<SEC-DOCUMENT>0001157523-11-002474.txt : 20110429
<SEC-HEADER>0001157523-11-002474.hdr.sgml : 20110429
<ACCEPTANCE-DATETIME>20110429083127
ACCESSION NUMBER:		0001157523-11-002474
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110429
DATE AS OF CHANGE:		20110429

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:		11791062

	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>a6700014.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 12pt"><b>UNITED STATES</b></font><br><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><b>Washington, D.C. 20549</b>
    </p>
    <p style="text-align: center">
      <br>
      ______________________
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant to
      Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>April
      29, 2011</b></font><br>_______________________________________________________<br>Date
      of Report (Date of earliest event reported)<br><br><br><font style="font-size: 12pt"><b>INVESTORS
      TITLE COMPANY</b></font><br>_______________________________________________________<br>(Exact
      name of Registrant as specified in its charter)<br><br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>North Carolina</b>
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 34%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 33%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 34%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          (State or Other Jurisdiction of
        </td>
        <td valign="top" style="text-align: center; width: 34%; padding-left: 0.0px">
          (Commission
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          (I.R.S. Employer
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          Incorporation or Organization)
        </td>
        <td valign="top" style="text-align: center; width: 34%; padding-left: 0.0px">
          File Number)
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; width: 67%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 33%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 67%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>27514</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 67%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 67%; padding-left: 0.0px">
          (Address of Principal Executive Offices)
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center; white-space: nowrap">
      <br>
      <font style="font-size: 12pt"><b>(919) 968-2200</b></font><br>_____________________________________________________<br>Registrant's
      telephone number, including area code
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="margin-left: 60.0px; white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated April 29, 2011,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended March 31, 2011.
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      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="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated April 29,
      2011.
    </p>
    <p>

    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">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-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

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

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

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 5%; padding-left: 0.0px">
          Date:
        </td>
        <td valign="top" style="text-align: left; width: 45%; padding-left: 0.0px">
          April 29, 2011
        </td>
        <td valign="top" style="text-align: left; width: 4%; padding-left: 0.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; width: 46%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ James A. Fine, Jr.</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

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

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

    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
    <p>

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

        </td>
        <td valign="top" style="text-align: left; width: 86%; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 14%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          99.1
        </td>
        <td valign="top" style="text-align: left; width: 86%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by Investors Title Company on April 29, 2011
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6700014ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Investors
      Title Company Announces First Quarter 2011 Financial Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--April 29, 2011--Investors Title
      Company today announced its results for the quarter ended March 31,
      2011. The Company reported net income of $1,019,207, or $0.46 per
      diluted share, compared with $17,415, or $0.01 per diluted share, for
      the prior year period.
    </p>
    <p>
      Total revenues increased 46.2% versus the prior year period to
      $20,022,020, primarily due to a 51.6% increase in net premiums written.
      The premium growth is mainly attributable to the Company&#8217;s recent
      expansion into Texas, as well as to an overall increase in purchase
      transactions insured.
    </p>
    <p>
      Agent commissions increased 94.3% over the prior year as a result of
      growth in agency premiums and an increase in agent business from markets
      with higher premium rates, primarily Texas. Excluding commissions and
      premium taxes, which fluctuate with the amount of premiums written,
      operating expenses decreased 5.1% versus the prior year period, mostly
      due to the reduction in claims expense. Claims expense benefitted from
      favorable loss development in recent policy years, as well as from a
      decline in the relative share of North Carolina business as a percentage
      of the total. Since North Carolina&#8217;s premium rates are less than half
      the national average, the resulting loss ratio for North Carolina
      business is higher than for our other markets. In addition, the Company
      continues to benefit from lower occupancy and operating costs in its
      branch offices.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to report an increase in
      revenues driven by continued expansion of our agent base, as well as a
      favorable mix of business. Operating expense comparisons remain
      favorable, driven by positive developments in claims loss rates and the
      continued impact of cost reduction initiatives from the past several
      years. Our balance sheet remains very strong, and we continue to focus
      on enhancing our competitive strengths and market presence.&#8221;
    </p>
    <p>
      Investors Title Company is engaged through its subsidiaries in issuing
      and underwriting title insurance policies. The Company also provides
      investment management services to individuals, companies, and 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, among other statements, any
      predictions regarding activity in the U.S. real estate market, future
      enhancement of our operational efficiency or agency-based expansion.
      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,
      2010, as filed with the Securities and Exchange Commission, and in
      subsequent filings.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <b>Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <i><b>For the Three Months Ended March 31, 2011 and 2010</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="10">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>2011</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>2010</u>
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Premiums Written
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>17,912,286</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px; padding-bottom: 2.0px">
          Less-premiums for reinsurance ceded
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>46,698</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          43,519
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px">
          Net premiums written
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>17,865,588</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>899,372</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Net realized (loss) gain on investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>(26,160</b>
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>1,283,220</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          979,337
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px; padding-bottom: 2.0px">
          Total Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>20,022,020</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          13,697,411
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>10,879,586</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Provision for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>721,626</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>4,691,996</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>963,927</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Business development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>387,547</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>214,113</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>405,473</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>308,524</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>103,021</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          111,682
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 50.0px; padding-bottom: 2.0px">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>18,675,813</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          13,681,996
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Income Before Income Taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>1,346,207</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          15,415
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          <b>Provision (Benefit) For Income Taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>327,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Net Income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>1,019,207</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Basic Earnings Per Common Share</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>0.46</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Weighted Average Shares Outstanding - Basic</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>2,234,480</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,285,134
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Diluted Earnings Per Common Share</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>0.46</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Weighted Average Shares Outstanding - Diluted</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>2,239,500</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,295,164
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <i><b>As of March 31, 2011 and December 31, 2010</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>March 31, 2011</b>
        </td>
        <td colspan="2">

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          December 31, 2010
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          Available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>85,418,326</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          86,033,557
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>15,595,241</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          13,872,370
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>20,895,922</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          27,203,550
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px">
          Other investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>2,746,936</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,888,958
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>124,656,425</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          129,998,435
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>11,599,535</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          8,117,031
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Premiums and fees receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>5,316,144</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          7,253,786
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>946,078</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,150,602
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>2,509,104</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,688,723
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Property acquired in settlement of claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>119,938</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          127,938
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Property, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>3,605,828</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,672,317
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Current income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>378,256</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          476,534
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>149,131,308</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          153,485,366
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Reserves for claims
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>37,722,000</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          38,198,700
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accounts payable and accrued liabilities
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>9,659,492</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          10,301,495
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,056,356
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>357,932</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>47,739,424</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          49,556,551
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock - no par value (shares authorized 10,000,000;
            2,156,078 and 2,282,596 shares issued and outstanding as of March
            31, 2011 and December 31, 2010, respectively, excluding 291,676
            shares for 2011 and 2010 of common stock held by the Company's
            subsidiary)
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>95,233,547</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          98,240,109
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>6,158,336</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          5,688,705
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>101,391,884</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          103,928,815
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total Liabilities and Stockholders' Equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>149,131,308</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; padding-bottom: 4.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          153,485,366
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          <b>Net Premiums Written By Branch and Agency</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          <i><b>For the Three Months Ended March 31, 2011 and 2010</b></i>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="12">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          Three Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="9">
          March 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>3,696,280</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>20.7</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,749,800
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          31.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>14,169,308</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>79.3</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          8,036,502
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          68.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; padding-bottom: 4.0px">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>17,865,588</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          <b>100.0</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          11,786,302
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>For Investors Title Company<br>Elizabeth B. Lewter,
      919-968-2200
    </p>
    <p style="text-align: left">

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
