Stewart Information Services (STC) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		26,811,242
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Revenues	$ 681,367	$ 445,774
Investment income	3,945	5,218
Net realized and unrealized gains (losses)	3,274	(11,091)
Revenues	688,586	439,901
Expenses
Amounts retained by agencies	283,935	199,366
Employee costs	169,397	135,652
Other operating expenses	125,482	71,858
Title losses and related claims	28,773	18,632
Depreciation and amortization	6,430	4,231
Interest	567	892
Total expenses	614,584	430,631
Income before taxes and noncontrolling interests	74,002	9,270
Income tax expense	(16,880)	(1,896)
Net income	57,122	7,374
Less net income attributable to noncontrolling interests	2,886	2,197
Net income attributable to Stewart	54,236	5,177
Net income	57,122	7,374
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments	1,867	(11,442)
Change in net unrealized gains and losses on investments	(9,156)	(2,580)
Reclassification adjustment for realized gains and losses on investments	(145)	(80)
Other comprehensive loss, net of taxes:	(7,434)	(14,102)
Comprehensive income (loss)	49,688	(6,728)
Less net income attributable to noncontrolling interests	2,886	2,197
Comprehensive income (loss) attributable to Stewart	$ 46,802	$ (8,925)
Basic average shares outstanding (in shares)	26,736	23,638
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.03	$ 0.22
Diluted average shares outstanding (in shares)	26,984	23,749
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.01	$ 0.22
Direct operations
Revenues
Revenues	$ 279,504	$ 198,283
Agency operations
Revenues
Revenues	345,932	242,030
Ancillary services
Revenues
Revenues	$ 55,931	$ 5,461

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 412,763	$ 432,683
Short-term investments	17,855	20,678
Investments in debt and equity securities, at fair value	682,799	684,387
Receivables:
Premiums from agencies	37,713	34,507
Trade and other	63,106	56,054
Income taxes	172	501
Notes	1,531	1,557
Allowance for uncollectible amounts	(5,393)	(4,807)
Total receivables	97,129	87,812
Property and equipment:
Land	2,964	2,964
Buildings	22,617	22,598
Furniture and equipment	172,874	168,147
Accumulated depreciation	(144,723)	(142,038)
Total property and equipment, at cost	53,732	51,671
Operating lease assets	110,586	106,479
Title plants, at cost	73,113	72,863
Investments on equity method basis	20,537	6,765
Goodwill	480,159	431,477
Intangible assets, net of amortization	38,912	37,382
Deferred tax assets	4,359	4,330
Other assets	50,862	42,048
Total assets	2,042,806	1,978,575
Liabilities
Notes payable	125,572	101,773
Accounts payable and accrued liabilities	212,774	225,180
Operating lease liabilities	123,121	119,089
Estimated title losses	509,541	496,275
Deferred tax liabilities	23,900	23,852
Total liabilities	994,908	966,169
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	300,978	301,937
Retained earnings	733,973	688,819
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(6,371)	(8,238)
Net unrealized gains on debt securities investments	15,959	25,260
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,041,873	1,005,112
Noncontrolling interests	6,025	7,294
Total stockholders’ equity (26,806,025 and 26,728,242 shares outstanding)	1,047,898	1,012,406
Total liabilities and stockholders' equity	$ 2,042,806	$ 1,978,575

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	26,806,025	26,728,242

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of net income to cash provided by operating activities:
Net income	$ 57,122	$ 7,374
Add (deduct):
Depreciation and amortization	6,430	4,231
Provision for bad debt	708	154
Net realized and unrealized (gains) losses	(3,274)	11,091
Amortization of net premium on debt securities investments	938	1,144
Payments for title losses less than (in excess of) provisions	12,234	(2,809)
Adjustments for insurance recoveries of title losses	(205)	173
(Increase) decrease in receivables – net	(3,513)	11,542
Increase in other assets – net	(7,869)	(3,813)
Decrease in accounts payable and other liabilities – net	(20,116)	(43,165)
Change in net deferred income taxes	2,007	1,495
Net income from equity method investments	(924)	(645)
Dividends received from equity method investments	764	1,235
Stock-based compensation expense	3,174	887
Other – net	(34)	(254)
Cash provided (used) by operating activities	47,442	(11,360)
Investing activities:
Proceeds from sales of investments in securities	3,051	11,796
Proceeds from matured investments in debt securities	42,836	18,814
Purchases of investments in securities	(47,881)	(30,703)
Net sales (purchases) of short-term investments	2,648	2,982
Purchases of property and equipment, and real estate – net	(5,721)	(4,781)
Cash paid for acquisition of businesses	(52,575)	(1,449)
Cash paid for acquisition of equity method investment	(16,080)	0
Other – net	131	38
Cash used by investing activities	(73,591)	(3,303)
Financing activities:
Proceeds from notes payable	178,975	204
Payments on notes payable	(154,910)	(8,223)
Distributions to noncontrolling interests	(3,844)	(3,326)
Repurchases of Common Stock	(1,935)	(393)
Cash dividends paid	(8,840)	(7,099)
Distributions to noncontrolling interests	(2,570)	0
Other - net	(777)	0
Cash provided (used) by financing activities	6,160	(18,837)
Effects of changes in foreign currency exchange rates	69	(3,510)
Change in cash and cash equivalents	(19,920)	(37,010)
Cash and cash equivalents at beginning of period	432,683	330,609
Cash and cash equivalents at end of period	412,763	293,599
Proceeds from Stock Options Exercised	$ 61	$ 0

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 income (loss)	Treasury stock	Noncontrolling interests
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	(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
Balances at beginning of period at Dec. 31, 2020	1,012,406	27,080	274,857	688,819	17,022	(2,666)	7,294
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	54,236			54,236
Dividends on Common Stock	(9,082)			(9,082)
Stock-based compensation	3,174	113	3,061
Stock repurchases	(1,935)	(37)	(1,898)
Stock option exercises	61	2	59
Purchase of remaining interest in consolidated subsidiary	(2,570)		(2,259)				(311)
Change in net unrealized gains and losses on investments, net of taxes	(9,156)				(9,156)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(145)				(145)
Foreign currency translation adjustments, net of taxes	1,867				1,867
Net income attributable to noncontrolling interests	2,886						2,886
Distributions to noncontrolling interests	(3,844)						(3,844)
Balances at end of period at Mar. 31, 2021	$ 1,047,898	$ 27,158	$ 273,820	$ 733,973	$ 9,588	$ (2,666)	$ 6,025

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in usd per share)	$ 0.33	$ 0.30

Interim financial statements

Interim financial statements	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Interim financial statements	Interim financial statements. The financial information contained in this report for the three months ended March 31, 2021 and 2020, and as of March 31, 2021, 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, 2020 filed with the Securities and Exchange Commission on March 1, 2021 (2020 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 $491.3 million and $496.6 million at March 31, 2021 and December 31, 2020, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $25.6 million and $20.0 million at March 31, 2021 and December 31, 2020, 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. Amendment to line of credit agreement . On March 23, 2021, in relation to its line of credit facility (as disclosed in Note 10 of the 2020 Form 10-K), the Company entered into a second amendment and restated credit agreement (Second Amendment), which increased the available unsecured line of credit commitment from $200 million to $350 million, and extended the maturity of the line of credit to March 2026. Other changes that the Second Amendment made effective were: the addition of new lender banks to the lenders group, the increase of the restricted payment limitation from $40 million to $100 million, the increase of the additional unsecured indebtedness provision from $100 million to $250 million, the removal of the annual capital expenditures limit, and the new definitions of EBITDA and fixed charge coverage ratio. The additional $50 million that the Company can request in addition to the line of credit commitment was not changed.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues. The Company's operating revenues, summarized by type, are as follows: Three Months Ended 2021 2020 ($000 omitted) Title insurance premiums: Direct 194,993 138,283 Agency 345,932 242,030 Escrow fees 56,649 33,086 Appraisal management, abstract and other ancillary services 68,620 16,077 Other revenues 15,173 16,298 681,367 445,774

Investments in debt and equity

Investments in debt and equity securities	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 615,445 631,386 Equity securities 67,354 53,001 682,799 684,387 As of March 31, 2021 and December 31, 2020, the net unrealized investment gains relating to investments in equity securities held were $9.9 million and $4.4 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: March 31, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 42,015 44,089 45,138 47,603 Corporate 276,870 289,159 285,962 305,450 Foreign 269,792 275,585 261,748 271,711 U.S. Treasury Bonds 6,567 6,612 6,564 6,622 595,244 615,445 599,412 631,386 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, 2021 December 31, 2020 Gains Losses Gains Losses ($000 omitted) Municipal 2,077 3 2,465 — Corporate 13,124 835 19,594 106 Foreign 6,572 779 10,024 61 U.S. Treasury Bonds 70 25 82 24 21,843 1,642 32,165 191 Debt securities as of March 31, 2021 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 58,344 59,145 After one year through five years 311,487 321,937 After five years through ten years 194,553 201,439 After ten years 30,860 32,924 595,244 615,445 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, 2021, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 3 130 — — 3 130 Corporate 835 27,208 — — 835 27,208 Foreign 756 65,568 23 254 779 65,822 U.S. Treasury Bonds 1 109 24 1,022 25 1,131 1,595 93,015 47 1,276 1,642 94,291 The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2021 was 47. Of these securities, 3 were in unrealized loss positions for more than 12 months. 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, 2020, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal — — — — — — Corporate 106 13,518 — — 106 13,518 Foreign 40 2,912 21 254 61 3,166 U.S. Treasury Bonds — — 24 1,022 24 1,022 146 16,430 45 1,276 191 17,706 Net realized and unrealized (losses) gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended 2021 2020 ($000 omitted) Realized gains 170 153 Realized losses (2,469) (690) Net unrealized investment (losses) gains recognized on equity securities still held at end of period 5,573 (10,554) 3,274 (11,091) Net realized losses for the first quarter 2021 included a $2.5 million loss related to a disposal of an equity method investment. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 5,582 (11,061) Less: Net realized gains (losses) on equity securities sold during the period 9 (507) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 5,573 (10,554) Proceeds from sales of investments in securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Proceeds from sales of debt securities 115 11,503 Proceeds from sales of equity securities 2,936 293 Total proceeds from sales of investments in securities 3,051 11,796

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements. Fair value is defined 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. Under U.S. GAAP, there is 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, 2021, 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 — 44,089 44,089 Corporate — 289,159 289,159 Foreign — 275,585 275,585 U.S. Treasury Bonds — 6,612 6,612 Equity securities 67,354 — 67,354 67,354 615,445 682,799 As of December 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 — 47,603 47,603 Corporate — 305,450 305,450 Foreign — 271,711 271,711 U.S. Treasury Bonds — 6,622 6,622 Equity securities 53,001 — 53,001 53,001 631,386 684,387 As of March 31, 2021 and December 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.

Net realized and unrealized (lo

Net realized and unrealized (losses) gains	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 615,445 631,386 Equity securities 67,354 53,001 682,799 684,387 As of March 31, 2021 and December 31, 2020, the net unrealized investment gains relating to investments in equity securities held were $9.9 million and $4.4 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: March 31, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 42,015 44,089 45,138 47,603 Corporate 276,870 289,159 285,962 305,450 Foreign 269,792 275,585 261,748 271,711 U.S. Treasury Bonds 6,567 6,612 6,564 6,622 595,244 615,445 599,412 631,386 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, 2021 December 31, 2020 Gains Losses Gains Losses ($000 omitted) Municipal 2,077 3 2,465 — Corporate 13,124 835 19,594 106 Foreign 6,572 779 10,024 61 U.S. Treasury Bonds 70 25 82 24 21,843 1,642 32,165 191 Debt securities as of March 31, 2021 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 58,344 59,145 After one year through five years 311,487 321,937 After five years through ten years 194,553 201,439 After ten years 30,860 32,924 595,244 615,445 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, 2021, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 3 130 — — 3 130 Corporate 835 27,208 — — 835 27,208 Foreign 756 65,568 23 254 779 65,822 U.S. Treasury Bonds 1 109 24 1,022 25 1,131 1,595 93,015 47 1,276 1,642 94,291 The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2021 was 47. Of these securities, 3 were in unrealized loss positions for more than 12 months. 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, 2020, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal — — — — — — Corporate 106 13,518 — — 106 13,518 Foreign 40 2,912 21 254 61 3,166 U.S. Treasury Bonds — — 24 1,022 24 1,022 146 16,430 45 1,276 191 17,706 Net realized and unrealized (losses) gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended 2021 2020 ($000 omitted) Realized gains 170 153 Realized losses (2,469) (690) Net unrealized investment (losses) gains recognized on equity securities still held at end of period 5,573 (10,554) 3,274 (11,091) Net realized losses for the first quarter 2021 included a $2.5 million loss related to a disposal of an equity method investment. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 5,582 (11,061) Less: Net realized gains (losses) on equity securities sold during the period 9 (507) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 5,573 (10,554) Proceeds from sales of investments in securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Proceeds from sales of debt securities 115 11,503 Proceeds from sales of equity securities 2,936 293 Total proceeds from sales of investments in securities 3,051 11,796

Goodwill and other intangibles

Goodwill and other intangibles	3 Months Ended
	Mar. 31, 2021
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, 2020 361,433 70,044 431,477 Acquisitions 32,619 20,202 52,821 Purchase accounting adjustments (4,397) 258 (4,139) Balances at March 31, 2021 389,655 90,504 480,159

Estimated title losses

Estimated title losses	3 Months Ended
	Mar. 31, 2021
Insurance [Abstract]
Estimated title losses	Estimated title losses. A summary of estimated title losses for the three months ended March 31 is as follows: 2021 2020 ($000 omitted) Balances at January 1 496,275 459,053 Provisions: Current year 28,407 18,521 Previous policy years 366 111 Total provisions 28,773 18,632 Payments, net of recoveries: Current year (3,606) (2,214) Previous policy years (12,933) (19,227) Total payments, net of recoveries (16,539) (21,441) Effects of changes in foreign currency exchange rates 1,032 (8,662) Balances at March 31 509,541 447,582 Loss ratios as a percentage of title operating revenues: Current year provisions 4.5 % 4.2 % Total provisions 4.6 % 4.2 %

Share-based payments

Share-based payments	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based payments	Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which include time-based restricted units, performance-based restricted stock units, and stock options. 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 The stock options vest 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. Each vested stock option can be exercised to purchase a share of the Company's common stock at the strike price set by the Company at the grant date. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2021
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 2021 2020 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 54,236 5,177 Denominator (000): Basic average shares outstanding 26,736 23,638 Average number of dilutive shares relating to options 103 — Average number of dilutive shares relating to grants of restricted units and shares 145 111 Diluted average shares outstanding 26,984 23,749 Basic earnings per share attributable to Stewart 2.03 0.22 Diluted earnings per share attributable to Stewart 2.01 0.22

Contingent liabilities and comm

Contingent liabilities and commitments	3 Months Ended
	Mar. 31, 2021
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, 2021, 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, 2021, the Company also had unused letters of credit aggregating $4.9 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, 2021
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. The Company is subject to non-ordinary course of business claims or lawsuits from time to time. To the extent the Company is currently the subject of these types of lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. Additionally, the Company occasionally receives 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, where appropriate, 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, 2021
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 appraisal management services, search and valuation services, and online notarization and closing solutions, which are the principal offerings of ancillary services, 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 2021 2020 ($000 omitted) Title segment: Revenues 632,585 434,440 Depreciation and amortization 4,314 3,821 Income before taxes and noncontrolling interest 77,089 14,836 Ancillary services and corporate segment: Revenues 56,001 5,461 Depreciation and amortization 2,116 410 Loss before taxes and noncontrolling interest (3,087) (5,566) Consolidated Stewart: Revenues 688,586 439,901 Depreciation and amortization 6,430 4,231 Income before taxes and noncontrolling interest 74,002 9,270 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 2021 2020 ($000 omitted) United States 652,582 414,128 International 36,004 25,773 688,586 439,901

Other comprehensive income (los

Other comprehensive income (loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Other comprehensive income (loss)	Other comprehensive loss. Changes in the balances of each component of other comprehensive loss 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 (11,589) (2,433) (9,156) (3,267) (687) (2,580) Reclassification adjustment for realized gains and losses on investments (184) (39) (145) (101) (21) (80) (11,773) (2,472) (9,301) (3,368) (708) (2,660) Foreign currency translation adjustments 2,351 484 1,867 (13,659) (2,217) (11,442) Other comprehensive loss (9,422) (1,988) (7,434) (17,027) (2,925) (14,102)

Interim financial statements (P

Interim financial statements (Policies)	3 Months Ended
	Mar. 31, 2021
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. Fair value is defined 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. Under U.S. GAAP, there is 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)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Summary of operating revenues	The Company's operating revenues, summarized by type, are as follows: Three Months Ended 2021 2020 ($000 omitted) Title insurance premiums: Direct 194,993 138,283 Agency 345,932 242,030 Escrow fees 56,649 33,086 Appraisal management, abstract and other ancillary services 68,620 16,077 Other revenues 15,173 16,298 681,367 445,774

Investments in debt and equit_2

Investments in debt and equity securities (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 615,445 631,386 Equity securities 67,354 53,001 682,799 684,387 The amortized costs and fair values of investments in debt securities are as follows: March 31, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 42,015 44,089 45,138 47,603 Corporate 276,870 289,159 285,962 305,450 Foreign 269,792 275,585 261,748 271,711 U.S. Treasury Bonds 6,567 6,612 6,564 6,622 595,244 615,445 599,412 631,386 Proceeds from sales of investments in securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Proceeds from sales of debt securities 115 11,503 Proceeds from sales of equity securities 2,936 293 Total proceeds from sales of investments in securities 3,051 11,796
Investments in equity securities	The total fair values of the Company's investments in debt and equity securities are as follows: March 31, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 615,445 631,386 Equity securities 67,354 53,001 682,799 684,387 Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 5,582 (11,061) Less: Net realized gains (losses) on equity securities sold during the period 9 (507) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 5,573 (10,554)
Gross unrealized gains and losses	Gross unrealized gains and losses on investments in debt securities are as follows: March 31, 2021 December 31, 2020 Gains Losses Gains Losses ($000 omitted) Municipal 2,077 3 2,465 — Corporate 13,124 835 19,594 106 Foreign 6,572 779 10,024 61 U.S. Treasury Bonds 70 25 82 24 21,843 1,642 32,165 191
Debt securities according to contractual terms	Debt securities as of March 31, 2021 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 58,344 59,145 After one year through five years 311,487 321,937 After five years through ten years 194,553 201,439 After ten years 30,860 32,924 595,244 615,445
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, 2021, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 3 130 — — 3 130 Corporate 835 27,208 — — 835 27,208 Foreign 756 65,568 23 254 779 65,822 U.S. Treasury Bonds 1 109 24 1,022 25 1,131 1,595 93,015 47 1,276 1,642 94,291 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, 2020, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal — — — — — — Corporate 106 13,518 — — 106 13,518 Foreign 40 2,912 21 254 61 3,166 U.S. Treasury Bonds — — 24 1,022 24 1,022 146 16,430 45 1,276 191 17,706

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on recurring basis	As of March 31, 2021, 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 — 44,089 44,089 Corporate — 289,159 289,159 Foreign — 275,585 275,585 U.S. Treasury Bonds — 6,612 6,612 Equity securities 67,354 — 67,354 67,354 615,445 682,799 As of December 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 — 47,603 47,603 Corporate — 305,450 305,450 Foreign — 271,711 271,711 U.S. Treasury Bonds — 6,622 6,622 Equity securities 53,001 — 53,001 53,001 631,386 684,387

Net realized and unrealized (_2

Net realized and unrealized (losses) gains (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 ($000 omitted) Realized gains 170 153 Realized losses (2,469) (690) Net unrealized investment (losses) gains recognized on equity securities still held at end of period 5,573 (10,554) 3,274 (11,091)
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, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 615,445 631,386 Equity securities 67,354 53,001 682,799 684,387 Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 5,582 (11,061) Less: Net realized gains (losses) on equity securities sold during the period 9 (507) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 5,573 (10,554)
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, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 615,445 631,386 Equity securities 67,354 53,001 682,799 684,387 The amortized costs and fair values of investments in debt securities are as follows: March 31, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 42,015 44,089 45,138 47,603 Corporate 276,870 289,159 285,962 305,450 Foreign 269,792 275,585 261,748 271,711 U.S. Treasury Bonds 6,567 6,612 6,564 6,622 595,244 615,445 599,412 631,386 Proceeds from sales of investments in securities are as follows: Three Months Ended 2021 2020 ($000 omitted) Proceeds from sales of debt securities 115 11,503 Proceeds from sales of equity securities 2,936 293 Total proceeds from sales of investments in securities 3,051 11,796

Goodwill and other intangibles

Goodwill and other intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 361,433 70,044 431,477 Acquisitions 32,619 20,202 52,821 Purchase accounting adjustments (4,397) 258 (4,139) Balances at March 31, 2021 389,655 90,504 480,159

Estimated title losses (Tables)

Estimated title losses (Tables)	3 Months Ended
	Mar. 31, 2021
Insurance [Abstract]
Summary of estimated title losses	A summary of estimated title losses for the three months ended March 31 is as follows: 2021 2020 ($000 omitted) Balances at January 1 496,275 459,053 Provisions: Current year 28,407 18,521 Previous policy years 366 111 Total provisions 28,773 18,632 Payments, net of recoveries: Current year (3,606) (2,214) Previous policy years (12,933) (19,227) Total payments, net of recoveries (16,539) (21,441) Effects of changes in foreign currency exchange rates 1,032 (8,662) Balances at March 31 509,541 447,582 Loss ratios as a percentage of title operating revenues: Current year provisions 4.5 % 4.2 % Total provisions 4.6 % 4.2 %

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 54,236 5,177 Denominator (000): Basic average shares outstanding 26,736 23,638 Average number of dilutive shares relating to options 103 — Average number of dilutive shares relating to grants of restricted units and shares 145 111 Diluted average shares outstanding 26,984 23,749 Basic earnings per share attributable to Stewart 2.03 0.22 Diluted earnings per share attributable to Stewart 2.01 0.22

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 31, 2021
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 2021 2020 ($000 omitted) Title segment: Revenues 632,585 434,440 Depreciation and amortization 4,314 3,821 Income before taxes and noncontrolling interest 77,089 14,836 Ancillary services and corporate segment: Revenues 56,001 5,461 Depreciation and amortization 2,116 410 Loss before taxes and noncontrolling interest (3,087) (5,566) Consolidated Stewart: Revenues 688,586 439,901 Depreciation and amortization 6,430 4,231 Income before taxes and noncontrolling interest 74,002 9,270
Revenues generated in domestic and all international operations	Revenues generated in the United States and all international operations are as follows: Three Months Ended 2021 2020 ($000 omitted) United States 652,582 414,128 International 36,004 25,773 688,586 439,901

Other comprehensive income (l_2

Other comprehensive income (loss) (Tables)	3 Months Ended
	Mar. 31, 2021
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 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 (11,589) (2,433) (9,156) (3,267) (687) (2,580) Reclassification adjustment for realized gains and losses on investments (184) (39) (145) (101) (21) (80) (11,773) (2,472) (9,301) (3,368) (708) (2,660) Foreign currency translation adjustments 2,351 484 1,867 (13,659) (2,217) (11,442) Other comprehensive loss (9,422) (1,988) (7,434) (17,027) (2,925) (14,102)

Interim financial statements -

Interim financial statements - Additional Information (Details) - USD ($)	Mar. 23, 2021	Mar. 22, 2021	Mar. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Investments restricted for statutory reserve funds			$ 491,300,000	$ 496,600,000
Restricted cash and cash equivalent			$ 25,600,000	$ 20,000,000
Line of credit, conditional increase in maximum borrowing capacity	$ 50,000,000
Line of credit
Short-term Debt [Line Items]
Line of credit facility	350,000,000	$ 200,000,000
Restricted payment	100,000,000	40,000,000
Unsecured debt
Short-term Debt [Line Items]
Indebtedness provision	$ 250,000,000	$ 100,000,000

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 681,367	$ 445,774
Direct
Disaggregation of Revenue [Line Items]
Revenues	194,993	138,283
Agency
Disaggregation of Revenue [Line Items]
Revenues	345,932	242,030
Escrow fees
Disaggregation of Revenue [Line Items]
Revenues	56,649	33,086
Appraisal management, abstract and other ancillary services
Disaggregation of Revenue [Line Items]
Revenues	68,620	16,077
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 15,173	$ 16,298

Investments in debt and equit_3

Investments in debt and equity securities - Investments in Debt and Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Debt securities	$ 615,445	$ 631,386
Equity securities	67,354	53,001
Investments in debt and equity securities	$ 682,799	$ 684,387

Investments in debt and equit_4

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)investment	Dec. 31, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 9.9	$ 4.4
Number of investments in an unrealized loss position	47
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	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 595,244	$ 599,412
Fair values	615,445	631,386
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	42,015	45,138
Fair values	44,089	47,603
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	276,870	285,962
Fair values	289,159	305,450
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	269,792	261,748
Fair values	275,585	271,711
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	6,567	6,564
Fair values	$ 6,612	$ 6,622

Investments in debt and equit_6

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gains	$ 21,843	$ 32,165
Losses	1,642	191
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	2,077	2,465
Losses	3	0
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	13,124	19,594
Losses	835	106
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	6,572	10,024
Losses	779	61
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	70	82
Losses	$ 25	$ 24

Investments in debt and equit_7

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized costs
In one year or less	$ 58,344
After one year through five years	311,487
After five years through ten years	194,553
After ten years	30,860
Amortized costs, total	595,244	$ 599,412
Fair values
In one year or less	59,145
After one year through five years	321,937
After five years through ten years	201,439
After ten years	32,924
Fair values, total	$ 615,445	$ 631,386

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, 2021	Dec. 31, 2020
Losses
Less than 12 months	$ 1,595	$ 146
More than 12 months	47	45
Total	1,642	191
Fair values
Less than 12 months	93,015	16,430
More than 12 months	1,276	1,276
Total	94,291	17,706
Municipal
Losses
Less than 12 months	3	0
More than 12 months	0	0
Total	3	0
Fair values
Less than 12 months	130	0
More than 12 months	0	0
Total	130	0
Corporate
Losses
Less than 12 months	835	106
More than 12 months	0	0
Total	835	106
Fair values
Less than 12 months	27,208	13,518
More than 12 months	0	0
Total	27,208	13,518
Foreign
Losses
Less than 12 months	756	40
More than 12 months	23	21
Total	779	61
Fair values
Less than 12 months	65,568	2,912
More than 12 months	254	254
Total	65,822	3,166
U.S. Treasury Bonds
Losses
Less than 12 months	1	0
More than 12 months	24	24
Total	25	24
Fair values
Less than 12 months	109	0
More than 12 months	1,022	1,022
Total	$ 1,131	$ 1,022

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 615,445	$ 631,386
Equity securities	67,354	53,001
Investments in debt and equity securities	682,799	684,387
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	67,354	53,001
Investments in debt and equity securities	67,354	53,001
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	615,445	631,386
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	44,089	47,603
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	44,089	47,603
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	289,159	305,450
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	289,159	305,450
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	275,585	271,711
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	275,585	271,711
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	6,612	6,622
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	$ 6,612	$ 6,622

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
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 170	$ 153
Realized losses	(2,469)	(690)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	5,573	(10,554)
Investment and other gains (losses) – net	$ 3,274	$ (11,091)

Net realized and unrealized (_4

Net realized and unrealized (losses) gains - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Investments, Debt and Equity Securities [Abstract]
Net realized losses	$ 2.5

Net realized and unrealized (_5

Net realized and unrealized (losses) gains - Net Gains on Investments in Equity Securities Still Held (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized on equity securities during the period	$ 5,582	$ (11,061)
Less: Net realized gains (losses) on equity securities sold during the period	9	(507)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period	$ 5,573	$ (10,554)

Net realized and unrealized (_6

Net realized and unrealized (losses) gains - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 115	$ 11,503
Proceeds from sales of equity securities	2,936	293
Total proceeds from sales of investments in securities	$ 3,051	$ 11,796

Goodwill and other intangible_2

Goodwill and other intangibles (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 431,477
Acquisitions	52,821
Purchase accounting adjustments	(4,139)
Ending balance	480,159
Title
Goodwill [Roll Forward]
Beginning balances	361,433
Acquisitions	32,619
Purchase accounting adjustments	(4,397)
Ending balance	389,655
Ancillary Services and Corporate
Goodwill [Roll Forward]
Beginning balances	70,044
Acquisitions	20,202
Purchase accounting adjustments	258
Ending balance	$ 90,504

Estimated title losses (Details

Estimated title losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 496,275	$ 459,053
Provisions:
Current year	28,407	18,521
Previous policy years	366	111
Total provisions	28,773	18,632
Payments, net of recoveries:
Current year	(3,606)	(2,214)
Previous policy years	(12,933)	(19,227)
Total payments, net of recoveries	(16,539)	(21,441)
Effects of changes in foreign currency exchange rates	1,032	(8,662)
Balances at end of period	$ 509,541	$ 447,582
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.50%	4.20%
Total provisions	4.60%	4.20%

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted in the period	$ 1.3	$ 3.4
Number of options granted in the period (in shares)	139,000	650,000
Average grant price (in usd per share)	$ 9.24	$ 5.32
Strike price (USD per share)	$ 53.24	$ 39.76
Time-based 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 service 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
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value at grant date	$ 8.3	$ 2.4
Share-based incentives, shares issued	155,000	60,000
Average grant price (in usd per share)	$ 53.24	$ 39.76

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income attributable to Stewart	$ 54,236	$ 5,177
Denominator
Basic average shares outstanding (in shares)	26,736	23,638
Average number of dilutive shares relating to options (in shares)	103	0
Average number of dilutive shares relating to grants of restricted units and shares (in shares)	145	111
Diluted average shares outstanding (in shares)	26,984	23,749
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.03	$ 0.22
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.01	$ 0.22

Contingent liabilities and co_2

Contingent liabilities and commitments (Details) $ in Millions	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantee of indebtedness, relating to unused letters of credit	$ 4.9

Segment information - Additiona

Segment information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021segment
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, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 688,586	$ 439,901
Depreciation and amortization	6,430	4,231
Loss before taxes and noncontrolling interest	74,002	9,270
Title segment
Segment Reporting Information [Line Items]
Revenues	632,585	434,440
Depreciation and amortization	4,314	3,821
Loss before taxes and noncontrolling interest	77,089	14,836
Ancillary services and corporate segment
Segment Reporting Information [Line Items]
Revenues	56,001	5,461
Depreciation and amortization	2,116	410
Loss before taxes and noncontrolling interest	$ (3,087)	$ (5,566)

Segment information - Revenues

Segment information - Revenues Generated in United States and All International Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 688,586	$ 439,901
United States
Segment Reporting Information [Line Items]
Revenues	652,582	414,128
International
Segment Reporting Information [Line Items]
Revenues	$ 36,004	$ 25,773

Other comprehensive income (l_3

Other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Before-Tax Amount
Other comprehensive income	$ (9,422)	$ (17,027)
Tax Expense (Benefit)
Other comprehensive loss	(1,988)	(2,925)
Net-of-Tax Amount
Other comprehensive loss, net of taxes:	(7,434)	(14,102)
Net unrealized gains and losses on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(11,589)	(3,267)
Reclassification adjustment for realized gains and losses on investments	(184)	(101)
Other comprehensive income	(11,773)	(3,368)
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(2,433)	(687)
Reclassification adjustment for realized gains and losses on investments	(39)	(21)
Other comprehensive loss	(2,472)	(708)
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(9,156)	(2,580)
Reclassification adjustment for realized gains and losses on investments	(145)	(80)
Other comprehensive loss, net of taxes:	(9,301)	(2,660)
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive income	2,351	(13,659)
Tax Expense (Benefit)
Other comprehensive loss	484	(2,217)
Net-of-Tax Amount
Other comprehensive loss, net of taxes:	$ 1,867	$ (11,442)