Stewart Information Services (STC) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		27,127,013
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Operating revenues	$ 717,615	$ 829,787	$ 2,412,062	$ 2,313,178
Investment income	5,158	4,053	15,519	13,127
Net realized and unrealized (losses) gains	(6,374)	2,887	(14,194)	17,816
Revenues	716,399	836,727	2,413,387	2,344,121
Expenses
Amounts retained by agencies	280,517	329,906	951,555	935,861
Employee costs	195,057	197,587	610,286	555,451
Other operating expenses	151,208	152,587	502,966	415,864
Title losses and related claims	25,486	30,345	81,105	92,687
Depreciation and amortization	14,067	9,144	42,103	22,394
Interest	4,553	712	13,471	1,960
Total expenses	670,888	720,281	2,201,486	2,024,217
Income before taxes and noncontrolling interests	45,511	116,446	211,901	319,904
Income tax expense	(10,783)	(23,051)	(48,376)	(70,547)
Net income	34,728	93,395	163,525	249,357
Less income attributable to noncontrolling interests	5,294	4,732	14,534	11,639
Net income attributable to Stewart	29,434	88,663	148,991	237,718
Net income attributable to Stewart
Net income	34,728	93,395	163,525	249,357
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(15,300)	(4,243)	(22,861)	(997)
Change in net unrealized gains and losses on investments	(8,921)	(2,183)	(41,513)	(10,330)
Reclassification adjustments for realized gains and losses on investments	(385)	(355)	(687)	(918)
Other comprehensive loss	(24,606)	(6,781)	(65,061)	(12,245)
Comprehensive income	10,122	86,614	98,464	237,112
Less income attributable to noncontrolling interests	5,294	4,732	14,534	11,639
Comprehensive income attributable to Stewart	$ 4,828	$ 81,882	$ 83,930	$ 225,473
Basic average shares outstanding (in shares)	27,113	26,873	27,031	26,803
Basic earnings per share attributable to Stewart (in usd per share)	$ 1.09	$ 3.30	$ 5.51	$ 8.87
Diluted average shares outstanding (in shares)	27,371	27,238	27,359	27,090
Diluted earnings per share attributable to Stewart (in usd per share)	$ 1.08	$ 3.26	$ 5.45	$ 8.78
Direct operations
Revenues
Operating revenues	$ 307,408	$ 366,091	$ 976,364	$ 999,098
Agency operations
Revenues
Operating revenues	340,470	401,762	1,154,546	1,138,023
Real estate solutions and other
Revenues
Operating revenues	$ 69,737	$ 61,934	$ 281,152	$ 176,057

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 320,933	$ 485,919
Short-term investments	18,077	17,650
Investments, at fair value:
Debt securities	582,461	589,772
Equity securities	87,166	89,442
Investments, fair value	669,627	679,214
Receivables:
Premiums from agencies	43,426	45,428
Trade and other	65,620	75,079
Income taxes	9,395	5,420
Notes	5,995	1,124
Allowance for uncollectible amounts	(7,577)	(7,711)
Total receivables	116,859	119,340
Property and equipment:
Land	2,545	2,545
Buildings	18,553	19,303
Furniture and equipment	220,224	216,261
Accumulated depreciation	(160,715)	(165,653)
Total property and equipment, at cost	80,607	72,456
Operating lease assets	130,316	134,578
Title plants, at cost	73,358	76,859
Investments on equity method basis	4,341	4,754
Goodwill	961,726	924,837
Intangible assets, net of amortization	174,430	229,804
Deferred tax assets	4,328	3,846
Other assets	150,858	64,105
Total assets	2,705,460	2,813,362
Liabilities
Notes payable	446,372	483,491
Accounts payable and accrued liabilities	184,065	287,326
Operating lease liabilities	146,309	149,417
Estimated title losses	547,214	549,614
Deferred tax liabilities	23,999	48,779
Total liabilities	1,347,959	1,518,627
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	321,492	309,622
Retained earnings	1,090,938	974,800
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(31,778)	(8,917)
Net unrealized (losses) gains on debt securities investments	(33,030)	9,170
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,344,956	1,282,009
Noncontrolling interests	12,545	12,726
Total stockholders’ equity (27,123,388 and 26,893,430 shares outstanding)	1,357,501	1,294,735
Total liabilities and stockholders' equity	$ 2,705,460	$ 2,813,362

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Amortized cost	$ 624,272	$ 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)	27,123,388	26,893,430

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of net income to cash provided by operating activities:
Net income	$ 163,525	$ 249,357
Add (deduct):
Depreciation and amortization	42,103	22,394
Adjustments for bad debt provisions	812	1,871
Net realized and unrealized losses (gains)	14,194	(17,816)
Amortization of net premium on debt securities investments	1,870	2,794
Payments for title losses less than provisions	10,950	39,761
Adjustments for insurance recoveries of title losses	220	0
Decrease (increase) in receivables – net	9,521	(20,771)
Increase in other assets – net	(4,343)	(3,725)
Decrease in accounts payable and other liabilities – net	(81,987)	(30,385)
Change in net deferred income taxes	25	7,024
Net income from equity method investments	(2,536)	(6,852)
Dividends received from equity method investments	3,135	5,496
Stock-based compensation expense	9,239	8,494
Other – net	312	(325)
Cash provided by operating activities	167,040	257,317
Investing activities:
Proceeds from sales of investments in securities	47,954	19,726
Proceeds from matured investments in debt securities	28,754	68,653
Purchases of investments in securities	(165,130)	(111,107)
Net (purchases) sales of short-term investments	(1,632)	2,734
Purchases of property and equipment, and real estate	(35,274)	(26,213)
Proceeds from sale of property and equipment and other assets	977	10,552
Cash paid for acquisition of businesses	(102,864)	(149,921)
Cash paid for acquisition of equity method investment	(69)	(16,080)
Other – net	1,941	988
Cash used by investing activities	(225,343)	(200,668)
Financing activities:
Proceeds from notes payable	38,012	331,755
Payments on notes payable	(75,505)	(158,031)
Distributions to noncontrolling interests	(14,863)	(11,683)
Repurchases of Common Stock	(3,168)	(2,145)
Proceeds from stock option and employee stock purchase plan exercises	5,799	2,715
Cash dividends paid	(32,464)	(26,558)
Payment of contingent consideration related to acquisitions	(15,997)	(9,489)
Purchase of remaining interest in consolidated subsidiaries	(72)	(5,616)
Other - net	115	(777)
Cash (used) provided by financing activities	(98,143)	120,171
Effects of changes in foreign currency exchange rates	(8,540)	(1,898)
Change in cash and cash equivalents	(164,986)	174,922
Cash and cash equivalents at beginning of period	485,919	432,683
Cash and cash equivalents at end of period	$ 320,933	$ 607,605

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	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 subsidiary	(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 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
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	148,991			148,991
Dividends on common stock	(32,853)			(32,853)
Stock-based compensation	9,239	155	9,084
Stock repurchases	(3,168)	(49)	(3,119)
Stock option and employee stock purchase plan exercises	5,799	124	5,675
Purchase of remaining interest in consolidated subsidiary	(72)		0				(72)
Change in net unrealized gains and losses on investments, net of taxes	(41,513)				(41,513)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(687)				(687)
Foreign currency translation adjustments, net of taxes	(22,861)				(22,861)
Net income attributable to noncontrolling interests	14,534						14,534
Distributions to noncontrolling interests	(14,863)						(14,863)
Net effect of other changes in ownership	220						220
Balances at end of period at Sep. 30, 2022	1,357,501	27,476	294,016	1,090,938	(64,808)	(2,666)	12,545
Balances at beginning of period at Jun. 30, 2022	1,359,821	27,390	288,834	1,073,788	(40,202)	(2,666)	12,677
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	29,434			29,434
Dividends on common stock	(12,284)			(12,284)
Stock-based compensation	2,799	29	2,770
Stock repurchases	(617)	(12)	(605)
Stock option and employee stock purchase plan exercises	3,086	69	3,017
Purchase of remaining interest in consolidated subsidiary	(72)		0				(72)
Change in net unrealized gains and losses on investments, net of taxes	(8,921)				(8,921)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(385)				(385)
Foreign currency translation adjustments, net of taxes	(15,300)				(15,300)
Net income attributable to noncontrolling interests	5,294						5,294
Distributions to noncontrolling interests	(5,380)						(5,380)
Net effect of other changes in ownership	26						26
Balances at end of period at Sep. 30, 2022	$ 1,357,501	$ 27,476	$ 294,016	$ 1,090,938	$ (64,808)	$ (2,666)	$ 12,545

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock per share (in usd per share)	$ 0.45	$ 0.33	$ 1.20	$ 0.99

Interim financial statements

Interim financial statements	9 Months Ended
	Sep. 30, 2022
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, 2022 and 2021, and as of September 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 $541.0 million and $523.5 million at September 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.5 million a nd $41.4 million at September 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. D. Recently enacted Inflation Reduction Act. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the Act) that includes, among other provisions, changes to the U.S. corporate income tax system, including a 15% minimum tax based on book income of certain large corporations for tax years beginning after December 31, 2022 and a 1% excise tax on net repurchases of stock starting in 2023. Management is still in the process of evaluating the Act and its requirements, however it does not believe that the Act will have a material impact on the Company's consolidated financial statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2022
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 2022 2021 2022 2021 ($000 omitted) Title insurance premiums: Direct 209,477 248,738 646,760 687,369 Agency 340,470 401,762 1,154,546 1,138,023 Escrow fees 49,407 63,455 166,696 183,638 Real estate solutions and abstract fees 89,519 85,345 302,534 234,677 Other revenues 28,742 30,487 141,526 69,471 717,615 829,787 2,412,062 2,313,178

Investments in debt and equity

Investments in debt and equity securities	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in debt and equity securities	Investments in debt and equity securities. As of September 30, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securitie s held w ere $8.0 million a nd $21.1 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: September 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 30,759 30,119 34,739 36,323 Corporate 279,392 257,575 249,757 258,102 Foreign 297,490 278,511 287,240 288,883 U.S. Treasury Bonds 16,631 16,256 6,429 6,464 624,272 582,461 578,165 589,772 Foreign debt securities primarily 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, 2022 December 31, 2021 Gains Losses Gains Losses ($000 omitted) Municipal 2 642 1,585 1 Corporate 226 22,043 9,389 1,044 Foreign 92 19,071 3,285 1,642 U.S. Treasury Bonds 7 382 60 25 327 42,138 14,319 2,712 Debt securities as of September 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 88,203 87,384 After one year through five years 355,367 333,584 After five years through ten years 155,555 140,592 After ten years 25,147 20,901 624,272 582,461 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, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 633 28,835 9 33 642 28,868 Corporate 17,822 224,128 4,221 29,888 22,043 254,016 Foreign 13,264 210,499 5,807 65,721 19,071 276,220 U.S. Treasury Bonds 323 13,116 59 951 382 14,067 32,042 476,578 10,096 96,593 42,138 573,171 The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2022 was 355. Of these securities, 49 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at September 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Realized gains 183 2,615 3,460 10,695 Realized losses (65) (47) (3,904) (2,516) Net unrealized investment (losses) gains recognized on equity securities still held at end of period (6,492) 319 (13,750) 9,637 (6,374) 2,887 (14,194) 17,816 Realized gains and losses during the first nine months of 2022 included realized losses of $3.6 million from disposals of businesses, a $1.0 million gain from an acquisition contingent liability adjustment, and a $1.0 million realized gain related to a sale of a title plant copy. Realized gains and losses during the third quarter 2021 included $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. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (6,489) 345 (13,284) 9,706 Less: Net realized gains on equity securities sold during the period 3 26 466 69 Net unrealized investment (losses) gains recognized on equity securities still held at end of period (6,492) 319 (13,750) 9,637 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 19,123 4,854 47,405 19,425 Proceeds from sales of equity securities 62 128 549 301 Total proceeds from sales of investments in securities 19,185 4,982 47,954 19,726

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 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 September 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 — 30,119 30,119 Corporate — 257,575 257,575 Foreign — 278,511 278,511 U.S. Treasury Bonds — 16,256 16,256 Equity securities 87,166 — 87,166 87,166 582,461 669,627 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 gai

Net realized and unrealized gains	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net realized and unrealized gains	Investments in debt and equity securities. As of September 30, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securitie s held w ere $8.0 million a nd $21.1 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: September 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 30,759 30,119 34,739 36,323 Corporate 279,392 257,575 249,757 258,102 Foreign 297,490 278,511 287,240 288,883 U.S. Treasury Bonds 16,631 16,256 6,429 6,464 624,272 582,461 578,165 589,772 Foreign debt securities primarily 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, 2022 December 31, 2021 Gains Losses Gains Losses ($000 omitted) Municipal 2 642 1,585 1 Corporate 226 22,043 9,389 1,044 Foreign 92 19,071 3,285 1,642 U.S. Treasury Bonds 7 382 60 25 327 42,138 14,319 2,712 Debt securities as of September 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 88,203 87,384 After one year through five years 355,367 333,584 After five years through ten years 155,555 140,592 After ten years 25,147 20,901 624,272 582,461 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, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 633 28,835 9 33 642 28,868 Corporate 17,822 224,128 4,221 29,888 22,043 254,016 Foreign 13,264 210,499 5,807 65,721 19,071 276,220 U.S. Treasury Bonds 323 13,116 59 951 382 14,067 32,042 476,578 10,096 96,593 42,138 573,171 The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2022 was 355. Of these securities, 49 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at September 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Realized gains 183 2,615 3,460 10,695 Realized losses (65) (47) (3,904) (2,516) Net unrealized investment (losses) gains recognized on equity securities still held at end of period (6,492) 319 (13,750) 9,637 (6,374) 2,887 (14,194) 17,816 Realized gains and losses during the first nine months of 2022 included realized losses of $3.6 million from disposals of businesses, a $1.0 million gain from an acquisition contingent liability adjustment, and a $1.0 million realized gain related to a sale of a title plant copy. Realized gains and losses during the third quarter 2021 included $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. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (6,489) 345 (13,284) 9,706 Less: Net realized gains on equity securities sold during the period 3 26 466 69 Net unrealized investment (losses) gains recognized on equity securities still held at end of period (6,492) 319 (13,750) 9,637 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 19,123 4,854 47,405 19,425 Proceeds from sales of equity securities 62 128 549 301 Total proceeds from sales of investments in securities 19,185 4,982 47,954 19,726

Goodwill

Goodwill	9 Months Ended
	Sep. 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 345 26,961 (14,450) 12,856 Disposals (392) — (900) (1,292) Balances at September 30, 2022 609,222 352,504 — 961,726

Estimated title losses

Estimated title losses	9 Months Ended
	Sep. 30, 2022
Loss Contingency [Abstract]
Estimated title losses	Estimated title losses. A summary of estimated title losses for the nine months ended September 30 is as follows: 2022 2021 ($000 omitted) Balances at January 1 549,614 496,275 Provisions: Current year 81,108 91,259 Previous policy years (3) 1,428 Total provisions 81,105 92,687 Payments, net of recoveries: Current year (14,191) (12,181) Previous policy years (55,964) (40,745) Total payments, net of recoveries (70,155) (52,926) Effects of changes in foreign currency exchange rates (13,350) (1,485) Balances at September 30 547,214 534,551 Loss ratios as a percentage of title operating revenues: Current year provisions 3.8 % 4.3 % Total provisions 3.8 % 4.3 %

Share-based payments

Share-based payments	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 29,434 88,663 148,991 237,718 Denominator (000): Basic average shares outstanding 27,113 26,873 27,031 26,803 Average number of dilutive shares relating to options 124 190 181 160 Average number of dilutive shares relating to grants of restricted units and shares 134 175 147 127 Diluted average shares outstanding 27,371 27,238 27,359 27,090 Basic earnings per share attributable to Stewart 1.09 3.30 5.51 8.87 Diluted earnings per share attributable to Stewart 1.08 3.26 5.45 8.78

Contingent liabilities and comm

Contingent liabilities and commitments	9 Months Ended
	Sep. 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 September 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 September 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 and other businesses not related to title or real estate solutions 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 includes 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Title segment: Revenues 646,607 772,246 2,135,000 2,157,949 Depreciation and amortization 7,467 4,556 21,098 13,579 Income before taxes and noncontrolling interest 51,837 119,147 228,212 321,907 Real estate solutions segment: Revenues 69,738 64,425 241,993 178,549 Depreciation and amortization 6,204 4,376 19,381 8,155 Income before taxes 3,364 2,791 16,249 7,655 Corporate and other segment: Revenues 54 56 36,394 7,623 Depreciation and amortization 396 212 1,624 660 Loss before taxes (9,690) (5,492) (32,560) (9,658) Consolidated Stewart: Revenues 716,399 836,727 2,413,387 2,344,121 Depreciation and amortization 14,067 9,144 42,103 22,394 Income before taxes and noncontrolling interest 45,511 116,446 211,901 319,904 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 2022 2021 2022 2021 ($000 omitted) United States 670,846 781,792 2,271,497 2,196,717 International 45,553 54,935 141,890 147,404 716,399 836,727 2,413,387 2,344,121

Other comprehensive loss

Other comprehensive loss	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Other comprehensive loss	Other comprehensive loss. Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows: Three Months Ended Three Months Ended Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments (11,292) (2,371) (8,921) (2,764) (581) (2,183) Reclassification adjustments for realized gains and losses on investments (488) (103) (385) (449) (94) (355) (11,780) (2,474) (9,306) (3,213) (675) (2,538) Foreign currency translation adjustments (18,315) (3,015) (15,300) (4,950) (707) (4,243) Other comprehensive loss (30,095) (5,489) (24,606) (8,163) (1,382) (6,781) Nine Months Ended September 30, 2022 Nine Months Ended September 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 (52,548) (11,035) (41,513) (13,076) (2,746) (10,330) Reclassification adjustment for realized gains and losses on investments (870) (183) (687) (1,162) (244) (918) (53,418) (11,218) (42,200) (14,238) (2,990) (11,248) Foreign currency translation adjustments (26,668) (3,807) (22,861) (839) 158 (997) Other comprehensive loss (80,086) (15,025) (65,061) (15,077) (2,832) (12,245)

Interim financial statements (P

Interim financial statements (Policies)	9 Months Ended
	Sep. 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 $541.0 million and $523.5 million at September 30, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.5 million a nd $41.4 million at September 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)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Title insurance premiums: Direct 209,477 248,738 646,760 687,369 Agency 340,470 401,762 1,154,546 1,138,023 Escrow fees 49,407 63,455 166,696 183,638 Real estate solutions and abstract fees 89,519 85,345 302,534 234,677 Other revenues 28,742 30,487 141,526 69,471 717,615 829,787 2,412,062 2,313,178

Investments in debt and equit_2

Investments in debt and equity securities (Tables)	9 Months Ended
	Sep. 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: September 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 30,759 30,119 34,739 36,323 Corporate 279,392 257,575 249,757 258,102 Foreign 297,490 278,511 287,240 288,883 U.S. Treasury Bonds 16,631 16,256 6,429 6,464 624,272 582,461 578,165 589,772 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 19,123 4,854 47,405 19,425 Proceeds from sales of equity securities 62 128 549 301 Total proceeds from sales of investments in securities 19,185 4,982 47,954 19,726
Gross unrealized gains and losses	Gross unrealized gains and losses on investments in debt securities are as follows: September 30, 2022 December 31, 2021 Gains Losses Gains Losses ($000 omitted) Municipal 2 642 1,585 1 Corporate 226 22,043 9,389 1,044 Foreign 92 19,071 3,285 1,642 U.S. Treasury Bonds 7 382 60 25 327 42,138 14,319 2,712
Debt securities according to contractual terms	Debt securities as of September 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 88,203 87,384 After one year through five years 355,367 333,584 After five years through ten years 155,555 140,592 After ten years 25,147 20,901 624,272 582,461
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, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 633 28,835 9 33 642 28,868 Corporate 17,822 224,128 4,221 29,888 22,043 254,016 Foreign 13,264 210,499 5,807 65,721 19,071 276,220 U.S. Treasury Bonds 323 13,116 59 951 382 14,067 32,042 476,578 10,096 96,593 42,138 573,171 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)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on recurring basis	As of September 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 — 30,119 30,119 Corporate — 257,575 257,575 Foreign — 278,511 278,511 U.S. Treasury Bonds — 16,256 16,256 Equity securities 87,166 — 87,166 87,166 582,461 669,627 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)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Realized gains 183 2,615 3,460 10,695 Realized losses (65) (47) (3,904) (2,516) Net unrealized investment (losses) gains recognized on equity securities still held at end of period (6,492) 319 (13,750) 9,637 (6,374) 2,887 (14,194) 17,816
Investments in equity securities still held	Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Net investment (losses) gains recognized on equity securities during the period (6,489) 345 (13,284) 9,706 Less: Net realized gains on equity securities sold during the period 3 26 466 69 Net unrealized investment (losses) gains recognized on equity securities still held at end of period (6,492) 319 (13,750) 9,637
Proceeds from sale of investments in securities	The amortized costs and fair values of investments in debt securities are as follows: September 30, 2022 December 31, 2021 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 30,759 30,119 34,739 36,323 Corporate 279,392 257,575 249,757 258,102 Foreign 297,490 278,511 287,240 288,883 U.S. Treasury Bonds 16,631 16,256 6,429 6,464 624,272 582,461 578,165 589,772 Proceeds from sales of investments in securities are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Proceeds from sales of debt securities 19,123 4,854 47,405 19,425 Proceeds from sales of equity securities 62 128 549 301 Total proceeds from sales of investments in securities 19,185 4,982 47,954 19,726

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 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 345 26,961 (14,450) 12,856 Disposals (392) — (900) (1,292) Balances at September 30, 2022 609,222 352,504 — 961,726

Estimated title losses (Tables)

Estimated title losses (Tables)	9 Months Ended
	Sep. 30, 2022
Loss Contingency [Abstract]
Summary of estimated title losses	A summary of estimated title losses for the nine months ended September 30 is as follows: 2022 2021 ($000 omitted) Balances at January 1 549,614 496,275 Provisions: Current year 81,108 91,259 Previous policy years (3) 1,428 Total provisions 81,105 92,687 Payments, net of recoveries: Current year (14,191) (12,181) Previous policy years (55,964) (40,745) Total payments, net of recoveries (70,155) (52,926) Effects of changes in foreign currency exchange rates (13,350) (1,485) Balances at September 30 547,214 534,551 Loss ratios as a percentage of title operating revenues: Current year provisions 3.8 % 4.3 % Total provisions 3.8 % 4.3 %

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 29,434 88,663 148,991 237,718 Denominator (000): Basic average shares outstanding 27,113 26,873 27,031 26,803 Average number of dilutive shares relating to options 124 190 181 160 Average number of dilutive shares relating to grants of restricted units and shares 134 175 147 127 Diluted average shares outstanding 27,371 27,238 27,359 27,090 Basic earnings per share attributable to Stewart 1.09 3.30 5.51 8.87 Diluted earnings per share attributable to Stewart 1.08 3.26 5.45 8.78

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted) Title segment: Revenues 646,607 772,246 2,135,000 2,157,949 Depreciation and amortization 7,467 4,556 21,098 13,579 Income before taxes and noncontrolling interest 51,837 119,147 228,212 321,907 Real estate solutions segment: Revenues 69,738 64,425 241,993 178,549 Depreciation and amortization 6,204 4,376 19,381 8,155 Income before taxes 3,364 2,791 16,249 7,655 Corporate and other segment: Revenues 54 56 36,394 7,623 Depreciation and amortization 396 212 1,624 660 Loss before taxes (9,690) (5,492) (32,560) (9,658) Consolidated Stewart: Revenues 716,399 836,727 2,413,387 2,344,121 Depreciation and amortization 14,067 9,144 42,103 22,394 Income before taxes and noncontrolling interest 45,511 116,446 211,901 319,904
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 Nine Months Ended 2022 2021 2022 2021 ($000 omitted) United States 670,846 781,792 2,271,497 2,196,717 International 45,553 54,935 141,890 147,404 716,399 836,727 2,413,387 2,344,121

Other comprehensive loss (Table

Other comprehensive loss (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of changes in other comprehensive income (loss)	Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows: Three Months Ended Three Months Ended Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments (11,292) (2,371) (8,921) (2,764) (581) (2,183) Reclassification adjustments for realized gains and losses on investments (488) (103) (385) (449) (94) (355) (11,780) (2,474) (9,306) (3,213) (675) (2,538) Foreign currency translation adjustments (18,315) (3,015) (15,300) (4,950) (707) (4,243) Other comprehensive loss (30,095) (5,489) (24,606) (8,163) (1,382) (6,781) Nine Months Ended September 30, 2022 Nine Months Ended September 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 (52,548) (11,035) (41,513) (13,076) (2,746) (10,330) Reclassification adjustment for realized gains and losses on investments (870) (183) (687) (1,162) (244) (918) (53,418) (11,218) (42,200) (14,238) (2,990) (11,248) Foreign currency translation adjustments (26,668) (3,807) (22,861) (839) 158 (997) Other comprehensive loss (80,086) (15,025) (65,061) (15,077) (2,832) (12,245)

Interim financial statements -

Interim financial statements - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Investments restricted for statutory reserve funds	$ 541	$ 523.5
Restricted cash and cash equivalent	$ 10.5	$ 41.4

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Operating revenues	$ 717,615	$ 829,787	$ 2,412,062	$ 2,313,178
Direct
Disaggregation of Revenue [Line Items]
Operating revenues	209,477	248,738	646,760	687,369
Agency
Disaggregation of Revenue [Line Items]
Operating revenues	340,470	401,762	1,154,546	1,138,023
Escrow fees
Disaggregation of Revenue [Line Items]
Operating revenues	49,407	63,455	166,696	183,638
Real estate solutions and abstract fees
Disaggregation of Revenue [Line Items]
Operating revenues	89,519	85,345	302,534	234,677
Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	$ 28,742	$ 30,487	$ 141,526	$ 69,471

Investments in debt and equit_3

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($) investment	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 8	$ 21.1
Number of investments in an unrealized loss position	355
Number of investments in an unrealized loss positions for more than 12 months	49

Investments in debt and equit_4

Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 624,272	$ 578,165
Fair values	582,461	589,772
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	30,759	34,739
Fair values	30,119	36,323
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	279,392	249,757
Fair values	257,575	258,102
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	297,490	287,240
Fair values	278,511	288,883
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	16,631	6,429
Fair values	$ 16,256	$ 6,464

Investments in debt and equit_5

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gains	$ 327	$ 14,319
Losses	42,138	2,712
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	2	1,585
Losses	642	1
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	226	9,389
Losses	22,043	1,044
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	92	3,285
Losses	19,071	1,642
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	7	60
Losses	$ 382	$ 25

Investments in debt and equit_6

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Amortized costs
In one year or less	$ 88,203
After one year through five years	355,367
After five years through ten years	155,555
After ten years	25,147
Amortized costs	624,272	$ 578,165
Fair values
In one year or less	87,384
After one year through five years	333,584
After five years through ten years	140,592
After ten years	20,901
Fair values	$ 582,461	$ 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	Sep. 30, 2022	Dec. 31, 2021
Losses
Less than 12 months	$ 32,042	$ 2,099
More than 12 months	10,096	613
Total	42,138	2,712
Fair values
Less than 12 months	476,578	161,781
More than 12 months	96,593	15,916
Total	573,171	177,697
Municipal
Losses
Less than 12 months	633	1
More than 12 months	9	0
Total	642	1
Fair values
Less than 12 months	28,835	130
More than 12 months	33	0
Total	28,868	130
Corporate
Losses
Less than 12 months	17,822	588
More than 12 months	4,221	456
Total	22,043	1,044
Fair values
Less than 12 months	224,128	42,231
More than 12 months	29,888	12,014
Total	254,016	54,245
Foreign
Losses
Less than 12 months	13,264	1,502
More than 12 months	5,807	140
Total	19,071	1,642
Fair values
Less than 12 months	210,499	118,943
More than 12 months	65,721	3,394
Total	276,220	122,337
U.S. Treasury Bonds
Losses
Less than 12 months	323	8
More than 12 months	59	17
Total	382	25
Fair values
Less than 12 months	13,116	477
More than 12 months	951	508
Total	$ 14,067	$ 985

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 582,461	$ 589,772
Equity securities	87,166	89,442
Investments in debt and equity securities	669,627	679,214
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	87,166	89,442
Investments in debt and equity securities	87,166	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	582,461	589,772
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	30,119	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	30,119	36,323
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	257,575	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	257,575	258,102
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	278,511	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	278,511	288,883
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	16,256	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	$ 16,256	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 183	$ 2,615	$ 3,460	$ 10,695
Realized losses	(65)	(47)	(3,904)	(2,516)
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	(6,492)	319	(13,750)	9,637
Investment and other gains (losses) – net	$ (6,374)	$ 2,887	$ (14,194)	$ 17,816

Net realized and unrealized g_4

Net realized and unrealized gains - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Loss on sale of business		$ 3.6
Gain from acquisition contingent liability adjustment		1
Gain on sale of title plant copy		$ 1
Gain related to acquisition contingent liability adjustment	$ 2.5
Gains on sales of buildings			$ 7.3
Loss on disposal of equity method investment			$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment (losses) gains recognized on equity securities during the period	$ (6,489)	$ 345	$ (13,284)	$ 9,706
Less: Net realized gains on equity securities sold during the period	3	26	466	69
Net unrealized investment (losses) gains recognized on equity securities still held at end of period	$ (6,492)	$ 319	$ (13,750)	$ 9,637

Net realized and unrealized g_6

Net realized and unrealized gains - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 19,123	$ 4,854	$ 47,405	$ 19,425
Proceeds from sales of equity securities	62	128	549	301
Total proceeds from sales of investments in securities	$ 19,185	$ 4,982	$ 47,954	$ 19,726

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 924,837
Acquisitions	25,325
Purchase accounting adjustments	12,856
Disposals	(1,292)
Ending balance	961,726
Title
Goodwill [Roll Forward]
Beginning balances	583,944
Acquisitions	25,325
Purchase accounting adjustments	345
Disposals	(392)
Ending balance	609,222
Ancillary services and corporate segment
Goodwill [Roll Forward]
Beginning balances	325,543
Acquisitions	0
Purchase accounting adjustments	26,961
Disposals	0
Ending balance	352,504
Corporate and Other
Goodwill [Roll Forward]
Beginning balances	15,350
Acquisitions	0
Purchase accounting adjustments	(14,450)
Disposals	(900)
Ending balance	$ 0

Estimated title losses (Details

Estimated title losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 549,614	$ 496,275
Provisions:
Current year	81,108	91,259
Previous policy years	(3)	1,428
Total provisions	81,105	92,687
Payments, net of recoveries:
Current year	(14,191)	(12,181)
Previous policy years	(55,964)	(40,745)
Total payments, net of recoveries	(70,155)	(52,926)
Effects of changes in foreign currency exchange rates	(13,350)	(1,485)
Balances at end of period	$ 547,214	$ 534,551
Loss ratios as a percentage of title operating revenues:
Current year provisions	3.80%	4.30%
Total provisions	3.80%	4.30%

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 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)		141,000
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	$ 11.7	$ 9.2
Granted (in shares)	183,000	170,000
Average grant price (in usd per share)	$ 63.68	$ 53.70

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income attributable to Stewart	$ 29,434	$ 88,663	$ 148,991	$ 237,718
Denominator (000):
Basic average shares outstanding (in shares)	27,113	26,873	27,031	26,803
Diluted average shares outstanding (in shares)	27,371	27,238	27,359	27,090
Basic earnings per share attributable to Stewart (in usd per share)	$ 1.09	$ 3.30	$ 5.51	$ 8.87
Diluted earnings per share attributable to Stewart (in usd per share)	$ 1.08	$ 3.26	$ 5.45	$ 8.78
Stock options
Denominator (000):
Average number of dilutive shares relating to options and grants of restricted shares and units (in shares)	124	190	181	160
Restricted stock and restricted stock units
Denominator (000):
Average number of dilutive shares relating to options and grants of restricted shares and units (in shares)	134	175	147	127

Contingent liabilities and co_2

Contingent liabilities and commitments (Details) $ in Millions	Sep. 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Revenues	$ 716,399	$ 836,727	$ 2,413,387	$ 2,344,121
Depreciation and amortization	14,067	9,144	42,103	22,394
Loss before taxes	45,511	116,446	211,901	319,904
Title segment
Segment Reporting Information [Line Items]
Revenues	646,607	772,246	2,135,000	2,157,949
Depreciation and amortization	7,467	4,556	21,098	13,579
Loss before taxes	51,837	119,147	228,212	321,907
Real estate solutions and abstract fees
Segment Reporting Information [Line Items]
Revenues	69,738	64,425	241,993	178,549
Depreciation and amortization	6,204	4,376	19,381	8,155
Loss before taxes	3,364	2,791	16,249	7,655
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	54	56	36,394	7,623
Depreciation and amortization	396	212	1,624	660
Loss before taxes	$ (9,690)	$ (5,492)	$ (32,560)	$ (9,658)

Segment information - Revenues

Segment information - Revenues Generated in Domestic and Foreign Country (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 716,399	$ 836,727	$ 2,413,387	$ 2,344,121
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	670,846	781,792	2,271,497	2,196,717
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 45,553	$ 54,935	$ 141,890	$ 147,404

Other comprehensive loss (Detai

Other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Before-Tax Amount
Other comprehensive loss	$ (30,095)	$ (8,163)	$ (80,086)	$ (15,077)
Tax Expense (Benefit)
Other comprehensive loss	(5,489)	(1,382)	(15,025)	(2,832)
Net-of-Tax Amount
Other comprehensive loss	(24,606)	(6,781)	(65,061)	(12,245)
Net unrealized gains and losses on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(11,292)	(2,764)	(52,548)	(13,076)
Reclassification adjustments for realized gains and losses on investments	(488)	(449)	(870)	(1,162)
Other comprehensive loss	(11,780)	(3,213)	(53,418)	(14,238)
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(2,371)	(581)	(11,035)	(2,746)
Reclassification adjustments for realized gains and losses on investments	(103)	(94)	(183)	(244)
Other comprehensive loss	(2,474)	(675)	(11,218)	(2,990)
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(8,921)	(2,183)	(41,513)	(10,330)
Reclassification adjustments for realized gains and losses on investments	(385)	(355)	(687)	(918)
Other comprehensive loss	(9,306)	(2,538)	(42,200)	(11,248)
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive loss	(18,315)	(4,950)	(26,668)	(839)
Tax Expense (Benefit)
Other comprehensive loss	(3,015)	(707)	(3,807)	158
Net-of-Tax Amount
Other comprehensive loss	$ (15,300)	$ (4,243)	$ (22,861)	$ (997)