While the majority of the publicly traded title insurance underwriters were profitable in the third quarter, First American Financial not only ended the period in the red, but posted a larger year-over-year net loss.
However, that loss was largely a result of an investment portfolio rebalancing that, while causing some short-term pain, should end up increasing investment income by $67 million per year when the funds are reinvested in higher yielding securities.
First American was the only large underwriter to do fewer orders on a quarter-to-quarter basis.
The third quarter was also the end of the line for an independent Doma, which was expected; Lennar was a major shareholder and going forward it will have a stake in the new owner. But after the period ended, another underwriter, Alliant National, announced it was being bought by a homebuilder.
The following is a roundup of the third quarter earnings from the remaining publicly traded title insurers.
