Stewart Information Services (STC) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		26,890,755
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Revenues	$ 829,787	$ 590,676	$ 2,313,178	$ 1,543,206
Investment income	4,053	5,027	13,127	14,530
Net realized and unrealized gains (losses)	2,887	(7)	17,816	(6,035)
Revenues	836,727	595,696	2,344,121	1,551,701
Expenses
Amounts retained by agencies	329,906	231,051	935,861	659,138
Employee costs	197,587	155,638	555,451	428,817
Other operating expenses	152,587	98,531	415,864	245,003
Title losses and related claims	30,345	28,427	92,687	68,600
Depreciation and amortization	9,144	5,144	22,394	13,436
Interest	712	562	1,960	2,075
Total expenses	720,281	519,353	2,024,217	1,417,069
Income before taxes and noncontrolling interests	116,446	76,343	319,904	134,632
Income tax expense	(23,051)	(16,058)	(70,547)	(29,293)
Net income	93,395	60,285	249,357	105,339
Less net income attributable to noncontrolling interests	4,732	4,376	11,639	10,107
Net income attributable to Stewart	88,663	55,909	237,718	95,232
Net income	93,395	60,285	249,357	105,339
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	(4,243)	3,844	(997)	(3,404)
Change in net unrealized gains and losses on investments	(2,183)	920	(10,330)	15,055
Reclassification adjustment for realized gains and losses on investments	(355)	(175)	(918)	(276)
Other comprehensive (loss) income, net of taxes:	(6,781)	4,589	(12,245)	11,375
Comprehensive income	86,614	64,874	237,112	116,714
Less net income attributable to noncontrolling interests	4,732	4,376	11,639	10,107
Comprehensive income attributable to Stewart	$ 81,882	$ 60,498	$ 225,473	$ 106,607
Basic average shares outstanding (in shares)	26,873	25,148	26,803	24,151
Basic earnings per share attributable to Stewart (in usd per share)	$ 3.30	$ 2.22	$ 8.87	$ 3.94
Diluted average shares outstanding (in shares)	27,238	25,297	27,090	24,256
Diluted earnings per share attributable to Stewart (in usd per share)	$ 3.26	$ 2.21	$ 8.78	$ 3.93
Direct operations
Revenues
Revenues	$ 366,091	$ 280,114	$ 999,098	$ 696,611
Agency operations
Revenues
Revenues	401,762	282,605	1,138,023	802,022
Ancillary services
Revenues
Revenues	$ 61,934	$ 27,957	$ 176,057	$ 44,573

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 607,605	$ 432,683
Short-term investments	17,198	20,678
Investments in debt and equity securities, at fair value	700,719	684,387
Receivables:
Premiums from agencies	47,324	34,507
Trade and other	66,711	56,054
Income taxes	5,107	501
Notes	1,390	1,557
Allowance for uncollectible amounts	(6,222)	(4,807)
Total receivables	114,310	87,812
Property and equipment:
Land	2,964	2,964
Buildings	17,114	22,598
Furniture and equipment	191,231	168,147
Accumulated depreciation	(151,311)	(142,038)
Total property and equipment, at cost	59,998	51,671
Operating lease assets	117,354	106,479
Title plants, at cost	73,127	72,863
Investments on equity method basis	21,734	6,765
Goodwill	536,176	431,477
Intangible assets, net of amortization	72,549	37,382
Deferred tax assets	4,566	4,330
Other assets	50,169	42,048
Total assets	2,375,505	1,978,575
Liabilities
Notes payable	275,276	101,773
Accounts payable and accrued liabilities	209,144	225,180
Operating lease liabilities	129,064	119,089
Estimated title losses	534,551	496,275
Deferred tax liabilities	10,770	23,852
Total liabilities	1,158,805	966,169
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	306,257	301,937
Retained earnings	899,528	688,819
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(9,235)	(8,238)
Net unrealized gains on debt securities investments	14,012	25,260
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,207,896	1,005,112
Noncontrolling interests	8,804	7,294
Total stockholders’ equity (26,890,064 and 26,728,242 shares outstanding)	1,216,700	1,012,406
Total liabilities and stockholders' equity	$ 2,375,505	$ 1,978,575

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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)	26,890,064	26,728,242

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of net income to cash provided by operating activities:
Net income	$ 249,357	$ 105,339
Add (deduct):
Depreciation and amortization	22,394	13,436
Provision for bad debt	1,871	363
Net realized and unrealized (gains) losses	(17,816)	6,035
Amortization of net premium on debt securities investments	2,794	3,280
Payments for title losses less than provisions	39,761	9,615
Adjustments for insurance recoveries of title losses	0	(73)
Increase in receivables – net	(20,771)	(4,290)
Increase in other assets – net	(3,725)	(1,702)
Decrease (increase) in accounts payable and other liabilities – net	(30,385)	1,301
Change in net deferred income taxes	7,024	3,576
Net income from equity method investments	(6,852)	(2,385)
Dividends received from equity method investments	5,496	2,499
Stock-based compensation expense	8,494	4,234
Other – net	(325)	(367)
Cash provided by operating activities	257,317	140,861
Investing activities:
Proceeds from sales of investments in securities	19,726	25,772
Proceeds from matured investments in debt securities	68,653	46,677
Purchases of investments in securities	(111,107)	(75,487)
Net sales of short-term investments	2,734	2,431
Purchases of property and equipment, and real estate	(26,213)	(10,492)
Proceeds from sale of buildings	10,552	0
Cash paid for acquisition of businesses	(149,921)	(146,518)
Cash paid for acquisition of equity method investment	(16,080)	0
Other – net	988	1,524
Cash used by investing activities	(200,668)	(156,093)
Financing activities:
Proceeds from notes payable	331,755	2,361
Payments on notes payable	(158,031)	(11,737)
Distributions to noncontrolling interests	(11,683)	(9,572)
Issuance of new Common Stock	0	108,961
Repurchases of Common Stock	(2,145)	(826)
Proceeds from stock option and employee stock purchase plan exercises	2,715	0
Cash dividends paid	(26,558)	(22,214)
Payment of contingent consideration related to an acquisition	(9,489)	0
Purchase of remaining interest in consolidated subsidiaries	(5,616)	0
Other - net	(777)	(311)
Cash used by financing activities	120,171	66,662
Effects of changes in foreign currency exchange rates	(1,898)	(479)
Change in cash and cash equivalents	174,922	50,951
Cash and cash equivalents at beginning of period	432,683	330,609
Cash and cash equivalents at end of period	$ 607,605	$ 381,560

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	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
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	237,718			237,718
Dividends on Common Stock	(27,009)			(27,009)
Stock-based compensation	8,494	139	8,355
Stock repurchases	(2,145)	(41)	(2,104)
Stock option and employee stock purchase plan exercises	2,715	64	2,651
Purchase of remaining interest in consolidated subsidiaries	(5,616)		(4,744)				(872)
Change in net unrealized gains and losses on investments, net of taxes	(10,330)				(10,330)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(918)				(918)
Foreign currency translation adjustments, net of taxes	(997)				(997)
Net income attributable to noncontrolling interests	11,639						11,639
Distributions to noncontrolling interests	(11,683)						(11,683)
Net effect of other changes in ownership	2,426						2,426
Balances at end of period at Sep. 30, 2021	1,216,700	27,242	279,015	899,528	4,777	(2,666)	8,804
Balances at beginning of period at Jun. 30, 2021	1,136,073	27,177	274,074	819,834	11,558	(2,666)	6,096
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	88,663			88,663
Dividends on Common Stock	(8,969)			(8,969)
Stock-based compensation	2,615	8	2,607
Stock repurchases	(143)	(2)	(141)
Stock option and employee stock purchase plan exercises	2,534	59	2,475
Change in net unrealized gains and losses on investments, net of taxes	(2,183)				(2,183)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(355)				(355)
Foreign currency translation adjustments, net of taxes	(4,243)				(4,243)
Net income attributable to noncontrolling interests	4,732						4,732
Distributions to noncontrolling interests	(4,430)						(4,430)
Net effect of other changes in ownership	2,406						2,406
Balances at end of period at Sep. 30, 2021	$ 1,216,700	$ 27,242	$ 279,015	$ 899,528	$ 4,777	$ (2,666)	$ 8,804

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in usd per share)	$ 0.33	$ 0.30	$ 0.99	$ 0.90

Interim financial statements

Interim financial statements	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Interim financial statements	Interim financial statements. The financial information contained in this report for the three and nine months ended September 30, 2021 and 2020, and as of September 30, 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 c urrent operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $524.5 million and $496.6 million at September 30, 2021 and December 31, 2020, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $24.0 million a nd $20.0 million at September 30, 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. New credit agreement. On October 28, 2021, t he Company entered into a new senior unsecured credit agreement with the creditors of its existing $350 million line of credit facility (maturing in March 2026). The new credit agreement provides the Company with a $200 million unsecured revolving credit facility (maturing in October 2026) and an unsecured $400 million delayed-draw term loan (364-day term), with an option to increase the revolving credit facility by up to $125 million. On the same day

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 ($000 omitted) Title insurance premiums: Direct 248,738 190,794 687,369 478,822 Agency 401,762 282,605 1,138,023 802,022 Escrow fees 63,455 53,384 183,638 127,903 Appraisal management, abstract and other ancillary services 85,345 42,627 234,677 81,533 Other revenues 30,487 21,266 69,471 52,926 829,787 590,676 2,313,178 1,543,206

Investments in debt and equity

Investments in debt and equity securities	9 Months Ended
	Sep. 30, 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: September 30, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 617,278 631,386 Equity securities 83,441 53,001 700,719 684,387 As of September 30, 2021 and December 31, 2020, the net unrealized investment gains relating to investments in equity securitie s held were $13.9 million and $4.4 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: September 30, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 38,088 39,885 45,138 47,603 Corporate 280,090 292,119 285,962 305,450 Foreign 274,938 278,808 261,748 271,711 U.S. Treasury Bonds 6,426 6,466 6,564 6,622 599,542 617,278 599,412 631,386 Foreign debt securities consist of Canadian government, provincial 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, 2021 December 31, 2020 Gains Losses Gains Losses ($000 omitted) Municipal 1,798 1 2,465 — Corporate 12,630 601 19,594 106 Foreign 4,784 914 10,024 61 U.S. Treasury Bonds 60 20 82 24 19,272 1,536 32,165 191 Debt securities as of September 30, 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 64,866 65,678 After one year through five years 363,235 371,531 After five years through ten years 140,784 146,686 After ten years 30,657 33,383 599,542 617,278 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, 2021, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 1 130 — — 1 130 Corporate 395 40,219 206 4,933 601 45,152 Foreign 888 83,259 26 246 914 83,505 U.S. Treasury Bonds 3 482 17 508 20 990 1,287 124,090 249 5,687 1,536 129,777 The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2021 was 70. Of these securities, 7 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 in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-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 gains (losses). Realized and unrealized gains and losses are detailed as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Realized gains 2,615 241 10,695 1,749 Realized losses (47) (209) (2,516) (1,556) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 319 (39) 9,637 (6,228) 2,887 (7) 17,816 (6,035) Realized gains and losses during the third quarter 2021 included a $2.5 million gain related to an acquisition contingent liability adjustment. Additionally, realized gains and losses for the first nine months of 2021 included $7.3 million of gains on sales of buildings and a $2.5 million loss related to a disposal of an equity method investment. Realized gains and losses 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) and $1.1 million of net realized losses from sale of investment securities. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 345 (41) 9,706 (7,136) Less: Net realized gains (losses) on equity securities sold during the period 26 (2) 69 (908) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 319 (39) 9,637 (6,228) Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Proceeds from sales of debt securities 4,854 10,218 19,425 24,990 Proceeds from sales of equity securities 128 56 301 782 Total proceeds from sales of investments in securities 4,982 10,274 19,726 25,772

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 30, 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 September 30, 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 — 39,885 39,885 Corporate — 292,119 292,119 Foreign — 278,808 278,808 U.S. Treasury Bonds — 6,466 6,466 Equity securities 83,441 — 83,441 83,441 617,278 700,719 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 September 30, 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 gai

Net realized and unrealized gains (losses)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 617,278 631,386 Equity securities 83,441 53,001 700,719 684,387 As of September 30, 2021 and December 31, 2020, the net unrealized investment gains relating to investments in equity securitie s held were $13.9 million and $4.4 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: September 30, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 38,088 39,885 45,138 47,603 Corporate 280,090 292,119 285,962 305,450 Foreign 274,938 278,808 261,748 271,711 U.S. Treasury Bonds 6,426 6,466 6,564 6,622 599,542 617,278 599,412 631,386 Foreign debt securities consist of Canadian government, provincial 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, 2021 December 31, 2020 Gains Losses Gains Losses ($000 omitted) Municipal 1,798 1 2,465 — Corporate 12,630 601 19,594 106 Foreign 4,784 914 10,024 61 U.S. Treasury Bonds 60 20 82 24 19,272 1,536 32,165 191 Debt securities as of September 30, 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 64,866 65,678 After one year through five years 363,235 371,531 After five years through ten years 140,784 146,686 After ten years 30,657 33,383 599,542 617,278 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, 2021, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 1 130 — — 1 130 Corporate 395 40,219 206 4,933 601 45,152 Foreign 888 83,259 26 246 914 83,505 U.S. Treasury Bonds 3 482 17 508 20 990 1,287 124,090 249 5,687 1,536 129,777 The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2021 was 70. Of these securities, 7 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 in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-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 gains (losses). Realized and unrealized gains and losses are detailed as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Realized gains 2,615 241 10,695 1,749 Realized losses (47) (209) (2,516) (1,556) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 319 (39) 9,637 (6,228) 2,887 (7) 17,816 (6,035) Realized gains and losses during the third quarter 2021 included a $2.5 million gain related to an acquisition contingent liability adjustment. Additionally, realized gains and losses for the first nine months of 2021 included $7.3 million of gains on sales of buildings and a $2.5 million loss related to a disposal of an equity method investment. Realized gains and losses 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) and $1.1 million of net realized losses from sale of investment securities. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 345 (41) 9,706 (7,136) Less: Net realized gains (losses) on equity securities sold during the period 26 (2) 69 (908) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 319 (39) 9,637 (6,228) Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Proceeds from sales of debt securities 4,854 10,218 19,425 24,990 Proceeds from sales of equity securities 128 56 301 782 Total proceeds from sales of investments in securities 4,982 10,274 19,726 25,772

Goodwill and other intangible a

Goodwill and other intangible assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets	Goodwill and other intangible assets. 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 103,744 9,777 113,521 Purchase accounting adjustments (4,492) (4,307) (8,799) Disposals (23) — (23) Balances at September 30, 2021 460,662 75,514 536,176 During the nine months ended September 30, 2021, goodwill recorded in the title segment was related to acquisitions of a title search and support services provider, a digital customer engagement platform provider, and a number of title offices operating in the states of Arizona, California, New Mexico, Ohio and Texas. Goodwill recorded in the ancillary services and corporate segment was related to an acquisition of an online notarization and closing solutions provider. The goodwill balances for the 2021 acquisitions were based on the Company's preliminary purchase accounting, which is expected to be finalized within a year after the acquisitions closed. During the nine months ended September 30, 2021, the Company recorded other intangible assets related to acquisitions of $27.2 million in the title segment, primarily related to technology, customer relationships and trade names, and $18.3 million in the ancillary services and corporate segment, primarily related to customer relationships and technology.

Estimated title losses

Estimated title losses	9 Months Ended
	Sep. 30, 2021
Insurance [Abstract]
Estimated title losses	Estimated title losses. A summary of estimated title losses for the nine months ended September 30 is as follows: 2021 2020 ($000 omitted) Balances at January 1 496,275 459,053 Provisions: Current year 91,259 68,063 Previous policy years 1,428 537 Total provisions 92,687 68,600 Payments, net of recoveries: Current year (12,181) (9,595) Previous policy years (40,745) (49,390) Total payments, net of recoveries (52,926) (58,985) Effects of changes in foreign currency exchange rates (1,485) (1,856) Balances at September 30 534,551 466,812 Loss ratios as a percentage of title operating revenues: Current year provisions 4.3 % 4.5 % Total provisions 4.3 % 4.6 % Provisions in the first nine months of 2021 increased compared to the same period in 2020, primarily as a result of increased title revenues, while the effect of changes in foreign currency exchange rates for the first nine months of 2021 and 2020 were primarily influenced by the depreciation of the Canadian dollar against the U.S. dollar during both periods.

Share-based payments

Share-based payments	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 units and shares 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 2021 2020 2021 2020 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 88,663 55,909 237,718 95,232 Denominator (000): Basic average shares outstanding 26,873 25,148 26,803 24,151 Average number of dilutive shares relating to options 190 — 160 — Average number of dilutive shares relating to grants of restricted units and shares 175 149 127 105 Diluted average shares outstanding 27,238 25,297 27,090 24,256 Basic earnings per share attributable to Stewart 3.30 2.22 8.87 3.94 Diluted earnings per share attributable to Stewart 3.26 2.21 8.78 3.93

Contingent liabilities and comm

Contingent liabilities and commitments	9 Months Ended
	Sep. 30, 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 September 30, 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 guaran tees 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, 2021, the Company also had unused letters of credit aggregating $4.9 million r elated 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, 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	9 Months Ended
	Sep. 30, 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, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. 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 Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Title segment: Revenues 772,246 567,743 2,157,949 1,506,618 Depreciation and amortization 4,556 3,748 13,579 11,302 Income before taxes and noncontrolling interest 119,147 82,376 321,910 152,003 Ancillary services and corporate segment: Revenues 64,481 27,953 186,172 45,083 Depreciation and amortization 4,588 1,396 8,815 2,134 Income (loss) before taxes (2,701) (6,033) (2,006) (17,371) Consolidated Stewart: Revenues 836,727 595,696 2,344,121 1,551,701 Depreciation and amortization 9,144 5,144 22,394 13,436 Income before taxes and noncontrolling interest 116,446 76,343 319,904 134,632 The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment. Total revenues generated in the United States and all international operations are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) United States 781,792 559,057 2,196,717 1,463,129 International 54,935 36,639 147,404 88,572 836,727 595,696 2,344,121 1,551,701

Other comprehensive (loss) inco

Other comprehensive (loss) income	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Other comprehensive (loss) income	Other comprehensive (loss) income. Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows: Three Months Ended Three Months Ended Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments (2,764) (581) (2,183) 1,164 244 920 Reclassification adjustment for realized gains and losses on investments (449) (94) (355) (221) (46) (175) (3,213) (675) (2,538) 943 198 745 Foreign currency translation adjustments (4,950) (707) (4,243) 4,384 540 3,844 Other comprehensive (loss) income (8,163) (1,382) (6,781) 5,327 738 4,589 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 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 (13,076) (2,746) (10,330) 19,056 4,001 15,055 Reclassification adjustment for realized gains and losses on investments (1,162) (244) (918) (349) (73) (276) (14,238) (2,990) (11,248) 18,707 3,928 14,779 Foreign currency translation adjustments (839) 158 (997) (4,101) (697) (3,404) Other comprehensive (loss) income (15,077) (2,832) (12,245) 14,606 3,231 11,375

Interim financial statements (P

Interim financial statements (Policies)	9 Months Ended
	Sep. 30, 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 c urrent operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $524.5 million and $496.6 million at September 30, 2021 and December 31, 2020, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $24.0 million a nd $20.0 million at September 30, 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.
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.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Title insurance premiums: Direct 248,738 190,794 687,369 478,822 Agency 401,762 282,605 1,138,023 802,022 Escrow fees 63,455 53,384 183,638 127,903 Appraisal management, abstract and other ancillary services 85,345 42,627 234,677 81,533 Other revenues 30,487 21,266 69,471 52,926 829,787 590,676 2,313,178 1,543,206

Investments in debt and equit_2

Investments in debt and equity securities (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments in equity securities	The total fair values of the Company's investments in debt and equity securities are as follows: September 30, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 617,278 631,386 Equity securities 83,441 53,001 700,719 684,387 Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 345 (41) 9,706 (7,136) Less: Net realized gains (losses) on equity securities sold during the period 26 (2) 69 (908) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 319 (39) 9,637 (6,228)
Investments in debt securities	The total fair values of the Company's investments in debt and equity securities are as follows: September 30, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 617,278 631,386 Equity securities 83,441 53,001 700,719 684,387 The amortized costs and fair values of investments in debt securities are as follows: September 30, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 38,088 39,885 45,138 47,603 Corporate 280,090 292,119 285,962 305,450 Foreign 274,938 278,808 261,748 271,711 U.S. Treasury Bonds 6,426 6,466 6,564 6,622 599,542 617,278 599,412 631,386 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Proceeds from sales of debt securities 4,854 10,218 19,425 24,990 Proceeds from sales of equity securities 128 56 301 782 Total proceeds from sales of investments in securities 4,982 10,274 19,726 25,772
Gross unrealized gains and losses	Gross unrealized gains and losses on investments in debt securities are as follows: September 30, 2021 December 31, 2020 Gains Losses Gains Losses ($000 omitted) Municipal 1,798 1 2,465 — Corporate 12,630 601 19,594 106 Foreign 4,784 914 10,024 61 U.S. Treasury Bonds 60 20 82 24 19,272 1,536 32,165 191
Debt securities according to contractual terms	Debt securities as of September 30, 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 64,866 65,678 After one year through five years 363,235 371,531 After five years through ten years 140,784 146,686 After ten years 30,657 33,383 599,542 617,278
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, 2021, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 1 130 — — 1 130 Corporate 395 40,219 206 4,933 601 45,152 Foreign 888 83,259 26 246 914 83,505 U.S. Treasury Bonds 3 482 17 508 20 990 1,287 124,090 249 5,687 1,536 129,777 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)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on recurring basis	As of September 30, 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 — 39,885 39,885 Corporate — 292,119 292,119 Foreign — 278,808 278,808 U.S. Treasury Bonds — 6,466 6,466 Equity securities 83,441 — 83,441 83,441 617,278 700,719 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 g_2

Net realized and unrealized gains (losses) (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Realized gains 2,615 241 10,695 1,749 Realized losses (47) (209) (2,516) (1,556) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 319 (39) 9,637 (6,228) 2,887 (7) 17,816 (6,035)
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, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 617,278 631,386 Equity securities 83,441 53,001 700,719 684,387 Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 345 (41) 9,706 (7,136) Less: Net realized gains (losses) on equity securities sold during the period 26 (2) 69 (908) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 319 (39) 9,637 (6,228)
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, 2021 December 31, 2020 ($000 omitted) Investments in: Debt securities 617,278 631,386 Equity securities 83,441 53,001 700,719 684,387 The amortized costs and fair values of investments in debt securities are as follows: September 30, 2021 December 31, 2020 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 38,088 39,885 45,138 47,603 Corporate 280,090 292,119 285,962 305,450 Foreign 274,938 278,808 261,748 271,711 U.S. Treasury Bonds 6,426 6,466 6,564 6,622 599,542 617,278 599,412 631,386 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Proceeds from sales of debt securities 4,854 10,218 19,425 24,990 Proceeds from sales of equity securities 128 56 301 782 Total proceeds from sales of investments in securities 4,982 10,274 19,726 25,772

Goodwill and other intangible_2

Goodwill and other intangible assets (Tables)	9 Months Ended
	Sep. 30, 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 103,744 9,777 113,521 Purchase accounting adjustments (4,492) (4,307) (8,799) Disposals (23) — (23) Balances at September 30, 2021 460,662 75,514 536,176

Estimated title losses (Tables)

Estimated title losses (Tables)	9 Months Ended
	Sep. 30, 2021
Insurance [Abstract]
Summary of estimated title losses	A summary of estimated title losses for the nine months ended September 30 is as follows: 2021 2020 ($000 omitted) Balances at January 1 496,275 459,053 Provisions: Current year 91,259 68,063 Previous policy years 1,428 537 Total provisions 92,687 68,600 Payments, net of recoveries: Current year (12,181) (9,595) Previous policy years (40,745) (49,390) Total payments, net of recoveries (52,926) (58,985) Effects of changes in foreign currency exchange rates (1,485) (1,856) Balances at September 30 534,551 466,812 Loss ratios as a percentage of title operating revenues: Current year provisions 4.3 % 4.5 % Total provisions 4.3 % 4.6 %

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 88,663 55,909 237,718 95,232 Denominator (000): Basic average shares outstanding 26,873 25,148 26,803 24,151 Average number of dilutive shares relating to options 190 — 160 — Average number of dilutive shares relating to grants of restricted units and shares 175 149 127 105 Diluted average shares outstanding 27,238 25,297 27,090 24,256 Basic earnings per share attributable to Stewart 3.30 2.22 8.87 3.94 Diluted earnings per share attributable to Stewart 3.26 2.21 8.78 3.93

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Selected statement of income information related to segments	Selected statement of income information related to these segments is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) Title segment: Revenues 772,246 567,743 2,157,949 1,506,618 Depreciation and amortization 4,556 3,748 13,579 11,302 Income before taxes and noncontrolling interest 119,147 82,376 321,910 152,003 Ancillary services and corporate segment: Revenues 64,481 27,953 186,172 45,083 Depreciation and amortization 4,588 1,396 8,815 2,134 Income (loss) before taxes (2,701) (6,033) (2,006) (17,371) Consolidated Stewart: Revenues 836,727 595,696 2,344,121 1,551,701 Depreciation and amortization 9,144 5,144 22,394 13,436 Income before taxes and noncontrolling interest 116,446 76,343 319,904 134,632
Revenues generated in the United States and all international operations	evenues generated in the United States and all international operations are as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 ($000 omitted) United States 781,792 559,057 2,196,717 1,463,129 International 54,935 36,639 147,404 88,572 836,727 595,696 2,344,121 1,551,701

Other comprehensive (loss) in_2

Other comprehensive (loss) income (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of changes in the balances of each component of other comprehensive (loss) income	Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows: Three Months Ended Three Months Ended Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments (2,764) (581) (2,183) 1,164 244 920 Reclassification adjustment for realized gains and losses on investments (449) (94) (355) (221) (46) (175) (3,213) (675) (2,538) 943 198 745 Foreign currency translation adjustments (4,950) (707) (4,243) 4,384 540 3,844 Other comprehensive (loss) income (8,163) (1,382) (6,781) 5,327 738 4,589 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 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 (13,076) (2,746) (10,330) 19,056 4,001 15,055 Reclassification adjustment for realized gains and losses on investments (1,162) (244) (918) (349) (73) (276) (14,238) (2,990) (11,248) 18,707 3,928 14,779 Foreign currency translation adjustments (839) 158 (997) (4,101) (697) (3,404) Other comprehensive (loss) income (15,077) (2,832) (12,245) 14,606 3,231 11,375

Interim financial statements -

Interim financial statements - Additional Information (Details) - USD ($)	Oct. 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Oct. 27, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Investments restricted for statutory reserve funds		$ 524,500,000			$ 496,600,000
Restricted cash and cash equivalent		24,000,000			$ 20,000,000
Term loan draw		$ 331,755,000	$ 2,361,000
Line of credit | Current amended credit agreement | Subsequent event
Short-term Debt [Line Items]
Available unsecured line of credit				$ 350,000,000
Line of credit paid off	$ 273,900,000
Line of credit | New amended credit agreement | Revolving credit facility | Subsequent event
Short-term Debt [Line Items]
Available unsecured line of credit	200,000,000
Option to increase	125,000,000
Line of credit | New amended credit agreement | Delayed-draw term loan | Subsequent event
Short-term Debt [Line Items]
Available unsecured line of credit	$ 400,000,000
Debt term	364 days
Term loan draw	$ 370,000,000

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 829,787	$ 590,676	$ 2,313,178	$ 1,543,206
Direct
Disaggregation of Revenue [Line Items]
Revenues	248,738	190,794	687,369	478,822
Agency
Disaggregation of Revenue [Line Items]
Revenues	401,762	282,605	1,138,023	802,022
Escrow fees
Disaggregation of Revenue [Line Items]
Revenues	63,455	53,384	183,638	127,903
Appraisal management, abstract and other ancillary services
Disaggregation of Revenue [Line Items]
Revenues	85,345	42,627	234,677	81,533
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 30,487	$ 21,266	$ 69,471	$ 52,926

Investments in debt and equit_3

Investments in debt and equity securities - Investments in Debt and Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Debt securities	$ 617,278	$ 631,386
Equity securities	83,441	53,001
Investments in debt and equity securities	$ 700,719	$ 684,387

Investments in debt and equit_4

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)investment	Dec. 31, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 13.9	$ 4.4
Number of investments in an unrealized loss position	70
Number of investments in an unrealized loss positions for more than 12 months	7

Investments in debt and equit_5

Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 599,542	$ 599,412
Fair values	617,278	631,386
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	38,088	45,138
Fair values	39,885	47,603
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	280,090	285,962
Fair values	292,119	305,450
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	274,938	261,748
Fair values	278,808	271,711
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	6,426	6,564
Fair values	$ 6,466	$ 6,622

Investments in debt and equit_6

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Gains	$ 19,272	$ 32,165
Losses	1,536	191
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	1,798	2,465
Losses	1	0
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	12,630	19,594
Losses	601	106
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	4,784	10,024
Losses	914	61
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	60	82
Losses	$ 20	$ 24

Investments in debt and equit_7

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized costs
In one year or less	$ 64,866
After one year through five years	363,235
After five years through ten years	140,784
After ten years	30,657
Amortized costs	599,542	$ 599,412
Fair values
In one year or less	65,678
After one year through five years	371,531
After five years through ten years	146,686
After ten years	33,383
Fair values	$ 617,278	$ 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	Sep. 30, 2021	Dec. 31, 2020
Losses
Less than 12 months	$ 1,287	$ 146
More than 12 months	249	45
Total	1,536	191
Fair values
Less than 12 months	124,090	16,430
More than 12 months	5,687	1,276
Total	129,777	17,706
Municipal
Losses
Less than 12 months	1	0
More than 12 months	0	0
Total	1	0
Fair values
Less than 12 months	130	0
More than 12 months	0	0
Total	130	0
Corporate
Losses
Less than 12 months	395	106
More than 12 months	206	0
Total	601	106
Fair values
Less than 12 months	40,219	13,518
More than 12 months	4,933	0
Total	45,152	13,518
Foreign
Losses
Less than 12 months	888	40
More than 12 months	26	21
Total	914	61
Fair values
Less than 12 months	83,259	2,912
More than 12 months	246	254
Total	83,505	3,166
U.S. Treasury Bonds
Losses
Less than 12 months	3	0
More than 12 months	17	24
Total	20	24
Fair values
Less than 12 months	482	0
More than 12 months	508	1,022
Total	$ 990	$ 1,022

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 617,278	$ 631,386
Equity securities	83,441	53,001
Investments in debt and equity securities	700,719	684,387
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	83,441	53,001
Investments in debt and equity securities	83,441	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	617,278	631,386
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	39,885	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	39,885	47,603
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	292,119	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	292,119	305,450
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	278,808	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	278,808	271,711
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	6,466	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	$ 6,466	$ 6,622

Net realized and unrealized g_3

Net realized and unrealized gains (losses) - Gross Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 2,615	$ 241	$ 10,695	$ 1,749
Realized losses	(47)	(209)	(2,516)	(1,556)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period	319	(39)	9,637	(6,228)
Investment and other gains (losses) – net	$ 2,887	$ (7)	$ 17,816	$ (6,035)

Net realized and unrealized g_4

Net realized and unrealized gains (losses) - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net realized losses from change in fair value of contingent consideration liabilities	$ 2.5
Gains on sales of buildings		$ 7.3
Loss on disposal of equity method investment		$ 2.5
Gains from settlements of equity investments with no previously readily determinable fair values			$ 1.3
Net realized losses from sale of securities investments			$ 1.1

Net realized and unrealized g_5

Net realized and unrealized gains (losses) - Net Gains on Investments in Equity Securities Still Held (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized on equity securities during the period	$ 345	$ (41)	$ 9,706	$ (7,136)
Less: Net realized gains (losses) on equity securities sold during the period	26	(2)	69	(908)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period	$ 319	$ (39)	$ 9,637	$ (6,228)

Net realized and unrealized g_6

Net realized and unrealized gains (losses) - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 4,854	$ 10,218	$ 19,425	$ 24,990
Proceeds from sales of equity securities	128	56	301	782
Total proceeds from sales of investments in securities	$ 4,982	$ 10,274	$ 19,726	$ 25,772

Goodwill and other intangible_3

Goodwill and other intangible assets (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 431,477
Acquisitions	113,521
Purchase accounting adjustments	(8,799)
Disposals	(23)
Ending balance	536,176
Title
Goodwill [Roll Forward]
Beginning balances	361,433
Acquisitions	103,744
Purchase accounting adjustments	(4,492)
Disposals	(23)
Ending balance	460,662
Ancillary Services and Corporate
Goodwill [Roll Forward]
Beginning balances	70,044
Acquisitions	9,777
Purchase accounting adjustments	(4,307)
Disposals	0
Ending balance	$ 75,514

Goodwill and other intangible_4

Goodwill and other intangible assets - Additional Information (Details) - USD ($) $ in Millions	Oct. 01, 2021	Sep. 30, 2021
Title
Goodwill [Line Items]
Other intangible assets acquisitions		$ 27.2
Ancillary Services and Corporate
Goodwill [Line Items]
Other intangible assets acquisitions		$ 18.3
Subsequent event
Goodwill [Line Items]
Acquisition	$ 192

Estimated title losses (Details

Estimated title losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 496,275	$ 459,053
Provisions:
Current year	91,259	68,063
Previous policy years	1,428	537
Total provisions	92,687	68,600
Payments, net of recoveries:
Current year	(12,181)	(9,595)
Previous policy years	(40,745)	(49,390)
Total payments, net of recoveries	(52,926)	(58,985)
Effects of changes in foreign currency exchange rates	(1,485)	(1,856)
Balances at end of period	$ 534,551	$ 466,812
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.30%	4.50%
Total provisions	4.30%	4.60%

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2019	Sep. 30, 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)	141,000	648,000
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	$ 9.2	$ 3.8
Share-based incentives, shares issued	170,000	96,000
Average grant price (in usd per share)	$ 53.70	$ 39.36

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income attributable to Stewart	$ 88,663	$ 55,909	$ 237,718	$ 95,232
Denominator (000):
Basic average shares outstanding (in shares)	26,873	25,148	26,803	24,151
Average number of dilutive shares relating to options (in shares)	190	0	160	0
Average number of dilutive shares relating to grants of restricted units and shares (in shares)	175	149	127	105
Diluted average shares outstanding (in shares)	27,238	25,297	27,090	24,256
Basic earnings per share attributable to Stewart (in usd per share)	$ 3.30	$ 2.22	$ 8.87	$ 3.94
Diluted earnings per share attributable to Stewart (in usd per share)	$ 3.26	$ 2.21	$ 8.78	$ 3.93

Contingent liabilities and co_2

Contingent liabilities and commitments (Details) $ in Millions	Sep. 30, 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
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment information - Selected

Segment information - Selected statement of Income Information Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 836,727	$ 595,696	$ 2,344,121	$ 1,551,701
Depreciation and amortization	9,144	5,144	22,394	13,436
Income (loss) before taxes	116,446	76,343	319,904	134,632
Title segment
Segment Reporting Information [Line Items]
Revenues	772,246	567,743	2,157,949	1,506,618
Depreciation and amortization	4,556	3,748	13,579	11,302
Income (loss) before taxes	119,147	82,376	321,910	152,003
Ancillary services and corporate segment
Segment Reporting Information [Line Items]
Revenues	64,481	27,953	186,172	45,083
Depreciation and amortization	4,588	1,396	8,815	2,134
Income (loss) before taxes	$ (2,701)	$ (6,033)	$ (2,006)	$ (17,371)

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 836,727	$ 595,696	$ 2,344,121	$ 1,551,701
United States
Segment Reporting Information [Line Items]
Revenues	781,792	559,057	2,196,717	1,463,129
International
Segment Reporting Information [Line Items]
Revenues	$ 54,935	$ 36,639	$ 147,404	$ 88,572

Other comprehensive (loss) in_3

Other comprehensive (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Before-Tax Amount
Other comprehensive (loss) income	$ (8,163)	$ 5,327	$ (15,077)	$ 14,606
Tax Expense (Benefit)
Other comprehensive (loss) income	(1,382)	738	(2,832)	3,231
Net-of-Tax Amount
Other comprehensive (loss) income, net of taxes:	(6,781)	4,589	(12,245)	11,375
Net unrealized gains and losses on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(2,764)	1,164	(13,076)	19,056
Reclassification adjustment for realized gains and losses on investments	(449)	(221)	(1,162)	(349)
Other comprehensive (loss) income	(3,213)	943	(14,238)	18,707
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(581)	244	(2,746)	4,001
Reclassification adjustment for realized gains and losses on investments	(94)	(46)	(244)	(73)
Other comprehensive (loss) income	(675)	198	(2,990)	3,928
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(2,183)	920	(10,330)	15,055
Reclassification adjustment for realized gains and losses on investments	(355)	(175)	(918)	(276)
Other comprehensive (loss) income, net of taxes:	(2,538)	745	(11,248)	14,779
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive (loss) income	(4,950)	4,384	(839)	(4,101)
Tax Expense (Benefit)
Other comprehensive (loss) income	(707)	540	158	(697)
Net-of-Tax Amount
Other comprehensive (loss) income, net of taxes:	$ (4,243)	$ 3,844	$ (997)	$ (3,404)