Stewart Information Services (STC) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		27,108,912
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Operating revenues	$ 849,239	$ 802,025	$ 1,694,447	$ 1,483,392
Investment income	6,739	5,130	10,361	9,074
Net realized and unrealized (losses) gains	(11,905)	11,654	(7,820)	14,929
Revenues	844,073	818,809	1,696,988	1,507,395
Expenses
Amounts retained by agencies	339,847	322,020	671,039	605,955
Employee costs	210,246	188,467	415,228	357,864
Other operating expenses	162,008	137,796	351,756	263,279
Title losses and related claims	26,398	33,569	55,619	62,342
Depreciation and amortization	14,288	6,819	28,037	13,249
Interest	4,507	682	8,918	1,248
Total expenses	757,294	689,353	1,530,597	1,303,937
Income before taxes and noncontrolling interests	86,779	129,456	166,391	203,458
Income tax expense	(19,894)	(30,616)	(37,594)	(47,496)
Net income	66,885	98,840	128,797	155,962
Less net income attributable to noncontrolling interests	5,225	4,021	9,240	6,907
Net income attributable to Stewart	61,660	94,819	119,557	149,055
Net income attributable to Stewart
Net income	66,885	98,840	128,797	155,962
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(8,181)	1,379	(7,561)	3,246
Change in net unrealized gains and losses on investments	(12,694)	1,009	(32,592)	(8,147)
Reclassification adjustments for realized gains and losses on investments	(117)	(418)	(302)	(563)
Other comprehensive (loss) income	(20,992)	1,970	(40,455)	(5,464)
Comprehensive income	45,893	100,810	88,342	150,498
Less net income attributable to noncontrolling interests	5,225	4,021	9,240	6,907
Comprehensive income attributable to Stewart	$ 40,668	$ 96,789	$ 79,102	$ 143,591
Basic average shares outstanding (in shares)	27,018	26,798	26,989	26,767
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.28	$ 3.54	$ 4.43	$ 5.57
Diluted average shares outstanding (in shares)	27,293	27,123	27,377	27,038
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.26	$ 3.50	$ 4.37	$ 5.51
Direct operations
Revenues
Operating revenues	$ 351,122	$ 353,502	$ 668,956	$ 633,007
Agency operations
Revenues
Operating revenues	409,931	390,330	814,076	736,261
Real estate solutions and other
Revenues
Operating revenues	$ 88,186	$ 58,193	$ 211,415	$ 114,124

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 405,310	$ 485,919
Short-term investments	17,282	17,650
Investments, at fair value:
Debt securities	593,583	589,772
Equity securities	93,672	89,442
Investments, fair value	687,255	679,214
Receivables:
Premiums from agencies	50,565	45,428
Trade and other	70,572	75,079
Income taxes	4,338	5,420
Notes	4,633	1,124
Allowance for uncollectible amounts	(7,028)	(7,711)
Total receivables	123,080	119,340
Property and equipment:
Land	2,545	2,545
Buildings	18,692	19,303
Furniture and equipment	208,350	216,261
Accumulated depreciation	(156,087)	(165,653)
Total property and equipment, at cost	73,500	72,456
Operating lease assets	137,275	134,578
Title plants, at cost	73,503	76,859
Investments on equity method basis	4,650	4,754
Goodwill	964,212	924,837
Intangible assets, net of amortization	187,494	229,804
Deferred tax assets	3,766	3,846
Other assets	78,015	64,105
Total assets	2,755,342	2,813,362
Liabilities
Notes payable	444,908	483,491
Accounts payable and accrued liabilities	200,294	287,326
Operating lease liabilities	150,472	149,417
Estimated title losses	562,681	549,614
Deferred tax liabilities	37,166	48,779
Total liabilities	1,395,521	1,518,627
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	316,224	309,622
Retained earnings	1,073,788	974,800
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(16,478)	(8,917)
Net unrealized (losses) gains on debt securities investments	(23,724)	9,170
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,347,144	1,282,009
Noncontrolling interests	12,677	12,726
Total stockholders’ equity (27,038,282 and 26,893,430 shares outstanding)	1,359,821	1,294,735
Total liabilities and stockholders' equity	$ 2,755,342	$ 2,813,362

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Amortized cost	$ 623,614	$ 578,165
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)	27,038,282	26,893,430

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of net income to cash provided by operating activities:
Net income	$ 128,797	$ 155,962
Add (deduct):
Depreciation and amortization	28,037	13,249
Adjustments for bad debt provisions	(157)	846
Net realized and unrealized losses (gains)	7,820	(14,929)
Amortization of net premium on debt securities investments	1,382	1,904
Payments for title losses less than provisions	16,902	26,222
Adjustments for insurance recoveries of title losses	220	0
Decrease (increase) in receivables – net	2,907	(22,366)
Increase in other assets – net	(6,720)	(3,327)
Decrease in accounts payable and other liabilities – net	(68,475)	(15,390)
Change in net deferred income taxes	515	4,122
Net income from equity method investments	(1,860)	(3,412)
Dividends received from equity method investments	2,150	1,739
Stock-based compensation expense	6,440	5,879
Other – net	229	(47)
Cash provided by operating activities	118,187	150,452
Investing activities:
Proceeds from sales of investments in securities	28,769	14,744
Proceeds from matured investments in debt securities	23,521	51,034
Purchases of investments in securities	(117,913)	(89,198)
Net (purchases) sales of short-term investments	(189)	2,747
Purchases of property and equipment, and real estate	(26,226)	(16,430)
Proceeds from sale of property and equipment and other assets	1,033	10,583
Cash paid for acquisition of businesses	(23,310)	(131,906)
Cash paid for acquisition of equity method investment	(69)	(16,080)
Other – net	3,242	855
Cash used by investing activities	(111,142)	(173,651)
Financing activities:
Proceeds from notes payable	5,721	181,755
Payments on notes payable	(44,553)	(157,662)
Distributions to noncontrolling interests	(9,483)	(7,253)
Repurchases of Common Stock	(2,551)	(2,002)
Proceeds from stock option and employee stock purchase plan exercises	2,713	181
Cash dividends paid	(20,258)	(17,688)
Payment of contingent consideration related to acquisitions	(15,997)	(75)
Purchase of remaining interest in consolidated subsidiaries	0	(5,616)
Other - net	94	(777)
Cash used by financing activities	(84,314)	(9,137)
Effects of changes in foreign currency exchange rates	(3,340)	195
Change in cash and cash equivalents	(80,609)	(32,141)
Cash and cash equivalents at beginning of period	485,919	432,683
Cash and cash equivalents at end of period	$ 405,310	$ 400,542

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, 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	149,055			149,055
Dividends on common stock	(18,040)			(18,040)
Stock-based compensation	5,879	131	5,748
Stock repurchases	(2,002)	(39)	(1,963)
Stock option and employee stock purchase plan exercises	181	5	176
Purchase of remaining interest in consolidated subsidiary	(5,616)		(4,744)				(872)
Change in net unrealized gains and losses on investments, net of taxes	(8,147)				(8,147)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(563)				(563)
Foreign currency translation adjustments, net of taxes	3,246				3,246
Net income attributable to noncontrolling interests	6,907						6,907
Distributions to noncontrolling interests	(7,253)						(7,253)
Balances at end of period at Jun. 30, 2021	1,136,073	27,177	274,074	819,834	11,558	(2,666)	6,096
Balances at beginning of period at Mar. 31, 2021	1,047,898	27,158	273,820	733,973	9,588	(2,666)	6,025
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	94,819			94,819
Dividends on common stock	(8,958)			(8,958)
Stock-based compensation	2,705	18	2,687
Stock repurchases	(67)	(2)	(65)
Stock option exercises	120	3	117
Purchase of remaining interest in consolidated subsidiary	(3,046)		(2,485)				(561)
Change in net unrealized gains and losses on investments, net of taxes	1,009				1,009
Reclassification adjustment for realized gains and losses on investments, net of taxes	(418)				(418)
Foreign currency translation adjustments, net of taxes	1,379				1,379
Net income attributable to noncontrolling interests	4,021						4,021
Distributions to noncontrolling interests	(3,409)						(3,409)
Net effect of other changes in ownership	20						20
Balances at end of period at Jun. 30, 2021	1,136,073	27,177	274,074	819,834	11,558	(2,666)	6,096
Balances at beginning of period at Dec. 31, 2021	1,294,735	27,246	282,376	974,800	253	(2,666)	12,726
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	119,557			119,557
Dividends on common stock	(20,569)			(20,569)
Stock-based compensation	6,440	126	6,314
Stock repurchases	(2,551)	(37)	(2,514)
Stock option and employee stock purchase plan exercises	2,713	55	2,658
Change in net unrealized gains and losses on investments, net of taxes	(32,592)				(32,592)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(302)				(302)
Foreign currency translation adjustments, net of taxes	(7,561)				(7,561)
Net income attributable to noncontrolling interests	9,240						9,240
Distributions to noncontrolling interests	(9,483)						(9,483)
Net effect of other changes in ownership	194						194
Balances at end of period at Jun. 30, 2022	1,359,821	27,390	288,834	1,073,788	(40,202)	(2,666)	12,677
Balances at beginning of period at Mar. 31, 2022	1,324,788	27,367	284,524	1,022,456	(19,210)	(2,666)	12,317
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	61,660			61,660
Dividends on common stock	(10,328)			(10,328)
Stock-based compensation	4,201	18	4,183
Stock repurchases	(89)	(1)	(88)
Stock option and employee stock purchase plan exercises	221	6	215
Purchase of remaining interest in consolidated subsidiary	0
Change in net unrealized gains and losses on investments, net of taxes	(12,694)				(12,694)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(117)				(117)
Foreign currency translation adjustments, net of taxes	(8,181)				(8,181)
Net income attributable to noncontrolling interests	5,225						5,225
Distributions to noncontrolling interests	(4,915)						(4,915)
Net effect of other changes in ownership	50						50
Balances at end of period at Jun. 30, 2022	$ 1,359,821	$ 27,390	$ 288,834	$ 1,073,788	$ (40,202)	$ (2,666)	$ 12,677

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock per share (in usd per share)	$ 0.38	$ 0.33	$ 0.75	$ 0.66

Interim financial statements

Interim financial statements	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Interim financial statements	Interim financial statements. The financial information contained in this report for the three and six months ended June 30, 2022 and 2021, and as of June 30, 2022, 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, 2021 filed with the Securities and Exchange Commission on February 28, 2022 (2021 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 $538.1 million and $523.5 million at June 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $14.9 million a nd $41.4 million at June 30, 2022 and December 31, 2021, 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.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues. The Company's operating revenues, summarized by type, are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Title insurance premiums: Direct 231,721 243,638 437,283 438,631 Agency 409,931 390,330 814,076 736,261 Escrow fees 61,497 63,534 117,289 120,183 Real estate solutions and abstract fees 104,213 80,712 213,015 149,332 Other revenues 41,877 23,811 112,784 38,985 849,239 802,025 1,694,447 1,483,392

Investments in debt and equity

Investments in debt and equity securities	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in debt and equity securities	Investments in debt and equity securities. As of June 30, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securitie s held were $14.5 million and $21.1 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: June 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 32,555 32,525 34,739 36,323 Corporate 268,626 255,437 249,757 258,102 Foreign 311,894 295,134 287,240 288,883 U.S. Treasury Bonds 10,539 10,487 6,429 6,464 623,614 593,583 578,165 589,772 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: June 30, 2022 December 31, 2021 Gains Losses Gains Losses ($000 omitted) Municipal 114 144 1,585 1 Corporate 435 13,624 9,389 1,044 Foreign 319 17,079 3,285 1,642 U.S. Treasury Bonds 33 85 60 25 901 30,932 14,319 2,712 Debt securities as of June 30, 2022 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 98,843 98,429 After one year through five years 333,202 318,895 After five years through ten years 158,609 145,799 After ten years 32,960 30,460 623,614 593,583 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 June 30, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 144 11,631 — — 144 11,631 Corporate 12,033 218,982 1,591 11,268 13,624 230,250 Foreign 14,322 249,533 2,757 37,154 17,079 286,687 U.S. Treasury Bonds 61 1,410 24 611 85 2,021 26,560 481,556 4,372 49,033 30,932 530,589 The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2022 was 303. Of these securities, 23 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at June 30, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. 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, 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 588 42,231 456 12,014 1,044 54,245 Foreign 1,502 118,943 140 3,394 1,642 122,337 U.S. Treasury Bonds 8 477 17 508 25 985 2,099 161,781 613 15,916 2,712 177,697 Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Realized gains 1,683 7,909 3,277 8,080 Realized losses (3,671) — (3,839) (2,469) Net unrealized investment (losses) gains recognized on equity securities still held at end of period (9,917) 3,745 (7,258) 9,318 (11,905) 11,654 (7,820) 14,929 Realized gains and losses during the second quarter 2022 included realized losses of $3.6 million from disposals of businesses and a $1.0 million gain from an acquisition contingent liability adjustment. Realized gains and losses during the second quarter 2021 included $7.3 million of gains on sales of buildings. Additionally, realized gains and losses for the first six months of 2022 and 2021 included a $1.0 million realized gain related to sale of a title plant copy, and a $2.5 million loss related to a disposal of an equity method investment, respectively. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (9,366) 3,780 (6,795) 9,361 Less: Net realized gains on equity securities sold during the period 551 35 463 43 Net unrealized investment (losses) gains recognized on equity securities still held at end of period (9,917) 3,745 (7,258) 9,318 Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 11,002 11,634 28,282 14,571 Proceeds from sales of equity securities 117 59 487 173 Total proceeds from sales of investments in securities 11,119 11,693 28,769 14,744

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, 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 — 32,525 32,525 Corporate — 255,437 255,437 Foreign — 295,134 295,134 U.S. Treasury Bonds — 10,487 10,487 Equity securities 93,672 — 93,672 93,672 593,583 687,255 As of December 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 — 36,323 36,323 Corporate — 258,102 258,102 Foreign — 288,883 288,883 U.S. Treasury Bonds — 6,464 6,464 Equity securities 89,442 — 89,442 89,442 589,772 679,214 As of June 30, 2022 and December 31, 2021, 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	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net realized and unrealized gains	Investments in debt and equity securities. As of June 30, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securitie s held were $14.5 million and $21.1 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: June 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 32,555 32,525 34,739 36,323 Corporate 268,626 255,437 249,757 258,102 Foreign 311,894 295,134 287,240 288,883 U.S. Treasury Bonds 10,539 10,487 6,429 6,464 623,614 593,583 578,165 589,772 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: June 30, 2022 December 31, 2021 Gains Losses Gains Losses ($000 omitted) Municipal 114 144 1,585 1 Corporate 435 13,624 9,389 1,044 Foreign 319 17,079 3,285 1,642 U.S. Treasury Bonds 33 85 60 25 901 30,932 14,319 2,712 Debt securities as of June 30, 2022 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 98,843 98,429 After one year through five years 333,202 318,895 After five years through ten years 158,609 145,799 After ten years 32,960 30,460 623,614 593,583 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 June 30, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 144 11,631 — — 144 11,631 Corporate 12,033 218,982 1,591 11,268 13,624 230,250 Foreign 14,322 249,533 2,757 37,154 17,079 286,687 U.S. Treasury Bonds 61 1,410 24 611 85 2,021 26,560 481,556 4,372 49,033 30,932 530,589 The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2022 was 303. Of these securities, 23 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at June 30, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. 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, 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 588 42,231 456 12,014 1,044 54,245 Foreign 1,502 118,943 140 3,394 1,642 122,337 U.S. Treasury Bonds 8 477 17 508 25 985 2,099 161,781 613 15,916 2,712 177,697 Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Realized gains 1,683 7,909 3,277 8,080 Realized losses (3,671) — (3,839) (2,469) Net unrealized investment (losses) gains recognized on equity securities still held at end of period (9,917) 3,745 (7,258) 9,318 (11,905) 11,654 (7,820) 14,929 Realized gains and losses during the second quarter 2022 included realized losses of $3.6 million from disposals of businesses and a $1.0 million gain from an acquisition contingent liability adjustment. Realized gains and losses during the second quarter 2021 included $7.3 million of gains on sales of buildings. Additionally, realized gains and losses for the first six months of 2022 and 2021 included a $1.0 million realized gain related to sale of a title plant copy, and a $2.5 million loss related to a disposal of an equity method investment, respectively. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (9,366) 3,780 (6,795) 9,361 Less: Net realized gains on equity securities sold during the period 551 35 463 43 Net unrealized investment (losses) gains recognized on equity securities still held at end of period (9,917) 3,745 (7,258) 9,318 Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 11,002 11,634 28,282 14,571 Proceeds from sales of equity securities 117 59 487 173 Total proceeds from sales of investments in securities 11,119 11,693 28,769 14,744

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill. The summary of changes in goodwill is as follows. Title Real Estate Solutions Corporate and Other Consolidated Total ($000 omitted) Balances at December 31, 2021 583,944 325,543 15,350 924,837 Acquisitions 25,325 — — 25,325 Purchase accounting adjustments 802 28,990 (14,450) 15,342 Disposals (392) — (900) (1,292) Balances at June 30, 2022 609,679 354,533 — 964,212

Estimated title losses

Estimated title losses	6 Months Ended
	Jun. 30, 2022
Loss Contingency [Abstract]
Estimated title losses	Estimated title losses. A summary of estimated title losses for the six months ended June 30 is as follows: 2022 2021 ($000 omitted) Balances at January 1 549,614 496,275 Provisions: Current year 55,760 61,147 Previous policy years (141) 1,195 Total provisions 55,619 62,342 Payments, net of recoveries: Current year (8,927) (7,682) Previous policy years (29,790) (28,438) Total payments, net of recoveries (38,717) (36,120) Effects of changes in foreign currency exchange rates (3,835) 2,486 Balances at June 30 562,681 524,983 Loss ratios as a percentage of title operating revenues: Current year provisions 3.8 % 4.5 % Total provisions 3.8 % 4.6 %

Share-based payments

Share-based payments	6 Months Ended
	Jun. 30, 2022
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 usually include a combination of time-based restricted stock 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 generally 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	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 61,660 94,819 119,557 149,055 Denominator (000): Basic average shares outstanding 27,018 26,798 26,989 26,767 Average number of dilutive shares relating to options 154 189 226 154 Average number of dilutive shares relating to grants of restricted units and shares 121 136 162 117 Diluted average shares outstanding 27,293 27,123 27,377 27,038 Basic earnings per share attributable to Stewart 2.28 3.54 4.43 5.57 Diluted earnings per share attributable to Stewart 2.26 3.50 4.37 5.51

Contingent liabilities and comm

Contingent liabilities and commitments	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, 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 June 30, 2022, 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	6 Months Ended
	Jun. 30, 2022
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	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment information	Segment information. Prior to 2022, the Company reported two operating segments: the title insurance and related services (title) segment, and the ancillary services and corporate segment. Effective in the first quarter 2022, the Company began reporting three operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. The new segment presentation is primarily due to the increased size of the real estate solutions operations (formerly, ancillary services operations) resulting from strategic acquisitions. Previously, the real estate solutions operations were combined in one segment with the Company's corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments. Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment primarily includes corporate operations. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, 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 real estate solutions segment primarily include appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. Amounts for 2021 were recast in the following table to conform with the new segment presentation. Selected statement of income information related to these segments is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Title segment: Revenues 759,035 753,119 1,488,393 1,385,704 Depreciation and amortization 7,489 4,709 13,631 9,023 Income before taxes and noncontrolling interest 93,595 125,671 176,375 202,760 Real estate solutions segment: Revenues 82,864 58,193 172,255 114,124 Depreciation and amortization 6,381 1,884 13,177 3,778 Income before taxes 6,095 2,212 12,886 4,869 Corporate and other segment: Revenues 2,174 7,497 36,340 7,567 Depreciation and amortization 418 226 1,229 448 (Loss) income before taxes (12,911) 1,573 (22,870) (4,171) Consolidated Stewart: Revenues 844,073 818,809 1,696,988 1,507,395 Depreciation and amortization 14,288 6,819 28,037 13,249 Income before taxes and noncontrolling interest 86,779 129,456 166,391 203,458 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 Six Months Ended 2022 2021 2022 2021 ($000 omitted) United States 791,447 762,344 1,600,651 1,414,926 International 52,626 56,465 96,337 92,469 844,073 818,809 1,696,988 1,507,395

Other comprehensive (loss) inco

Other comprehensive (loss) income	6 Months Ended
	Jun. 30, 2022
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 (16,068) (3,374) (12,694) 1,277 268 1,009 Reclassification adjustments for realized gains and losses on investments (148) (31) (117) (529) (111) (418) (16,216) (3,405) (12,811) 748 157 591 Foreign currency translation adjustments (9,329) (1,148) (8,181) 1,760 381 1,379 Other comprehensive (loss) income (25,545) (4,553) (20,992) 2,508 538 1,970 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 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 (41,256) (8,664) (32,592) (10,312) (2,165) (8,147) Reclassification adjustment for realized gains and losses on investments (382) (80) (302) (713) (150) (563) (41,638) (8,744) (32,894) (11,025) (2,315) (8,710) Foreign currency translation adjustments (8,353) (792) (7,561) 4,111 865 3,246 Other comprehensive loss (49,991) (9,536) (40,455) (6,914) (1,450) (5,464)

Interim financial statements (P

Interim financial statements (Policies)	6 Months Ended
	Jun. 30, 2022
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 $538.1 million and $523.5 million at June 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $14.9 million a nd $41.4 million at June 30, 2022 and December 31, 2021, 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)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Summary of operating revenues	The Company's operating revenues, summarized by type, are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Title insurance premiums: Direct 231,721 243,638 437,283 438,631 Agency 409,931 390,330 814,076 736,261 Escrow fees 61,497 63,534 117,289 120,183 Real estate solutions and abstract fees 104,213 80,712 213,015 149,332 Other revenues 41,877 23,811 112,784 38,985 849,239 802,025 1,694,447 1,483,392

Investments in debt and equit_2

Investments in debt and equity securities (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized costs and fair values	The amortized costs and fair values of investments in debt securities are as follows: June 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 32,555 32,525 34,739 36,323 Corporate 268,626 255,437 249,757 258,102 Foreign 311,894 295,134 287,240 288,883 U.S. Treasury Bonds 10,539 10,487 6,429 6,464 623,614 593,583 578,165 589,772 Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 11,002 11,634 28,282 14,571 Proceeds from sales of equity securities 117 59 487 173 Total proceeds from sales of investments in securities 11,119 11,693 28,769 14,744
Gross unrealized gains and losses	Gross unrealized gains and losses on investments in debt securities are as follows: June 30, 2022 December 31, 2021 Gains Losses Gains Losses ($000 omitted) Municipal 114 144 1,585 1 Corporate 435 13,624 9,389 1,044 Foreign 319 17,079 3,285 1,642 U.S. Treasury Bonds 33 85 60 25 901 30,932 14,319 2,712
Debt securities according to contractual terms	Debt securities as of June 30, 2022 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 98,843 98,429 After one year through five years 333,202 318,895 After five years through ten years 158,609 145,799 After ten years 32,960 30,460 623,614 593,583
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 June 30, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 144 11,631 — — 144 11,631 Corporate 12,033 218,982 1,591 11,268 13,624 230,250 Foreign 14,322 249,533 2,757 37,154 17,079 286,687 U.S. Treasury Bonds 61 1,410 24 611 85 2,021 26,560 481,556 4,372 49,033 30,932 530,589 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, 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 588 42,231 456 12,014 1,044 54,245 Foreign 1,502 118,943 140 3,394 1,642 122,337 U.S. Treasury Bonds 8 477 17 508 25 985 2,099 161,781 613 15,916 2,712 177,697

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on recurring basis	As of June 30, 2022, 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 — 32,525 32,525 Corporate — 255,437 255,437 Foreign — 295,134 295,134 U.S. Treasury Bonds — 10,487 10,487 Equity securities 93,672 — 93,672 93,672 593,583 687,255 As of December 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 — 36,323 36,323 Corporate — 258,102 258,102 Foreign — 288,883 288,883 U.S. Treasury Bonds — 6,464 6,464 Equity securities 89,442 — 89,442 89,442 589,772 679,214

Net realized and unrealized g_2

Net realized and unrealized gains (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Gross realized investment and other gains	Realized and unrealized gains and losses are detailed as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Realized gains 1,683 7,909 3,277 8,080 Realized losses (3,671) — (3,839) (2,469) Net unrealized investment (losses) gains recognized on equity securities still held at end of period (9,917) 3,745 (7,258) 9,318 (11,905) 11,654 (7,820) 14,929
Investments in equity securities still held	Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (9,366) 3,780 (6,795) 9,361 Less: Net realized gains on equity securities sold during the period 551 35 463 43 Net unrealized investment (losses) gains recognized on equity securities still held at end of period (9,917) 3,745 (7,258) 9,318
Proceeds from sale of investments in securities	The amortized costs and fair values of investments in debt securities are as follows: June 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 32,555 32,525 34,739 36,323 Corporate 268,626 255,437 249,757 258,102 Foreign 311,894 295,134 287,240 288,883 U.S. Treasury Bonds 10,539 10,487 6,429 6,464 623,614 593,583 578,165 589,772 Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 11,002 11,634 28,282 14,571 Proceeds from sales of equity securities 117 59 487 173 Total proceeds from sales of investments in securities 11,119 11,693 28,769 14,744

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of goodwill	The summary of changes in goodwill is as follows. Title Real Estate Solutions Corporate and Other Consolidated Total ($000 omitted) Balances at December 31, 2021 583,944 325,543 15,350 924,837 Acquisitions 25,325 — — 25,325 Purchase accounting adjustments 802 28,990 (14,450) 15,342 Disposals (392) — (900) (1,292) Balances at June 30, 2022 609,679 354,533 — 964,212

Estimated title losses (Tables)

Estimated title losses (Tables)	6 Months Ended
	Jun. 30, 2022
Loss Contingency [Abstract]
Summary of estimated title losses	A summary of estimated title losses for the six months ended June 30 is as follows: 2022 2021 ($000 omitted) Balances at January 1 549,614 496,275 Provisions: Current year 55,760 61,147 Previous policy years (141) 1,195 Total provisions 55,619 62,342 Payments, net of recoveries: Current year (8,927) (7,682) Previous policy years (29,790) (28,438) Total payments, net of recoveries (38,717) (36,120) Effects of changes in foreign currency exchange rates (3,835) 2,486 Balances at June 30 562,681 524,983 Loss ratios as a percentage of title operating revenues: Current year provisions 3.8 % 4.5 % Total provisions 3.8 % 4.6 %

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic and diluted earnings (loss) per share	The calculation of the basic and diluted EPS is as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 61,660 94,819 119,557 149,055 Denominator (000): Basic average shares outstanding 27,018 26,798 26,989 26,767 Average number of dilutive shares relating to options 154 189 226 154 Average number of dilutive shares relating to grants of restricted units and shares 121 136 162 117 Diluted average shares outstanding 27,293 27,123 27,377 27,038 Basic earnings per share attributable to Stewart 2.28 3.54 4.43 5.57 Diluted earnings per share attributable to Stewart 2.26 3.50 4.37 5.51

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 ($000 omitted) Title segment: Revenues 759,035 753,119 1,488,393 1,385,704 Depreciation and amortization 7,489 4,709 13,631 9,023 Income before taxes and noncontrolling interest 93,595 125,671 176,375 202,760 Real estate solutions segment: Revenues 82,864 58,193 172,255 114,124 Depreciation and amortization 6,381 1,884 13,177 3,778 Income before taxes 6,095 2,212 12,886 4,869 Corporate and other segment: Revenues 2,174 7,497 36,340 7,567 Depreciation and amortization 418 226 1,229 448 (Loss) income before taxes (12,911) 1,573 (22,870) (4,171) Consolidated Stewart: Revenues 844,073 818,809 1,696,988 1,507,395 Depreciation and amortization 14,288 6,819 28,037 13,249 Income before taxes and noncontrolling interest 86,779 129,456 166,391 203,458
Revenues generated in domestic and all international operations	Total revenues generated in the United States and all international operations are as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 ($000 omitted) United States 791,447 762,344 1,600,651 1,414,926 International 52,626 56,465 96,337 92,469 844,073 818,809 1,696,988 1,507,395

Other comprehensive (loss) in_2

Other comprehensive (loss) income (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of changes in other comprehensive income (loss)	Changes in the balances of each component of other comprehensive (loss) income and the related tax effects are as follows: Three Months Ended Three Months Ended Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments (16,068) (3,374) (12,694) 1,277 268 1,009 Reclassification adjustments for realized gains and losses on investments (148) (31) (117) (529) (111) (418) (16,216) (3,405) (12,811) 748 157 591 Foreign currency translation adjustments (9,329) (1,148) (8,181) 1,760 381 1,379 Other comprehensive (loss) income (25,545) (4,553) (20,992) 2,508 538 1,970 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021 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 (41,256) (8,664) (32,592) (10,312) (2,165) (8,147) Reclassification adjustment for realized gains and losses on investments (382) (80) (302) (713) (150) (563) (41,638) (8,744) (32,894) (11,025) (2,315) (8,710) Foreign currency translation adjustments (8,353) (792) (7,561) 4,111 865 3,246 Other comprehensive loss (49,991) (9,536) (40,455) (6,914) (1,450) (5,464)

Interim financial statements -

Interim financial statements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Investments restricted for statutory reserve funds	$ 538.1	$ 523.5
Restricted cash and cash equivalent	$ 14.9	$ 41.4

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Operating revenues	$ 849,239	$ 802,025	$ 1,694,447	$ 1,483,392
Direct
Disaggregation of Revenue [Line Items]
Operating revenues	231,721	243,638	437,283	438,631
Agency
Disaggregation of Revenue [Line Items]
Operating revenues	409,931	390,330	814,076	736,261
Escrow fees
Disaggregation of Revenue [Line Items]
Operating revenues	61,497	63,534	117,289	120,183
Real estate solutions and abstract fees
Disaggregation of Revenue [Line Items]
Operating revenues	104,213	80,712	213,015	149,332
Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	$ 41,877	$ 23,811	$ 112,784	$ 38,985

Investments in debt and equit_3

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Jun. 30, 2022 USD ($) investment	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 14.5	$ 21.1
Number of investments in an unrealized loss position	303
Number of investments in an unrealized loss positions for more than 12 months	23

Investments in debt and equit_4

Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 623,614	$ 578,165
Fair values	593,583	589,772
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	32,555	34,739
Fair values	32,525	36,323
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	268,626	249,757
Fair values	255,437	258,102
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	311,894	287,240
Fair values	295,134	288,883
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	10,539	6,429
Fair values	$ 10,487	$ 6,464

Investments in debt and equit_5

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gains	$ 901	$ 14,319
Losses	30,932	2,712
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	114	1,585
Losses	144	1
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	435	9,389
Losses	13,624	1,044
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	319	3,285
Losses	17,079	1,642
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	33	60
Losses	$ 85	$ 25

Investments in debt and equit_6

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Amortized costs
In one year or less	$ 98,843
After one year through five years	333,202
After five years through ten years	158,609
After ten years	32,960
Amortized costs	623,614	$ 578,165
Fair values
In one year or less	98,429
After one year through five years	318,895
After five years through ten years	145,799
After ten years	30,460
Fair values	$ 593,583	$ 589,772

Investments in debt and equit_7

Investments in debt and equity securities - Gross Unrealized Losses on Investments and Fair Values of Related Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Losses
Less than 12 months	$ 26,560	$ 2,099
More than 12 months	4,372	613
Total	30,932	2,712
Fair values
Less than 12 months	481,556	161,781
More than 12 months	49,033	15,916
Total	530,589	177,697
Municipal
Losses
Less than 12 months	144	1
More than 12 months	0	0
Total	144	1
Fair values
Less than 12 months	11,631	130
More than 12 months	0	0
Total	11,631	130
Corporate
Losses
Less than 12 months	12,033	588
More than 12 months	1,591	456
Total	13,624	1,044
Fair values
Less than 12 months	218,982	42,231
More than 12 months	11,268	12,014
Total	230,250	54,245
Foreign
Losses
Less than 12 months	14,322	1,502
More than 12 months	2,757	140
Total	17,079	1,642
Fair values
Less than 12 months	249,533	118,943
More than 12 months	37,154	3,394
Total	286,687	122,337
U.S. Treasury Bonds
Losses
Less than 12 months	61	8
More than 12 months	24	17
Total	85	25
Fair values
Less than 12 months	1,410	477
More than 12 months	611	508
Total	$ 2,021	$ 985

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 593,583	$ 589,772
Equity securities	93,672	89,442
Investments in debt and equity securities	687,255	679,214
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	93,672	89,442
Investments in debt and equity securities	93,672	89,442
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	593,583	589,772
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	32,525	36,323
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	32,525	36,323
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	255,437	258,102
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	255,437	258,102
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	295,134	288,883
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	295,134	288,883
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	10,487	6,464
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	$ 10,487	$ 6,464

Net realized and unrealized g_3

Net realized and unrealized gains - Gross Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 1,683	$ 7,909	$ 3,277	$ 8,080
Realized losses	(3,671)	0	(3,839)	(2,469)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(9,917)	3,745	(7,258)	9,318
Investment and other gains (losses) – net	$ (11,905)	$ 11,654	$ (7,820)	$ 14,929

Net realized and unrealized g_4

Net realized and unrealized gains - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Loss on sale of business	$ 3.6
Gain from acquisition contingent liability adjustment	$ 1
Gains on sales of buildings		$ 7.3
Gain on sale of title plant copy			$ 1	$ 1
Loss on disposal of equity method investment			$ 2.5	$ 2.5

Net realized and unrealized g_5

Net realized and unrealized gains - Net Gains on Investments in Equity Securities Still Held (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment (losses) gains recognized on equity securities during the period	$ (9,366)	$ 3,780	$ (6,795)	$ 9,361
Less: Net realized gains on equity securities sold during the period	551	35	463	43
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	$ (9,917)	$ 3,745	$ (7,258)	$ 9,318

Net realized and unrealized g_6

Net realized and unrealized gains - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 11,002	$ 11,634	$ 28,282	$ 14,571
Proceeds from sales of equity securities	117	59	487	173
Total proceeds from sales of investments in securities	$ 11,119	$ 11,693	$ 28,769	$ 14,744

Goodwill (Details)

Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 924,837
Acquisitions	25,325
Purchase accounting adjustments	15,342
Disposals	(1,292)
Ending balance	964,212
Title
Goodwill [Roll Forward]
Beginning balances	583,944
Acquisitions	25,325
Purchase accounting adjustments	802
Disposals	(392)
Ending balance	609,679
Real estate solutions and abstract fees
Goodwill [Roll Forward]
Beginning balances	325,543
Acquisitions	0
Purchase accounting adjustments	28,990
Ending balance	354,533
Corporate and Other
Goodwill [Roll Forward]
Beginning balances	15,350
Acquisitions	0
Purchase accounting adjustments	(14,450)
Ending balance	0
Corporate and Other
Goodwill [Roll Forward]
Disposals	$ (900)

Estimated title losses (Details

Estimated title losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 549,614	$ 496,275
Provisions:
Current year	55,760	61,147
Previous policy years	(141)	1,195
Total provisions	55,619	62,342
Payments, net of recoveries:
Current year	(8,927)	(7,682)
Previous policy years	(29,790)	(28,438)
Total payments, net of recoveries	(38,717)	(36,120)
Effects of changes in foreign currency exchange rates	(3,835)	2,486
Balances at end of period	$ 562,681	$ 524,983
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.80%	4.50%
Total provisions	3.80%	4.60%

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted in the period		$ 1.3
Number of options granted in the period (in shares)		139,000
Average grant price (in usd per share)		$ 9.24
Grant price (in usd per share)		$ 53.24
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 vesting period	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Stock options | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	20%
Stock options | Second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	30%
Stock options | Third anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value at grant date	$ 11.2	$ 8.9
Granted (in shares)	174,000	166,000
Average grant price (in usd per share)	$ 64.15	$ 53.71

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income attributable to Stewart	$ 61,660	$ 94,819	$ 119,557	$ 149,055
Denominator (000):
Basic average shares outstanding (in shares)	27,018	26,798	26,989	26,767
Diluted average shares outstanding (in shares)	27,293	27,123	27,377	27,038
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.28	$ 3.54	$ 4.43	$ 5.57
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.26	$ 3.50	$ 4.37	$ 5.51
Stock options
Denominator (000):
Average number of dilutive shares relating to grants of restricted shares and units (in shares)	154	189	226	154
Restricted stock and restricted stock units
Denominator (000):
Average number of dilutive shares relating to grants of restricted shares and units (in shares)	121	136	162	117

Contingent liabilities and co_2

Contingent liabilities and commitments (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantee of indebtedness, relating to unused letters of credit	$ 4.9

Segment information - Additiona

Segment information - Additional Information (Details) - segment		3 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Segment Reporting [Abstract]
Number of operating segments	2	3

Segment information - Selected

Segment information - Selected Statement of Operations and Income (Loss) Information Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 844,073	$ 818,809	$ 1,696,988	$ 1,507,395
Depreciation and amortization	14,288	6,819	28,037	13,249
(Loss) income before taxes	86,779	129,456	166,391	203,458
Title segment
Segment Reporting Information [Line Items]
Revenues	759,035	753,119	1,488,393	1,385,704
Depreciation and amortization	7,489	4,709	13,631	9,023
(Loss) income before taxes	93,595	125,671	176,375	202,760
Real estate solutions and abstract fees
Segment Reporting Information [Line Items]
Revenues	82,864	58,193	172,255	114,124
Depreciation and amortization	6,381	1,884	13,177	3,778
(Loss) income before taxes	6,095	2,212	12,886	4,869
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	2,174	7,497	36,340	7,567
Depreciation and amortization	418	226	1,229	448
(Loss) income before taxes	$ (12,911)	$ 1,573	$ (22,870)	$ (4,171)

Segment information - Revenues

Segment information - Revenues Generated in Domestic and Foreign Country (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 844,073	$ 818,809	$ 1,696,988	$ 1,507,395
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	791,447	762,344	1,600,651	1,414,926
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 52,626	$ 56,465	$ 96,337	$ 92,469

Other comprehensive (loss) in_3

Other comprehensive (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Before-Tax Amount
Other comprehensive (loss) income	$ (25,545)	$ 2,508	$ (49,991)	$ (6,914)
Tax Expense (Benefit)
Other comprehensive (loss) income	(4,553)	538	(9,536)	(1,450)
Net-of-Tax Amount
Other comprehensive (loss) income	(20,992)	1,970	(40,455)	(5,464)
Net unrealized gains and losses on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(16,068)	1,277	(41,256)	(10,312)
Reclassification adjustments for realized gains and losses on investments	(148)	(529)	(382)	(713)
Other comprehensive (loss) income	(16,216)	748	(41,638)	(11,025)
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(3,374)	268	(8,664)	(2,165)
Reclassification adjustments for realized gains and losses on investments	(31)	(111)	(80)	(150)
Other comprehensive (loss) income	(3,405)	157	(8,744)	(2,315)
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(12,694)	1,009	(32,592)	(8,147)
Reclassification adjustments for realized gains and losses on investments	(117)	(418)	(302)	(563)
Other comprehensive (loss) income	(12,811)	591	(32,894)	(8,710)
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive (loss) income	(9,329)	1,760	(8,353)	4,111
Tax Expense (Benefit)
Other comprehensive (loss) income	(1,148)	381	(792)	865
Net-of-Tax Amount
Other comprehensive (loss) income	$ (8,181)	$ 1,379	$ (7,561)	$ 3,246