<SEC-DOCUMENT>0001157523-13-002356.txt : 20130506
<SEC-HEADER>0001157523-13-002356.hdr.sgml : 20130506
<ACCEPTANCE-DATETIME>20130506082920
ACCESSION NUMBER:		0001157523-13-002356
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130506
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130506
DATE AS OF CHANGE:		20130506

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:		13814522

	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>a50622295.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>
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    <p style="text-align: center">
      <br>

    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 25%">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant to
      Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 50%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <b>May 6, 2013</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            Date of Report (Date of earliest event reported)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 50%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <font style="font-size: 10pt"><b>INVESTORS TITLE COMPANY</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            (Exact name of Registrant as specified in its charter)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>North Carolina</b>
          </p>
        </td>
        <td style="text-align: center; width: 34%; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="text-align: center; width: 33%; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          (Commission
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          File Number)
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 80%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 67%; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>121 North Columbia Street<br>Chapel Hill, North Carolina</b>
          </p>
        </td>
        <td style="text-align: center; width: 33%; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>27514</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 67%; padding-left: 0.0px" valign="top">
          (Address of Principal Executive Offices)
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; width: 50%; font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            <b>&#160;(919) 968-2200</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            Registrant's telephone number, including area code
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p>

    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated May 6, 2013,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended March 31, 2013.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p style="text-indent: 60.0px">

    </p>
    <p>
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p>

    </p>
    <p>
      <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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 May 6,
      2013.
    </p>
    <p>

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

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

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
        <td style="width: 12%">

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

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

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

        </td>
        <td style="text-align: left; width: 12%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 12%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 5%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Date:
        </td>
        <td style="text-align: left; width: 45%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          May 6, 2013
        </td>
        <td style="text-align: left; width: 4%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="text-align: left; width: 34%; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
        <td style="width: 12%">

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

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

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

        </td>
        <td style="text-align: left; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            James A. Fine, Jr.
          </p>
        </td>
        <td style="width: 12%">

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

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

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

        </td>
        <td style="text-align: left; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Treasurer and
          </p>
        </td>
        <td style="width: 12%">

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

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

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

        </td>
        <td style="text-align: left; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 12%">

        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

        </td>
        <td style="text-align: left; width: 86%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 14%; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          99.1
        </td>
        <td style="text-align: left; width: 86%; padding-left: 0.0px" valign="top">
          <p style="font-size: 10pt; font-family: Times New Roman">
            Press release issued by Investors Title Company on May 6, 2013
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50622295ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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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 First Quarter 2013 Financial Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--May 6, 2013--Investors Title Company
      today announced its results for the quarter ended March 31, 2013. The
      Company reported net income of $3,376,730, or $1.62 per diluted share,
      compared with $1,432,139, or $0.67 per diluted share, for the prior year
      period.
    </p>
    <p>
      The Company achieved record first quarter revenues totaling $26,848,273,
      an increase of 19.8% versus the prior year period, resulting from a
      21.7% increase in net premiums written. Historically low interest rates
      continue to help drive increases in mortgage lending activity. Various
      new premium charges and rate increases which became effective during the
      preceding twelve months also contributed to the increase.
    </p>
    <p>
      Operating expenses increased 8.0% versus the prior year period,
      primarily due to increases in commissions to agents and payroll expense.
      Commissions to agents increased commensurate with the increase in agency
      premiums. The increase in payroll expense was largely driven by higher
      staffing levels to support ongoing software development initiatives.
      Positive legal developments in several claim matters, coupled with a
      significant current quarter recovery of a claim payment made in a prior
      period, contributed to a benefit in the claims provision during the
      quarter. In addition, claims experience for several recent policy years
      continued to emerge favorably in comparison with prior expectations.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to see continued strength
      in mortgage lending activity. Premiums written from purchase
      transactions increased substantially versus the prior year period, while
      the level of refinance activity has trended slightly downward. Positive
      revenue trends, coupled with favorable claims experience, led to very
      strong results for the first quarter.&#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,
      2012, as filed with the Securities and Exchange Commission, and in
      subsequent filings.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <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%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <b>Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <i><b>For the Three Months Ended March 31, 2013 and 2012</b></i>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="8">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="5">
          <b>March 31</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>2013</b></u>
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Net premiums written
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>23,925,997</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,667,420
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Investment income - interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>920,485</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          977,261
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Net realized gain on investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>16,344</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          192,881
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1,985,447</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,576,712
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 50.0px" valign="top">
          Total Revenues
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>26,848,273</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          22,414,274
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Commissions to agents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>13,489,431</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,192,127
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          (Benefit) provision for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(389,058</b>
        </td>
        <td style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,631,359
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>6,149,661</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,990,632
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1,048,665</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          927,038
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Business development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>425,033</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          393,447
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>180,570</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          351,922
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>440,523</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          414,794
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>614,443</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          400,537
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>137,587</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          167,279
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 50.0px" valign="top">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>22,096,855</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,469,135
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>4,751,418</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,945,139
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1,365,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          513,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3,386,418</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,432,139
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <b>Less: Net Income Attributable to Redeemable Noncontrolling
          Interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>(9,688</b>
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3,376,730</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,432,139
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.65</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.68
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2,044,801</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,100,835
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>1.62</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.67
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2,083,999</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,128,788
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <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%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top" colspan="7">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top" colspan="7">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top" colspan="7">
          <i><b>As of March 31, 2013 and December 31, 2012</b></i>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top" colspan="7">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          <b>March 31, 2013</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top">
          December 31, 2012
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>77,498,573</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>30,809,436</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          28,510,933
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>19,839,497</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,567,648
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Other investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>6,941,042</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,763,100
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>135,088,548</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>20,501,601</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,810,018
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Premiums and fees receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>9,404,229</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,037,714
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>882,517</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,037,447
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>4,521,774</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,651,115
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Property, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>3,737,380</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>174,136,049</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>38,308,000</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          39,078,000
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accounts payable and accrued liabilities
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>12,929,995</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          15,477,545
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>374,766</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,336,824
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>2,516,444</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          893,156
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>54,129,205</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>503,549</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          493,861
        </td>
      </tr>
      <tr>
        <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>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Stockholders' Equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock - no par value (shares authorized 10,000,000;
            2,045,968 and 2,043,359 shares issued and outstanding as of March
            31, 2013 and December 31, 2012, respectively, excluding 291,676
            shares for 2013 and 2012 of common stock held by the Company's
            subsidiary)
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>109,125,314</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          105,820,459
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>10,377,980</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,818,430
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total stockholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>119,503,295</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>174,136,049</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <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%; font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top" colspan="11">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top" colspan="11">
          <b>Net Premiums Written By Branch and Agency</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="top" colspan="11">
          <i><b>For the Three Months Ended March 31, 2013 and 2012</b></i>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="11">
          <i><b>(Unaudited)</b></i>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="2">
          <b>2013</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="2">
          2012
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>5,783,629</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>24.2</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,822,792
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          24.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>18,142,368</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>75.8</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,844,628
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          75.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>23,925,997</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,667,420
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" 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>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
