Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 29, 2014 | Apr. 29, 2014 | |
Common Stock | Class B Common Stock | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Trading Symbol | 'STC | ' | ' |
Entity Registrant Name | 'STEWART INFORMATION SERVICES CORP | ' | ' |
Entity Central Index Key | '0000094344 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 21,466,917 | 1,050,012 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) EARNINGS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Direct operations | $149,689 | $159,646 |
Agency operations | 213,673 | 227,662 |
Mortgage services | 24,078 | 36,070 |
Investment income | 3,858 | 3,643 |
Investment and other gains (losses) - net | 140 | -3,307 |
Total revenues | 391,438 | 423,714 |
Expenses | ' | ' |
Amounts retained by agencies | 174,679 | 187,065 |
Employee costs | 139,784 | 136,830 |
Other operating expenses | 67,737 | 63,797 |
Title losses and related claims | 22,767 | 23,563 |
Depreciation and amortization | 4,395 | 4,358 |
Interest | 662 | 954 |
Total expenses | 410,024 | 416,567 |
(Loss) earnings before taxes and noncontrolling interests | -18,586 | 7,147 |
Income tax (benefit) expense | -7,958 | 2,389 |
Net (loss) earnings | -10,628 | 4,758 |
Less net earnings attributable to noncontrolling interests | 1,478 | 1,551 |
Net (loss) earnings attributable to Stewart | -12,106 | 3,207 |
Net (loss) earnings | -10,628 | 4,758 |
Other comprehensive earnings (loss): | ' | ' |
Foreign currency translation | -4,140 | -4,246 |
Change in unrealized gains on investments | 6,402 | 1,634 |
Reclassification of adjustment for gains included in net earnings | -202 | -392 |
Other comprehensive earnings (loss), before taxes | 2,060 | -3,004 |
Income tax expense (benefit) related to items of other comprehensive earnings (loss) | 438 | -559 |
Other comprehensive earnings (loss), net of taxes | 1,622 | -2,445 |
Comprehensive (loss) earnings | -9,006 | 2,313 |
Less comprehensive earnings attributable to noncontrolling interests | 1,478 | 1,551 |
Comprehensive (loss) earnings attributable to Stewart | ($10,484) | $762 |
Basic and diluted average shares outstanding (000) | 22,506 | 20,958 |
Basic and diluted (loss) earnings per share attributable to Stewart | ($0.54) | $0.15 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $120,342 | $194,289 |
Short-term investments | 34,719 | 38,336 |
Investments in debt and equity securities available-for-sale, at fair value: | ' | ' |
Statutory reserve funds | 454,206 | 450,564 |
Other | 104,361 | 86,779 |
Available for sale securities, Total | 558,567 | 537,343 |
Receivables: | ' | ' |
Notes | 4,044 | 4,075 |
Premiums from agencies | 42,499 | 45,249 |
Income taxes | 11,735 | 9,477 |
Other | 55,609 | 55,737 |
Allowance for uncollectible amounts | -9,197 | -9,871 |
Total receivables | 104,690 | 104,667 |
Property and equipment, at cost | ' | ' |
Land | 5,559 | 5,559 |
Buildings | 26,837 | 26,779 |
Furniture and equipment | 210,684 | 213,585 |
Accumulated depreciation | -189,804 | -191,657 |
Total property and equipment, at cost | 53,276 | 54,266 |
Title plants, at cost | 76,822 | 76,822 |
Real estate, at lower of cost or net realizable value | 2,361 | 2,636 |
Investments in investees, on an equity method basis | 9,667 | 9,892 |
Goodwill | 231,838 | 231,838 |
Intangible assets, net of amortization | 12,296 | 13,050 |
Deferred tax asset | 4,112 | 144 |
Other assets | 67,929 | 62,775 |
Total assets | 1,276,619 | 1,326,058 |
Liabilities | ' | ' |
Notes payable | 4,315 | 5,827 |
Convertible senior notes | 27,141 | 27,119 |
Accounts payable and accrued liabilities | 96,120 | 119,961 |
Estimated title losses | 495,250 | 506,888 |
Deferred tax liabilities | 1,243 | 3,174 |
Total Liabilities | 624,069 | 662,969 |
Contingent liabilities and commitments | ' | ' |
Stockholders' equity | ' | ' |
Common and Class B Common Stock and additional paid-in capital | 195,108 | 194,768 |
Retained earnings | 440,208 | 452,314 |
Accumulated other comprehensive earnings: | ' | ' |
Foreign currency translation adjustments | 2,942 | 5,350 |
Unrealized investment gains on investments | 9,562 | 5,532 |
Treasury stock - 352,161 common shares, at cost | -2,666 | -2,666 |
Stockholders' equity attributable to Stewart | 645,154 | 655,298 |
Noncontrolling interests | 7,396 | 7,791 |
Total stockholders' equity (22,516,819 and 22,501,030 shares outstanding) | 652,550 | 663,089 |
Liabilities and Equity, Total | $1,276,619 | $1,326,058 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
Treasury stock, common shares | 352,161 | 352,161 |
Common stock, shares outstanding | 22,516,819 | 22,501,030 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of net (loss) earnings to cash used by operating activities: | ' | ' |
Net (loss) earnings | ($10,628) | $4,758 |
Add (deduct): | ' | ' |
Depreciation and amortization | 4,395 | 4,358 |
Provision for bad debt | -182 | 1,091 |
Investment and other (gains) losses - net | -140 | 3,307 |
Payments for title losses in excess of provisions | -7,344 | -10,119 |
Insurance recoveries of title losses | 2,707 | ' |
(Increase) decrease in receivables - net | -5,255 | 13,425 |
Increase in other assets - net | -3,983 | -845 |
Decrease in payables and accrued liabilities - net | -23,556 | -20,690 |
(Decrease) increase in net deferred income taxes | -6,338 | 1,276 |
Net earnings from equity investees | -359 | -1,475 |
Dividends received from equity investees | 584 | 1,557 |
Other - net | -90 | -33 |
Cash used by operating activities | -50,189 | -3,390 |
Investing activities: | ' | ' |
Proceeds from investments available-for-sale matured and sold | 65,793 | 15,255 |
Purchases of investments available-for-sale | -79,008 | -36,279 |
Purchases of property and equipment, title plants and real estate - net | -4,283 | -4,259 |
Cash paid for acquisitions of subsidiaries and other - net | ' | -296 |
Other - net | 305 | 340 |
Cash used by investing activities | -17,193 | -25,239 |
Financing activities: | ' | ' |
Payments on notes payable | -1,512 | -455 |
Proceeds from notes payable | ' | 400 |
Purchase of remaining interest of consolidated subsidiaries | ' | -723 |
Distributions to noncontrolling interests | -1,478 | -2,226 |
Cash payments for settlement of debt | ' | -742 |
Cash used by financing activities | -2,990 | -3,746 |
Effects of changes in foreign currency exchange rates | -3,575 | -787 |
Decrease in cash and cash equivalents | -73,947 | -33,162 |
Cash and cash equivalents at beginning of period | 194,289 | 208,538 |
Cash and cash equivalents at end of period | 120,342 | 175,376 |
Supplemental information: | ' | ' |
Retirement of Convertible Senior Notes with issuance of Common Stock | ' | 37,095 |
Changes in financial statement amounts due to the acquisition of subsidiaries: | ' | ' |
Goodwill acquired | ' | 28 |
Receivables and other assets acquired | ' | -44 |
Liabilities acquired | ' | 312 |
Cash paid for acquisitions of subsidiaries and other - net | ' | $296 |
Interim_financial_statements
Interim financial statements | 3 Months Ended |
Mar. 31, 2014 | |
Interim financial statements | ' |
NOTE 1 | |
Interim financial statements. The financial information contained in this report for the three months ended March 31, 2014 and 2013 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, 2013. | |
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 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 from those estimates. | |
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 20% through 50% of the equity, are accounted for by the equity method. | |
C. Reclassifications. Certain amounts in the 2013 interim financial statements have been reclassified for comparative purposes. Net (loss) earnings attributable to Stewart, as previously reported, were not affected. |
Investments_in_debt_and_equity
Investments in debt and equity securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments in debt and equity securities | ' | ||||||||||||||||||||||||
NOTE 2 | |||||||||||||||||||||||||
Investments in debt and equity securities. The amortized costs and fair values follow: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
costs | values | costs | values | ||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 58,110 | 58,111 | 47,808 | 47,252 | |||||||||||||||||||||
Corporate | 292,770 | 302,852 | 285,104 | 291,832 | |||||||||||||||||||||
Foreign | 161,203 | 161,192 | 164,146 | 162,367 | |||||||||||||||||||||
U.S. Government | 14,332 | 15,112 | 14,334 | 15,197 | |||||||||||||||||||||
Equity securities | 17,441 | 21,300 | 17,441 | 20,695 | |||||||||||||||||||||
543,856 | 558,567 | 528,833 | 537,343 | ||||||||||||||||||||||
Foreign debt securities consist primarily of Canadian government bonds, Canadian corporate bonds and United Kingdom treasury bonds. Equity securities consist of common stocks. | |||||||||||||||||||||||||
Gross unrealized gains and losses were: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 561 | 560 | 258 | 813 | |||||||||||||||||||||
Corporate | 11,770 | 1,688 | 9,955 | 3,228 | |||||||||||||||||||||
Foreign | 862 | 873 | 363 | 2,142 | |||||||||||||||||||||
U.S. Government | 832 | 52 | 924 | 60 | |||||||||||||||||||||
Equity securities | 3,959 | 100 | 3,264 | 11 | |||||||||||||||||||||
17,984 | 3,273 | 14,764 | 6,254 | ||||||||||||||||||||||
Debt securities as of March 31, 2014 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights): | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
costs | values | ||||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
In one year or less | 15,666 | 15,771 | |||||||||||||||||||||||
After one year through five years | 298,735 | 305,191 | |||||||||||||||||||||||
After five years through ten years | 184,351 | 187,722 | |||||||||||||||||||||||
After ten years | 27,663 | 28,583 | |||||||||||||||||||||||
526,415 | 537,267 | ||||||||||||||||||||||||
As of March 31, 2014, gross unrealized losses on investments 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, were: | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Losses | Fair values | Losses | Fair values | Losses | Fair values | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 267 | 17,441 | 293 | 15,678 | 560 | 33,119 | |||||||||||||||||||
Corporate | 243 | 26,204 | 1,445 | 30,146 | 1,688 | 56,350 | |||||||||||||||||||
Foreign | 732 | 63,711 | 141 | 6,721 | 873 | 70,432 | |||||||||||||||||||
U.S. Government | 52 | 3,782 | — | — | 52 | 3,782 | |||||||||||||||||||
Equity securities | 100 | 1,150 | — | — | 100 | 1,150 | |||||||||||||||||||
1,394 | 112,288 | 1,879 | 52,545 | 3,273 | 164,833 | ||||||||||||||||||||
The number of investments in an unrealized loss position as of March 31, 2014 was 93. Since the Company does not intend to sell and will more-likely-than-not maintain each debt security until its anticipated recovery, and no significant credit risk is deemed to exist, these investments are not considered other-than-temporarily impaired. | |||||||||||||||||||||||||
As of December 31, 2013, gross unrealized losses on investments 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, were: | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Losses | Fair values | Losses | Fair values | Losses | Fair values | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 770 | 27,686 | 43 | 628 | 813 | 28,314 | |||||||||||||||||||
Corporate | 1,682 | 66,776 | 1,546 | 21,710 | 3,228 | 88,486 | |||||||||||||||||||
Foreign | 1,539 | 63,039 | 603 | 53,807 | 2,142 | 116,846 | |||||||||||||||||||
U.S. Government | 60 | 3,772 | — | — | 60 | 3,772 | |||||||||||||||||||
Equity securities: | 11 | 1,267 | — | — | 11 | 1,267 | |||||||||||||||||||
4,062 | 162,540 | 2,192 | 76,145 | 6,254 | 238,685 | ||||||||||||||||||||
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. |
Fair_value_measurements
Fair value measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair value measurements | ' | ||||||||||||
NOTE 3 | |||||||||||||
Fair value measurements. The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value 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. The Fair Value Measurements and Disclosures Topic establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible. The three levels of inputs used to measure fair value are as follows: | |||||||||||||
• | Level 1 – quoted prices in active markets for identical assets or liabilities; | ||||||||||||
• | Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and | ||||||||||||
• | Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||
As of March 31, 2014, financial instruments measured at fair value on a recurring basis are summarized below: | |||||||||||||
Level 1 | Level 2 | Fair value | |||||||||||
measurements | |||||||||||||
($000 omitted) | |||||||||||||
Investments available-for-sale: | |||||||||||||
Debt securities: | |||||||||||||
Municipal | — | 58,111 | 58,111 | ||||||||||
Corporate | — | 302,852 | 302,852 | ||||||||||
Foreign | — | 161,192 | 161,192 | ||||||||||
U.S. Government | — | 15,112 | 15,112 | ||||||||||
Equity securities | 21,300 | — | 21,300 | ||||||||||
21,300 | 537,267 | 558,567 | |||||||||||
As of December 31, 2013, financial instruments measured at fair value on a recurring basis are summarized below: | |||||||||||||
Level 1 | Level 2 | Fair value | |||||||||||
measurements | |||||||||||||
($000 omitted) | |||||||||||||
Investments available-for-sale: | |||||||||||||
Debt securities: | |||||||||||||
Municipal | — | 47,252 | 47,252 | ||||||||||
Corporate | — | 291,832 | 291,832 | ||||||||||
Foreign | — | 162,367 | 162,367 | ||||||||||
U.S. Government | — | 15,197 | 15,197 | ||||||||||
Equity securities | 20,695 | — | 20,695 | ||||||||||
20,695 | 516,648 | 537,343 | |||||||||||
As of March 31, 2014, 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. All municipal, foreign, and U.S. Government bonds are valued using a third-party pricing service, and the corporate bonds are valued using the market approach, which includes three to ten inputs from relevant market sources, including Financial Industry Regulatory Authority’s (FINRA) Trade Reporting and Compliance Engine (TRACE) and independent broker/dealer quotes, bids and offerings, as well as other relevant market data, such as securities with similar characteristics (i.e. sector, rating, maturity, etc.). Broker/dealer quotes, bids and offerings mentioned above are gathered (typically three to ten) and a consensus risk premium spread (credit spread) over risk-free Treasury yields is developed from the inputs obtained, which is then used to calculate the resulting fair value. |
Investment_income
Investment income | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Investment income | ' | ||||||||
NOTE 4 | |||||||||
Investment income. Gross realized investment and other gains and losses follows: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
Realized gains | 384 | 2,377 | |||||||
Realized losses | (244 | ) | (5,684 | ) | |||||
140 | (3,307 | ) | |||||||
Expenses assignable to investment income were insignificant. There were no significant investments as of March 31, 2014 that did not produce income during the year. | |||||||||
For the three months ended March 31, 2013, investment and other (losses) gains – net included a $5.4 million non-cash charge relating to the early retirement of convertible senior notes offset by a $1.7 million gain on non-title-related insurance policy proceeds. | |||||||||
Proceeds from the sales of investments available-for-sale follows: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
Proceeds from sales of investments available-for-sale | 11,176 | 8,044 | |||||||
Sharebased_incentives
Share-based incentives | 3 Months Ended |
Mar. 31, 2014 | |
Share-based incentives | ' |
NOTE 5 | |
Share-based incentives. The Company granted shares of restricted Common Stock with a fair value of $3.9 million in January 2014, which are performance-based and time-based and vest over a period of three years. The Company granted shares of restricted Common Stock with a fair value of $2.2 million in January 2013, which are performance-based and vest over a period of three years. Awards in both years were pursuant to the Company’s employee incentive compensation plans, and compensation expense associated with restricted stock awards will be recognized over this vesting period. |
Earnings_per_share
Earnings per share | 3 Months Ended |
Mar. 31, 2014 | |
Earnings per share | ' |
NOTE 6 | |
Earnings per share. The Company’s basic (loss) earnings per share attributable to Stewart was calculated by dividing net (loss) earnings attributable to Stewart by the weighted-average number of shares of Common Stock and Class B Common Stock outstanding during the reporting periods. | |
To calculate diluted earnings per share, net earnings and number of shares are adjusted for the effects of any dilutive shares. Using the if-converted method, net earnings is adjusted for interest expense, net of any tax effects, applicable to the Convertible Senior Notes (Notes). The number of shares is adjusted by adding the number of dilutive shares, assuming they are issued, during the same reporting period. The treasury stock method is used to calculate the dilutive number of shares related to the Company’s stock option plan. | |
Since the Company reported a net loss for the three months ended March 31, 2014, there was no calculation of diluted earnings per share under the treasury stock method or under the if-converted method. | |
For the three months ended March 31, 2013, the Company did not have any dilutive shares under the treasury stock method mentioned above since the exercise prices of the options were greater than the weighted-average market value of the shares, which excludes them from the diluted earnings calculation. There were no calculations of diluted earnings per share for the three months ended March 31, 2013 using the if-converted method, as the add back of the tax-effected interest expense on the convertible debt resulted in antidilution. |
Contingent_liabilities_and_com
Contingent liabilities and commitments | 3 Months Ended |
Mar. 31, 2014 | |
Contingent liabilities and commitments | ' |
NOTE 7 | |
Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of March 31, 2014, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future minimum lease payments. In addition, as of March 31, 2014, the Company had guarantees of indebtedness owed by certain third parties related to business expansion and unused letters of credit aggregating to $3.0 million, primarily related to workers’ compensation coverage. |
Segment_information
Segment information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment information | ' | ||||||||
NOTE 8 | |||||||||
Segment information. The Company’s three reportable operating segments are title insurance and related services (title), mortgage services and corporate. | |||||||||
Selected statement of operations and comprehensive (loss) earnings information related to these segments follows: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
Revenues: | |||||||||
Title | 361,018 | 382,414 | |||||||
Mortgage services | 26,593 | 41,194 | |||||||
Corporate | 3,827 | 106 | |||||||
391,438 | 423,714 | ||||||||
Intersegment revenues: | |||||||||
Mortgage services | 2,240 | 1,831 | |||||||
Corporate | 718 | 797 | |||||||
2,958 | 2,628 | ||||||||
Depreciation and amortization: | |||||||||
Title | 1,329 | 1,500 | |||||||
Mortgage services | 1,159 | 968 | |||||||
Corporate | 1,907 | 1,890 | |||||||
4,395 | 4,358 | ||||||||
(Loss) earnings before taxes and noncontrolling interests: | |||||||||
Title | 17,606 | 30,333 | |||||||
Mortgage services | (1,563 | ) | 9,823 | ||||||
Corporate | (34,629 | ) | (33,009 | ) | |||||
(18,586 | ) | 7,147 | |||||||
The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment. | |||||||||
Revenues generated in the United States and all international operations follows: | |||||||||
For the Three Months | |||||||||
Ended Months 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
United States | 368,770 | 402,941 | |||||||
International | 22,668 | 20,773 | |||||||
391,438 | 423,714 | ||||||||
Regulatory_and_legal_developme
Regulatory and legal developments | 3 Months Ended |
Mar. 31, 2014 | |
Regulatory and legal developments | ' |
NOTE 9 | |
Regulatory and legal developments. In January 2009, an action was filed by individuals against Stewart Title Guaranty Company (STGC), Stewart Title of California, Inc., Cuesta Title Company and others in the Superior Court of California for the County of San Luis Obispo alleging that the plaintiffs had suffered damages relating to loans they made through Hurst Financial Corporation to an individual named Kelly Gearhart and entities controlled by Gearhart. Thereafter, several other lawsuits making similar allegations, including a lawsuit filed by several hundred individuals, were filed in San Luis Obispo Superior Court, and one such lawsuit was removed to the United States District Court for the Central District of California. The defendants vary from case to case, but Stewart Information Services Corporation, Stewart Title Company and Stewart Title Insurance Company were also each sued in at least one of the cases. Following several years of discovery and other pretrial proceedings, the Court conducted a bellwether jury trial of the claims of eight of the plaintiffs, four selected by plaintiffs and four selected by defendants, starting on August 5, 2013. The eight plaintiffs in the bellwether jury trial each asserted claims against Cuesta Title Company, Stewart Title of California, and Stewart Title Guaranty Company. One plaintiff in the bellwether jury trial also asserted claims against Stewart Title Company; the Court granted Stewart Title Company’s motion for directed verdict after the close of plaintiffs’ case. On October 8, 2013, the jury returned a verdict in favor of Cuesta Title Company, Stewart Title of California, and Stewart Title Guaranty Company on every one of every plaintiff’s claims against them. On January 30, 2014, the Court denied plaintiffs’ motion for new trial. On February 28, 2014, plaintiffs filed their notices of appeal from the verdict in the bellwether jury trial. Though no order has yet been entered, at a case management conference held on April 3, 2014, the Court informed the parties that, if no settlement is reached, it will hold additional trials starting in July 2014, October 2014, and January 2015 of the claims of three additional groups of plaintiffs (with approximately ten plaintiffs in each group). All of the plaintiffs in the July 2014 trial will be chosen by the plaintiffs. The parties attended a scheduled mediation on February 19, 2014, to see whether, in light of the outcome of the bellwether jury trial, the parties could reach a settlement. While no resolution was reached during the mediation settlement, discussions are continuing with the help of the mediator and a mediation judge specially appointed, with the consent of the parties, by the Court. Although the Company cannot predict the ultimate outcome of these actions, it will vigorously defend itself and does not believe that the ultimate outcome will materially affect its consolidated financial condition. | |
In April 2008, Credit Suisse AG, Cayman Islands Branch (Credit Suisse) asserted a claim under a Stewart Title Guaranty Company (STGC) policy of title insurance dated on or about May 19, 2006 based upon the alleged priority of mechanic’s and materialmen’s liens on a resort development in the State of Idaho known as Tamarack. STGC ultimately undertook the defense of the claim under a reservation of rights. For reasons set forth in Stewart’s complaint, on or about May 18, 2011, STGC withdrew its defense of Credit Suisse and filed a declaratory judgment action in the United States District Court for the District of Idaho captioned Stewart Title Guaranty Company v. Credit Suisse AG, Cayman Islands Branch seeking a declaratory judgment and other relief. In the lawsuit STGC sought, among other things, a determination that it had no duty to indemnify Credit Suisse and sought to have certain provisions of the title insurance policy rescinded. Credit Suisse counterclaimed for, among other things, bad faith failure to pay the claim. | |
On August 29, 2013, the United States District Court for the District of Idaho rendered an opinion on Credit Suisse’s Motion for Partial Summary Judgment. In its opinion the Court, among other things more fully set forth in said opinion, granted Credit Suisse’s motion negating certain policy defenses to coverage asserted by STGC. The Court also granted Credit Suisse’s Motion to Amend and permitted the assertion of punitive damages against STGC. | |
STGC’s Motion to Reconsider the Court’s August 29, 2013 ruling continues to be pending. STGC has also filed a Motion for Summary Judgment based on Credit Suisse’s lack of standing to pursue its counter claims, and other grounds. Although the Company cannot predict the outcome of this matter, STGC is vigorously prosecuting this litigation and does not believe that the ultimate outcome will have a material adverse impact on its consolidated financial condition or results of operations. | |
The Company is subject to other claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiff seeks exemplary or treble damages in excess of policy limits. The Company does not expect that any of these proceedings will have a material adverse effect on its consolidated financial condition or results of operations. Along with the other major title insurance companies, the Company is party to a number of class action lawsuits concerning the title insurance industry. The Company believes that it has adequate reserves for the various litigation matters and contingencies discussed above 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 administrative actions and litigation relating to the basis on which premium taxes are paid in certain states. Additionally, the Company has received various other inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. The Company believes that 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. | |
The Company is subject to various other administrative actions and inquiries into its business conduct in certain of the states in which it operates. While the Company cannot predict the outcome of the various regulatory and administrative matters, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of any of these matters will materially affect its consolidated financial condition or results of operations. |
Subsequent_events
Subsequent events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent events | ' |
NOTE 10 | |
Subsequent events. In April 2014, the Company announced the acquisitions of Wetzel Trott, Inc. and the title and collateral valuation business lines of DataQuick Lending Solutions, as well as an agreement to acquire LandSafe Title. These acquisitions, with an expected aggregate purchase price of $39.9 million once completed, have closed, or are expected to close, during the second and third quarters of 2014. The closing of each acquisition is subject to customary closing conditions. |
Interim_financial_statements_P
Interim financial statements (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Management's responsibility | ' |
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 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 from those estimates. | |
Consolidation | ' |
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 20% through 50% of the equity, are accounted for by the equity method. | |
Reclassifications | ' |
C. Reclassifications. Certain amounts in the 2013 interim financial statements have been reclassified for comparative purposes. Net (loss) earnings attributable to Stewart, as previously reported, were not affected. |
Investments_in_debt_and_equity1
Investments in debt and equity securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Amortized Costs and Fair Values | ' | ||||||||||||||||||||||||
The amortized costs and fair values follow: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
costs | values | costs | values | ||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 58,110 | 58,111 | 47,808 | 47,252 | |||||||||||||||||||||
Corporate | 292,770 | 302,852 | 285,104 | 291,832 | |||||||||||||||||||||
Foreign | 161,203 | 161,192 | 164,146 | 162,367 | |||||||||||||||||||||
U.S. Government | 14,332 | 15,112 | 14,334 | 15,197 | |||||||||||||||||||||
Equity securities | 17,441 | 21,300 | 17,441 | 20,695 | |||||||||||||||||||||
543,856 | 558,567 | 528,833 | 537,343 | ||||||||||||||||||||||
Gross Unrealized Gains and Losses | ' | ||||||||||||||||||||||||
Gross unrealized gains and losses were: | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 561 | 560 | 258 | 813 | |||||||||||||||||||||
Corporate | 11,770 | 1,688 | 9,955 | 3,228 | |||||||||||||||||||||
Foreign | 862 | 873 | 363 | 2,142 | |||||||||||||||||||||
U.S. Government | 832 | 52 | 924 | 60 | |||||||||||||||||||||
Equity securities | 3,959 | 100 | 3,264 | 11 | |||||||||||||||||||||
17,984 | 3,273 | 14,764 | 6,254 | ||||||||||||||||||||||
Debt Securities According to Contractual Terms | ' | ||||||||||||||||||||||||
Debt securities as of March 31, 2014 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights): | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
costs | values | ||||||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
In one year or less | 15,666 | 15,771 | |||||||||||||||||||||||
After one year through five years | 298,735 | 305,191 | |||||||||||||||||||||||
After five years through ten years | 184,351 | 187,722 | |||||||||||||||||||||||
After ten years | 27,663 | 28,583 | |||||||||||||||||||||||
526,415 | 537,267 | ||||||||||||||||||||||||
Gross Unrealized Losses on Investments and Fair Values of Related Securities | ' | ||||||||||||||||||||||||
As of March 31, 2014, gross unrealized losses on investments 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, were: | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Losses | Fair values | Losses | Fair values | Losses | Fair values | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 267 | 17,441 | 293 | 15,678 | 560 | 33,119 | |||||||||||||||||||
Corporate | 243 | 26,204 | 1,445 | 30,146 | 1,688 | 56,350 | |||||||||||||||||||
Foreign | 732 | 63,711 | 141 | 6,721 | 873 | 70,432 | |||||||||||||||||||
U.S. Government | 52 | 3,782 | — | — | 52 | 3,782 | |||||||||||||||||||
Equity securities | 100 | 1,150 | — | — | 100 | 1,150 | |||||||||||||||||||
1,394 | 112,288 | 1,879 | 52,545 | 3,273 | 164,833 | ||||||||||||||||||||
As of December 31, 2013, gross unrealized losses on investments 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, were: | |||||||||||||||||||||||||
Less than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Losses | Fair values | Losses | Fair values | Losses | Fair values | ||||||||||||||||||||
($000 omitted) | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Municipal | 770 | 27,686 | 43 | 628 | 813 | 28,314 | |||||||||||||||||||
Corporate | 1,682 | 66,776 | 1,546 | 21,710 | 3,228 | 88,486 | |||||||||||||||||||
Foreign | 1,539 | 63,039 | 603 | 53,807 | 2,142 | 116,846 | |||||||||||||||||||
U.S. Government | 60 | 3,772 | — | — | 60 | 3,772 | |||||||||||||||||||
Equity securities: | 11 | 1,267 | — | — | 11 | 1,267 | |||||||||||||||||||
4,062 | 162,540 | 2,192 | 76,145 | 6,254 | 238,685 | ||||||||||||||||||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Financial Instruments Measured at Fair Value on Recurring Basis | ' | ||||||||||||
As of March 31, 2014, financial instruments measured at fair value on a recurring basis are summarized below: | |||||||||||||
Level 1 | Level 2 | Fair value | |||||||||||
measurements | |||||||||||||
($000 omitted) | |||||||||||||
Investments available-for-sale: | |||||||||||||
Debt securities: | |||||||||||||
Municipal | — | 58,111 | 58,111 | ||||||||||
Corporate | — | 302,852 | 302,852 | ||||||||||
Foreign | — | 161,192 | 161,192 | ||||||||||
U.S. Government | — | 15,112 | 15,112 | ||||||||||
Equity securities | 21,300 | — | 21,300 | ||||||||||
21,300 | 537,267 | 558,567 | |||||||||||
As of December 31, 2013, financial instruments measured at fair value on a recurring basis are summarized below: | |||||||||||||
Level 1 | Level 2 | Fair value | |||||||||||
measurements | |||||||||||||
($000 omitted) | |||||||||||||
Investments available-for-sale: | |||||||||||||
Debt securities: | |||||||||||||
Municipal | — | 47,252 | 47,252 | ||||||||||
Corporate | — | 291,832 | 291,832 | ||||||||||
Foreign | — | 162,367 | 162,367 | ||||||||||
U.S. Government | — | 15,197 | 15,197 | ||||||||||
Equity securities | 20,695 | — | 20,695 | ||||||||||
20,695 | 516,648 | 537,343 | |||||||||||
Investment_income_Tables
Investment income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Gross Realized Investment and Other Gains and Losses | ' | ||||||||
Investment income. Gross realized investment and other gains and losses follows: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
Realized gains | 384 | 2,377 | |||||||
Realized losses | (244 | ) | (5,684 | ) | |||||
140 | (3,307 | ) | |||||||
Proceeds from Sales of Investments Available-for-Sale | ' | ||||||||
Proceeds from the sales of investments available-for-sale follows: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
Proceeds from sales of investments available-for-sale | 11,176 | 8,044 | |||||||
Segment_information_Tables
Segment information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Selected Statement of Operations and Comprehensive (Loss) Earnings Information Related to Segments | ' | ||||||||
Selected statement of operations and comprehensive (loss) earnings information related to these segments follows: | |||||||||
For the Three Months | |||||||||
Ended March 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
Revenues: | |||||||||
Title | 361,018 | 382,414 | |||||||
Mortgage services | 26,593 | 41,194 | |||||||
Corporate | 3,827 | 106 | |||||||
391,438 | 423,714 | ||||||||
Intersegment revenues: | |||||||||
Mortgage services | 2,240 | 1,831 | |||||||
Corporate | 718 | 797 | |||||||
2,958 | 2,628 | ||||||||
Depreciation and amortization: | |||||||||
Title | 1,329 | 1,500 | |||||||
Mortgage services | 1,159 | 968 | |||||||
Corporate | 1,907 | 1,890 | |||||||
4,395 | 4,358 | ||||||||
(Loss) earnings before taxes and noncontrolling interests: | |||||||||
Title | 17,606 | 30,333 | |||||||
Mortgage services | (1,563 | ) | 9,823 | ||||||
Corporate | (34,629 | ) | (33,009 | ) | |||||
(18,586 | ) | 7,147 | |||||||
Revenues Generated in Domestic and Foreign Country | ' | ||||||||
Revenues generated in the United States and all international operations follows: | |||||||||
For the Three Months | |||||||||
Ended Months 31, | |||||||||
2014 | 2013 | ||||||||
($000 omitted) | |||||||||
United States | 368,770 | 402,941 | |||||||
International | 22,668 | 20,773 | |||||||
391,438 | 423,714 | ||||||||
Interim_Financial_Statements_A
Interim Financial Statements - Additional Information (Detail) | Mar. 31, 2014 |
Organization Consolidation And Summary Of Significant Accounting Policies [Line Items] | ' |
Percentage of voting rights owned in electing directors | 50.00% |
Minimum | Stewart Information Services Corporation and subsidiaries | ' |
Organization Consolidation And Summary Of Significant Accounting Policies [Line Items] | ' |
Percentage of voting rights owned in electing directors | 20.00% |
Maximum | Stewart Information Services Corporation and subsidiaries | ' |
Organization Consolidation And Summary Of Significant Accounting Policies [Line Items] | ' |
Percentage of voting rights owned in electing directors | 50.00% |
Amortized_Costs_and_Fair_Value
Amortized Costs and Fair Values (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Equity securities, Amortized costs | $17,441 | $17,441 |
Total, Amortized costs | 543,856 | 528,833 |
Debt securities, Fair values | 537,267 | ' |
Equity securities, Fair values | 21,300 | 20,695 |
Available for sale securities, Total | 558,567 | 537,343 |
Municipal | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt securities, Amortized costs | 58,110 | 47,808 |
Debt securities, Fair values | 58,111 | 47,252 |
Corporate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt securities, Amortized costs | 292,770 | 285,104 |
Debt securities, Fair values | 302,852 | 291,832 |
Foreign | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt securities, Amortized costs | 161,203 | 164,146 |
Debt securities, Fair values | 161,192 | 162,367 |
U.S. Government | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Debt securities, Amortized costs | 14,332 | 14,334 |
Debt securities, Fair values | $15,112 | $15,197 |
Gross_Unrealized_Gains_and_Los
Gross Unrealized Gains and Losses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized gains | $17,984 | $14,764 |
Gross unrealized losses | 3,273 | 6,254 |
Municipal | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized gains | 561 | 258 |
Gross unrealized losses | 560 | 813 |
Corporate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized gains | 11,770 | 9,955 |
Gross unrealized losses | 1,688 | 3,228 |
Foreign | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized gains | 862 | 363 |
Gross unrealized losses | 873 | 2,142 |
U.S. Government | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized gains | 832 | 924 |
Gross unrealized losses | 52 | 60 |
Equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Gross unrealized gains | 3,959 | 3,264 |
Gross unrealized losses | $100 | $11 |
Debt_Securities_According_Cont
Debt Securities According Contractual Terms (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt And Receivables Securitization [Line Items] | ' |
Amortized costs, In one year or less | $15,666 |
Amortized costs, After one year through five years | 298,735 |
Amortized costs, After five years through ten years | 184,351 |
Amortized costs, After ten years | 27,663 |
Amortized costs, Total | 526,415 |
Fair Values, In one year or less | 15,771 |
Fair Values, After one year through five years | 305,191 |
Fair Values, After five years through ten years | 187,722 |
Fair Values, After ten years | 28,583 |
Debt securities, fair values total | $537,267 |
Gross_Unrealized_Losses_on_Inv
Gross Unrealized Losses on Investments and Fair Values of Related Securities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Losses, Less than 12 months | $1,394 | $4,062 |
Fair Values, Less than 12 months | 112,288 | 162,540 |
Losses, More than 12 months | 1,879 | 2,192 |
Fair Values, More than 12 months | 52,545 | 76,145 |
Total Losses | 3,273 | 6,254 |
Total Fair Values | 164,833 | 238,685 |
Municipal | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Losses, Less than 12 months | 267 | 770 |
Fair Values, Less than 12 months | 17,441 | 27,686 |
Losses, More than 12 months | 293 | 43 |
Fair Values, More than 12 months | 15,678 | 628 |
Total Losses | 560 | 813 |
Total Fair Values | 33,119 | 28,314 |
Corporate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Losses, Less than 12 months | 243 | 1,682 |
Fair Values, Less than 12 months | 26,204 | 66,776 |
Losses, More than 12 months | 1,445 | 1,546 |
Fair Values, More than 12 months | 30,146 | 21,710 |
Total Losses | 1,688 | 3,228 |
Total Fair Values | 56,350 | 88,486 |
Foreign | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Losses, Less than 12 months | 732 | 1,539 |
Fair Values, Less than 12 months | 63,711 | 63,039 |
Losses, More than 12 months | 141 | 603 |
Fair Values, More than 12 months | 6,721 | 53,807 |
Total Losses | 873 | 2,142 |
Total Fair Values | 70,432 | 116,846 |
U.S. Government | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Losses, Less than 12 months | 52 | 60 |
Fair Values, Less than 12 months | 3,782 | 3,772 |
Total Losses | 52 | 60 |
Total Fair Values | 3,782 | 3,772 |
Equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Losses, Less than 12 months | 100 | 11 |
Fair Values, Less than 12 months | 1,150 | 1,267 |
Total Losses | 100 | 11 |
Total Fair Values | $1,150 | $1,267 |
Recovered_Sheet1
Investments in Debt and Equity Securities - Additional Information (Detail) | Mar. 31, 2014 |
Investment | |
Unrealized Losses On Investments [Line Items] | ' |
Number of investments in an unrealized loss position | 93 |
Financial_Instrument_Measured_
Financial Instrument Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | $558,567 | $537,343 |
Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 558,567 | 537,343 |
Fair Value, Measurements, Recurring | Municipal | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 58,111 | 47,252 |
Fair Value, Measurements, Recurring | Corporate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 302,852 | 291,832 |
Fair Value, Measurements, Recurring | Foreign | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 161,192 | 162,367 |
Fair Value, Measurements, Recurring | U.S. Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 15,112 | 15,197 |
Fair Value, Measurements, Recurring | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 21,300 | 20,695 |
Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 21,300 | 20,695 |
Level 1 | Fair Value, Measurements, Recurring | Equity securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 21,300 | 20,695 |
Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 537,267 | 516,648 |
Level 2 | Fair Value, Measurements, Recurring | Municipal | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 58,111 | 47,252 |
Level 2 | Fair Value, Measurements, Recurring | Corporate | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 302,852 | 291,832 |
Level 2 | Fair Value, Measurements, Recurring | Foreign | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | 161,192 | 162,367 |
Level 2 | Fair Value, Measurements, Recurring | U.S. Government | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available-for-sale securities, Fair value measurements | $15,112 | $15,197 |
Gross_Realized_Investment_and_
Gross Realized Investment and Other Gains and Losses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Available for sale securities gross realized gain (loss) | ' | ' |
Realized gains | $384 | $2,377 |
Realized losses | -244 | -5,684 |
Investment and other (losses) gains | $140 | ($3,307) |
Investment_Income_Additional_I
Investment Income - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Investment And Other Income [Line Items] | ' |
Non cash charge on early retirement of convertible senior notes | $5.40 |
Gain on non title related insurance policy proceeds | $1.70 |
Proceeds_from_the_Sales_of_Inv
Proceeds from the Sales of Investments Available-for-Sale (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gain loss on sale of investments | ' | ' |
Proceeds from sales of investments available-for-sale | $11,176 | $8,044 |
ShareBased_Incentives_Addition
Share-Based Incentives - Additional Information (Detail) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2013 | Jan. 31, 2014 |
Restricted Common Stock | Performance-based and time-based award | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award granted, fair value | $2.20 | $3.90 |
Award vesting period | '3 years | '3 years |
Recovered_Sheet2
Contingent Liabilities and Commitments - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Commitment And Contingencies [Line Items] | ' |
Contingent liabilities for guarantees of consolidated subsidiaries | $3 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Information [Line Items] | ' |
Number of reportable segments | 3 |
Selected_Statement_of_Operatio
Selected Statement of Operations and Comprehensive (Loss) Earnings Information Related to Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $391,438 | $423,714 |
Depreciation and amortization | 4,395 | 4,358 |
(Loss) Earnings before taxes and noncontrolling interests | -18,586 | 7,147 |
Operating Segments | Title | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 361,018 | 382,414 |
Depreciation and amortization | 1,329 | 1,500 |
(Loss) Earnings before taxes and noncontrolling interests | 17,606 | 30,333 |
Operating Segments | Mortgage Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 26,593 | 41,194 |
Depreciation and amortization | 1,159 | 968 |
(Loss) Earnings before taxes and noncontrolling interests | -1,563 | 9,823 |
Operating Segments | Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 3,827 | 106 |
Depreciation and amortization | 1,907 | 1,890 |
(Loss) Earnings before taxes and noncontrolling interests | -34,629 | -33,009 |
Intersegment Eliminations | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | -2,958 | -2,628 |
Intersegment Eliminations | Mortgage Services | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | -2,240 | -1,831 |
Intersegment Eliminations | Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | ($718) | ($797) |
Revenues_Generated_in_United_S
Revenues Generated in United States and All International Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $391,438 | $423,714 |
United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 368,770 | 402,941 |
International | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $22,668 | $20,773 |
Recovered_Sheet3
Regulatory and Legal Developments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Plaintiff | |
Legal Proceedings And Contingencies [Line Items] | ' |
Number Of Plaintiffs | 8 |
Number of additional groups of plaintiffs | 3 |
Number of plaintiffs in each group | 10 |
Trial Date One | ' |
Legal Proceedings And Contingencies [Line Items] | ' |
Additional trials starting date | '2014-07 |
Trial Date Two | ' |
Legal Proceedings And Contingencies [Line Items] | ' |
Additional trials starting date | '2014-10 |
Trial Date Three | ' |
Legal Proceedings And Contingencies [Line Items] | ' |
Additional trials starting date | '2015-01 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 |
Subsequent Event | ' |
Subsequent Event [Line Items] | ' |
Aggregate purchase price of business acquisitions | $39.90 |