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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Note 17 – Segment Information

The Company consists of the following reportable segments:

•
The title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant data and records; provides appraisals and other valuation-related products and services; provides lien release, document custodial and default-related products and services; provides document generation services; provides warehouse lending services; subservices mortgage loans; and provides banking, trust and wealth management services. The Company, through its principal title insurance subsidiary and such subsidiary’s affiliates, transacts its title insurance business through a network of direct operations and agents. Through this network, the Company issues policies in the 49 states that permit the issuance of title insurance policies, the District of Columbia and certain United States territories. The Company also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, various countries in Europe, South Korea, Australia and New Zealand.
•
The home warranty segment sells products including residential service contracts that cover residential systems, such as heating and air conditioning systems, and certain appliances against failures that occur as the result of normal usage during the coverage period. This business currently operates in 36 states and the District of Columbia.
•
The corporate segment includes investments in venture-stage companies, certain financing facilities and corporate services that support the Company’s business operations.

Information about reportable segment performance, significant expenses and assets are as follows:

For the three months ended September 30, 2025:

(dollars in millions)

 

Title Insurance and Services

 

 

Home Warranty

 

 

Corporate

 

 

Consolidated

 

Total segment revenue (1)

 

$

1,835.9

 

 

$

114.6

 

 

$

28.4

 

 

$

1,978.9

 

Elimination of intersegment revenue

 

 

 

 

 

 

 

 

 

 

 

—

 

Total consolidated revenue

 

 

 

 

 

 

 

 

 

 

$

1,978.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (2)

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

542.9

 

 

 

21.4

 

 

 

10.6

 

 

 

574.9

 

Premiums retained by agents

 

 

640.1

 

 

 

—

 

 

 

—

 

 

 

640.1

 

Other operating expenses (3)

 

 

275.6

 

 

 

24.4

 

 

 

9.3

 

 

 

309.3

 

Provision for policy losses

 

 

42.0

 

 

 

50.0

 

 

 

(1.3

)

 

 

90.7

 

Depreciation and amortization

 

 

53.5

 

 

 

1.3

 

 

 

—

 

 

 

54.8

 

Premium taxes

 

 

20.9

 

 

 

1.3

 

 

 

—

 

 

 

22.2

 

Interest

 

 

24.7

 

 

 

—

 

 

 

15.2

 

 

 

39.9

 

Segment income (loss) before income taxes

 

$

236.2

 

 

$

16.2

 

 

$

(5.4

)

 

$

247.0

 

Elimination of intersegment expenses

 

 

 

 

 

 

 

 

 

 

 

—

 

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

247.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax margin

 

 

12.9

%

 

 

14.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

16,625.6

 

 

$

437.0

 

 

$

694.5

 

 

$

17,757.1

 

Elimination of intersegment assets (4)

 

 

 

 

 

 

 

 

 

 

 

(147.1

)

Consolidated total assets

 

 

 

 

 

 

 

 

 

 

$

17,610.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment capital expenditures

 

$

47.4

 

 

$

1.6

 

 

 

 

 

$

49.0

 

 

 

(1)
Intersegment revenue is included within amounts shown.
(2)
The significant expense categories and amounts align with segment level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within amounts shown.
(3)
Other operating expenses for each segment primarily include the following:

Title insurance and services - title and data search expenses, office and occupancy expenses and software expense.

Home warranty - advertising expense, office and occupancy expenses, software expense, delivery and storage expenses.

Corporate - employee benefit expense and certain overhead expenses.

(4)
Elimination of intercompany asset balances:

Holding company cash balances also included in the title insurance and services segment

 

$

(143.3

)

Home warranty segment cash balances also included in the title insurance and services segment

 

 

(3.8

)

 

 

$

(147.1

)

 

For the three months ended September 30, 2024:

(dollars in millions)

 

Title Insurance and Services

 

 

Home Warranty

 

 

Corporate

 

 

Consolidated

 

Total segment revenue (1)

 

$

1,290.3

 

 

$

110.9

 

 

$

5.2

 

 

$

1,406.4

 

Elimination of intersegment revenue

 

 

 

 

 

 

 

 

 

 

 

(0.3

)

Total consolidated revenue

 

 

 

 

 

 

 

 

 

 

$

1,406.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (2)

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

491.7

 

 

 

20.6

 

 

 

11.3

 

 

 

523.6

 

Premiums retained by agents

 

 

546.7

 

 

 

—

 

 

 

—

 

 

 

546.7

 

Other operating expenses (3)

 

 

251.8

 

 

 

23.0

 

 

 

5.0

 

 

 

279.8

 

Provision for policy losses

 

 

36.6

 

 

 

55.7

 

 

 

(0.6

)

 

 

91.7

 

Depreciation and amortization

 

 

51.9

 

 

 

1.3

 

 

 

—

 

 

 

53.2

 

Premium taxes

 

 

17.8

 

 

 

1.3

 

 

 

—

 

 

 

19.1

 

Interest

 

 

24.1

 

 

 

—

 

 

 

12.5

 

 

 

36.6

 

Segment (loss) income before income taxes

 

$

(130.3

)

 

$

9.0

 

 

$

(23.0

)

 

$

(144.6

)

Elimination of intersegment expenses

 

 

 

 

 

 

 

 

 

 

 

0.2

 

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

(144.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(Pretax margin loss) pretax margin

 

 

(10.1

)%

 

 

8.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment assets

 

$

15,623.1

 

 

$

364.0

 

 

$

1,150.8

 

 

$

17,137.9

 

Elimination of intersegment assets (4)

 

 

 

 

 

 

 

 

 

 

 

(571.5

)

Consolidated total assets

 

 

 

 

 

 

 

 

 

 

$

16,566.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment capital expenditures

 

$

60.3

 

 

$

1.4

 

 

 

 

 

$

61.7

 

 

 

(1)
Intersegment revenue is included within amounts shown.
(2)
The significant expense categories and amounts align with segment level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within amounts shown.
(3)
Other operating expenses for each segment primarily include the following:

Title insurance and services - title and data search expenses, office and occupancy expenses and software expense.

Home warranty - advertising expense, office and occupancy expenses, software expense, delivery and storage expenses.

Corporate - employee benefit expense and certain overhead expenses.

(4)
Elimination of intercompany asset balances:

Holding company cash balances also included in the title insurance and services segment

 

$

(569.1

)

Home warranty segment cash balances also included in the title insurance and services segment

 

 

(2.4

)

 

 

$

(571.5

)

 

For the nine months ended September 30, 2025:

(dollars in millions)

 

Title Insurance and Services

 

 

Home Warranty

 

 

Corporate

 

 

Consolidated

 

Total segment revenue (1)

 

$

5,043.2

 

 

$

332.6

 

 

$

26.8

 

 

$

5,402.6

 

Elimination of intersegment revenue

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

Total consolidated revenue

 

 

 

 

 

 

 

 

 

 

$

5,402.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (2)

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

1,550.7

 

 

 

62.6

 

 

 

39.4

 

 

 

1,652.7

 

Premiums retained by agents

 

 

1,739.1

 

 

 

—

 

 

 

—

 

 

 

1,739.1

 

Other operating expenses (3)

 

 

799.8

 

 

 

68.8

 

 

 

28.4

 

 

 

897.0

 

Provision for policy losses

 

 

114.9

 

 

 

130.5

 

 

 

(2.6

)

 

 

242.8

 

Depreciation and amortization

 

 

156.3

 

 

 

3.9

 

 

 

0.1

 

 

 

160.3

 

Premium taxes

 

 

55.2

 

 

 

3.6

 

 

 

—

 

 

 

58.8

 

Interest

 

 

67.5

 

 

 

—

 

 

 

45.6

 

 

 

113.1

 

Segment income (loss) before income taxes

 

$

559.7

 

 

$

63.2

 

 

$

(84.1

)

 

$

538.7

 

Elimination of intersegment expenses

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

538.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax margin

 

 

11.1

%

 

 

19.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment capital expenditures

 

$

143.4

 

 

$

4.7

 

 

 

 

 

$

148.1

 

 

(1)
Intersegment revenue is included within amounts shown.
(2)
The significant expense categories and amounts align with segment level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within amounts shown.
(3)
Other operating expenses for each segment primarily include the following:

Title insurance and services - title and data search expenses, office and occupancy expenses and software expense.

Home warranty - advertising expense, office and occupancy expenses, software expense, delivery and storage expenses.

Corporate - employee benefit expense and certain overhead expenses.

For the nine months ended September 30, 2024:

(dollars in millions)

 

Title Insurance and Services

 

 

Home Warranty

 

 

Corporate

 

 

Consolidated

 

Total segment revenue (1)

 

$

4,132.0

 

 

$

322.9

 

 

$

(10.5

)

 

$

4,444.4

 

Elimination of intersegment revenue

 

 

 

 

 

 

 

 

 

 

 

(1.4

)

Total consolidated revenue

 

 

 

 

 

 

 

 

 

 

$

4,443.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: (2)

 

 

 

 

 

 

 

 

 

 

 

 

Personnel costs

 

 

1,429.8

 

 

 

61.2

 

 

 

26.4

 

 

 

1,517.4

 

Premiums retained by agents

 

 

1,486.7

 

 

 

—

 

 

 

—

 

 

 

1,486.7

 

Other operating expenses (3)

 

 

729.1

 

 

 

66.7

 

 

 

27.0

 

 

 

822.8

 

Provision for policy losses

 

 

100.1

 

 

 

142.0

 

 

 

(1.4

)

 

 

240.7

 

Depreciation and amortization

 

 

151.6

 

 

 

3.7

 

 

 

0.1

 

 

 

155.4

 

Premium taxes

 

 

45.0

 

 

 

3.5

 

 

 

—

 

 

 

48.5

 

Interest

 

 

69.9

 

 

 

—

 

 

 

37.4

 

 

 

107.3

 

Segment income (loss) before income taxes

 

$

119.8

 

 

$

45.8

 

 

$

(100.0

)

 

$

64.2

 

Elimination of intersegment expenses

 

 

 

 

 

 

 

 

 

 

 

1.3

 

Consolidated income before income taxes

 

 

 

 

 

 

 

 

 

 

$

65.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax margin

 

 

2.9

%

 

 

14.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment capital expenditures

 

$

178.4

 

 

$

4.8

 

 

 

 

 

$

183.2

 

(1)
Intersegment revenue is included within amounts shown.
(2)
The significant expense categories and amounts align with segment level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within amounts shown.
(3)
Other operating expenses for each segment primarily include the following:

Title insurance and services - title and data search expenses, office and occupancy expenses and software expense.

Home warranty - advertising expense, office and occupancy expenses, software expense, delivery and storage expenses.

Corporate - employee benefit expense and certain overhead expenses.

 

Revenues by segment are as follows:

For the three months ended September 30, 2025:

 

(in millions)

 

Direct
premiums
and escrow
fees

 

 

Agent
premiums

 

 

Information
and other

 

 

Net
investment
income

 

 

Net
investment
gains

 

 

Total
Revenues

 

Title Insurance and Services

 

$

601.5

 

 

$

798.8

 

 

$

276.1

 

 

$

153.1

 

 

$

6.4

 

 

$

1,835.9

 

Home Warranty

 

 

106.6

 

 

 

—

 

 

 

5.7

 

 

 

1.4

 

 

 

0.9

 

 

 

114.6

 

Corporate and Eliminations

 

 

(0.1

)

 

 

—

 

 

 

0.2

 

 

 

9.3

 

 

 

19.0

 

 

 

28.4

 

 

$

708.0

 

 

$

798.8

 

 

$

282.0

 

 

$

163.8

 

 

$

26.3

 

 

$

1,978.9

 

For the three months ended September 30, 2024:

 

(in millions)

 

Direct
premiums
and escrow
fees

 

 

Agent
premiums

 

 

Information
and other

 

 

Net
investment
income

 

 

Net
investment
(losses) gains

 

 

Total
Revenues

 

Title Insurance and Services

 

$

536.2

 

 

$

683.9

 

 

$

241.7

 

 

$

136.5

 

 

$

(308.0

)

 

$

1,290.3

 

Home Warranty

 

 

103.5

 

 

 

—

 

 

 

5.7

 

 

 

1.2

 

 

 

0.5

 

 

 

110.9

 

Corporate and Eliminations

 

 

(0.1

)

 

 

—

 

 

 

0.1

 

 

 

8.9

 

 

 

(4.0

)

 

 

4.9

 

 

$

639.6

 

 

$

683.9

 

 

$

247.5

 

 

$

146.6

 

 

$

(311.5

)

 

$

1,406.1

 

For the nine months ended September 30, 2025:

 

(in millions)

 

Direct
premiums
and escrow
fees

 

 

Agent
premiums

 

 

Information
and other

 

 

Net
investment
income

 

 

Net
investment
(losses) gains

 

 

Total
Revenues

 

Title Insurance and Services

 

$

1,661.5

 

 

$

2,169.9

 

 

$

776.4

 

 

$

437.9

 

 

$

(2.5

)

 

$

5,043.2

 

Home Warranty

 

 

311.9

 

 

 

—

 

 

 

17.8

 

 

 

3.4

 

 

 

(0.5

)

 

 

332.6

 

Corporate and Eliminations

 

 

(0.1

)

 

 

 

 

 

0.1

 

 

 

17.9

 

 

 

8.8

 

 

 

26.7

 

 

$

1,973.3

 

 

$

2,169.9

 

 

$

794.3

 

 

$

459.2

 

 

$

5.8

 

 

$

5,402.5

 

For the nine months ended September 30, 2024:

 

(in millions)

 

Direct
premiums
and escrow
fees

 

 

Agent
premiums

 

 

Information
and other

 

 

Net
investment
income

 

 

Net
investment
 (losses) gains

 

 

Total
Revenues

 

Title Insurance and Services

 

$

1,472.4

 

 

$

1,864.0

 

 

$

699.8

 

 

$

378.9

 

 

$

(283.1

)

 

$

4,132.0

 

Home Warranty

 

 

300.8

 

 

 

—

 

 

 

17.4

 

 

 

3.2

 

 

 

1.5

 

 

 

322.9

 

Corporate and Eliminations

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

22.3

 

 

 

(34.1

)

 

 

(11.9

)

 

$

1,773.2

 

 

$

1,864.0

 

 

$

717.1

 

 

$

404.4

 

 

$

(315.7

)

 

$

4,443.0