<SEC-DOCUMENT>0001157523-13-000841.txt : 20130219
<SEC-HEADER>0001157523-13-000841.hdr.sgml : 20130219
<ACCEPTANCE-DATETIME>20130219091859
ACCESSION NUMBER:		0001157523-13-000841
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130219
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130219
DATE AS OF CHANGE:		20130219

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:		13621694

	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>a50566452.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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      <font style="font-size: 12pt"><b>UNITED STATES</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 10pt"><b>Washington,
      D.C. &#160;20549</b></font><br><br>
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    <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>
    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt" cellspacing="0">
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          &#160;
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>February
            19, 2013</b></font>
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 10pt; font-family: Times New Roman">Date
            of Report (Date of earliest event reported)</font>
          </p>
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        <td style="width: 25%">

        </td>
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          &#160;
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          &#160;
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        <td style="width: 50%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>INVESTORS
            TITLE COMPANY</b></font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 10pt; font-family: Times New Roman">(Exact
            name of Registrant as specified in its charter)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
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    </div>
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      <br>

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        <td style="width: 33%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>North Carolina</b>
          </p>
        </td>
        <td style="white-space: nowrap; width: 34%; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="white-space: nowrap; width: 33%; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer
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        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
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        </td>
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">

        </td>
      </tr>
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        <td style="width: 33%; padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
        </td>
        <td style="width: 34%; border-bottom: solid black 1.0pt">
          &#160;
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        <td style="white-space: nowrap; width: 33%; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>27514</b>
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of Principal Executive Offices)
          </p>
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        <td style="width: 34%">

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        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(919) 968-2200</b>
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 25%">

        </td>
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    </table>
    </div>
    <p style="white-space: nowrap; text-align: center">

    </p>
    <p style="font-family: Times New Roman; font-size: 10pt">
      <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 style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      <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>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      <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>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      <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>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      <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="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p>

    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated February 19,
      2013, reporting Investors Title Company's financial results for the
      fiscal quarter ended December 31, 2012.
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      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>
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p>

    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      <b>&#160;</b>(c) Exhibits.&#160;&#160;The following exhibit accompanies this
      Report:
    </p>
    <p>

    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated February
      19, 2013.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
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        <div style="text-align: center">

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          <hr style="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <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:center">
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        </td>
        <td style="width: 30%">

        </td>
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          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
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        </td>
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          &#160;
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        <td style="width: 30%">

        </td>
        <td style="width: 20%">

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          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 8%">

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        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          Date:
        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          February 19, 2013
        </td>
        <td style="width: 20%">

        </td>
        <td style="width: 4%; padding-left: 0.0px; text-align: left" valign="top">
          By:
        </td>
        <td style="width: 3%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ James A. Fine, Jr.</u>
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

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

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James A. Fine, Jr.
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

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

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Treasurer and
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 20%">

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

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 8%">

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

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

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

    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 18%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="width: 82%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 18%">

        </td>
        <td style="width: 82%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; width: 18%; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 82%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by Investors Title Company on February 19,
            2013
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50566452ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <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 Fourth Quarter and Fiscal Year 2012 Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--February 19, 2013--Investors Title
      Company (NASDAQ: ITIC), today announced its results for the fourth
      quarter and year ended December 31, 2012. For the quarter, net income
      increased 68.3% to $3,162,684, or $1.51 per diluted share, compared with
      $1,879,459, or $0.88 per diluted share, for the prior year period. For
      the year, net income increased 60.1% to $11,102,496, or $5.24 per
      diluted share, compared with $6,933,936, or $3.20 per diluted share, for
      the prior year period.
    </p>
    <p>
      The increase in net income for the quarter and the year was driven
      primarily by increases in premium volumes, reflecting widespread
      increases in overall mortgage lending activity. New premium charges and
      rate increases in a number of our markets also contributed to the
      increase.
    </p>
    <p>
      For the quarter, premium volumes increased 66.8%. Operating expenses
      increased 62.4% versus the prior year period, primarily due to increases
      in commissions to agents, claims, and payroll expense. Commissions to
      agents increased commensurate with the increase in agency premiums. The
      claims provision rate as a percentage of net premiums written tracked
      favorably to the long-term trend, and was virtually flat for the quarter
      compared with the prior year quarter. The increase in payroll expense
      was primarily driven by an increase in staffing levels in software
      development.
    </p>
    <p>
      For the year, revenues increased 26.9% over the prior year to
      $115,079,092, due to high levels of overall mortgage activity, and new
      premium charges and rate increases. Operating expenses followed the
      trend for the quarter, increasing 21.9%.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to report record levels of
      revenue and earnings per share for 2012. A favorable interest rate
      environment led to high levels of mortgage lending across the industry,
      with increases in both purchase and refinance activity versus the prior
      year. In addition, we benefitted from ongoing expansion of our agent
      base and targeted entry into new markets. Our balance sheet and
      financial condition remain strong, as total assets reached an all-time
      high of $171.9 million as of year-end. In the coming year, we will
      continue to emphasize the expansion of our agency base and operational
      efficiency.&#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, among other statements, any
      predictions regarding future agency base expansion or increasing
      operational efficiency. 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: the 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,
      2011, as filed with the Securities and Exchange Commission, and in
      subsequent filings.
    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="23" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="23" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="23" style="padding-left: 0.0px; text-align: center" valign="top">
          <i><b>For the Three and Twelve Months Ended December 31, 2012 and
          2011</b></i>
        </td>
      </tr>
      <tr>
        <td colspan="23" style="padding-left: 0.0px; text-align: center" valign="top">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>December 31</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>2012</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>2012</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Net premiums written
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>30,403,989</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          18,226,131
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>102,331,102</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          81,529,333
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Investment income - interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,030,659</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          929,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,980,411</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3,595,036
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Net realized gain on investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>708,420</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          107,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,066,239</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          28,559
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2,164,017</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          1,563,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>7,701,340</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          5,532,228
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Total Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>34,307,085</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          20,827,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>115,079,092</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          90,685,156
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Commissions to agents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>18,743,705</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          10,261,013
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>59,427,070</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          49,596,250
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Provision for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,647,592</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,041,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>6,072,115</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3,342,427
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>5,799,813</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,442,291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>21,877,186</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          18,552,504
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,016,904</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          886,735
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,936,653</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3,722,803
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Business development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>600,832</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          583,317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,887,398</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,706,834
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>172,176</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          104,483
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>846,168</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          516,380
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>572,854</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          361,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,885,760</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,729,830
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>832,303</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          381,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>2,487,582</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,513,466
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>123,754</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          112,767
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>579,253</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          505,726
        </td>
      </tr>
      <tr>
        <td style="padding-left: 50.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>29,509,933</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          18,174,594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>98,999,185</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          81,186,220
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,797,152</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,652,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>16,079,907</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          9,498,936
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>1,650,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          773,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>4,889,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2,565,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>3,147,152</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,879,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>11,190,907</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          6,933,936
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px; padding-bottom: 2.0px" valign="top">
          <b>Less: Net (Loss) Income Attributable to Redeemable Noncontrolling
          Interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>(15,532</b>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>88,411</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>3,162,684</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          1,879,459
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>11,102,496</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          6,933,936
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>1.54</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.89
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>5.33</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          3.22
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>2,055,703</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          2,112,675
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>2,081,703</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          2,151,350
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>1.51</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          0.88
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>5.24</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          3.20
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>2,093,538</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          2,132,780
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>2,116,793</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          2,169,636
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <i><b>As of December 31, 2012 and 2011</b></i>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          <b>December 31, 2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          December 31, 2011
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>81,936,978</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          85,407,365
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Equity securities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>28,510,933</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          22,549,975
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="top">
          Short-term investments
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>13,567,648</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          14,112,262
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Other investments
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>6,763,100</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,631,714
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Total investments
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>130,778,659</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          125,701,316
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>20,810,018</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          18,042,258
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Premiums and fees receivable, net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>11,037,714</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          6,810,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,037,447</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,108,156
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>4,651,115</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,743,517
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Property, net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>3,603,323</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          3,553,216
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          <b>Total Assets</b>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>171,918,276</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          157,958,463
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Reserves for claims
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>39,078,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          37,996,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Accounts payable and accrued liabilities
        </td>
        <td style="padding-left: 0.0px; text-align: right" valign="top">

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>15,477,545</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,330,383
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>1,336,824</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          640,533
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>893,156</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          479,363
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>56,785,525</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          51,446,279
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>493,861</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Common stock - no par value (shares authorized 10,000,000;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="2" style="white-space: nowrap; padding-left: 25.0px; text-align: left; padding-right: 0.0px" valign="top">
          2,043,359 and 2,107,681 shares issued and outstanding as of December
          31, 2012 and
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="2" style="padding-left: 25.0px; text-align: left" valign="top">
          December 31, 2011, respectively, excluding 291,676 shares for 2012
          and 2011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 25.0px; text-align: left" valign="top">
          of common stock held by the Company's subsidiary)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>105,820,459</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          99,003,018
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>8,818,430</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          7,509,165
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>114,638,890</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          106,512,184
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px" valign="top">
          <b>Total Liabilities and Stockholders' Equity</b>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>171,918,276</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          157,958,463
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="26" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="26" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Net Premiums Written By Branch and Agency</b>
        </td>
      </tr>
      <tr>
        <td colspan="26" style="padding-left: 0.0px; text-align: center" valign="top">
          <i><b>For the Three and Twelve Months Ended December 31, 2012 and
          2011</b></i>
        </td>
      </tr>
      <tr>
        <td colspan="26" style="padding-left: 0.0px; text-align: center" valign="top">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          Three Months Ended
        </td>
        <td>

        </td>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          Twelve Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          December 31
        </td>
        <td>

        </td>
        <td colspan="11" style="padding-left: 0.0px; text-align: center; border-bottom: solid black 1.0pt" valign="top">
          December 31
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>%</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2012</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          2011
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>6,216,397</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>20.4</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,424,488
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          24.3
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>23,762,885</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          <b>23.2</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          16,485,973
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          20.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>24,187,592</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>79.6</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          13,801,643
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          75.7
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>78,568,217</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <b>76.8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          65,043,360
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          79.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>30,403,989</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          18,226,131
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          100.0
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>102,331,102</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          81,529,333
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; border-bottom: double black 2.25pt" valign="bottom">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p>

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