,813 18,105 Foreign currency translation adjustments (4,101) (697) (3,404) 2,750 822 1,928 Other comprehensive income 14,606 3,231 11,375 25,668 5,635 20,033

Interim financial statements (P

Interim financial statements (Policies)	9 Months Ended
	Sep. 30, 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% to 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.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.
Fair value measurement	Fair value measurements. The Fair Value Measurements and Disclosures Topic (Topic 820) of the Financial Accounting Standards Board's 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.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Title insurance premiums: Direct 190,794 174,635 478,822 448,920 Agency 282,605 254,155 802,022 699,835 Escrow fees 53,384 38,666 127,903 100,570 Search, abstract and valuation services 42,627 20,922 81,533 63,109 Other revenues 21,266 19,473 52,926 52,307 590,676 507,851 1,543,206 1,364,741

Investments in debt and equit_2

Investments in debt and equity securities (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 617,895 605,721 Equity securities 32,704 39,318 650,599 645,039 The amortized costs and fair values of investments in debt securities are as follows: September 30, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 46,397 48,952 52,176 53,823 Corporate 301,297 320,348 299,074 309,142 Foreign 231,859 241,969 234,734 236,073 U.S. Treasury Bonds 6,562 6,626 6,664 6,683 586,115 617,895 592,648 605,721 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Proceeds from sales of debt securities 10,218 10,227 24,990 19,279 Proceeds from sales of equity securities 56 720 782 1,620 Total proceeds from sales of investments in securities 10,274 10,947 25,772 20,899
Investments in equity securities	The total fair values of the Company's investments in debt and equity securities are as follows: September 30, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 617,895 605,721 Equity securities 32,704 39,318 650,599 645,039 Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (41) (171) (7,136) 3,222 Less: Net realized (losses) gains on equity securities sold during the period (2) 123 (908) 280 Net unrealized investment (losses) gains recognized on equity securities still held at September 30 (39) (294) (6,228) 2,942
Gross unrealized gains and losses	Gross unrealized gains and losses on investments in debt securities are as follows: September 30, 2020 December 31, 2019 Gains Losses Gains Losses ($000 omitted) Municipal 2,555 — 1,649 2 Corporate 19,396 345 10,091 23 Foreign 10,131 21 2,362 1,023 U.S. Treasury Bonds 88 24 60 41 32,170 390 14,162 1,089
Debt securities according to contractual terms	Debt securities as of September 30, 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 68,394 69,164 After one year through five years 299,977 313,410 After five years through ten years 186,766 201,134 After ten years 30,978 34,187 586,115 617,895
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 September 30, 2020, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal — — — — — — Corporate 345 22,781 — — 345 22,781 Foreign 1 4,106 20 240 21 4,346 U.S. Treasury Bonds — — 24 1,022 24 1,022 346 26,887 44 1,262 390 28,149 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)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on recurring basis	As of September 30, 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 — 48,952 48,952 Corporate — 320,348 320,348 Foreign — 241,969 241,969 U.S. Treasury Bonds — 6,626 6,626 Equity securities 32,704 — 32,704 32,704 617,895 650,599 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

Net realized and unrealized (_2

Net realized and unrealized (losses) gains (Tables)	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Gross realized investment and other gains and losses	Realized and unrealized gains and losses are detailed as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Realized gains 241 50,237 1,749 51,190 Realized losses (209) (3,038) (1,556) (3,402) Net unrealized investment (losses) gains recognized on equity securities still held at September 30 (39) (294) (6,228) 2,942 (7) 46,905 (6,035) 50,730
Investments in equity securities still held	The total fair values of the Company's investments in debt and equity securities are as follows: September 30, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 617,895 605,721 Equity securities 32,704 39,318 650,599 645,039 Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (41) (171) (7,136) 3,222 Less: Net realized (losses) gains on equity securities sold during the period (2) 123 (908) 280 Net unrealized investment (losses) gains recognized on equity securities still held at September 30 (39) (294) (6,228) 2,942
Proceeds from sale of investments in securities	The total fair values of the Company's investments in debt and equity securities are as follows: September 30, 2020 December 31, 2019 ($000 omitted) Investments in: Debt securities 617,895 605,721 Equity securities 32,704 39,318 650,599 645,039 The amortized costs and fair values of investments in debt securities are as follows: September 30, 2020 December 31, 2019 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 46,397 48,952 52,176 53,823 Corporate 301,297 320,348 299,074 309,142 Foreign 231,859 241,969 234,734 236,073 U.S. Treasury Bonds 6,562 6,626 6,664 6,683 586,115 617,895 592,648 605,721 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Proceeds from sales of debt securities 10,218 10,227 24,990 19,279 Proceeds from sales of equity securities 56 720 782 1,620 Total proceeds from sales of investments in securities 10,274 10,947 25,772 20,899

Goodwill and other intangibles

Goodwill and other intangibles (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of goodwill	The summary of changes in goodwill is as follows. Title Ancillary Services and Corporate Consolidated Total ($000 omitted) Balances at December 31, 2019 243,161 5,729 248,890 Acquisitions 113,642 19,703 133,345 Balances at September 30, 2020 356,803 25,432 382,235

Estimated title losses (Tables)

Estimated title losses (Tables)	9 Months Ended
	Sep. 30, 2020
Insurance [Abstract]
Summary of estimated title losses	A summary of estimated title losses for the nine months ended September 30 is as follows: 2020 2019 ($000 omitted) Balances at January 1 459,053 461,560 Provisions: Current year 68,063 54,670 Previous policy years 537 863 Total provisions 68,600 55,533 Payments, net of recoveries: Current year (9,595) (11,424) Previous policy years (49,390) (55,375) Total payments, net of recoveries (58,985) (66,799) Effects of changes in foreign currency exchange rates (1,856) 2,067 Balances at September 30 466,812 452,361 Loss ratios as a percentage of title operating revenues: Current year provisions 4.5 % 4.1 % Total provisions 4.6 % 4.2 %

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2020 2019 2020 2019 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 55,909 66,108 95,232 78,648 Denominator (000): Basic average shares outstanding 25,148 23,616 24,151 23,608 Average number of dilutive shares relating to grants of restricted shares and units 149 157 105 172 Diluted average shares outstanding 25,297 23,773 24,256 23,780 Basic earnings per share attributable to Stewart 2.22 2.80 3.94 3.33 Diluted earnings per share attributable to Stewart 2.21 2.78 3.93 3.31

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Selected statement of operations and income (loss) information related to segments	Selected statement of income information related to these segments is as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) Title segment: Revenues 567,743 501,199 1,506,618 1,349,272 Depreciation and amortization 3,748 5,110 11,302 15,309 Income before taxes and noncontrolling interest 82,376 49,481 152,003 88,144 Ancillary services and corporate segment: Revenues 27,953 58,309 45,083 80,830 Depreciation and amortization 1,396 584 2,134 2,149 (Loss) income before taxes and noncontrolling interest (6,033) 41,580 (17,371) 25,043 Consolidated Stewart: Revenues 595,696 559,508 1,551,701 1,430,102 Depreciation and amortization 5,144 5,694 13,436 17,458 Income before taxes and noncontrolling interest 76,343 91,061 134,632 113,187
Revenues generated in domestic and all international operations	Revenues generated in the United States and all international operations are as follows: Three Months Ended Nine Months Ended 2020 2019 2020 2019 ($000 omitted) United States 559,057 522,159 1,463,129 1,340,254 International 36,639 37,349 88,572 89,848 595,696 559,508 1,551,701 1,430,102

Other comprehensive income (l_2

Other comprehensive income (loss) (Tables)	9 Months Ended
	Sep. 30, 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 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 1,164 244 920 4,560 957 3,603 Reclassification adjustment for realized gains and losses on investments (221) (46) (175) (116) (24) (92) 943 198 745 4,444 933 3,511 Foreign currency translation adjustments 4,384 540 3,844 (6,176) (1,041) (5,135) Other comprehensive income (loss) 5,327 738 4,589 (1,732) (108) (1,624) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 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 19,056 4,001 15,055 22,766 4,781 17,985 Reclassification adjustment for realized gains and losses on investments (349) (73) (276) 152 32 120 18,707 3,928 14,779 22,918 4,813 18,105 Foreign currency translation adjustments (4,101) (697) (3,404) 2,750 822 1,928 Other comprehensive income 14,606 3,231 11,375 25,668 5,635 20,033

Interim financial statements -

Interim financial statements - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 17, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Accounting Policies [Abstract]
Investments restricted for statutory reserve funds		$ 535,700		$ 483,400
Restricted cash and cash equivalent		$ 21,100		$ 39,700
Common stock, issued (in shares)	3,026,340
Common stock, par value (in usd per share)	$ 1	$ 1		$ 1
Issuance of new Common Stock	$ 109,000	$ 108,961	$ 0

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 590,676	$ 507,851	$ 1,543,206	$ 1,364,741
Direct
Disaggregation of Revenue [Line Items]
Revenues	190,794	174,635	478,822	448,920
Agency
Disaggregation of Revenue [Line Items]
Revenues	282,605	254,155	802,022	699,835
Escrow fees
Disaggregation of Revenue [Line Items]
Revenues	53,384	38,666	127,903	100,570
Search, abstract and valuation services
Disaggregation of Revenue [Line Items]
Revenues	42,627	20,922	81,533	63,109
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 21,266	$ 19,473	$ 52,926	$ 52,307

Investments in debt and equit_3

Investments in debt and equity securities - Investments in Debt and Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Debt securities	$ 617,895	$ 605,721
Equity securities	32,704	39,318
Investments in debt and equity securities	$ 650,599	$ 645,039

Investments in debt and equit_4

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)investment	Dec. 31, 2019USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 0.4	$ 6.9
Number of investments in an unrealized loss position	15
Number of investments in an unrealized loss positions for more than 12 months	3

Investments in debt and equit_5

Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 586,115	$ 592,648
Fair values	617,895	605,721
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	46,397	52,176
Fair values	48,952	53,823
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	301,297	299,074
Fair values	320,348	309,142
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	231,859	234,734
Fair values	241,969	236,073
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	6,562	6,664
Fair values	$ 6,626	$ 6,683

Investments in debt and equit_6

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Gains	$ 32,170	$ 14,162
Losses	390	1,089
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	2,555	1,649
Losses	0	2
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	19,396	10,091
Losses	345	23
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	10,131	2,362
Losses	21	1,023
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	88	60
Losses	$ 24	$ 41

Investments in debt and equit_7

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Amortized costs
In one year or less	$ 68,394
After one year through five years	299,977
After five years through ten years	186,766
After ten years	30,978
Amortized costs, total	586,115	$ 592,648
Fair values
In one year or less	69,164
After one year through five years	313,410
After five years through ten years	201,134
After ten years	34,187
Fair values, total	$ 617,895	$ 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	Sep. 30, 2020	Dec. 31, 2019
Losses
Less than 12 months	$ 346	$ 343
More than 12 months	44	746
Total	390	1,089
Fair values
Less than 12 months	26,887	99,581
More than 12 months	1,262	58,090
Total	28,149	157,671
Municipal
Losses
Less than 12 months	0	2
More than 12 months	0	0
Total	0	2
Fair values
Less than 12 months	0	53
More than 12 months	0	0
Total	0	53
Corporate
Losses
Less than 12 months	345	23
More than 12 months	0	0
Total	345	23
Fair values
Less than 12 months	22,781	7,420
More than 12 months	0	0
Total	22,781	7,420
Foreign
Losses
Less than 12 months	1	318
More than 12 months	20	705
Total	21	1,023
Fair values
Less than 12 months	4,106	92,108
More than 12 months	240	55,875
Total	4,346	147,983
U.S. Treasury Bonds
Losses
Less than 12 months	0	0
More than 12 months	24	41
Total	24	41
Fair values
Less than 12 months	0	0
More than 12 months	1,022	2,215
Total	$ 1,022	$ 2,215

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 617,895	$ 605,721
Equity securities	32,704	39,318
Investments in debt and equity securities	650,599	645,039
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	32,704	39,318
Investments in debt and equity securities	32,704	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	617,895	605,721
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	48,952	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	48,952	53,823
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	320,348	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	320,348	309,142
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	241,969	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	241,969	236,073
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	6,626	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	$ 6,626	$ 6,683

Net realized and unrealized (_3

Net realized and unrealized (losses) gains - Gross Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 241	$ 50,237	$ 1,749	$ 51,190
Realized losses	(209)	(3,038)	(1,556)	(3,402)
Net unrealized investment (losses) gains recognized on equity securities still held at September 30	(39)	(294)	(6,228)	2,942
Investment and other gains (losses) – net	$ (7)	46,905	(6,035)	50,730
Equity method investment, realized gain			1,300
Debt securities, realized losses			$ 1,100
Gain realized from termination fee paid by Fidelity National Financial		50,000		50,000
Impairment charge on equity method investment		$ 2,700		$ 2,700

Net realized and unrealized (_4

Net realized and unrealized (losses) gains - Net Gains on Investments in Equity Securities Still Held (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Net investment (losses) gains recognized on equity securities during the period	$ (41)	$ (171)	$ (7,136)	$ 3,222
Less: Net realized (losses) gains on equity securities sold during the period	(2)	123	(908)	280
Net unrealized investment (losses) gains recognized on equity securities still held at September 30	$ (39)	$ (294)	$ (6,228)	$ 2,942

Net realized and unrealized (_5

Net realized and unrealized (losses) gains - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 10,218	$ 10,227	$ 24,990	$ 19,279
Proceeds from sales of equity securities	56	720	782	1,620
Total proceeds from sales of investments in securities	$ 10,274	$ 10,947	$ 25,772	$ 20,899

Goodwill and other intangible_2

Goodwill and other intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
Goodwill [Roll Forward]
Beginning balances		$ 248,890	$ 248,890
Acquisitions	$ 19,700		133,345
Ending balance	382,235		382,235
Title
Goodwill [Roll Forward]
Beginning balances		243,161	243,161
Acquisitions	112,600	1,000	113,642
Ending balance	356,803		356,803
Ancillary Services and Corporate
Goodwill [Roll Forward]
Beginning balances		$ 5,729	5,729
Acquisitions			19,703
Ending balance	$ 25,432		$ 25,432

Goodwill and other intangible_3

Goodwill and other intangibles - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2020
Goodwill [Line Items]
Increase in goodwill	$ 19,700		$ 133,345
Other Intangible Assets
Goodwill [Line Items]
Acquired intangible assets	$ 19,600
Customer Relationships
Goodwill [Line Items]
Estimated useful lives	10 years
Internally-Developed Technology
Goodwill [Line Items]
Estimated useful lives	5 years
Ancillary Services and Corporate
Goodwill [Line Items]
Increase in goodwill			19,703
Title
Goodwill [Line Items]
Increase in goodwill	$ 112,600	$ 1,000	$ 113,642

Estimated title losses (Details

Estimated title losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 459,053	$ 461,560
Provisions:
Current year	68,063	54,670
Previous policy years	537	863
Total provisions	68,600	55,533
Payments, net of recoveries:
Current year	(9,595)	(11,424)
Previous policy years	(49,390)	(55,375)
Total payments, net of recoveries	(58,985)	(66,799)
Effects of changes in foreign currency exchange rates	(1,856)	2,067
Balances at end of period	$ 466,812	$ 452,361
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.50%	4.10%
Total provisions	4.60%	4.20%

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 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)	648,000
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]
Expiration period	10 years
Stock Options | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	20.00%
Stock Options | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	30.00%
Stock Options | Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50.00%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair values at grant date	$ 3.8
Share-based incentives, shares issued	96,000
Average grant price (in usd per share)	$ 39.36
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair values at grant date		$ 5
Share-based incentives, shares issued		119,000
Average grant price (in usd per share)		$ 42.05

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income attributable to Stewart	$ 55,909	$ 66,108	$ 95,232	$ 78,648
Denominator
Basic average shares outstanding (in shares)	25,148	23,616	24,151	23,608
Average number of dilutive shares relating to grants of restricted shares and units (in shares)	149	157	105	172
Diluted average shares outstanding (in shares)	25,297	23,773	24,256	23,780
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.22	$ 2.80	$ 3.94	$ 3.33
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.21	$ 2.78	$ 3.93	$ 3.31

Contingent liabilities and co_2

Contingent liabilities and commitments (Details) $ in Millions	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 595,696	$ 559,508	$ 1,551,701	$ 1,430,102
Depreciation and amortization	5,144	5,694	13,436	17,458
(Loss) income before taxes and noncontrolling interest	76,343	91,061	134,632	113,187
Title segment
Segment Reporting Information [Line Items]
Revenues	567,743	501,199	1,506,618	1,349,272
Depreciation and amortization	3,748	5,110	11,302	15,309
(Loss) income before taxes and noncontrolling interest	82,376	49,481	152,003	88,144
Ancillary services and corporate segment
Segment Reporting Information [Line Items]
Revenues	27,953	58,309	45,083	80,830
Depreciation and amortization	1,396	584	2,134	2,149
(Loss) income before taxes and noncontrolling interest	$ (6,033)	$ 41,580	$ (17,371)	$ 25,043

Segment information - Revenues

Segment information - Revenues Generated in United States and All International Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 595,696	$ 559,508	$ 1,551,701	$ 1,430,102
United States
Segment Reporting Information [Line Items]
Revenues	559,057	522,159	1,463,129	1,340,254
International
Segment Reporting Information [Line Items]
Revenues	$ 36,639	$ 37,349	$ 88,572	$ 89,848

Other comprehensive income (l_3

Other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Before-Tax Amount
Other comprehensive income	$ 5,327	$ (1,732)	$ 14,606	$ 25,668
Tax Expense (Benefit)
Other comprehensive income (loss)	738	(108)	3,231	5,635
Net-of-Tax Amount
Other comprehensive income (loss), net of taxes:	4,589	(1,624)	11,375	20,033
Net unrealized (losses) gains on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	1,164	4,560	19,056	22,766
Reclassification adjustment for realized gains and losses on investments	(221)	(116)	(349)	152
Other comprehensive income	943	4,444	18,707	22,918
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	244	957	4,001	4,781
Reclassification adjustment for realized gains and losses on investments	(46)	(24)	(73)	32
Other comprehensive income (loss)	198	933	3,928	4,813
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	920	3,603	15,055	17,985
Reclassification adjustment for realized gains and losses on investments	(175)	(92)	(276)	120
Other comprehensive income (loss), net of taxes:	745	3,511	14,779	18,105
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive income	4,384	(6,176)	(4,101)	2,750
Tax Expense (Benefit)
Other comprehensive income (loss)	540	(1,041)	(697)	822
Net-of-Tax Amount
Other comprehensive income (loss), net of taxes:	$ 3,844	$ (5,135)	$ (3,404)	$ 1,928