Stewart Data Providers Corp. (STC) Q1 2021 Earnings Name Transcript

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Stewart Data Providers Corp. (NYSE:STC)
Q1 2021 Earnings Name
Apr 22, 2021, 8:30 a.m. ET

Contents:

  • Ready Remarks
  • Questions and Solutions
  • Name Members

Ready Remarks:

Operator

Hiya and thanks for becoming a member of the Stewart Data Providers First Quarter 2021 Earnings Name. [Operator Instructions] It’s now my pleasure to show immediately’s convention over to Nat Otis, Head of Investor Relations. Please go forward.

Nat OtisDirector, Investor Relations & Senior Vice President-Finance

Thanks, Brittany. Good morning. Thanks for becoming a member of us immediately for Stewart’s First Quarter 2021 Earnings Convention Name. We will likely be discussing outcomes that had been launched yesterday after the shut. Becoming a member of me immediately are CEO, Fred Eppinger and CFO David Hisey.

To pay attention on-line, please go to the stewart.com web site to entry the hyperlink for this convention name. I’ll remind members that this convention name could include forward-looking statements that contain quite a lot of dangers and uncertainties. As a result of such statements are primarily based on an expectation of future monetary working outcomes, and aren’t statements of reality, precise outcomes could differ materially from these projected.

The dangers and uncertainties that forward-looking statements are topic to incorporate, however aren’t restricted to, the dangers and different elements detailed in our press launch printed yesterday night and within the assertion relating to forward-looking data, threat and different sections of the corporate’s Kind 10-Okay and different filings with the SEC.

Let me now flip the decision over to Fred.

Frederick H. EppingerChief Govt Officer

Good morning, all people, and thanks for becoming a member of us immediately for Stewart’s first quarter of 2021 earnings name and in your curiosity in Stewart.

Earlier than I flip it over to David to undergo the small print of the quarter’s outcomes, I need to contact on just a few subjects as we transfer into 2021. I’m very, very happy with the progress this quarter. We clearly capitalized on the historic market power, however we additionally proceed to enhance our underlying monetary power and the resiliency of the corporate. We grew share in quite a lot of vital markets, we added some service capabilities and leveraged our improved know-how platform.

As we glance forward, we envision Stewart that not solely takes benefit of the excessive level of the cycle, however also can thrive via the complete enterprise cycle. The inspiration of this future lies in a extra strategic and disciplined operational method to investments and an organization tradition that’s centered on transferring shortly to adapt and to capitalize on alternatives to enhance and develop the corporate.

Whereas our journey will not be completed, the work our workers completed final yr and all through the primary quarter addressing the challenges of the pandemic situations, driving structural modifications, integrating extra helpful expertise and asset additions have all basically modified our firm. Outcomes up to now are encouraging and illustrate that we’re on the precise path. Given what we have completed up to now and our view of the market outlook, we’re very bullish on the corporate’s alternatives for the following 2 or Three years. As we take a look at ’21 and ’22 past, there’s a stage of uncertainty over the endurance of the cycle whilst we proceed to expertise robust market demand. We all know the refinancings will start to gradual sooner or later although the general residential market is wholesome and is predicted to stay that manner for a while as resale transactions pushed by pent-up demand and favorable home-owner demographics will proceed to point out power.

In this type of market, there will likely be winners and losers and we’re positioning ourselves to be one of many winners. At our core, we’re a 125-year outdated customer-centric model that delivers superior service and underwriting for its clients and companions. However I additionally like to consider us as a 125-year outdated begin up, our footprint for supply, our choice making are all bettering every single day. We additionally perceive that know-how is altering our business and our firm and we proceed to focus intensely on bettering the shopper expertise via innovation and connectivity. By creating a completely built-in platform, we’re delivering a safer, simpler and environment friendly closing course of for our clients and our companions. Whether or not via our upfront transaction administration app and platform Stewart Now or our automated underwriting software, Stewart Wage[Phonetic] or digital actual property closings with our NotaryCam and Signature Closers corporations. We’re securing switch of funds via our partnership with Licensed, we’re assembly our buyer’s know-how wants with out sacrificing our core fiduciary dedication to appropriately underwrite the transaction. Our journey to be the premier title service firm continues, although we now have extra to do. However on this quarter, we made vital progress towards a extra resilient rising enterprise, one place to succeed and develop share in quite a lot of environments. David will now replace everybody on the outcomes of the quarter.

David HiseyChief Monetary Officer

Thanks, Fred, and good morning. Let me additionally thank our associates for his or her continued inspirational service and our clients for his or her steadfast help. The yr opened with a powerful residential actual property market pushed by highly effective demand, favorable rates of interest and bettering financial situations. On the medical entrance, virus information is mostly bettering as vaccinations improve though variance in vaccine distribution challenges hinder the tempo of restoration. Even with an bettering financial system, there continues to be a excessive mortgage delinquency and forbearance, the impact of which have to play out.

Let me present some broader context in line with Fred’s feedback earlier than I overview the quarter’s outcomes. Though rates of interest and the financial system present some volatility to the working atmosphere, our strategic areas of focus gaining scale in engaging direct markets, bettering agent service capabilities and geographic focus and scaling lender providers are starting to have a significant and sturdy affect on our outcomes. Over time, we’ll see the advantages of our industrial initiatives as that market returns. For the primary quarter 2021, Stewart reported web revenue of $54 million and diluted earnings per share of $2.01 on complete working revenues of $681 million.

On an adjusted foundation, the Q1 web revenue improved by $38 million in comparison with $13 million from final yr’s quarter as we disclosed in Appendix A of the press launch. In comparison with final quarter, complete title revenues elevated $185 million or 42% with stable efficiency from our residential and company operations. The title section generated $77 million of pre-tax revenue, greater than Four instances final yr’s quarter, on account of improved revenues and our continued administration focus. Pre-tax title margin additionally improved to 12.2% in comparison with 3.4% final yr.

With respect to our direct title enterprise, direct residential revenues elevated $83 million or 63% primarily on account of elevated transaction exercise; residential payment per file was roughly flat at $1,900, simply barely beneath final yr. Home industrial revenues had been down $12 million or 29% on account of decrease transaction quantity and decrease common payment per file, which was $8,700 this quarter versus $11,400 final quarter — final yr’s quarter. Complete open orders elevated 29% whereas closed orders elevated 66% in comparison with the final yr, primarily as a result of robust market. Much like our direct title enterprise, our company operations had one other robust quarter with revenues of $346 million, which was $104 million or 43% increased than final yr’s quarter.

Our company remittance charge improved to 17.9% versus 17.6% within the prior yr quarter. On title losses, complete title loss expense elevated $10 million or 54% primarily on account of increased title revenues. As a p.c of title losses, the title loss expense was 4.6% in comparison with 4.2% from final yr’s quarter. In regard to working bills, which encompass worker and different working prices, complete working bills elevated in line with our income development on account of extra workers and related prices; elevated appraisal bills from our not too long ago acquired ancillary providers enterprise and better exterior title surge and premium affect bills. These will increase had been partially offset by decrease different working value on account of continued administration focus as we improve advertising and journey bills.

Worker value as a p.c of working revenues improved to 25% from 30% final yr. Whereas different working bills elevated to 18% from 16% final yr, primarily as a result of appraisal of pass-through prices at our not too long ago acquired appraisal providers companies. Excluding these companies, different working expense ratio would have been 13% for the primary quarter of 2021 as in opposition to 16% final yr.

On different issues, our monetary place continues to be very robust. Our complete money and investments on the stability sheet are roughly $590 million over regulatory necessities, which, together with $220 million obtainable on our not too long ago upsized line of credit score, present a stable basis in supporting our clients, workers and actual property markets. Stockholders’ fairness attributable to Stewart elevated to $1.04 billion at March 31, 2021 with a e book worth per share of roughly $39.

Lastly, web money supplied by operations improved to $47 million in comparison with money utilized in operations of $11 million in final yr’s first quarter.

Let me shut with, we stay assured in our help of actual property markets grateful for our associates and clients and advocates for everybody’s improved security and prosperity. And now I am going to flip it again to the operator for questions.

Questions and Solutions:

Operator

[Operator Instructions] And we’ll take our first query from Bose George with KBW. Please go forward.

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

Hello, everybody. Good morning. First query is simply on, the residential direct premiums fell by — I feel it was 10% over the fourth quarter, the agent premiums fell fairly modestly. So is there one thing to name out by way of the variations between what we noticed in these channels?

Frederick H. EppingerChief Govt Officer

I am sorry, Bose. Are you able to assist me with that as a result of I could not hear it appropriately?

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

Yeah. Mainly, I used to be wanting on the decline within the path — there was a few 10% decline simply within the residential nationwide direct premiums over final quarter and the agent premiums that declined, it was virtually flat simply type of about 1% during the last quarter, so I used to be simply curious why the variations that we noticed within the two channels?

David HiseyChief Monetary Officer

Bose, are you including industrial –?

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

Truly I took out the industrial as a result of together with the industrial, it is extra like a 20% decline versus a 1%. So the industrial was down, so I pulled — pulling that out, it appeared prefer it was a few 10% versus 1%. However I imply we are able to observe up with that afterwards in case you like?

Frederick H. EppingerChief Govt Officer

Yeah. As a result of what we noticed all proper is that this has been — for us, this was the strongest direct first quarter we have ever had. It was very, very, very robust clearly versus the final first quarter, historically it has been a seasonal — first quarter seasonal, however this yr we had been extremely robust. The company development for us is a mixture of a few issues, proper. So the company development for us bought stronger all via final yr as we bought away from the transaction. So the comparability from first quarter final yr to this yr on company is very robust as a result of we now have a lot momentum simply type of getting the brokers again that we had that we type of misplaced somewhat bit through the Constancy state of affairs, but in addition the brand new development initiatives we now have. So company is a good comparability quarter-to-quarter, which supplies you the actually strong development.

It would not — you did not have the identical type of drag within the first quarter of direct that we had in company from the hangover, so possibly there — once more, in case you’re asking the deltas between the 2, there may be one thing there. However on each companies. I am extremely inspired by the expansion. Our share in many of the goal markets that we centered on has been up. So we’re type of profitable in many of the markets we’re centered on. So it feels fairly good throughout the enterprise proper now.

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

Okay. Nice. Is sensible. Thanks. After which are you able to simply discuss your — the most recent ideas on acquisitions? Do you’re feeling like that continues to be a part of the puzzle by way of getting the margins up? Or do — have you ever completed do you assume a good quantity what you’ll want to do on that facet?

Frederick H. EppingerChief Govt Officer

Sure. I feel — once more, I feel we’re very centered. We proceed to concentrate on what I’d name native market methods. And we nonetheless have in quite a lot of markets the place I would really like us to have a better share. And it turns into — it is throughout extra consistency via the cycle to have the ability to handle your margins in addition to your consistency of service. And so I’d say we will proceed to be centered on quite a lot of markets within the high 140 MSAs that we imagine we should always achieve share and a few of that will likely be acquisitions and we nonetheless have a strong pipeline of acquisitions in entrance of us, however a few of it’s natural as nicely.

We now have — one of many fascinating issues that has occurred to the corporate is we now have loads of momentum proper now and our means to draw expertise has by no means actually been higher. So we’re seeing loads of of us come to the corporate as nicely. So it is going to be a mixture of natural development in a few of these goal markets in addition to some acquisitions. And once more one of many issues we’re attempting to do isn’t just achieve share for margin, it is also broaden our capabilities and repair capabilities. So significantly on the company facet, we need to proceed to have the ability to present further providers. So we’ll improve a few of our concentrate on that as nicely.

So that you noticed that with the ASK acquisition that we simply did, which supplied us further providers to offer for our brokers. So once more, I feel it’ll proceed as a part of the technique.

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

Okay. Nice. Thanks. Can I simply sneak in yet one more simply on the loss ratio, what’s type of the normalized quantity? And simply the change between final quarter, the rise versus now was that — I imply, primarily based on one thing you promote on the market? Or simply curious what’s [Technical Issues]

Frederick H. EppingerChief Govt Officer

Sure. So in case you keep in mind final yr, we imagine that we wished to take a conservative place within the fourth quarter, specifically, as we seemed out and mentioned, there’s some threat out right here. For those who take a look at the stability of final yr, I feel the stability of final yr was one thing like a 5.3% or one thing like that. And so I feel that it is roughly the quantity that we had been planning to — the full on the fourth quarter, the 5.3%. Losses look good. It is early within the yr. That is the quantity that resulted for the primary quarter. However I nonetheless assume that the way in which we thought of it final yr in that 5% vary might be going to proceed to be what we’re going to consider it this yr. However there isn’t any — we do not see any points. We do not see any developments which might be problematic or something like that. However I feel it is conservative simply to depart it at the place we fell within the first quarter.

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

Okay, nice. Thanks loads. Good quarter.

Frederick H. EppingerChief Govt Officer

Thanks.

Operator

Our subsequent query is coming from John Campbell with Stephens, Inc. Please go forward.

John CampbellStephens, Inc. — Analyst

Hey, guys, good morning. Congrats on the continued success.

Frederick H. EppingerChief Govt Officer

Yeah. Thanks and good morning. Good morning.

John CampbellStephens, Inc. — Analyst

Thanks. Yeah. So I am getting a good quantity of questions on this. I determine I bought to take a shot on it. However clearly, there’s some noise on the market with the massive competitor of yours, I am certain you guys are most likely listening to the identical factor, however simply interested by your urge for food round type of bigger transformational title insurance coverage share grabs after which your means or possibly capability to do one thing of measurement?

Frederick H. EppingerChief Govt Officer

Sure. I imply, clearly, we do not actually discuss one other firm in our calls. However I’d inform you, as Bose requested, for us, we’re attempting to construct this up market-by-market and section by section. And we’re actually fascinated about scale and measurement that manner. It is not likely a high down look, it is actually a bottom-up look. And so we’re continually in search of alternatives in our companies to both improve our capabilities or give us the dimensions in order that the soundness of our economics are higher and that will likely be a part of what we do for the foreseeable future. And we do not really feel like we want — as an organization, we do not really feel like we want any transformational factor or — I imply, I really feel like this juring [Phonetic] that we’re on, you’ll be able to see the traction we now have, you’ll be able to see how we have closed the hole between us and the foremost rivals. Would I like us to be higher? Sure, no query. And we’ll proceed to focus at a market-by-market stage to verify we’re the most effective there may be, and we’ll do some acquisitions and fill-ins and attempt to purchase capabilities. However for my part, we do not want something transformational to vary type of the outlook for this firm and have the ability to proceed to outgrow the market and outperform the market over the following 2 or Three years. We simply bought to concentrate on ourselves and constructing our enterprise. So —

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

Okay. Thanks for that. After which on title, I imply, you are hitting on all cylinders at this level. However in case you take a look at the ancillary providers enterprise, I feel you guys had revenues 10 instances increased versus final yr. So I imply, the turnaround has been actually spectacular. So good work there. However are you able to guys discuss in regards to the type of up to date merchandise that you’ve immediately? After which possibly in case you might, simply discuss to the product street map and type of body up what you assume the specified in-state may appear like?

Frederick H. EppingerChief Govt Officer

Sure. So — and I am going to take a few items of that. So from my perspective, when you concentrate on the potential evolution of the title course of, we actually felt that having actually terrific distant notary functionality and notary community was going to be an extremely helpful a part of what the corporate did and having the ability to each management the standard and the entry to that and the combination of that into the general course of.

And so we clearly invested in that and invested fairly considerably. And so there will likely be product innovation in that space for us as we take these property, Signature and NotaryCam and take into consideration that mixed entity to make us higher. On the — in case you then go to the appraisal facet, once more, we thought that was a vital a part of the street map for us to have each scale and the know-how platform for an evolving world. We additionally assume that is a enterprise that is consolidating due to the must be much more modern and know-how savvy. And we predict we have set ourselves up there to essentially proceed to develop that enterprise and canopy the entire market area fairly successfully.

So the general ancillary method for us was actually to get this as an alternative of getting a really small-scale and a bunch of little issues, to essentially construct some scale in quite a lot of areas the place we could possibly be a winner, proper, and to each type of assist our general place with our purchasers, however to even be very profitable in these particular person companies.

So I feel we now have the dimensions. It is proper on monitor so far as the margins and stuff. There’s somewhat bit extra consolidation work we’re doing in among the acquisitions we did, which is able to improve the margins somewhat bit much more. However I really feel superb that we place ourselves. So far as the street map for us, once more, I really feel like we now have portfolio of providers, however we frequently are are there locations that we should always personal versus purchase in among the providers areas. And so we’ll proceed to type of study among the sub product units, among the information units areas in order that we are able to proceed to have a strong ancillary set of companies that help the corporate.

However that is an space, as you mentioned, we actually had been centered on as a result of in case you take a look at our rivals that was all the time a assist to them of their margins. For Stewart, it was all the time a drag. It was all the time an underperformer. We had loads of cats and canines that will lose one buyer after which lose some huge cash. And so we now have set that up, I feel, to each help our core enterprise but in addition to be a very accretive a part of our earnings going ahead. And, once more, do I need to develop that enterprise? Certain, we do. That may be a enterprise that we will proceed to concentrate on.

John CampbellStephens, Inc. — Analyst

Okay. That is an ideal run down. And one fast follow-up. Perhaps that is for David. However in case you take a look at that section, backing out the company expense after which taking out the, I assume, the web realized features, I am getting to love a 4% margin type of underlying for that ancillary providers simply — inside simply ancillary providers. So simply interested by the place you assume you’d possibly take that margin? Is it type of mid teenagers, low teenagers?

David HiseyChief Monetary Officer

Sure, John, I feel we had talked about that in prior calls. So I feel we’re attempting to drive it first to the general type of company goal that we have laid out. After which I feel relying on the combo, as Fred talked about, in these companies, we are able to doubtlessly see that going nicely. We made quantity of progress going from — I feel we had been shedding cash in ancillary to now creating wealth. And to your level, it is 4% plus. However then in case you take a look at it type of ex amortization, so on a money foundation it’s kind of increased than that, simply persevering with to concentrate on bringing all these companies collectively and making it nearly as good as it may be.

Frederick H. EppingerChief Govt Officer

And so our view of it, and we are able to see transparency to it, is that it’ll be accretive to our general firm — our firm objectives, as I’ve talked about, we predict that is going to be no less than impartial to that and doubtlessly useful within the fairly quick quarter. So we are able to type of see the transparency of that attending to that 9, 10 stage that we discuss for the corporate.

David HiseyChief Monetary Officer

And what you are seeing now’s every part is mainly origination pushed. So there’s loads taking place within the Notary companies. There’s loads taking place within the appraisal companies. However among the different companies, for instance, capital market search, the place the margins are literally fairly excessive, there’s not loads of exercise. So I feel we now have talked about that on our prior name. After we see a extra normalized atmosphere and transactions in every space, capital markets and foreclosures delinquency, that ought to truly assist the state of affairs.

John CampbellStephens, Inc. — Analyst

Okay. That is very useful. Thanks, guys.

Frederick H. EppingerChief Govt Officer

Thanks.

Operator

[Operator Instructions] And we’ll take our subsequent query from Geoffrey Dunn with Dowling & Companions.

Geoffrey DunnDowling & Companions — Analyst

Thanks. Good morning.

Frederick H. EppingerChief Govt Officer

Good morning, Geoff.

Geoffrey DunnDowling & Companions — Analyst

May you give us a little bit of an replace on the industrial market, U.S. industrial market? Robust rebound within the again half of the yr. It looks as if possibly among the Q1 exercise might need bought pulled into This autumn, however simply focus on the general well being, the general mixture of bigger offers versus native offers and your outlook pipeline going into center of this yr?

Frederick H. EppingerChief Govt Officer

Do you need to take it, David?

David HiseyChief Monetary Officer

Sure. Certain, Fred. So Geoff, thanks for the query. However, sure, I imply, I do not assume our outlook has actually modified from what we mentioned earlier than. We see industrial coming again somewhat slower. I feel the sector combine has been heavy industrial. You are seeing some vitality, seeing somewhat little bit of motion in hospitality and workplace. However for us, we predict that the market this yr begins to enhance somewhat, however it’s nonetheless going to be difficult. And so we have not actually modified our outlook from what we mentioned the final couple of requires —

Frederick H. EppingerChief Govt Officer

Sure. And once more, I feel you recognize this, the enterprise could be very lumpy. So our evaluation of final yr is that “we gained share in industrial”. I do not actually imagine that. I feel what occurred is a few of our enterprise bought pulled into the fourth quarter. Due to our — significantly our vitality, loads of our vitality enterprise bought pulled into the primary quarter. And so it is type of lumpy. So the way in which I give it some thought is that we’re competing fairly successfully. We’re holding share, however it’s actually bumpy as a result of it is small for us. And we didn’t have — we didn’t see — our January and February was fairly gradual, and it simply looks like loads of our enterprise bought pulled into the fourth quarter. March was significantly better. April’s significantly higher.

So to David’s level, our outlook for the business is a comparatively delicate yr, proper? Once more, I do not assume we now have — there’s different folks’s different views, however that is type of our view. And we predict we’re type of — we have been holding share. If I take a look at the final 4 quarters collectively, and once more, we’ll do the evaluation this quarter too. However for us, it’s extremely lumpy due to our measurement. For those who take a look at our common income per ticket or no matter, our common payment per file it was down as a result of we did not have a mixture of giant, this quarter was truly a lot lower than final quarter.

David HiseyChief Monetary Officer

After which once you take a look at the business information, proper, the RCA and different information, the those that spend time predicting this by sector and market, they’ve this yr being comparatively delicate as nicely. In order that’s all the time been our view. There could possibly be different views, as Fred talked about, that could possibly be particular to their purchasers and e book of enterprise, however our view is extra in line with the market.

Frederick H. EppingerChief Govt Officer

Sure. And I need to depart you with what I’ve mentioned earlier than. We’re setting this up actually aggressively. So we have invested loads in industrial, each in right here, Canada, Europe. And so we’re specializing in some very focused geographies within the sectors, and I really feel superb about it. We actually have acquired some expertise. We’re lined up. In order it comes again, we should always have the ability to capitalize on it going ahead. So it is a vital a part of our future for certain.

Geoffrey DunnDowling & Companions — Analyst

Okay. After which I wished to speak about tech funding. To start with feedback, you rattled off a few of your automated underwriting capabilities and platforms. Clearly, you invested in NotaryCam final yr to boost your digital closing finish. The place is your tech funding focus with respect to digitization, automation as we glance out on ’21/’22? Extra of the interior improvement in addition to, I assume, any focused areas, you already mentioned you are evaluating what you’ll want to personal versus hire possibly. However I am significantly curious on how your tech spend is directed over the following yr to 2.

Frederick H. EppingerChief Govt Officer

Sure. It is actually — we now have loads of the items pulled collectively. However as I’ve mentioned earlier than, as Steward speed up, we proceed to speculate. We’re very happy with what we’re doing on the automated underwriting facet. Our stats are as huge as anyone together with the start-ups in our business and the effectiveness of that. However we’re utilizing further information to use that to a broader array, significantly within the buy space. So we’re persevering with to push ourselves in investments there. On the entrance ends, we’re all the time connectivity and the effectivity of the entrance finish of the method, and we will proceed to try this and proceed to refine what we’re doing.

So on the notarized and the type of distant notary, once more, for my part, there’s — we’re productizing somewhat bit, significantly for the company channel. We’re enhancing these merchandise, making them somewhat bit simpler for brokers to order and combine them into their system. So once more, for us all of the items on the chain we’re truly persevering with. We’re not stopping type of our evolution or innovation. And as I mentioned, we had some separate conversations about this. My view is we’re forward of adoption within the business, however we all know that it’ll proceed. Buyer expertise has bought to get higher. And we will proceed to speculate on the assorted items of the chain.

However once more, I really feel actually good about what we have assembled and what we now have and the way shortly it is getting used and built-in into our operations. So once more, that is a type of by no means, in some methods by no means ending in that you simply bought to maintain investing and innovating to just remember to’re on high of it.

However the larger gamers due to the information entry that all of us have an enormous benefit to have the ability to apply these instruments and make the expertise higher. And we’re all — I do know we’re all working at it, and it’ll proceed to get higher, and I really feel actually good about our place.

Geoffrey DunnDowling & Companions — Analyst

Okay. Thanks.

Frederick H. EppingerChief Govt Officer

Thanks.

Operator

And it seems we now have no additional questions right now. I’ll flip this system again over to our presenters.

Frederick H. EppingerChief Govt Officer

Nicely, I need to thank all people for becoming a member of us for the primary quarter and I actually admire your curiosity in Stewart. Thanks.

Period: 32 minutes

Name members:

Nat OtisDirector, Investor Relations & Senior Vice President-Finance

Frederick H. EppingerChief Govt Officer

David HiseyChief Monetary Officer

Bose GeorgeKeefe, Bruyette, & Woods, Inc. — Analyst

John CampbellStephens, Inc. — Analyst

Geoffrey DunnDowling & Companions — Analyst

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