Stewart Information Services (STC) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		27,346,403
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Operating revenues	$ 538,136	$ 849,239	$ 1,057,617	$ 1,694,447
Investment income	12,123	6,739	18,722	10,361
Net realized and unrealized losses	(1,105)	(11,905)	(2,883)	(7,820)
Revenues	549,154	844,073	1,073,456	1,696,988
Expenses
Amounts retained by agencies	171,776	339,847	377,514	671,039
Employee costs	182,666	210,246	353,217	415,228
Other operating expenses	129,333	162,008	250,073	351,756
Title losses and related claims	19,802	26,398	37,476	55,619
Depreciation and amortization	15,528	14,288	30,434	28,037
Interest	4,875	4,507	9,724	8,918
Total expenses	523,980	757,294	1,058,438	1,530,597
Income before taxes and noncontrolling interests	25,174	86,779	15,018	166,391
Income tax expense	(5,392)	(19,894)	(454)	(37,594)
Net income	19,782	66,885	14,564	128,797
Less net income attributable to noncontrolling interests	3,967	5,225	6,939	9,240
Net income attributable to Stewart	15,815	61,660	7,625	119,557
Net income attributable to Stewart
Net income	19,782	66,885	14,564	128,797
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	4,254	(8,181)	4,852	(7,561)
Change in net unrealized gains and losses on investments	(5,765)	(12,694)	852	(32,592)
Reclassification adjustments for realized gains and losses on investments	221	(117)	313	(302)
Other comprehensive loss	(1,290)	(20,992)	6,017	(40,455)
Comprehensive income	18,492	45,893	20,581	88,342
Less net income attributable to noncontrolling interests	3,967	5,225	6,939	9,240
Comprehensive income attributable to Stewart	$ 14,525	$ 40,668	$ 13,642	$ 79,102
Basic average shares outstanding (in shares)	27,255	27,018	27,228	26,989
Basic earnings per share attributable to Stewart (in usd per share)	$ 0.58	$ 2.28	$ 0.28	$ 4.43
Diluted average shares outstanding (in shares)	27,444	27,293	27,402	27,377
Diluted earnings per share attributable to Stewart (in usd per share)	$ 0.58	$ 2.26	$ 0.28	$ 4.37
Direct operations
Revenues
Operating revenues	$ 257,994	$ 351,122	$ 465,864	$ 668,956
Agency operations
Revenues
Operating revenues	208,755	409,931	457,775	814,076
Real estate solutions and other
Revenues
Operating revenues	$ 71,387	$ 88,186	$ 133,978	$ 211,415

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 190,039	$ 248,367
Short-term investments	26,566	24,318
Investments, at fair value:
Debt securities (amortized cost of $635,247 and $646,728)	601,927	611,934
Equity securities	78,226	98,149
Investments, fair value	680,153	710,083
Receivables:
Premiums from agencies	40,601	39,921
Trade and other	73,218	67,348
Income taxes	9,661	10,281
Notes	13,464	7,482
Allowance for uncollectible amounts	(7,853)	(7,309)
Total receivables	129,091	117,723
Property and equipment:
Land	2,545	2,545
Buildings	19,094	18,761
Furniture and equipment	226,455	213,707
Accumulated depreciation	(166,331)	(153,474)
Total property and equipment, at cost	81,763	81,539
Operating lease assets	128,167	127,830
Title plants, at cost	73,358	73,358
Investments on equity method basis	4,073	4,575
Goodwill	1,074,678	1,072,982
Intangible assets, net of amortization	204,509	199,084
Deferred tax assets	2,582	2,590
Other assets	82,859	75,430
Total assets	2,677,838	2,737,879
Liabilities
Notes payable	445,027	447,006
Accounts payable and accrued liabilities	167,564	196,541
Operating lease liabilities	146,649	148,003
Estimated title losses	524,141	549,448
Deferred tax liabilities	28,462	26,616
Total liabilities	1,311,843	1,367,614
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	332,025	324,344
Retained earnings	1,074,458	1,091,816
Accumulated other comprehensive loss:
Foreign currency translation adjustments	(19,004)	(23,856)
Net unrealized losses on debt securities investments	(26,322)	(27,487)
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,358,491	1,362,151
Noncontrolling interests	7,504	8,114
Total stockholders’ equity (27,266,830 and 27,130,412 shares outstanding)	1,365,995	1,370,265
Total liabilities and stockholders' equity	$ 2,677,838	$ 2,737,879

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized cost	$ 635,247	$ 646,728
Common stock, par value (in usd per share)	$ 1	$ 1
Treasury stock (in shares)	352,161	352,161
Common stock, shares outstanding (in shares)	27,266,830	27,130,412

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of net income to cash (used) provided by operating activities:
Net income	$ 14,564	$ 128,797
Add (deduct):
Depreciation and amortization	30,434	28,037
Adjustments for bad debt provisions	1,443	(157)
Net realized and unrealized losses	2,883	7,820
Amortization of net premium on debt securities investments	387	1,382
Payments for title losses (in excess of) less than provisions	(27,468)	16,902
Adjustments for insurance recoveries of title losses	0	220
(Increase) decrease in receivables – net	(6,692)	2,907
Increase in other assets – net	(5,859)	(6,720)
Decrease in accounts payable and other liabilities – net	(34,042)	(68,475)
Change in net deferred income taxes	585	515
Net income from equity method investments	(378)	(1,860)
Dividends received from equity method investments	876	2,150
Stock-based compensation expense	7,043	6,440
Other – net	269	229
Cash (used) provided by operating activities	(15,955)	118,187
Investing activities:
Proceeds from sales of investments in securities	39,488	28,769
Proceeds from matured investments in debt securities	55,250	23,521
Purchases of investments in securities	(55,461)	(117,913)
Net purchases of short-term investments	(2,838)	(189)
Purchases of property and equipment, and real estate	(15,495)	(26,226)
Proceeds from sale of property and equipment and other assets	106	1,033
Cash paid for acquisition of businesses	(22,400)	(23,310)
Increase in notes receivable	(6,360)	(3,667)
Other – net	400	6,840
Cash used by investing activities	(7,310)	(111,142)
Financing activities:
Proceeds from notes payable	3,538	5,721
Payments on notes payable	(5,776)	(44,553)
Distributions to noncontrolling interests	(7,549)	(9,483)
Repurchases of Common Stock	(1,353)	(2,551)
Proceeds from stock option and employee stock purchase plan exercises	1,991	2,713
Cash dividends paid	(24,531)	(20,258)
Payment of contingent consideration related to acquisitions	(2,000)	(15,997)
Other - net	0	94
Cash used by financing activities	(35,680)	(84,314)
Effects of changes in foreign currency exchange rates	617	(3,340)
Change in cash and cash equivalents	(58,328)	(80,609)
Cash and cash equivalents at beginning of period	248,367	485,919
Cash and cash equivalents at end of period	$ 190,039	$ 405,310

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) income	Treasury stock	Noncontrolling interests
Balances at beginning of period at Dec. 31, 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 exercises	221	6	215
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
Balances at beginning of period at Dec. 31, 2022	1,370,265	27,483	296,861	1,091,816	(51,343)	(2,666)	8,114
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	7,625			7,625
Dividends on Common Stock	(24,983)			(24,983)
Stock-based compensation	7,043	117	6,926
Stock repurchases	(1,353)	(32)	(1,321)
Stock option and employee stock purchase plan exercises	1,991	52	1,939
Change in net unrealized gains and losses on investments, net of taxes	852				852
Reclassification adjustment for realized gains and losses on investments, net of taxes	313				313
Foreign currency translation adjustments, net of taxes	4,852				4,852
Net income attributable to noncontrolling interests	6,939						6,939
Distributions to noncontrolling interests	(7,549)						(7,549)
Balances at end of period at Jun. 30, 2023	1,365,995	27,620	304,405	1,074,458	(45,326)	(2,666)	7,504
Balances at beginning of period at Mar. 31, 2023	1,359,752	27,598	300,225	1,071,320	(44,036)	(2,666)	7,311
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	15,815			15,815
Dividends on Common Stock	(12,677)			(12,677)
Stock-based compensation	4,284	24	4,260
Stock repurchases	(82)	(2)	(80)
Change in net unrealized gains and losses on investments, net of taxes	(5,765)				(5,765)
Reclassification adjustment for realized gains and losses on investments, net of taxes	221				221
Foreign currency translation adjustments, net of taxes	4,254				4,254
Net income attributable to noncontrolling interests	3,967						3,967
Distributions to noncontrolling interests	(3,774)						(3,774)
Balances at end of period at Jun. 30, 2023	$ 1,365,995	$ 27,620	$ 304,405	$ 1,074,458	$ (45,326)	$ (2,666)	$ 7,504

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends on common stock per share (in usd per share)	$ 0.45	$ 0.38	$ 0.90	$ 0.75

Interim financial statements

Interim financial statements	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022, and as of June 30, 2023, 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, 2022 filed with the Securities and Exchange Commission on February 28, 2023 (2022 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 $519.5 million and $544.0 million at June 30, 2023 and December 31, 2022, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.2 million a nd $8.6 million at June 30, 2023 and December 31, 2022, 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, 2023
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 2023 2022 2023 2022 ($000 omitted) Title insurance premiums: Direct 170,677 231,721 301,494 437,283 Agency 208,755 409,931 457,775 814,076 Escrow fees 42,323 61,497 75,250 117,289 Real estate solutions and abstract fees 89,811 104,213 166,971 213,015 Other revenues 26,570 41,877 56,127 112,784 538,136 849,239 1,057,617 1,694,447

Investments in debt and equity

Investments in debt and equity securities	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in debt and equity securities	Investments in debt and equity securities. As of June 30, 2023 and December 31, 2022, the net unrealized investment gains relating to investments in equity securitie s held were $13.6 million and $19.2 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: June 30, 2023 December 31, 2022 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 26,273 25,949 30,104 29,835 Corporate 249,888 233,200 272,362 254,316 Foreign 326,937 311,354 315,184 299,137 U.S. Treasury Bonds 32,149 31,424 29,078 28,646 635,247 601,927 646,728 611,934 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, 2023 December 31, 2022 Gains Losses Gains Losses ($000 omitted) Municipal 1 325 3 272 Corporate 433 17,121 489 18,535 Foreign 293 15,876 165 16,212 U.S. Treasury Bonds 12 737 21 453 739 34,059 678 35,472 Debt securities as of June 30, 2023 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 90,765 88,947 After one year through five years 357,970 337,352 After five years through ten years 171,140 162,291 After ten years 15,372 13,337 635,247 601,927 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, 2023, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 191 20,666 134 4,033 325 24,699 Corporate 1,990 50,979 15,131 165,730 17,121 216,709 Foreign 1,335 84,849 14,541 206,510 15,876 291,359 U.S. Treasury Bonds 656 28,748 81 1,278 737 30,026 4,172 185,242 29,887 377,551 34,059 562,793 The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2023 was 356. Of these securities, 216 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses at June 30, 2023 slightly improved compared to December 31, 2022 primarily due to slower interest rate increases during 2023. 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, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 262 27,491 10 67 272 27,558 Corporate 12,935 193,239 5,600 44,342 18,535 237,581 Foreign 7,608 186,221 8,604 101,294 16,212 287,515 U.S. Treasury Bonds 413 25,102 40 445 453 25,547 21,218 432,053 14,254 146,148 35,472 578,201 Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Realized gains 278 1,683 339 3,277 Realized losses (3,430) (3,671) (4,177) (3,839) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 2,047 (9,917) 955 (7,258) (1,105) (11,905) (2,883) (7,820) Realized losses during the second quarter and first six months of 2023 included a $3.2 million contingent receivable loss adjustment resulting from a previous disposition of a business, while realized gains and losses during the second quarter and first six months of 2022 included a loss of $3.6 million from the same disposition of a business, partially offset by a $1.0 million gain from an acquisition contingent liability adjustment. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 1,988 (9,366) 232 (6,795) Less: Net realized (losses) gains on equity securities sold during the period (59) 551 (723) 463 Net unrealized investment gains (losses) recognized on equity securities still held at end of period 2,047 (9,917) 955 (7,258) Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Proceeds from sales of debt securities 7,433 11,002 14,879 28,282 Proceeds from sales of equity securities 5,283 117 24,609 487 Total proceeds from sales of investments in securities 12,716 11,119 39,488 28,769

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2023
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, 2023, 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 — 25,949 25,949 Corporate — 233,200 233,200 Foreign — 311,354 311,354 U.S. Treasury Bonds — 31,424 31,424 Equity securities 78,226 — 78,226 78,226 601,927 680,153 As of December 31, 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 — 29,835 29,835 Corporate — 254,316 254,316 Foreign — 299,137 299,137 U.S. Treasury Bonds — 28,646 28,646 Equity securities 98,149 — 98,149 98,149 611,934 710,083 As of June 30, 2023 and December 31, 2022, 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, 2023
Investments, Debt and Equity Securities [Abstract]
Net realized and unrealized gains	Investments in debt and equity securities. As of June 30, 2023 and December 31, 2022, the net unrealized investment gains relating to investments in equity securitie s held were $13.6 million and $19.2 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows: June 30, 2023 December 31, 2022 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 26,273 25,949 30,104 29,835 Corporate 249,888 233,200 272,362 254,316 Foreign 326,937 311,354 315,184 299,137 U.S. Treasury Bonds 32,149 31,424 29,078 28,646 635,247 601,927 646,728 611,934 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, 2023 December 31, 2022 Gains Losses Gains Losses ($000 omitted) Municipal 1 325 3 272 Corporate 433 17,121 489 18,535 Foreign 293 15,876 165 16,212 U.S. Treasury Bonds 12 737 21 453 739 34,059 678 35,472 Debt securities as of June 30, 2023 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 90,765 88,947 After one year through five years 357,970 337,352 After five years through ten years 171,140 162,291 After ten years 15,372 13,337 635,247 601,927 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, 2023, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 191 20,666 134 4,033 325 24,699 Corporate 1,990 50,979 15,131 165,730 17,121 216,709 Foreign 1,335 84,849 14,541 206,510 15,876 291,359 U.S. Treasury Bonds 656 28,748 81 1,278 737 30,026 4,172 185,242 29,887 377,551 34,059 562,793 The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2023 was 356. Of these securities, 216 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses at June 30, 2023 slightly improved compared to December 31, 2022 primarily due to slower interest rate increases during 2023. 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, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 262 27,491 10 67 272 27,558 Corporate 12,935 193,239 5,600 44,342 18,535 237,581 Foreign 7,608 186,221 8,604 101,294 16,212 287,515 U.S. Treasury Bonds 413 25,102 40 445 453 25,547 21,218 432,053 14,254 146,148 35,472 578,201 Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Realized gains 278 1,683 339 3,277 Realized losses (3,430) (3,671) (4,177) (3,839) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 2,047 (9,917) 955 (7,258) (1,105) (11,905) (2,883) (7,820) Realized losses during the second quarter and first six months of 2023 included a $3.2 million contingent receivable loss adjustment resulting from a previous disposition of a business, while realized gains and losses during the second quarter and first six months of 2022 included a loss of $3.6 million from the same disposition of a business, partially offset by a $1.0 million gain from an acquisition contingent liability adjustment. Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 1,988 (9,366) 232 (6,795) Less: Net realized (losses) gains on equity securities sold during the period (59) 551 (723) 463 Net unrealized investment gains (losses) recognized on equity securities still held at end of period 2,047 (9,917) 955 (7,258) Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Proceeds from sales of debt securities 7,433 11,002 14,879 28,282 Proceeds from sales of equity securities 5,283 117 24,609 487 Total proceeds from sales of investments in securities 12,716 11,119 39,488 28,769

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2023
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, 2022 720,478 352,504 — 1,072,982 Acquisitions 4,674 18,000 — 22,674 Purchase accounting adjustments (20,978) — — (20,978) Balances at June 30, 2023 704,174 370,504 — 1,074,678

Estimated title losses

Estimated title losses	6 Months Ended
	Jun. 30, 2023
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: 2023 2022 ($000 omitted) Balances at January 1 549,448 549,614 Provisions: Current year 36,773 55,760 Previous policy years 703 (141) Total provisions 37,476 55,619 Payments, net of recoveries: Current year (6,990) (8,927) Previous policy years (57,954) (29,790) Total payments, net of recoveries (64,944) (38,717) Effects of changes in foreign currency exchange rates 2,161 (3,835) Balances at June 30 524,141 562,681 Loss ratios as a percentage of title operating revenues: Current year provisions 4.0 % 3.8 % Total provisions 4.1 % 3.8 %

Share-based payments

Share-based payments	6 Months Ended
	Jun. 30, 2023
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, 2023
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 2023 2022 2023 2022 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 15,815 61,660 7,625 119,557 Denominator (000): Basic average shares outstanding 27,255 27,018 27,228 26,989 Average number of dilutive shares relating to options 43 154 52 226 Average number of dilutive shares relating to grants of restricted units and shares 146 121 122 162 Diluted average shares outstanding 27,444 27,293 27,402 27,377 Basic earnings per share attributable to Stewart 0.58 2.28 0.28 4.43 Diluted earnings per share attributable to Stewart 0.58 2.26 0.28 4.37

Contingent liabilities and comm

Contingent liabilities and commitments	6 Months Ended
	Jun. 30, 2023
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, 2023, 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, 2023, 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, 2023
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, 2023
Segment Reporting [Abstract]
Segment information	Segment information. The Company has three reportable operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. 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 supports the real estate industry and primarily includes credit and real estate information services, valuation management services, online notarization and closing services, and search services. The corporate and other segment is primarily comprised of the parent holding company and centralized administrative services departments. Selected statement of income information related to these segments is as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Title segment: Revenues 480,825 759,035 942,468 1,488,393 Depreciation and amortization 8,883 7,489 16,986 13,631 Income before taxes and noncontrolling interest 35,459 93,595 34,794 176,375 Real estate solutions segment: Revenues 71,411 82,864 134,035 172,255 Depreciation and amortization 6,280 6,381 12,581 13,177 Income before taxes 3,282 6,095 4,648 12,886 Corporate and other segment: Revenues (net realized losses) (3,082) 2,174 (3,047) 36,340 Depreciation and amortization 365 418 867 1,229 Loss before taxes (13,567) (12,911) (24,424) (22,870) Consolidated Stewart: Revenues 549,154 844,073 1,073,456 1,696,988 Depreciation and amortization 15,528 14,288 30,434 28,037 Income before taxes and noncontrolling interest 25,174 86,779 15,018 166,391 The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment. During 2022, the corporate and other segment included results of a real estate brokerage company that was sold during the second quarter 2022. Total revenues generated in the United States and all international operations are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) United States 514,699 791,447 1,012,228 1,600,651 International 34,455 52,626 61,228 96,337 549,154 844,073 1,073,456 1,696,988

Other comprehensive (loss) inco

Other comprehensive (loss) income	6 Months Ended
	Jun. 30, 2023
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 (7,298) (1,533) (5,765) (16,068) (3,374) (12,694) Reclassification adjustments for realized gains and losses on investments 280 59 221 (148) (31) (117) (7,018) (1,474) (5,544) (16,216) (3,405) (12,811) Foreign currency translation adjustments 5,102 848 4,254 (9,329) (1,148) (8,181) Other comprehensive loss (1,916) (626) (1,290) (25,545) (4,553) (20,992) Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments 1,078 226 852 (41,256) (8,664) (32,592) Reclassification adjustment for realized gains and losses on investments 396 83 313 (382) (80) (302) 1,474 309 1,165 (41,638) (8,744) (32,894) Foreign currency translation adjustments 5,812 960 4,852 (8,353) (792) (7,561) Other comprehensive income (loss) 7,286 1,269 6,017 (49,991) (9,536) (40,455)

Interim financial statements (P

Interim financial statements (Policies)	6 Months Ended
	Jun. 30, 2023
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 $519.5 million and $544.0 million at June 30, 2023 and December 31, 2022, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $10.2 million a nd $8.6 million at June 30, 2023 and December 31, 2022, 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, 2023
Revenue from Contract with Customer [Abstract]
Schedule of operating revenues	The Company's operating revenues, summarized by type, are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Title insurance premiums: Direct 170,677 231,721 301,494 437,283 Agency 208,755 409,931 457,775 814,076 Escrow fees 42,323 61,497 75,250 117,289 Real estate solutions and abstract fees 89,811 104,213 166,971 213,015 Other revenues 26,570 41,877 56,127 112,784 538,136 849,239 1,057,617 1,694,447

Investments in debt and equit_2

Investments in debt and equity securities (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of amortized costs and fair values	The amortized costs and fair values of investments in debt securities are as follows: June 30, 2023 December 31, 2022 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 26,273 25,949 30,104 29,835 Corporate 249,888 233,200 272,362 254,316 Foreign 326,937 311,354 315,184 299,137 U.S. Treasury Bonds 32,149 31,424 29,078 28,646 635,247 601,927 646,728 611,934 Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Proceeds from sales of debt securities 7,433 11,002 14,879 28,282 Proceeds from sales of equity securities 5,283 117 24,609 487 Total proceeds from sales of investments in securities 12,716 11,119 39,488 28,769
Schedule of gross unrealized gains and losses	Gross unrealized gains and losses on investments in debt securities are as follows: June 30, 2023 December 31, 2022 Gains Losses Gains Losses ($000 omitted) Municipal 1 325 3 272 Corporate 433 17,121 489 18,535 Foreign 293 15,876 165 16,212 U.S. Treasury Bonds 12 737 21 453 739 34,059 678 35,472
Schedule of debt securities according to contractual terms	Debt securities as of June 30, 2023 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 90,765 88,947 After one year through five years 357,970 337,352 After five years through ten years 171,140 162,291 After ten years 15,372 13,337 635,247 601,927
Schedule of 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, 2023, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 191 20,666 134 4,033 325 24,699 Corporate 1,990 50,979 15,131 165,730 17,121 216,709 Foreign 1,335 84,849 14,541 206,510 15,876 291,359 U.S. Treasury Bonds 656 28,748 81 1,278 737 30,026 4,172 185,242 29,887 377,551 34,059 562,793 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, 2022, were: Less than 12 months More than 12 months Total Losses Fair values Losses Fair values Losses Fair values ($000 omitted) Municipal 262 27,491 10 67 272 27,558 Corporate 12,935 193,239 5,600 44,342 18,535 237,581 Foreign 7,608 186,221 8,604 101,294 16,212 287,515 U.S. Treasury Bonds 413 25,102 40 445 453 25,547 21,218 432,053 14,254 146,148 35,472 578,201

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of financial instruments measured at fair value on recurring basis	As of June 30, 2023, 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 — 25,949 25,949 Corporate — 233,200 233,200 Foreign — 311,354 311,354 U.S. Treasury Bonds — 31,424 31,424 Equity securities 78,226 — 78,226 78,226 601,927 680,153 As of December 31, 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 — 29,835 29,835 Corporate — 254,316 254,316 Foreign — 299,137 299,137 U.S. Treasury Bonds — 28,646 28,646 Equity securities 98,149 — 98,149 98,149 611,934 710,083

Net realized and unrealized g_2

Net realized and unrealized gains (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of gross realized and unrealized gains and losses	Realized and unrealized gains and losses are detailed as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Realized gains 278 1,683 339 3,277 Realized losses (3,430) (3,671) (4,177) (3,839) Net unrealized investment gains (losses) recognized on equity securities still held at end of period 2,047 (9,917) 955 (7,258) (1,105) (11,905) (2,883) (7,820)
Schedule of investment gains and losses recognized related to investments in equity securities	Investment gains and losses recognized related to investments in equity securities are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Net investment gains (losses) recognized on equity securities during the period 1,988 (9,366) 232 (6,795) Less: Net realized (losses) gains on equity securities sold during the period (59) 551 (723) 463 Net unrealized investment gains (losses) recognized on equity securities still held at end of period 2,047 (9,917) 955 (7,258)
Schedule of proceeds from sale of investments in securities	The amortized costs and fair values of investments in debt securities are as follows: June 30, 2023 December 31, 2022 Amortized costs Fair values Amortized costs Fair values ($000 omitted) Municipal 26,273 25,949 30,104 29,835 Corporate 249,888 233,200 272,362 254,316 Foreign 326,937 311,354 315,184 299,137 U.S. Treasury Bonds 32,149 31,424 29,078 28,646 635,247 601,927 646,728 611,934 Proceeds from sales of investments in securities are as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Proceeds from sales of debt securities 7,433 11,002 14,879 28,282 Proceeds from sales of equity securities 5,283 117 24,609 487 Total proceeds from sales of investments in securities 12,716 11,119 39,488 28,769

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule 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, 2022 720,478 352,504 — 1,072,982 Acquisitions 4,674 18,000 — 22,674 Purchase accounting adjustments (20,978) — — (20,978) Balances at June 30, 2023 704,174 370,504 — 1,074,678

Estimated title losses (Tables)

Estimated title losses (Tables)	6 Months Ended
	Jun. 30, 2023
Loss Contingency [Abstract]
Schedule of estimated title losses	A summary of estimated title losses for the six months ended June 30 is as follows: 2023 2022 ($000 omitted) Balances at January 1 549,448 549,614 Provisions: Current year 36,773 55,760 Previous policy years 703 (141) Total provisions 37,476 55,619 Payments, net of recoveries: Current year (6,990) (8,927) Previous policy years (57,954) (29,790) Total payments, net of recoveries (64,944) (38,717) Effects of changes in foreign currency exchange rates 2,161 (3,835) Balances at June 30 524,141 562,681 Loss ratios as a percentage of title operating revenues: Current year provisions 4.0 % 3.8 % Total provisions 4.1 % 3.8 %

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The calculation of the basic and diluted EPS is as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted, except per share) Numerator: Net income attributable to Stewart 15,815 61,660 7,625 119,557 Denominator (000): Basic average shares outstanding 27,255 27,018 27,228 26,989 Average number of dilutive shares relating to options 43 154 52 226 Average number of dilutive shares relating to grants of restricted units and shares 146 121 122 162 Diluted average shares outstanding 27,444 27,293 27,402 27,377 Basic earnings per share attributable to Stewart 0.58 2.28 0.28 4.43 Diluted earnings per share attributable to Stewart 0.58 2.26 0.28 4.37

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of selected statement of income information related to segments	Selected statement of income information related to these segments is as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 ($000 omitted) Title segment: Revenues 480,825 759,035 942,468 1,488,393 Depreciation and amortization 8,883 7,489 16,986 13,631 Income before taxes and noncontrolling interest 35,459 93,595 34,794 176,375 Real estate solutions segment: Revenues 71,411 82,864 134,035 172,255 Depreciation and amortization 6,280 6,381 12,581 13,177 Income before taxes 3,282 6,095 4,648 12,886 Corporate and other segment: Revenues (net realized losses) (3,082) 2,174 (3,047) 36,340 Depreciation and amortization 365 418 867 1,229 Loss before taxes (13,567) (12,911) (24,424) (22,870) Consolidated Stewart: Revenues 549,154 844,073 1,073,456 1,696,988 Depreciation and amortization 15,528 14,288 30,434 28,037 Income before taxes and noncontrolling interest 25,174 86,779 15,018 166,391
Schedule of 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 2023 2022 2023 2022 ($000 omitted) United States 514,699 791,447 1,012,228 1,600,651 International 34,455 52,626 61,228 96,337 549,154 844,073 1,073,456 1,696,988

Other comprehensive (loss) in_2

Other comprehensive (loss) income (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of changes in 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 (7,298) (1,533) (5,765) (16,068) (3,374) (12,694) Reclassification adjustments for realized gains and losses on investments 280 59 221 (148) (31) (117) (7,018) (1,474) (5,544) (16,216) (3,405) (12,811) Foreign currency translation adjustments 5,102 848 4,254 (9,329) (1,148) (8,181) Other comprehensive loss (1,916) (626) (1,290) (25,545) (4,553) (20,992) Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount Before-Tax Amount Tax Expense (Benefit) Net-of-Tax Amount ($000 omitted) Net unrealized gains and losses on investments: Change in net unrealized gains and losses on investments 1,078 226 852 (41,256) (8,664) (32,592) Reclassification adjustment for realized gains and losses on investments 396 83 313 (382) (80) (302) 1,474 309 1,165 (41,638) (8,744) (32,894) Foreign currency translation adjustments 5,812 960 4,852 (8,353) (792) (7,561) Other comprehensive income (loss) 7,286 1,269 6,017 (49,991) (9,536) (40,455)

Interim financial statements -

Interim financial statements - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Investments restricted for statutory reserve funds	$ 519.5	$ 544
Restricted cash and cash equivalent	$ 10.2	$ 8.6

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Operating revenues	$ 538,136	$ 849,239	$ 1,057,617	$ 1,694,447
Direct
Disaggregation of Revenue [Line Items]
Operating revenues	170,677	231,721	301,494	437,283
Agency
Disaggregation of Revenue [Line Items]
Operating revenues	208,755	409,931	457,775	814,076
Escrow fees
Disaggregation of Revenue [Line Items]
Operating revenues	42,323	61,497	75,250	117,289
Real estate solutions and abstract fees
Disaggregation of Revenue [Line Items]
Operating revenues	89,811	104,213	166,971	213,015
Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	$ 26,570	$ 41,877	$ 56,127	$ 112,784

Investments in debt and equit_3

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Jun. 30, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 13.6	$ 19.2
Number of investments in an unrealized loss position	356
Number of investments in an unrealized loss positions for more than 12 months	216

Investments in debt and equit_4

Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 635,247	$ 646,728
Fair values	601,927	611,934
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	26,273	30,104
Fair values	25,949	29,835
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	249,888	272,362
Fair values	233,200	254,316
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	326,937	315,184
Fair values	311,354	299,137
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	32,149	29,078
Fair values	$ 31,424	$ 28,646

Investments in debt and equit_5

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Gains	$ 739	$ 678
Losses	34,059	35,472
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	1	3
Losses	325	272
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	433	489
Losses	17,121	18,535
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	293	165
Losses	15,876	16,212
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	12	21
Losses	$ 737	$ 453

Investments in debt and equit_6

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized costs
In one year or less	$ 90,765
After one year through five years	357,970
After five years through ten years	171,140
After ten years	15,372
Amortized costs	635,247	$ 646,728
Fair values
In one year or less	88,947
After one year through five years	337,352
After five years through ten years	162,291
After ten years	13,337
Fair values	$ 601,927	$ 611,934

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, 2023	Dec. 31, 2022
Losses
Less than 12 months	$ 4,172	$ 21,218
More than 12 months	29,887	14,254
Total	34,059	35,472
Fair values
Less than 12 months	185,242	432,053
More than 12 months	377,551	146,148
Total	562,793	578,201
Municipal
Losses
Less than 12 months	191	262
More than 12 months	134	10
Total	325	272
Fair values
Less than 12 months	20,666	27,491
More than 12 months	4,033	67
Total	24,699	27,558
Corporate
Losses
Less than 12 months	1,990	12,935
More than 12 months	15,131	5,600
Total	17,121	18,535
Fair values
Less than 12 months	50,979	193,239
More than 12 months	165,730	44,342
Total	216,709	237,581
Foreign
Losses
Less than 12 months	1,335	7,608
More than 12 months	14,541	8,604
Total	15,876	16,212
Fair values
Less than 12 months	84,849	186,221
More than 12 months	206,510	101,294
Total	291,359	287,515
U.S. Treasury Bonds
Losses
Less than 12 months	656	413
More than 12 months	81	40
Total	737	453
Fair values
Less than 12 months	28,748	25,102
More than 12 months	1,278	445
Total	$ 30,026	$ 25,547

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	$ 601,927	$ 611,934
Equity securities	78,226	98,149
Investments in debt and equity securities	680,153	710,083
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	78,226	98,149
Investments in debt and equity securities	78,226	98,149
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	601,927	611,934
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	25,949	29,835
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:	25,949	29,835
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	233,200	254,316
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:	233,200	254,316
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	311,354	299,137
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:	311,354	299,137
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities:	31,424	28,646
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:	$ 31,424	$ 28,646

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 278	$ 1,683	$ 339	$ 3,277
Realized losses	(3,430)	(3,671)	(4,177)	(3,839)
Net unrealized investment gains (losses) recognized on equity securities still held at end of period	2,047	(9,917)	955	(7,258)
Investment and other gains (losses) – net	$ (1,105)	$ (11,905)	$ (2,883)	$ (7,820)

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Contingent receivable loss adjustment	$ 3.2		$ 3.2
Loss on sale of business		$ 3.6		$ 3.6
Gain from acquisition contingent liability adjustment		$ 1		$ (1)

Net realized and unrealized g_5

Net realized and unrealized gains - Investment Gains and Losses recognized related to Investments in Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized on equity securities during the period	$ 1,988	$ (9,366)	$ 232	$ (6,795)
Less: Net realized (losses) gains on equity securities sold during the period	(59)	551	(723)	463
Net unrealized investment gains (losses) recognized on equity securities still held at end of period	$ 2,047	$ (9,917)	$ 955	$ (7,258)

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 7,433	$ 11,002	$ 14,879	$ 28,282
Proceeds from sales of equity securities	5,283	117	24,609	487
Total proceeds from sales of investments in securities	$ 12,716	$ 11,119	$ 39,488	$ 28,769

Goodwill (Details)

Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 1,072,982
Acquisitions	22,674
Purchase accounting adjustments	(20,978)
Ending balance	1,074,678
Title
Goodwill [Roll Forward]
Beginning balances	720,478
Acquisitions	4,674
Purchase accounting adjustments	(20,978)
Ending balance	704,174
Real Estate Solutions
Goodwill [Roll Forward]
Beginning balances	352,504
Acquisitions	18,000
Purchase accounting adjustments	0
Ending balance	370,504
Corporate and Other
Goodwill [Roll Forward]
Beginning balances	0
Acquisitions	0
Purchase accounting adjustments	0
Ending balance	$ 0

Estimated title losses (Details

Estimated title losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 549,448	$ 549,614
Provisions:
Current year	36,773	55,760
Previous policy years	703	(141)
Total provisions	37,476	55,619
Payments, net of recoveries:
Current year	(6,990)	(8,927)
Previous policy years	(57,954)	(29,790)
Total payments, net of recoveries	(64,944)	(38,717)
Effects of changes in foreign currency exchange rates	2,161	(3,835)
Balances at end of period	$ 524,141	$ 562,681
Loss ratios as a percentage of title operating revenues:
Current year provisions	4%	3.80%
Total provisions	4.10%	3.80%

Share-based payments (Details)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
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	$ 12	$ 11.2
Granted (in shares)	293,000	174,000
Average grant price (in usd per share)	$ 41.01	$ 64.15

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributable to Stewart	$ 15,815	$ 61,660	$ 7,625	$ 119,557
Denominator (000):
Basic average shares outstanding (in shares)	27,255	27,018	27,228	26,989
Diluted average shares outstanding (in shares)	27,444	27,293	27,402	27,377
Basic earnings per share attributable to Stewart (in usd per share)	$ 0.58	$ 2.28	$ 0.28	$ 4.43
Diluted earnings per share attributable to Stewart (in usd per share)	$ 0.58	$ 2.26	$ 0.28	$ 4.37
Stock options
Denominator (000):
Average number of dilutive shares relating to options and grants of restricted shares and units (in shares)	43	154	52	226
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)	146	121	122	162

Contingent liabilities and co_2

Contingent liabilities and commitments (Details) $ in Millions	Jun. 30, 2023 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)	3 Months Ended
	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment information - Selected

Segment information - Selected Statement of Income Information Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues (net realized losses)	$ 549,154	$ 844,073	$ 1,073,456	$ 1,696,988
Depreciation and amortization	15,528	14,288	30,434	28,037
Income (loss) before taxes and noncontrolling interest	25,174	86,779	15,018	166,391
Title segment:
Segment Reporting Information [Line Items]
Revenues (net realized losses)	480,825	759,035	942,468	1,488,393
Depreciation and amortization	8,883	7,489	16,986	13,631
Income (loss) before taxes and noncontrolling interest	35,459	93,595	34,794	176,375
Real estate solutions segment:
Segment Reporting Information [Line Items]
Revenues (net realized losses)	71,411	82,864	134,035	172,255
Depreciation and amortization	6,280	6,381	12,581	13,177
Income (loss) before taxes and noncontrolling interest	3,282	6,095	4,648	12,886
Corporate and other segment:
Segment Reporting Information [Line Items]
Revenues (net realized losses)	(3,082)	2,174	(3,047)	36,340
Depreciation and amortization	365	418	867	1,229
Income (loss) before taxes and noncontrolling interest	$ (13,567)	$ (12,911)	$ (24,424)	$ (22,870)

Segment information - Revenues

Segment information - Revenues Generated in Domestic and all International Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 549,154	$ 844,073	$ 1,073,456	$ 1,696,988
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	514,699	791,447	1,012,228	1,600,651
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 34,455	$ 52,626	$ 61,228	$ 96,337

Other comprehensive (loss) in_3

Other comprehensive (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Before-Tax Amount
Other comprehensive income (loss)	$ (1,916)	$ (25,545)	$ 7,286	$ (49,991)
Tax Expense (Benefit)
Other comprehensive loss	(626)	(4,553)	1,269	(9,536)
Net-of-Tax Amount
Other comprehensive loss	(1,290)	(20,992)	6,017	(40,455)
Net unrealized gains and losses on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(7,298)	(16,068)	1,078	(41,256)
Reclassification adjustments for realized gains and losses on investments	280	(148)	396	(382)
Other comprehensive income (loss)	(7,018)	(16,216)	1,474	(41,638)
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(1,533)	(3,374)	226	(8,664)
Reclassification adjustments for realized gains and losses on investments	59	(31)	83	(80)
Other comprehensive loss	(1,474)	(3,405)	309	(8,744)
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(5,765)	(12,694)	852	(32,592)
Reclassification adjustments for realized gains and losses on investments	221	(117)	313	(302)
Other comprehensive loss	(5,544)	(12,811)	1,165	(32,894)
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive income (loss)	5,102	(9,329)	5,812	(8,353)
Tax Expense (Benefit)
Other comprehensive loss	848	(1,148)	960	(792)
Net-of-Tax Amount
Other comprehensive loss	$ 4,254	$ (8,181)	$ 4,852	$ (7,561)