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<SEC-DOCUMENT>0001157523-07-011974.txt : 20080321
<SEC-HEADER>0001157523-07-011974.hdr.sgml : 20080321
<ACCEPTANCE-DATETIME>20071206162944
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001157523-07-011974
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20071206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS TITLE CO
		CENTRAL INDEX KEY:			0000720858
		STANDARD INDUSTRIAL CLASSIFICATION:	TITLE INSURANCE [6361]
		IRS NUMBER:				561110199
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		121 N COLUMBIA ST
		STREET 2:		P O DRAWER 2687
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
		BUSINESS PHONE:		9199682200

	MAIL ADDRESS:	
		STREET 1:		121 NORTH COLUMBIA STREET
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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    <div>&#160;</div>
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    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 270pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 270pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">December
        6, 2007</font></div>
      <div><br></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>VIA
        EDGAR CORRESPONDENCE FILING, FACSIMILE AND FEDERAL EXPRESS</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Mail
        Stop
        6010</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">United
        States Securities and Exchange Commission</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">100
        F
        Street NE</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Washington,
        D.C. 20549</font></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Attention:</font></div>
                  </div>
                </div>
              </td>
              <td>
                <div align="left">
                  <div align="left">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Mr.
                      Jim B. Rosenberg</font></div>
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Senior
                      Assistant Chief
                      Accountant</font></div>
                  </div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                    &#160;Re:</font></div>
                </div>
              </td>
              <td>
                <div align="left">
                  <div align="left">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Investors
                      Title Company (the &#8220;Company&#8221;)</font></div>
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Form
                      10-K for the Fiscal Year Ended December 31, 2006</font></div>
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Filed
                      March 9, 2007</font></div>
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">File
                      No. 0-11774</font></div>
                  </div>
                </div>
              </td>
            </tr>

        </table><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Dear
        Mr.
        Rosenberg:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">We
        have
        reviewed the comments on our above referenced filing in your letter dated
        November 21, 2007.&#160;&#160;Investors Title Company&#8217;s response to the
        Commission&#8217;s comments is as follows. A courtesy copy of this letter is being
        submitted to the Staff by facsimile delivery. The Company&#8217;s responses are
        numbered to correspond to the numbered comments in the Staff&#8217;s
        letter.&#160;&#160;For ease of reference, we have set forth the Staff&#8217;s comments
        and the Company&#8217;s response for each item below.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
        Company intends to provide the additional disclosures noted below in its
        Form
        10-K for the year ended December 31, 2007.&#160;&#160;The Company believes the
        additional disclosures provided below would not materially alter the information
        provided in the 2006 Form 10-K as originally filed.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Exhibit
        13</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Management&#8217;s
        Discussion and Analysis of Financial Condition and Results of Operations,
        page
        1</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Critical
        Accounting Estimates and Policies, page 2</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Reserve
        for Claim Losses, page 2</u></font></div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Comment
                    1:</u></font></div>
                </div>
              </td>
              <td>
                <div align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">We
                    believe that reference to an independent actuary requires the
                    consulting
                    firm be named in a &#8217;34 Act filing.&#160;&#160;Additionally, if the Form
                    10-K is incorporated by reference into a &#8217;33 Act registration statement, a
                    consent from the actuary must be provided in the &#8217;33 Act registration
                    statement.</font></div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Letter
        to
        Jim B. Rosenberg</font></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">December
        6, 2007</font></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Page
        2</font></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><br>&#160;</font></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Response:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">This
                  item responds to comments received during a discussion with Ibolya
                  Ignat
                  of the SEC Staff on November 29, 2007 regarding the Company&#8217;s reference to
                  an independent actuary.&#160;&#160;In future SEC filings, the Company will
                  omit the specific words &#8220;independent&#8221; or &#8220;external&#8221; when referring to its
                  actuary.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Comment
                    2:</u></font></div>
                </div>
              </td>
              <td>
                <div align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Please
                    revise your disclosures to identify and describe the key assumptions
                    that
                    materially affect the reserve estimate in addition to discussing
                    the
                    factors considered in recording the expected liability for
                    claims.&#160;&#160;For each of your key assumptions quantify and explain
                    what caused them to change from the assumptions used in the immediately
                    preceding period.&#160;&#160;This discussion should show the link between
                    what has happened to the key assumptions in the past to what
                    management is
                    currently using as its key assumptions in light of the difference
                    between
                    the anticipated and actual loss emergences
                    experienced.&#160;&#160;Explicitly identify and discuss key assumptions as
                    of December 31, 2006 that are premised on future emergence that
                    are
                    inconsistent with historical loss reserve development patterns
                    and explain
                    why these assumptions are now appropriate given the inconsistency
                    identified.</font></div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Response:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">As
                  disclosed in the Company&#8217;s Management&#8217;s Discussion and Analysis included
                  in Form 10-K for the year ended December 31, 2006, management considers
                  factors such as historical claims experience, case reserve estimates
                  on
                  reported claims, large claims and other relevant factors in determining
                  its loss provision rates and the expected liability for
                  claims.&#160;&#160;</font></div>
                <div align="left">&#160;</div>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
                  Company initially reserves for each known claim based upon an assessment
                  of specific facts and updates the reserve amount as necessary over
                  the
                  course of administering each file.&#160;&#160;In determining its incurred
                  but not reported claims (&#8220;IBNR&#8221;), the Company assumes future losses will
                  be consistent with historical data, unless factors become known
                  which
                  indicate otherwise.&#160;&#160;Loss ratios for earlier years tend to be
                  more reliable than recent policy years as they are more fully
                  developed.&#160;&#160;Management also relies on historical loss emergence
                  and premium volume in estimating loss ratios.&#160;&#160;In making
                  estimates, the Company determines a loss provision rate, which
                  it then
                  applies to net premiums written in calculating its loss
                  provision.&#160;&#160;Provisions for title losses, as a percentage of net
                  premiums written, were 10.5%, 10.7% and 11.1% for the years ended
                  December
                  31, 2006, 2005 and 2004, respectively.&#160;&#160;Actual loss development
                  is the primary reason for increases or decreases in the Company&#8217;s loss
                  provision rate.&#160;&#160;&#160;In establishing reserves, the Company
                  compares the actuarial&#160;projections with the reserves recorded by the
                  Company to evaluate the adequacy of such recorded claims reserves
                  and any
                  necessary adjustments are then recorded in current
                  operations.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
        key
        assumptions that materially affect the reserve estimates follow:</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
        Company assumes the aggregate reported liability for known claims and IBNR,
        in
        the aggregate, will be comparable to its historical claims experience unless
        factors, such as loss experience, change significantly.&#160;&#160;The factors
        the Company considered did not cause any of its key assumptions to change
        from
        assumptions used in the immediately preceding period, as its loss ratio as
        a
        percentage of its net premiums written remained relatively
        constant.&#160;&#160;Also affecting the Company&#8217;s assumptions are large losses
        related to fraud and defalcation, as these can cause significant variances
        in
        loss emergence patterns which could significantly impact the claims
        provision.</font></div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
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          </div>
        </div>
        <div>&#160;</div>
        <div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Letter
            to
            Jim B. Rosenberg</font></div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">December
            6, 2007</font></div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Page
            3</font></div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">As
        disclosed in the Company&#8217;s&#160;Management's Discussion and&#160;Analysis
        included in&#160;Form 10-K for the year ended December 31, 2006, the Company
        utilizes an actuary to analyze its claims reserves.&#160;&#160;The methods used
        by the actuary to establish reserves are loss development methods, expected
        loss
        methods, and Cape Cod methods, all of which are accepted actuarial methods
        used
        to estimate ultimate losses and, therefore, loss reserves.&#160;&#160;In the
        loss development method, each policy year&#8217;s paid or incurred losses are
        projected to an &#8220;ultimate&#8221; level using loss development factors.&#160;&#160;In
        the Cape Cod method, expected losses for one policy year are estimated based
        on
        the loss results for the other policy years, trended to the level of the
        policy
        year being estimated.&#160;&#160;Expected loss methods produce more stable
        ultimate loss estimates than do loss development methods, which are more
        responsive to the current loss data.&#160;&#160;The Cape Cod method, a special
        case of the Bornhuetter-Ferguson, blends the results of the loss development
        and
        expected loss methods.&#160;&#160;For the more recent policy years, more weight
        is given to the results of the expected loss methods.&#160;&#160;For the older
        policy years, more weight is given to the loss development method
        results.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
        key
        actuarial assumptions are principally loss development factors and expected
        loss
        ratios.&#160;&#160;The selected loss development factors are based on a
        combination of the Company&#8217;s historical loss experience and title industry loss
        experience.&#160;&#160;Expected loss ratios are estimated for each policy year
        based on the Company&#8217;s own experience and title industry loss
        ratios.&#160;&#160;When updated data is incorporated into the actuarial models,
        the resulting loss development factors and expected loss ratios will likely
        change from the prior values.&#160;&#160;Changes in these values from 2005 to
        2006 have been the result of actual Company and industry experience during
        the
        calendar year and not to any explicit changes in assumptions.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Movements
        in the reserves related to prior periods were primarily the result of changes
        to
        estimates to better reflect the latest reported loss data, rather than a
        result
        of material changes to underlying key actuarial assumptions or
        methodologies.&#160;&#160;In calendar year 2006, the Company incurred lower than
        expected claims payments for policy year 2005.&#160;&#160;&#160;In calendar year
        2005, the Company incurred lower than expected claims payments for policy
        year
        2003.&#160;&#160;Since the favorable variances for policy years 2005 and 2003
        relate to recent policy years and are therefore not fully developed, there
        will
        be further development, and it could be favorable or unfavorable.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">In
        recent
        years, the Company has consistently followed the same methodology for estimating
        loss reserves.&#160;&#160;The loss provision rate is set to provide for losses
        on current year policies and to provide for estimated positive or negative
        development on prior year loss estimates.&#160;&#160;The Company continually
        updates and refines its reserve estimates as current experience develops
        and
        credible data emerges.&#160;&#160;Changes in the expected liability for claims
        for prior periods reflect the uncertainty of the claim environment, as well
        as
        the limited predicting power of historical data.&#160;&#160;Adjustments may be
        required as new information develops which varies from past
        experience.</font></div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div>&#160;</div>
        <div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Letter
            to
            Jim B. Rosenberg</font></div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">December
            6, 2007</font></div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Page
            4</font></div>
          <div>&#160;</div>
          <div>&#160;</div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

                <tr valign="top">
                  <td style="WIDTH: 72pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Comment
                        3:</u></font></div>
                    </div>
                  </td>
                  <td>
                    <div align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">It
                        appears that you have significantly revised your provision
                        for losses of
                        insured events of prior years.&#160;&#160;Please revise your disclosures
                        to explain the reasons for your change in
                        estimate:</font></div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <table cellpadding="0" cellspacing="0" id="list" width="100%">

                <tr valign="top">
                  <td align="right" style="WIDTH: 143px">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">&#183;&#160;&#160;&#160;&#160;&#160;</font></div>
                  </td>
                  <td width="842">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="left">
                        <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Identify
                          and describe in reasonable specificity the nature and extent
                          of a) new
                          events that occurred or b) additional experience/information
                          obtained
                          since the last reporting date that led to the change in
                          estimates.</font></div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div>
            <div>
              <table cellpadding="0" cellspacing="0" id="list" width="100%">

                  <tr valign="top">
                    <td align="right" style="WIDTH: 143px">
                      <div><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">&#183;&#160;&#160;
                        &#160;&#160;&#160;</font></div>
                    </td>
                    <td width="842">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                        <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Ensure
                          your disclosure clarifies the timing of the change in estimate
                          such as why
                          recognition occurred in the periods that it did and why
                          recognition in
                          earlier periods was not
                          required.</font></div>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div>&#160;</div>
        </div>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Response:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Movements
                  in the reserves related to prior periods were primarily the result
                  of
                  changes to estimates to better reflect the latest reported data,
                  rather
                  than as a result of material changes to underlying key actuarial
                  assumptions or methodologies.&#160;&#160;Such changes include payments on
                  claims closing during the year, new details that emerge on still-open
                  cases that cause claims adjusters to increase or decrease the case
                  reserve
                  and the impact that these types of changes have on the Company&#8217;s total
                  loss provision or IBNR.&#160;&#160;The change in estimate for calendar
                  year 2006 resulted primarily from lower than expected claims payments
                  for
                  policy year 2005 and the change for calendar year 2005 resulted
                  primarily
                  from lower than expected claim payments for policy year
                  2003.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">As
        the
        latest available claims experience develops and new information becomes
        available, the loss reserve estimate related to prior periods will change
        to
        more accurately reflect updated and improved emerging data.&#160;&#160;By their
        nature, title claims can often be complex, vary greatly in dollar amounts,
        vary
        in number due to economic and market conditions, such as an increase in mortgage
        foreclosures, and involve&#160;&#160;uncertainties as to ultimate
        exposure.&#160;&#160;The payment experience may extend for more than twenty
        years after the issuance of&#160;a policy.&#160;&#160;In addition, some claims
        may require a number of years to settle and determine the final liability
        for
        indemnity and loss adjustment expense.&#160;&#160;Therefore, title insurance
        reserve estimates are subject to a significant degree of inherent variability.
        Although the Company believes that the reserve for policy and contract claims
        is
        reasonable, it is possible that its actual incurred policy and contract claims
        will not conform to the assumptions inherent in the determination of these
        reserves.&#160;&#160;Accordingly, the ultimate settlement of policy and contract
        claims may vary from the reserve estimates included in the Company&#8217;s financial
        statements. The Company reflects any adjustments to reserves in the results
        of
        operations in the period in which new information (principally claims
        experience) becomes available.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">In
        the
        process of responding to this review letter,&#160;the Company discovered that in
        Footnote 6 to the 2006 Consolidated Financial Statements, the amounts presented
        for the year ended December 31, 2006 misclassified $618,965 of current year
        provision in the prior years&#8217; provision.&#160;&#160;The current year provision
        for 2006 should have been $9,845,776 rather than $9,226,811 and the prior
        years&#8217;
provision should have been ($2,440,565) rather than ($1,821,600).&#160;&#160;The
        total 2006 provision charged to operations remained the same at
        $7,405,211.&#160;&#160;Since the Company&#8217;s total provision did not change and
        the Company does not believe the misclassification is material, the Company
        intends to properly classify this amount in its Form 10-K for the year ended
        December 31, 2007.</font></div>
      <div><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <div>&#160;</div>
        <div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Letter
            to
            Jim B. Rosenberg</font></div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">December
            6, 2007</font></div>
          <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Page
            5</font></div>
        </div>
        <div>&#160;</div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Consolidated
        Financial Statements</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Notes
        to Consolidated Financial Statements, page 16, Note 6</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Reserves
        for Claims, page 22</u></font></div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>Comment
                    4:</u></font></div>
                </div>
              </td>
              <td>
                <div align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Please
                    revise your disclosures to include a discussion of the reasons
                    for the
                    changes in incurred claims and claim adjustment expenses recognized
                    in the
                    income statement attributable to insured events of prior fiscal
                    years for
                    all periods presented in accordance with paragraph 11 of SOP
                    94-5.&#160;&#160;Indicate whether additional premiums or return premiums
                    have been accrued as a result of the prior-year
                    effects.</font></div>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top">
              <td style="WIDTH: 72pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Response:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
                  Company continually refines its reserve estimates as current loss
                  experience develops and credible data emerges.&#160;&#160;Movements in the
                  reserves related to prior periods were primarily the result of
                  changes to
                  estimates to better reflect the latest reported loss
                  data.&#160;&#160;Lower than expected loss payment experience was the
                  primary reason for decreases in the Company&#8217;s loss provision in prior
                  years.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
        change
        in estimate for calendar year 2006 resulted primarily from lower than expected
        claims payments for policy year 2005 and the change in estimate for calendar
        year 2005 resulted primarily from lower than expected claim payments for
        policy
        year 2003.&#160;&#160;Due to variances between actual and expected loss
        payments, loss development is subject to significant variability.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Title
        insurance, unlike other forms of insurance, only requires a one-time premium
        for
        continuous coverage; therefore, no additional premiums or return premiums
        have
        been accrued as a result of the prior-year effects.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">We
        acknowledge that:</font></div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">&#183;&#160;&#160;
                  &#160;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
                  Company is responsible for the adequacy and accuracy of the disclosure
                  in
                  the filing;</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
                  </font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Staff
                  comments or changes to disclosure in response to Staff comments
                  do not
                  foreclose the Commission from taking any action with respect to
                  the
                  filing; and</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">The
                  Company may not assert Staff comments as a defense in any proceeding
                  initiated by the Commission or any person under the federal securities
                  laws of the United States.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">Thank
        you
        for your comments.&#160;&#160;Please&#160;contact me at 919-968-2200 if you have
        further questions or comments.</font></div>
      <div><br></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 216pt;"></font>Sincerely,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 270pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><u>/s/
        James A. Fine, Jr.</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 270pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">James
        A.
        Fine Jr.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 270pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">President
        and CFO</font></div>
      <div>&#160;</div>
      <div>&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        &#160;&#160;&#160; Ibolya Ignat, Staff Accountant (via facsimile)</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        &#160; Securities and Exchange
        Commission</font></font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
