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<SEC-DOCUMENT>0000950129-03-005329.txt : 20031104
<SEC-HEADER>0000950129-03-005329.hdr.sgml : 20031104
<ACCEPTANCE-DATETIME>20031104153103
ACCESSION NUMBER:		0000950129-03-005329
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20030930
FILED AS OF DATE:		20031104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEWART INFORMATION SERVICES CORP
		CENTRAL INDEX KEY:			0000094344
		STANDARD INDUSTRIAL CLASSIFICATION:	TITLE INSURANCE [6361]
		IRS NUMBER:				741677330
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02658
		FILM NUMBER:		03976201

	BUSINESS ADDRESS:	
		STREET 1:		1980 POST OAK BLVD
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		7136258100

	MAIL ADDRESS:	
		STREET 1:		1980 POST OAK BLVD
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>h10166e10vq.txt
<DESCRIPTION>STEWART INFORMATION SERVICES CORP.- SEPT.30, 2003
<TEXT>
<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-Q



(Mark One)

[x]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2003

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


For the transition period from _______________ to _______________

Commission file number    1-12688


                    STEWART INFORMATION SERVICES CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


           Delaware                                      74-1677330
- -------------------------------             ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)


                     1980 Post Oak Blvd., Houston  TX 77056
           ------------------------------------------------------------
           (Address of principal executive offices, including zip code)


                                 (713) 625-8100
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


- --------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to such filing requirements
for the past 90 days. Yes [X] No [ ]


Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ]


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of October 31, 2003.

                                 Common     16,861,618
                         Class B Common      1,050,012

<PAGE>
                                    FORM 10-Q
                                QUARTERLY REPORT
                        Quarter Ended September 30, 2003


                                TABLE OF CONTENTS
<Table>
<Caption>
Item No.                                                                  Page
- --------                                                                  ----
<S>              <C>                                                      <C>
                         Part I - FINANCIAL INFORMATION

  1.             Financial Statements                                       1

  2.             Management's Discussion and Analysis of Financial
                 Condition and Results of Operations                        6

  3.             Quantitative and Qualitative Disclosures about
                 Market Risk                                                9

  4.             Controls and Procedures                                    9

                           Part II - OTHER INFORMATION

  1.             Legal Proceedings                                         10

  5.             Other Information                                         10

  6.             Exhibits and Reports on Form 8-K                          11


                 Signature                                                 12
</Table>

As used in this report, "we", "us", "our" and "Stewart" mean Stewart Information
Services Corporation and our subsidiaries unless the context indicates
otherwise.


<PAGE>
                    STEWART INFORMATION SERVICES CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS
                     FOR THE QUARTERS AND NINE MONTHS ENDED
                           SEPTEMBER 30, 2003 and 2002

<Table>
<Caption>
                                                   THIRD QUARTER                    NINE MONTHS
                                             --------------------------      -------------------------
                                                2003            2002            2003           2002
                                             ----------      ----------      ----------     ----------
                                                               ($000 Omitted)
<S>                                          <C>             <C>             <C>            <C>
Revenues
    Title insurance:
         Direct operations                      261,583         175,395         694,821        474,623
         Agency operations                      340,728         275,398         863,566        687,941

    Real estate information services             21,683          18,376          61,567         51,624
    Investment income                             5,262           5,597          14,580         15,093
    Investment gains (losses) - net                 419          (1,421)            757           (834)
                                             ----------      ----------      ----------     ----------
                                                629,675         473,345       1,635,291      1,228,447

Expenses
    Amounts retained by agencies                279,965         228,384         710,366        565,233
    Employee costs                              157,192         114,898         436,372        325,442
    Other operating                              86,727          65,925         226,174        180,236
    Title losses and related claims              25,894          20,882          66,561         51,950
    Depreciation                                  6,422           5,196          18,499         15,824
    Interest                                        202             178             563            693
    Minority interests                            4,755           2,445          11,237          6,509
                                             ----------      ----------      ----------     ----------
                                                561,157         437,908       1,469,772      1,145,887
                                             ----------      ----------      ----------     ----------

Earnings before taxes                            68,518          35,437         165,519         82,560
Income taxes                                     26,450          13,840          62,546         31,908
                                             ----------      ----------      ----------     ----------
Net earnings                                     42,068          21,597         102,973         50,652
                                             ==========      ==========      ==========     ==========

Average number of shares outstanding -
    assuming dilution (000 omitted)              18,006          17,729          17,937         17,836

Earnings per share - basic                         2.35            1.22            5.78           2.86

Earnings per share - diluted                       2.34            1.22            5.74           2.84
                                             ==========      ==========      ==========     ==========
Comprehensive earnings:
Net earnings                                     42,068          21,597         102,973         50,652
Changes in other comprehensive earnings,
    net of taxes of $(1,247), $3,154,
    $2,330 and $3,883                            (2,316)          5,857           4,326          7,211
                                             ----------      ----------      ----------     ----------
Comprehensive earnings                           39,752          27,454         107,299         57,863
                                             ==========      ==========      ==========     ==========
</Table>

See notes to condensed consolidated financial statements.



                                       -1-

<PAGE>
                    STEWART INFORMATION SERVICES CORPORATION

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                    SEPTEMBER 30, 2003 AND DECEMBER 31, 2002

<Table>
<Caption>
                                                           SEP 30          DEC 31
                                                            2003            2002
                                                         ----------      ----------
                                                                ($000 Omitted)
<S>                                                      <C>             <C>
Assets
    Cash and cash equivalents                               132,962         139,156
    Short-term investments                                  118,986          50,673
    Investments - statutory reserve funds                   373,288         306,501
    Investments - other                                      63,462          69,260
    Receivables                                              71,101          69,041
    Property and equipment                                   70,837          60,592
    Title plants                                             41,793          40,307
    Goodwill                                                 76,873          66,885
    Other                                                    52,078          39,858
                                                         ----------      ----------
                                                          1,001,380         842,273
                                                         ==========      ==========



Liabilities
    Notes payable                                            24,715          14,195
    Accounts payable and accrued liabilities                 79,164          82,248
    Estimated title losses                                  258,479         230,058
    Deferred income taxes                                    20,646          11,284
    Minority interests                                       14,122          10,896

Contingent liabilities and commitments

Stockholders' equity
    Common and Class B Common Stock and
      additional paid-in capital                            138,290         134,927
    Retained earnings                                       456,199         353,226
    Accumulated other comprehensive earnings                 13,670           9,344
    Treasury stock - 325,669 shares                          (3,905)         (3,905)
                                                         ----------      ----------
      Total stockholders' equity (17,903,030
           shares outstanding at September 30, 2003)        604,254         493,592
                                                         ----------      ----------
                                                          1,001,380         842,273
                                                         ==========      ==========
</Table>


See notes to condensed consolidated financial statements.



                                       -2-

<PAGE>
                    STEWART INFORMATION SERVICES CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002

<Table>
<Caption>
                                                                           NINE MONTHS ENDED
                                                                        ----------------------
                                                                         SEP 30        SEP 30
                                                                          2003          2002
                                                                        --------      --------
                                                                           ($000 Omitted)
<S>                                                                     <C>           <C>
    Cash provided by operating activities (Note)                         157,984        92,418

    Investing activities:
         Purchases of property and equipment and title plants - net      (28,192)      (17,835)
         Proceeds from investments matured and sold                      170,398        83,519
         Purchases of investments                                       (289,644)     (112,684)
         Increases in notes receivable                                      (406)       (3,013)
         Collections on notes receivable                                   1,174         2,021
         Cash paid for equity investees                                   (7,000)           --
         Cash paid for the acquisitions of subsidiaries
              - net (see below)                                          (13,582)       (2,185)
                                                                        --------      --------
    Cash used by investing activities                                   (167,252)      (50,177)

    Financing activities:
         Distribution to minority interests                               (8,272)       (5,526)
         Proceeds from exercise of stock options                           2,575           122
         Proceeds of notes payable                                        14,649         4,644
         Payments on notes payable                                        (5,878)       (3,717)
                                                                        --------      --------
    Cash provided (used) by financing activities                           3,074        (4,477)
                                                                        --------      --------
    (Decrease) increase in cash and cash equivalents                      (6,194)       37,764
                                                                        ========      ========

     NOTE: Reconciliation of net earnings to the above amounts -

     Net earnings                                                        102,973        50,652
     Add (deduct):
         Depreciation and amortization                                    18,499        15,824
         Provision for title losses in excess of payments                 27,239        18,640
         Provision for uncollectible amounts - net                           872         1,097
         Increase in accounts receivable - net                            (2,595)       (2,164)
         Decrease in accounts payable and accrued
            liabilities - net                                             (4,280)       (1,586)
         Minority interest expense                                        11,237         6,509
         Equity in net earnings of investees                              (5,353)       (2,339)
         Dividends received from equity investees                          4,577         1,837
         Realized investment (gains) losses - net                           (757)          834
         Stock bonuses                                                       788           634
         Change in deferred taxes                                          7,034         7,185
         Increase in other assets                                         (4,164)       (4,396)
         Other - net                                                       1,914          (309)
                                                                        --------      --------
     Cash provided by operating activities                               157,984        92,418
                                                                        ========      ========
Supplemental information:
     Net assets acquired (purchase method)
         Goodwill                                                         11,692         3,435
         Title plants                                                      1,355           537
         Other                                                             5,001            61
     Liabilities assumed                                                  (4,466)       (4,068)
     Common Stock acquired                                                    --         2,220
                                                                        --------      --------
     Cash paid for the acquisitions of subsidiaries - net                 13,582         2,185
                                                                        ========      ========
</Table>


See notes to condensed consolidated financial statements.



                                       -3-
<PAGE>
                    STEWART INFORMATION SERVICES CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1: Interim Financial Statements

The financial information contained in this report for the three and nine month
periods ended September 30, 2003 and 2002, and as of September 30, 2003, is
unaudited. In the opinion of our management, all adjustments necessary for a
fair presentation of this information for all unaudited periods, consisting only
of normal recurring accruals, have been made. The results of operations for the
interim periods are not necessarily indicative of results for a full year. This
report should be read in conjunction with the Company's Annual Report on Form
10-K for the year ended December 31, 2002.

Certain amounts in the 2002 condensed consolidated financial statements have
been reclassified for comparative purposes. Net earnings, as previously
reported, were not affected.

Note 2: Segment Information

Our two reportable segments are title and real estate information. Selected
financial information related to these segments follows:

<Table>
<Caption>
                                                   Real estate
                                    Title          information         Total
                                  ---------        -----------       ---------
                                                  ($000 Omitted)
<S>                               <C>              <C>               <C>
Revenues:
Three months ended
     September 30, 2003             607,992          21,683            629,675
     September 30, 2002             454,969          18,376            473,345

Nine months ended
     September 30, 2003           1,573,724          61,567          1,635,291
     September 30, 2002           1,176,823          51,624          1,228,447

Pretax earnings:
Three months ended
     September 30, 2003              63,865           4,653             68,518
     September 30, 2002              32,064           3,373             35,437

Nine months ended
     September 30, 2003             153,281          12,238            165,519
     September 30, 2002              75,746           6,814             82,560

Identifiable assets:
     September 30, 2003             953,108          48,272          1,001,380
     December 31, 2002              797,854          44,419            842,273
</Table>

Note 3: Earnings Per Share

Our basic earnings per share figures were calculated by dividing net earnings by
the weighted average number of shares of Common Stock and Class B Common Stock
outstanding during the reporting period. The only potentially dilutive effect on
earnings per share relates to our stock option plans.

In calculating the effect of the options and determining a figure for diluted
earnings per share, the average number of shares used in calculating basic
earnings per share was increased by 113,000 and 92,000 for the three month
periods ended September 30, 2003 and 2002, respectively, and 111,000 and 96,000
for the nine month periods ended September 30, 2003 and 2002, respectively.




                                       -4-

<PAGE>
Note 4: Stock-based Compensation

The Company has two fixed stock-based employee compensation plans. The Company
accounts for the plans under the intrinsic value method. Accordingly, no
stock-based employee compensation cost is reflected in net earnings, as all
options granted under the plans had an exercise price equal to the market value
of the underlying Common Stock on the date of grant.

The Company applies APB No. 25 and related Interpretations in accounting for its
plans. Under SFAS No. 123, compensation cost would be recognized for the fair
value of the employees' purchase rights, which is estimated using the
Black-Scholes model. The Company assumed a dividend yield of 0%, an expected
life of ten years for each option, expected volatility of 33.1% and 34.7% and a
risk-free interest rate of 4.3% and 4.8% for the nine months ended September 30,
2003 and 2002, respectively.

Had compensation cost for the Company's plans been determined consistent with
SFAS No. 123, the Company's net earnings and earnings per share would have been
reduced to the pro forma amounts indicated below:

<Table>
<Caption>
                                                THREE MONTHS ENDED               NINE MONTHS ENDED
                                            --------------------------      --------------------------
                                              SEP 30          SEP 30          SEP 30          SEP 30
                                               2003            2002            2003            2002
                                            ----------      ----------      ----------      ----------
                                                     ($000 Omitted, except per share amounts)
<S>                                         <C>             <C>             <C>             <C>
Net earnings:
- -------------
As reported                                     42,068          21,597         102,973          50,652
Stock-based employee compensation
     determined under fair value method            (47)            (63)           (710)           (588)
                                            ----------      ----------      ----------      ----------
Pro forma                                       42,021          21,534         102,263          50,064

Earnings per share:
- -------------------
Net earnings - basic                              2.35            1.22            5.78            2.86
Pro forma - basic                                 2.35            1.22            5.74            2.82
Net earnings - diluted                            2.34            1.22            5.74            2.84
Pro forma - diluted                               2.33            1.21            5.70            2.81
</Table>

Note 5: Equity in Investees

The amount of earnings from equity investments was $2.4 million and $0.9 million
for the quarters ended September 30, 2003 and 2002, respectively, and $5.4
million and $2.3 million for the nine month periods ended September 30, 2003 and
2002, respectively. These amounts are included in "title insurance revenues -
direct operations" in the condensed consolidated statements of earnings and
comprehensive earnings.

Note 6: Contingent Liabilities and Commitments

We adopted the disclosure requirements for guarantees required by FASB
Interpretation No. 45 effective December 31, 2002. We have also adopted the
initial recognition and measurement provision of the non-contingent aspects of
guarantees issued or modified after December 31, 2002.

On September 30, 2003, the Company was contingently liable for guarantees of
indebtedness owed primarily to banks and others by unconsolidated equity
investees and other third parties. The guarantees relate primarily to business
expansion and generally expire no later than December 15, 2006. The maximum
potential future payments on the guarantees amount to $1,691,000 for equity
investees and $8,211,000 for other third parties. Management believes that the
related underlying assets and the collateral available, primarily title plants
and the guarantees of corporate stock, would enable the Company to recover the
amounts paid under the guarantees. The Company believes no provision for losses
is needed because no loss is expected on these guarantees.

In the ordinary course of business, the Company guarantees the third party
indebtedness of its consolidated subsidiaries. On September 30, 2003, the
maximum potential future payments on the guarantees is not more than the notes
payable recorded on the condensed consolidated balance sheets.



                                       -5-

<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
        of Operations

GENERAL. Our primary business is title insurance. We close transactions and
issue policies on homes and other real property located in all 50 states, the
District of Columbia, U.S. territories and several foreign countries through
more than 7,000 issuing locations. Our direct operations include affiliated
agencies while agency operations include nonaffiliated agencies that have
underwriting contracts with us. We also sell electronically delivered real
estate services and information, as well as mapping products and geographic
information systems, to domestic and foreign governments and private entities.

        Our business has two main segments: title insurance and real estate
information (REI). These segments are closely related due to the nature of their
operations and common customers. The segments provide services throughout the
United States through a network of offices, including both direct operations and
agencies. Although we conduct operations in several international markets, at
current levels non-USA operations are immaterial with respect to our
consolidated financial results.

        Generally, the principal factors that contribute to increases in our
operating revenues for our title and REI segments include:

        o    declining mortgage interest rates, which usually increase home
             sales and refinancing transactions;

        o    rising home prices;

        o    higher premium rates;

        o    increased market share;

        o    opening of new offices and acquisitions; and

        o    a higher ratio of commercial transactions that, although
             relatively few in number, typically yield higher premiums.

        These factors may override the seasonal nature of the title business.

        Our employee costs and certain other operating costs are sensitive to
inflation. To the extent inflation causes increases in the prices of homes and
other real estate, premium revenues are also increased. Premiums are determined
in part by the insured values of the transactions we handle.

CRITICAL ACCOUNTING POLICIES. We believe the accounting policies that are the
most critical to our financial statements, and that are subject to the most
judgment and estimates, are those relating to title loss reserves, premium
revenue recognition and recoverability of long-lived assets, such as goodwill
and title plants.

        Title loss reserves represent the aggregate future payments, net of
recoveries, that we expect to incur on policy and escrow losses and in costs to
settle claims. Future title loss payments are difficult to estimate due to the
complex nature of title claims, the length of time over which claims are paid,
the significantly varying dollar amounts of individual claims and other factors.
Loss provision amounts are based on reported claims, historical loss experience,
title industry averages, the current legal environment and the types of policies
written. The title loss reserves are continually reviewed and adjusted, as
appropriate. Independent actuaries review the adequacy of the reserves on an
annual basis.

        Premium revenues on title insurance written by our direct title
operations are recognized as revenue at the time of the closing of the related
real estate transaction. Premium revenues on title insurance policies written by
agencies are recognized primarily when policies are reported to us. Revenues are
recorded on a total premium basis versus net to the underwriter. We accrue for
unreported policies where reasonable estimates can be made based on historical
reporting patterns of agencies, current trends and known information about
agencies.

        We review the carrying values of title plants and other long-lived
assets if certain events occur that may indicate impairment. Impairment is
indicated when the projected undiscounted cash flow over the estimated life of
an asset is less than its carrying value. If impairment is determined by
management, the book amount is written down to fair value by calculating the
discounted value of the projected cash flow. In accordance with SFAS No. 142,
"Goodwill and Other Intangible Assets", goodwill for each reporting unit is
tested for impairment annually by an independent valuation and goodwill
determined to be impaired is expensed to current operations.

RESULTS OF OPERATIONS

NINE MONTHS ENDED SEPTEMBER 30, 2003 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
2002

OPERATING ENVIRONMENT. According to published industry data, interest rates for
30-year fixed rate mortgages, excluding points, for the first nine months of
2003 averaged 5.8% as compared with 6.7% for the same period in 2002. Comparable
rates averaged 6.5% for the full year 2002.



                                       -6-


<PAGE>
         In 2002, rates were steady at about 7% until April. Rates then declined
through December 2002, reaching a low of 5.9%. In 2003, rates began the year at
5.9%, decreasing to 5.6% in March and then increasing to 5.9% by the end of
March. Rates fell in the second quarter until they reached a low of 5.2% in
June. Rates then increased to 5.9% again in July. Rates continued to increase,
reaching a high of 6.4% in September, but decreased to 6.0% by the end of
September.

         Operating in these mortgage interest rate environments, real estate
activity was much stronger in the first nine months of 2003 as compared with the
first nine months of 2002. Nationwide, refinancing transactions remained strong
in 2003. The ratio of refinancings to total loan applications was 69.7% for the
first nine months of 2003, compared with 53.7% for the same period in 2002.
Refinancings were lower in the third quarter of 2003 compared to the first two
quarters, averaging 57.3% in the third quarter. Refinancings usually have lower
title insurance premium rates than real property sales.

         New order counts in August 2003 began to show significant unfavorable
comparisons with the same period in 2002. However, orders in the second quarter
of 2003 provided strong volume in the third quarter. Existing home sales
increased 8.7% in 2003 over the same period in 2002.

TITLE REVENUES. Our revenues from title operations increased 34.0% in the first
nine months of 2003 over the first nine months in 2002. Revenues from direct
operations increased 46.4% in 2003, as the number of direct closings we handled
increased 44.5%. The largest revenue increases in 2003 were primarily in
California, Texas and Washington. Direct closings relate only to files closed by
our underwriters and subsidiaries and do not include closings by agencies. The
average revenue per closing increased 1.3% in 2003.

         Premium revenues from agencies increased 25.5% to $863.6 million in
2003 from $687.9 million in 2002. The increase in 2003 was primarily due to the
increases in both refinancings and real property sales. The largest revenue
increases in 2003 were primarily in California, Florida and New York.

REI REVENUES. Real estate information revenues were $61.6 million in 2003 and
$51.6 million in 2002. The increase in 2003 resulted primarily from providing an
increased number of product and service deliveries resulting from the large
volume of real estate transactions.

INVESTMENTS. Investment income decreased 3.4% in 2003, primarily because of
lower yields, partially offset by increases in average balances invested. We
realized a gain on the sale of investment real estate during the second quarter
of 2002, but it was offset by a comparable after-tax loss of $1.2 million on the
sale of WorldCom bonds. Certain investment gains and losses were realized as
part of the ongoing management of the investment portfolio for the purpose of
improving performance.

AGENCY RETENTION. The amounts retained by agencies, as a percentage of revenues
from agency operations, were 82.3% in 2003 and 82.2% in 2002. Amounts retained
by title agencies are based on contracts between the agencies and our title
insurance underwriters. The percentage that amounts retained by agencies bears
to agency revenues may vary from year to year because of the geographical mix of
agency operations and the volume of title revenues.

EMPLOYEE COSTS. Employee costs for the combined business segments increased
34.1% in 2003. The number of persons we employed at September 30, 2003 and
September 30, 2002 was approximately 8,700 and 7,400, respectively. The increase
in staff in 2003 was primarily due to the increased title and REI volume and the
acquisitions of new offices. In our REI segment, employee costs increased in
2003 and 2002 primarily due to the increase in REI volume.

OTHER OPERATING EXPENSES. Other operating expenses for the combined business
segments increased 25.5% in 2003. The increase was primarily due to new offices,
search fees, business promotion and premium taxes. Other operating expenses also
include rent, supplies, telephone, title plant expenses and travel and auto.
Most of these operating expenses follow, to varying degrees, the changes in
transaction volume and revenues.

TITLE LOSSES. Provisions for title losses, as a percentage of title operating
revenues, were 4.3% in 2003 and 4.5% in 2002. We continue to experience low loss
ratios because of our improved practices. Also, increases in refinancing
transactions, which generally result in lower loss exposure, have led to lower
loss ratios.

INCOME TAXES. The provision for federal, state and foreign income taxes
represented effective tax rates of 37.8% and 38.6% in 2003 and 2002,
respectively.



                                       -7-
<PAGE>
THREE MONTHS ENDED SEPTEMBER 30, 2003 COMPARED TO THREE MONTHS ENDED SEPTEMBER
30, 2002

OPERATING ENVIRONMENT. According to published industry data, interest rates for
30-year fixed rate mortgages, excluding points, for the three months ended
September 30, 2003 averaged 6.0% as compared with 6.3% for the same period in
2002.

         In the third quarter of 2003, rates increased from 5.2% in June to 5.9%
in July. Rates continued to increase in August and reached a high of 6.4% in
September. Rates then decreased to 6.0% by the end of September.

         Operating in these mortgage interest rate environments, real estate
activity was much stronger in the third quarter of 2003 as compared to the third
quarter of 2002. Nationwide, refinancing transactions remained strong in the
first half of the year 2003. The ratio of refinancings to total loan
applications was 57.3% for the third quarter of 2003, compared with 68.0% for
the same period in 2002. Refinancings usually have lower title insurance premium
rates than real property sales.

         New order counts in August 2003 began to show significant unfavorable
comparisons with the same period in 2002. However, orders in the second quarter
of 2003 provided strong volume in the third quarter. Existing home sales
increased 20.0% in 2003 over the same period in 2002.

TITLE REVENUES. Our revenues from title operations increased 33.6% in the third
quarter of 2003 over the third quarter of 2002. Revenues from direct operations
increased 49.1% in 2003, as the number of direct closings we handled increased
41.1%. The largest revenue increases in the third quarter of 2003 were primarily
in California, Texas and Washington. Direct closings relate only to files closed
by our underwriters and subsidiaries and do not include closings by agencies.
The average revenue per closing increased 4.8% in 2003.

         Premium revenues from agencies increased 23.7% to $340.7 million in the
third quarter of 2003 from $275.4 million in 2002. The increase in 2003 were
primarily due to the increases in both refinancings and real property sales. The
largest revenue increases in 2003 was primarily in California, Florida and Ohio.

REI REVENUES. Real estate information revenues were $21.7 million for the third
quarter of 2003 and $18.4 million for the third quarter of 2002. The increase in
2003 resulted primarily from providing an increased number of product and
service deliveries resulting from the large volume of real estate transactions.

INVESTMENTS. Investment income decreased 6.0% in the third quarter of 2003
compared to the third quarter of 2002 primarily because of lower yields,
partially offset by increases in average balances invested. Certain investment
gains and losses were realized as part of the ongoing management of the
investment portfolio for the purpose of improving performance.

AGENCY RETENTION. The amounts retained by agencies, as a percentage of revenues
from agency operations, were 82.2% and 82.9% in the third quarters of 2003 and
2002, respectively. Amounts retained by title agencies are based on contracts
between agencies and our title underwriters. The percentage that amounts
retained by agencies bears to agency revenues may vary from year to year because
of the geographical mix of agency operations and the volume of title revenues.

EMPLOYEE COSTS. Employee costs for the combined business segments increased
36.8% in 2003. The number of persons we employed at September 30, 2003 and
September 30, 2002 was approximately 8,700 and 7,400, respectively. The increase
in staff in 2003 was primarily due to the increased title and REI volume and the
acquisitions of new offices. In our REI segment, employee costs increased in
2003 primarily due to the increase in REI volume.

OTHER OPERATING EXPENSES. Other operating expenses for the combined business
segments increased 31.6% in the third quarter of 2003. The increase was
primarily in search fees, new offices, premium taxes and business promotion.
Other operating expenses also include rent, supplies, telephone, title plant
expenses and travel and auto. Most of these operating expenses follow, to
varying degrees, the changes in transaction volume and revenues.

TITLE LOSSES. Provisions for title losses, as a percentage of title operating
revenues, were 4.3% in the third quarter of 2003 and 4.6% in the third quarter
2002. We continue to experience low loss ratios because of our improved
practices. Also, increases in refinancing transactions, which generally result
in lower loss exposure, have led to lower loss ratios.

INCOME TAXES. The provisions for federal, state and foreign income taxes
represented effective tax rates of 38.6% and 39.1% in the third quarters of 2003
and 2002, respectively.



                                       -8-
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES. Cash provided by operations was $158.0 million
and $92.4 million in 2003 and 2002, respectively. Cash flow from operations has
been the primary source of financing for additions to property and equipment,
expanding operations and other requirements. This source may be supplemented by
bank borrowings. We do not have any material source of liquidity or financing
that involves off-balance sheet arrangements.

         A substantial majority of consolidated cash and investments is held by
Stewart Title Guaranty Company (Guaranty) and its subsidiaries. Cash transfers
between Guaranty and its subsidiaries and the Company are subject to certain
legal restrictions. See Notes 2 and 3 to our consolidated financial statements
included in our Annual Report on Form 10-K for the year ended December 31, 2002.

         Our liquidity, excluding Guaranty and its subsidiaries, is comprised of
cash and investments aggregating $10.0 million and short-term liabilities of
$0.8 million at September 30, 2003. We know of no commitments or uncertainties
that are likely to materially affect our ability to fund cash needs.

         We consider our capital resources to be adequate. Our capital resources
are represented by a low debt-to-equity ratio, in which notes payable is $24.7
million and stockholders' equity is $604.3 million at September 30, 2003. We are
not aware of any trends, either favorable or unfavorable, that would materially
affect notes payable or stockholders' equity, and we do not expect any material
changes to the cost of such resources. However, significant acquisitions in the
future could materially affect the notes payable or stockholders' equity
balances.

FORWARD-LOOKING STATEMENTS. All statements included in this report, other than
statements of historical fact, that address activities, events or developments
that we expect or anticipate will or may occur in the future, are
forward-looking statements. Such forward-looking statements are subject to risks
and uncertainties including, among other things, changes in mortgage interest
rates, employment levels, actions of competitors, changes in real estate
markets, general economic conditions, legislation (primarily legislation related
to title insurance) and other risks and uncertainties discussed in our filings
with the Securities and Exchange Commission.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

         There have been no material changes in our investment strategies, types
of financial instruments held or the risks associated with such instruments
which would materially alter the market risk disclosures made in our Annual
Statement on Form 10-K for the year ended December 31, 2002.

Item 4. Controls and Procedures

         Our principal executive officers and our principal financial officer,
based upon their evaluation of our disclosure controls and procedures conducted
as of September 30, 2003, have concluded that those disclosure controls and
procedures are effective.

         There have been no changes in our internal controls or in other factors
known to us that could significantly affect these controls, nor were any
corrective actions necessary with regard to significant deficiencies and
material weaknesses.



                                       -9-


<PAGE>
                           PART II - OTHER INFORMATION

Item 1. Legal Proceedings

    We are a party to routine lawsuits incidental to our business, most of which
involve disputed policy claims. In many of these suits, the plaintiff seeks
exemplary or treble damages in excess of policy limits based on the alleged
malfeasance of an issuing agent. We do not expect that any of these proceedings
will have a material adverse effect on our consolidated financial condition.

Item 5. Other Information

    We paid regular quarterly cash dividends on our Common Stock from 1972
through 1999. Our Board of Directors has approved a plan to repurchase up to 5
percent (up to 838,000 shares) of our outstanding Common Stock. Our Board
decided to discontinue our regular quarterly dividend in favor of returning
those and additional funds to stockholders' equity through the stock repurchase
plan. Under this plan, we repurchased 116,900 shares of Common Stock during
2000. We did not repurchase any shares of our Common Stock in 2001, 2002 or in
the first nine months of 2003.

    In June 2003, the Board voted to recommence an annual dividend payout due to
recent favorable tax law changes. The amount and timing of the dividend payout
will be determined in the fourth quarter of 2003.

    In 2002, primarily in the second quarter, we acquired 208,769 shares of
treasury stock. The majority of these shares were acquired as a result of the
consolidation of a majority-owned subsidiary that was previously held as an
equity method investment. All of these shares were held by us at September 30,
2003.

    We had a book value per share of $33.75 and $27.84 at September 30, 2003 and
December 31, 2002, respectively. At September 30, 2003, this measure is based on
approximately $604.3 million in stockholders' equity and 17.9 million shares
outstanding. At December 31, 2002, this measure was based on approximately
$493.6 million in stockholders' equity and 17.7 million shares outstanding.




                                      -10-

<PAGE>
Item 6. Exhibits and Reports on Form 8-K

(a) Exhibits:

<Table>
<Caption>
<S>             <C>
      3.1    -  Certificate of Incorporation of the Registrant, as amended March 19,
                2001 (incorporated by reference in this report from Exhibit 3.1 of
                Annual Report on Form 10-K for the fiscal year ended December 31,
                2000)

      3.2    -  By-Laws of the Registrant, as amended March 13, 2000 (incorporated
                by reference in this report from Exhibit 3.2 of Annual Report on
                Form 10-K for the fiscal year ended December 31, 2000)

      4.     -  Rights of Common and Class B Common Stockholders

   * 10.1    -  Summary of agreements as to payment of bonuses to certain executive
                officers (incorporated by reference in this report from Exhibit
                10.1 of Annual Report on Form 10-K for the fiscal year ended
                December 31, 2002)

   * 10.2    -  Deferred Compensation Agreements dated March 10, 1986, amended July
                24, 1990 and October 30, 1992, between the Registrant and certain
                executive officers (incorporated by reference in this report from
                Exhibit 10.2 of Annual Report on Form 10-K for the fiscal year
                ended December 31, 1997)

   * 10.3    -  Stewart Information Services Corporation 1999 Stock Option Plan
                (incorporated by reference in this report from Exhibit 10.3 of
                Annual Report on Form 10-K for the fiscal year ended December 31,
                1999)

   * 10.4    -  Stewart Information Services Corporation 2002 Stock Option Plan for
                Region Managers (incorporated by reference in this report from
                Exhibit 10.4 of Quarterly Report on Form 10-Q for the quarter ended
                March 31, 2002)

     31.1    -  Certificate of Co-Chief Executive Officer pursuant to Section
                302(a) of the Sarbanes-Oxley Act of 2002

     31.2    -  Certificate of Co-Chief Executive Officer pursuant to Section
                302(a) of the Sarbanes-Oxley Act of 2002

     31.3    -  Certificate of Chief Financial Officer pursuant to Section 302(a)
                of the Sarbanes-Oxley Act of 2002

     32.1    -  Certificate of Co-Chief Executive Officer pursuant to Section
                906(a) of the Sarbanes-Oxley Act of 2002

     32.2    -  Certificate of Co-Chief Executive Officer pursuant to Section
                906(a) of the Sarbanes-Oxley Act of 2002

     32.3    -  Certificate of Chief Financial Officer pursuant to Section 906(a)
                of the Sarbanes-Oxley Act of 2002

     99.1    -  Details of Investments at September 30, 2003 and December 31, 2002
</Table>

* A management compensation plan, contract or arrangement.


(b) Reports on Form 8-K:

   During the quarterly period covered by this report, we filed a report on Form
8-K dated July 25, 2003, reporting financial results for the three and six
months ended July 25, 2003.



                                      -11-
<PAGE>
                                   SIGNATURE


Pursuant to the requirements of the Securities and Exchange Act of 1934, we have
duly caused this report to be signed on our behalf by the undersigned thereunto
duly authorized.



                                        Stewart Information Services Corporation
                                        ----------------------------------------
                                                                    (Registrant)


November 4, 2003
- ----------------
    Date


                                                   /s/ MAX CRISP
                                   ---------------------------------------------
                                                                       Max Crisp
                                   (Executive Vice President and Chief Financial
                                      Officer, Secretary-Treasurer, Director and
                                     Principal Financial and Accounting Officer)




                                      -12-

<PAGE>
INDEX TO EXHIBITS

<Table>
<Caption>
     EXHIBIT
     NUMBER                            DESCRIPTION
     -------                           -----------
<S>               <C>
        3.1    -  Certificate of Incorporation of the Registrant, as amended March
                  19, 2001 (incorporated by reference in this report from Exhibit 3.1
                  of Annual Report on Form 10-K for the fiscal year ended December
                  31, 2000)

        3.2    -  By-Laws of the Registrant, as amended March 13, 2000
                  (incorporated by reference in this report from Exhibit 3.2 of
                  Annual Report on Form 10-K for the fiscal year ended December
                  31, 2000)

        4.     -  Rights of Common and Class B Common Stockholders

    *  10.1    -  Summary of agreements as to payment of bonuses to certain executive
                  officers (incorporated by reference in this report from Exhibit
                  10.1 of Annual Report on Form 10-K for the fiscal year ended
                  December 31, 2002)

    *  10.2    -  Deferred Compensation Agreements dated March 10, 1986, amended July
                  24, 1990 and October 30, 1992, between the Registrant and certain
                  executive officers (incorporated by reference in this report from
                  Exhibit 10.2 of Annual Report on Form 10-K for the fiscal year
                  ended December 31, 1997)

    *  10.3    -  Stewart Information Services Corporation 1999 Stock Option Plan
                  (incorporated by reference in this report from Exhibit 10.3 of
                  Annual Report on Form 10-K for the fiscal year ended December 31,
                  1999)

    *  10.4    -  Stewart Information Services Corporation 2002 Stock Option Plan for
                  Region Managers (incorporated by reference in this report from
                  Exhibit 10.4 of Quarterly Report on Form 10-Q for the quarter ended
                  March 31, 2002)

       31.1    -  Certificate of Co-Chief Executive Officer pursuant to Section
                  302(a) of the Sarbanes-Oxley Act of 2002

       31.2    -  Certificate of Co-Chief Executive Officer pursuant to Section
                  302(a) of the Sarbanes-Oxley Act of 2002

       31.3    -  Certificate of Chief Financial Officer pursuant to Section 302(a)
                  of the Sarbanes-Oxley Act of 2002

       32.1    -  Certificate of Co-Chief Executive Officer pursuant to Section
                  906(a) of the Sarbanes-Oxley Act of 2002

       32.2    -  Certificate of Co-Chief Executive Officer pursuant to Section
                  906(a) of the Sarbanes-Oxley Act of 2002

       32.3    -  Certificate of Chief Financial Officer pursuant to Section 906(a)
                  of the Sarbanes-Oxley Act of 2002

       99.1    -  Details of Investments at September 30, 2003 and December 31, 2002
</Table>


   * A management compensation plan, contract or arrangement.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>3
<FILENAME>h10166exv4.txt
<DESCRIPTION>RIGHTS OF COMMON & CLASS B COMMON STOCKHOLDERS
<TEXT>
<PAGE>
                                                                       EXHIBIT 4


                    STEWART INFORMATION SERVICES CORPORATION

                RIGHTS OF COMMON AND CLASS B COMMON STOCKHOLDERS

                               September 30, 2003

         Common and Class B Common stockholders have the same rights, except (1)
no cash dividend may be paid on Class B Common Stock and (2) the two classes of
stock are voted separately in electing directors. A provision in the by-laws
requires an affirmative vote of at least two-thirds of the directors to approve
any proposal which may come before the directors. This by-law provision cannot
be changed without a majority vote of each class of stock.

         Common stockholders, with cumulative voting rights, may elect five of
the nine directors. Class B Common stockholders may, with no cumulative voting
rights, elect four directors, if 1,050,000 or more shares of Class B Common
Stock are outstanding; three directors, if between 600,000 and 1,050,000 shares
of Class B Common Stock are outstanding; if less than 600,000 shares of Class B
Common Stock are outstanding, the Common Stock and the Class B Common Stock
shall be voted as a single class upon all matters, with the right to cumulate
votes for the election of directors.

         No change in the Certificate of Incorporation which would affect the
Common Stock and the Class B Common Stock unequally shall be made without the
affirmative vote of at least a majority of the outstanding shares of each class,
voting as a class.

         Class B Common Stock may, at any time, be converted by its holders into
Common Stock on a share-for-share basis, but all of the holders of Class B
Common Stock have agreed among themselves not to convert their stock prior to
January 2005. Such conversion is mandatory on any transfer to a person not a
lineal descendant (or spouse, trustee, etc. of such descendant) of William H.
Stewart.


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>h10166exv31w1.txt
<DESCRIPTION>CERTIFICATE OF CO-CEO PURSUANT TO SECTION 302
<TEXT>
<PAGE>
                                                                    EXHIBIT 31.1


                                 CERTIFICATIONS

          Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002



I, Malcolm S. Morris, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Stewart Information
Services Corporation (registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)      designed such disclosure controls and procedures, or caused such
         disclosure controls and procedures to be designed under our
         supervision, to ensure that material information relating to the
         registrant, including its consolidated subsidiaries, is made known to
         us by others within those entities, particularly during the period in
         which this report is being prepared;

(b)      evaluated the effectiveness of the registrant's disclosure controls and
         procedures and presented in this report our conclusions about the
         effectiveness of the disclosure controls and procedures, as of the end
         of the period covered by this report based on such evaluation; and

(c)      disclosed in this report any change in the registrant's internal
         control over financial reporting that occurred during the registrant's
         most recent fiscal quarter (the registrant's fourth fiscal quarter in
         the case of an annual report) that has materially affected, or is
         reasonably likely to materially affect, the registrant's internal
         control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a)      all significant deficiencies and material weaknesses in the design or
         operation of internal control over financial reporting which are
         reasonably likely to adversely affect the registrant's ability to
         record, process, summarize and report financial information; and

(b)      any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         control over financial reporting.


Date: November 4, 2003


                                             /s/      MALCOLM S. MORRIS
                                             -----------------------------------
                                                         [Signature]
                                             Title: Chairman of the Board and
                                               Co-Chief Executive Officer



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>h10166exv31w2.txt
<DESCRIPTION>CERTIFICATE OF CO-CEO PURSUANT TO SECTION 302
<TEXT>
<PAGE>
                                                                    EXHIBIT 31.2


                                 CERTIFICATIONS

          Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002


I, Stewart Morris, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of Stewart Information
Services Corporation (registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)      designed such disclosure controls and procedures, or caused such
         disclosure controls and procedures to be designed under our
         supervision, to ensure that material information relating to the
         registrant, including its consolidated subsidiaries, is made known to
         us by others within those entities, particularly during the period in
         which this report is being prepared;

(b)      evaluated the effectiveness of the registrant's disclosure controls and
         procedures and presented in this report our conclusions about the
         effectiveness of the disclosure controls and procedures, as of the end
         of the period covered by this report based on such evaluation; and

(c)      disclosed in this report any change in the registrant's internal
         control over financial reporting that occurred during the registrant's
         most recent fiscal quarter (the registrant's fourth fiscal quarter in
         the case of an annual report) that has materially affected, or is
         reasonably likely to materially affect, the registrant's internal
         control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a)      all significant deficiencies and material weaknesses in the design or
         operation of internal control over financial reporting which are
         reasonably likely to adversely affect the registrant's ability to
         record, process, summarize and report financial information; and

(b)      any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         control over financial reporting.


Date: November 4, 2003

                                                  /s/   STEWART MORRIS, JR.
                                                  ------------------------------
                                                           [Signature]
                                                  Title: President and Co-Chief
                                                        Executive Officer



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.3
<SEQUENCE>6
<FILENAME>h10166exv31w3.txt
<DESCRIPTION>CERTIFICATE OF CFO PURSUANT TO SECTION 302
<TEXT>
<PAGE>
                                                                    EXHIBIT 31.3



                                 CERTIFICATIONS

          Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

I, Max Crisp, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Stewart Information
Services Corporation (registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)      designed such disclosure controls and procedures, or caused such
         disclosure controls and procedures to be designed under our
         supervision, to ensure that material information relating to the
         registrant, including its consolidated subsidiaries, is made known to
         us by others within those entities, particularly during the period in
         which this report is being prepared;

(b)      evaluated the effectiveness of the registrant's disclosure controls and
         procedures and presented in this report our conclusions about the
         effectiveness of the disclosure controls and procedures, as of the end
         of the period covered by this report based on such evaluation; and

(c)      disclosed in this report any change in the registrant's internal
         control over financial reporting that occurred during the registrant's
         most recent fiscal quarter (the registrant's fourth fiscal quarter in
         the case of an annual report) that has materially affected, or is
         reasonably likely to materially affect, the registrant's internal
         control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

(a)      all significant deficiencies and material weaknesses in the design or
         operation of internal control over financial reporting which are
         reasonably likely to adversely affect the registrant's ability to
         record, process, summarize and report financial information; and

(b)      any fraud, whether or not material, that involves management or other
         employees who have a significant role in the registrant's internal
         control over financial reporting.


Date: November 4, 2003


                                             /s/         MAX CRISP
                                             ----------------------------------
                                                        [Signature]
                                             Title: Executive Vice President and
                                             Chief Financial Officer, Secretary-
                                             Treasurer, Director and Principal
                                             Financial and Accounting Officer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>7
<FILENAME>h10166exv32w1.txt
<DESCRIPTION>CERTIFICATE OF CO-CEO PURSUANT TO SECTION 906
<TEXT>
<PAGE>
                                                                    EXHIBIT 32.1


                    STEWART INFORMATION SERVICES CORPORATION

                    CERTIFICATE OF CO-CHIEF EXECUTIVE OFFICER

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003


          Pursuant to Section 906(a) of the Sarbanes-Oxley Act of 2002


    The undersigned, being the Co-Chief Executive Officer of Stewart Information
Services Corporation (the "Company"), hereby certifies that the Company's
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2003,
filed with the United States Securities and Exchange Commission pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or
78o(d)), fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934 and that information contained in such Quarterly
Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

    Dated November 4, 2003.


/s/    MALCOLM S. MORRIS
- --------------------------------
Name: Malcolm S. Morris
Title: Chairman of the Board and
Co-Chief Executive Officer


A signed original of this written statement required by Section 906 has been
provided to Stewart Information Services Corporation and will be retained by
Stewart Information Services Corporation and furnished to the Securities and
Exchange Commission or its staff upon request.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>8
<FILENAME>h10166exv32w2.txt
<DESCRIPTION>CERTIFICATE OF CO-CEO PURSUANT TO SECTION 906
<TEXT>
<PAGE>
                                                                    EXHIBIT 32.2


                    STEWART INFORMATION SERVICES CORPORATION

                    CERTIFICATE OF CO-CHIEF EXECUTIVE OFFICER

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003


          Pursuant to Section 906(a) of the Sarbanes-Oxley Act of 2002


    The undersigned, being the Co-Chief Executive Officer of Stewart Information
Services Corporation (the "Company"), hereby certifies that the Company's
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2003,
filed with the United States Securities and Exchange Commission pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or
78o(d)), fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934 and that information contained in such Quarterly
Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

    Dated November 4, 2003.

/s/   STEWART MORRIS, JR.
- -----------------------------
Name: Stewart Morris, Jr.
Title: President and Co-Chief
Executive Officer


A signed original of this written statement required by Section 906 has been
provided to Stewart Information Services Corporation and will be retained by
Stewart Information Services Corporation and furnished to the Securities and
Exchange Commission or its staff upon request.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.3
<SEQUENCE>9
<FILENAME>h10166exv32w3.txt
<DESCRIPTION>CERTIFICATE OF CFO PURSUANT TO SECTION 906
<TEXT>
<PAGE>
                                                                    Exhibit 32.3


                    STEWART INFORMATION SERVICES CORPORATION

                     CERTIFICATE OF CHIEF FINANCIAL OFFICER

                  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003


          Pursuant to Section 906(a) of the Sarbanes-Oxley Act of 2002



    The undersigned, being the Chief Financial Officer of Stewart Information
Services Corporation (the "Company"), hereby certifies that the Company's
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2003,
filed with the United States Securities and Exchange Commission pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or
78o(d)), fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934 and that information contained in such Quarterly
Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

    Dated November 4, 2003.


/s/          MAX CRISP
- ------------------------------------
Name: Max Crisp
Title: Executive Vice President and
Chief Financial Officer, Secretary-
Treasurer, Director and Principal
Financial and Accounting Officer


A signed original of this written statement required by Section 906 has been
provided to Stewart Information Services Corporation and will be retained by
Stewart Information Services Corporation and furnished to the Securities and
Exchange Commission or its staff upon request.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>10
<FILENAME>h10166exv99w1.txt
<DESCRIPTION>DETAILS OF INVESTMENTS AT SEPT.2003 & DEC.2002
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

                    STEWART INFORMATION SERVICES CORPORATION

                             DETAILS OF INVESTMENTS

                    SEPTEMBER 30, 2003 AND DECEMBER 31, 2002


<Table>
<Caption>
                                                        SEP 30      DEC 31
                                                        2003         2002
                                                       -------     -------
                                                          ($000 Omitted)
<S>                                                    <C>         <C>
Investments, at market, partially restricted:
    Short-term investments                             118,986      50,673
    U. S. Treasury and agency obligations               34,661      39,798
    Municipal bonds                                    185,887     159,453
    Foreign                                             53,834      34,748
    Mortgage-backed securities                             851       1,360
    Corporate bonds                                    147,104     132,502
    Equity securities                                   14,413       7,900
                                                       -------     -------
      TOTAL  INVESTMENTS                               555,736     426,434
                                                       =======     =======
</Table>


NOTE: The total appears as the sum of three amounts on the condensed
consolidated balance sheets presented on page 2: (1) 'short-term investments',
(2) 'investments - statutory reserve funds' and (3) 'investments - other'.



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