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<SEC-DOCUMENT>0001157523-10-002559.txt : 20100430
<SEC-HEADER>0001157523-10-002559.hdr.sgml : 20100430
<ACCEPTANCE-DATETIME>20100430083919
ACCESSION NUMBER:		0001157523-10-002559
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100430
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100430
DATE AS OF CHANGE:		20100430

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		10784079

	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>8-K
<SEQUENCE>1
<FILENAME>a6270809.htm
<DESCRIPTION>INVESTORS TITLE CO. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <hr style="height: 1.0 pt; width: 25%; color: #000000; text-align: center">


    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>April
      30, 2010</b></font>
    </p>
    <hr style="height: 1.0 pt; width: 50%; color: #000000; text-align: center">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Date of
      Report (Date of earliest event reported)</font><br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>INVESTORS
      TITLE COMPANY</b></font>
    </p>
    <hr style="height: 1.0 pt; width: 50%; color: #000000; text-align: center">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">(Exact name
      of Registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-left:auto;margin-right:auto; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>North Carolina</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-left:auto;margin-right:auto; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; width: 67%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>121 North Columbia Street</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>27514</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 67%">
          <font style="font-family: Times New Roman; font-size: 10pt">(Address
          of Principal Executive Offices)</font>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <p style="text-align: center">
      <b>(919) 968-2200 </b>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 50%">


    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code</font>
    </p>
    <p>

    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated April 30, 2010
      reporting Investors Title Company's financial results for the fiscal
      quarter ended March 31, 2010.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p style="text-indent: 60.0px">

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated April 30,
      2010.
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 5%">
          Date:
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 45%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 30, 2010
          </p>
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 4%">
          By:
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left; width: 46%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 46%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 46%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 46%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 14%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 86%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 14%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 86%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; padding-left: 0.0px; text-align: left; white-space: nowrap; width: 14%">
          99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 86%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release issued by Investors Title Company on April 30, 2010
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6270809ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Investors
      Title Company Announces First Quarter 2010 Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--April 30, 2010--Investors Title
      Company today announced its results for the quarter ended March 31,
      2010. The Company reported net income of $17,415, or $0.01 per diluted
      share, compared with $1,434,963, or $0.62 per diluted share, for the
      prior year period.
    </p>
    <p>
      Total revenues decreased 26.7% to $13,697,411 versus the prior year
      period, primarily due to a 28.2% decrease in net premiums written.
      Although premiums resulting from purchase transactions increased versus
      the prior year period, a sharp decline in refinance premiums resulted in
      an overall unfavorable comparison. Investment income decreased 8.4% to
      $906,622 due to an overall unfavorable interest rate environment.
    </p>
    <p>
      Operating expenses decreased 19.1% to $13,681,996 versus the prior year
      period, primarily due to a 25.7% decrease in commissions to agents
      commensurate with lower premium volume, and a 35.9% decrease in
      provision for claims resulting from both lower premium volumes and a
      slight improvement in the Company&#8217;s claims experience loss rate. In
      addition, salaries and related expenses were 12.7% lower compared with
      the prior year period as a result of a continued emphasis on expense
      management.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;The declining volume of mortgage
      refinancing activity was the primary influence on operating results in
      the quarter. After declining in late 2008, mortgage rates have remained
      in a relatively narrow range and we believe much of the anticipated
      refinancing has taken place. On a positive note we were pleased to see a
      modest reduction in our claims experience loss rate which resulted
      primarily from a reduction in mechanic liens from the prior year period.
    </p>
    <p>
      The current operating environment remains challenging as overall
      mortgage origination continues to decline. We continue to monitor the
      market and search for opportunities to improve efficiency and expand our
      presence.&#8221;
    </p>
    <p>
      Investors Title Company is engaged through its subsidiaries in the
      business of issuing and underwriting title insurance policies. The
      Company also provides investment management services to individuals,
      companies, banks and trusts, as well as services in connection with
      tax-deferred exchanges of like-kind property.
    </p>
    <p>
      Certain statements contained herein may constitute forward-looking
      statements within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such statements include any predictions regarding
      activity in the U.S. real estate market. These statements involve a
      number of risks and uncertainties that could cause actual results to
      differ materially from anticipated and historical results. Such risks
      and uncertainties include, without limitation: cyclical demand for title
      insurance due to changes in the residential and commercial real estate
      markets; the occurrence of fraud, defalcation or misconduct; variances
      between actual claims experience and underwriting and reserving
      assumptions; declines in the performance of the Company&#8217;s investments;
      government regulation; and other considerations set forth under the
      caption &#8220;Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K for
      the year ended December 31, 2009, as filed with the Securities and
      Exchange Commission, and in subsequent filings.
    </p>
    <div style="margin-left: 0pt; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-left: 0; font-family: Times New Roman; margin-right: 0; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <b>Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <i><b>For the Three Months Ended March 31, 2010 and 2009</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>For The Three</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="4">
          <b>March 31</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          2009
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Underwriting income:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Premiums Written
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>11,829,821</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,410,597
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Less-premiums for reinsurance ceded
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>43,519</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          777
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 50.0px; text-align: left">
          Net premiums written
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>11,786,302</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,409,820
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Investment income-interest and dividends
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>906,622</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          989,635
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Net realized gain (loss) on investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>25,150</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (299,937)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>979,337</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,582,891
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 50.0px; text-align: left">
          Total Revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>13,697,411</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18,682,409
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Operating Expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Commissions to agents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>5,599,451</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,532,209
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Provision for claims
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,312,404</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,047,126
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4,484,312</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,138,176
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,088,405</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,098,582
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Business development
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>274,296</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          262,817
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Filing fees and taxes, other than payroll and income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>145,422</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          157,051
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>300,946</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          367,262
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>365,078</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          314,699
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>111,682</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (14,476)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 50.0px; text-align: left">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>13,681,996</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,903,446
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Income Before Income Taxes</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>15,415</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,778,963
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>(Benefit) Provision For Income Taxes</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2,000)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          344,000
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Net Income</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>17,415</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,434,963
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Basic Earnings Per Common Share</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.01</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.63
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Weighted Average Shares Outstanding - Basic</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2,285,134</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,293,951
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Diluted Earnings Per Common Share</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.01</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.62
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Weighted Average Shares Outstanding - Diluted</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2,295,164</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,296,041
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-left: 0; font-family: Times New Roman; margin-right: 0; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <i><b>As of March 31, 2010 and December 31, 2009</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>March 31, 2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          December 31, 2009
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Investments in securities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Fixed maturities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Held-to-maturity, at amortized cost
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>-</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,000
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>91,357,127</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          88,801,186
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>13,287,540</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11,854,301
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Short-term investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>20,095,531</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20,717,434
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Other investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2,196,660</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2,307,220
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Total investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>126,936,858</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          123,682,141
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4,521,474</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8,733,221
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Premiums and fees receivable, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4,448,951</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5,170,476
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>956,860</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,122,806
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,747,437</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,815,653
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Property acquired in settlement of claims
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>158,129</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          175,476
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Property, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3,824,017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3,894,724
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Current income taxes receivable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>706,026</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>-</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,085,707</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,833,207
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total Assets</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>144,385,459</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          146,427,704
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and Stockholders' Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Reserves for claims
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>38,830,000</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          39,490,000
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: right">

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>8,188,773</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          9,008,337
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>-</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          670,290
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>47,018,773</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          49,168,627
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Stockholders' Equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left" rowspan="4">
          Common stock - no par value (shares authorized 10,000,000; 2,285,486
          and 2,285,289 shares issued and outstanding as of March 31, 2010 and
          December 31, 2009, respectively, excluding 291,676 shares for 2010
          and 2009 of common stock held by the Company's subsidiary)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>92,396,850</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          92,528,818
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4,969,835</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4,730,258
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>97,366,686</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          97,259,077
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total Liabilities and Stockholders' Equity</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>144,385,459</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          146,427,704
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-left: 0; font-family: Times New Roman; margin-right: 0; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <b>Net Premiums Written By State</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <i><b>For the Three Months Ended March 31, 2010 and 2009</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>For The Three</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="4">
          <b>March 31</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          2009
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Illinois
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>435,491</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,091,590
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Kentucky
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>630,798</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          870,303
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Michigan
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>956,846</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          852,273
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          New York
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>401,560</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          955,437
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          North Carolina
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4,921,704</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7,564,207
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Pennsylvania
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>451,627</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          609,185
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          South Carolina
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,369,186</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,185,930
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Tennessee
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>497,838</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          565,768
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Virginia
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>965,568</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1,227,764
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          West Virginia
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>412,212</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          547,581
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other States
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>777,057</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          939,759
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <b>Direct Premiums</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>11,819,887</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,409,797
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Reinsurance Assumed
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>9,934</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          800
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Reinsurance Ceded
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(43,519)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (777)
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 10.0px; text-align: left">
          <b>Net Premiums Written</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>11,786,302</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,409,820
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; margin-left: 0; font-family: Times New Roman; margin-bottom: 10.0px; margin-right: 0; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          <b>Net Premiums Written By Branch and Agency</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          <i><b>For the Three Months Ended March 31, 2010 and 2009</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          For The Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="6">
          March 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>2010</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          2009
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>Branch</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3,749,800</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>31.8</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6,043,004
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          36.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">
          <b>Agency</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>8,036,502</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>68.2</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10,366,816
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          63.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: center">
          <b>Total</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>11,786,302</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>100</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          16,409,820
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          100
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Investors Title Company<br>Elizabeth B. Lewter, 919-968-2200
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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