<SEC-DOCUMENT>0001157523-14-004284.txt : 20141103
<SEC-HEADER>0001157523-14-004284.hdr.sgml : 20141103
<ACCEPTANCE-DATETIME>20141103083141
ACCESSION NUMBER:		0001157523-14-004284
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141103
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141103
DATE AS OF CHANGE:		20141103

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:		141187941

	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>a50974341.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 cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px">
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          &#160;
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>November
            3, 2014</b></font><br><br>
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-family: Times New Roman; font-size: 10pt">Date
            of Report (Date of earliest event reported)</font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
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      <tr>
        <td style="width: 25%">

        </td>
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          &#160;
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          &#160;
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-family: Times New Roman; font-size: 12pt"><b>INVESTORS
            TITLE COMPANY</b></font><br><br>
          </p>
        </td>
        <td style="width: 25%">

        </td>
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        <td style="width: 25%">

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

        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>North Carolina</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%; padding-right: 0.0px; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>56-1110199</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt; width: 33%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 34%">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 33%">
          &#160;
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        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
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        <td style="width: 33%">

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        <td style="width: 34%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 33%">
          &#160;
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        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 33%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>121 North Columbia Street</b>
          </p>
        </td>
        <td style="width: 34%">

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
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    <p style="text-align: center; white-space: nowrap">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px">
      <tr>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(919) 968-2200</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
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        <td style="width: 25%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 25%">

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

    </p>
    <p style="font-family: Times New Roman; font-size: 10pt">
      <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="font-family: Times New Roman; font-size: 10pt">
      <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><br><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><br><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><br><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><br>
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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>

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated November 3, 2014,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended September 30, 2014.
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.<br><br><br><b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated November
      3, 2014.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
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        <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>
    <p style="text-indent: 30.0px">

    </p>
    <p style="text-indent: 30.0px">

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

        </td>
        <td style="width: 36%">

        </td>
        <td colspan="4" valign="top" style="padding-left: 40.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 15%">
          &#160;
        </td>
        <td style="width: 4%">

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">

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

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 4%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          Date:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 36%">
          November 3, 2014
        </td>
        <td style="width: 15%">

        </td>
        <td valign="middle" style="padding-left: 0.0px; text-align: left; width: 4%">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ James A. Fine, Jr.</u>
          </p>
        </td>
        <td style="width: 10%">

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

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 15%">

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

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 4%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 36%">

        </td>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 4%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 82%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 18%; padding-right: 0.0px; white-space: nowrap">
          99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 82%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release issued by Investors Title Company on November 3,
            2014.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50974341ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2014 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Investors
      Title Company Announces Third Quarter 2014 Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--November 3, 2014--Investors Title
      Company today announced its results for the third quarter ended
      September 30, 2014. Net income attributable to the Company decreased
      53.0% to $2,594,490, or $1.28 per diluted share, compared with
      $5,515,798, or $2.66 per diluted share, for the prior year quarter.
    </p>
    <p>
      Revenues decreased 12.2% to $29,508,230 versus the prior year quarter,
      primarily due to a 13.4% decrease in net premiums written. Higher
      mortgage interest rates led to lower levels of refinance activity, while
      purchase activity remained relatively constant with last year.
    </p>
    <p>
      Operating expenses increased 2.3% to $25,909,740 versus the prior year
      quarter, primarily as a result of a higher level of claims expense,
      following a reduction in the reserves for claims in the prior year
      period. The prior period reduction reflected a change in estimate
      related to certain actuarial assumptions stemming from improved claims
      experience in recent post-recession policy years. The increase in the
      claims provision was partially offset by a decrease in agent commissions
      resulting from decreased activity in markets which are predominantly
      agent-based, and a decrease in incentive compensation and certain
      employee benefits.
    </p>
    <p>
      For the nine months ended September 30, 2014, net income attributable to
      the Company decreased 46.1% to $6,954,526, or $3.41 per diluted share,
      compared with $12,898,203, or $6.19 per diluted share, for the prior
      year period, primarily due to changes in the provision for claims.
      Revenues decreased 3.1% to $91,183,857 versus the prior year period,
      primarily due to a 4.3% decrease in net premiums written. Premiums
      related to refinance activity were down substantially for the first
      three quarters of the year, while purchase-related premiums were up
      slightly. Operating expenses increased 8.4% to $81,549,808 versus the
      prior year period, driven mostly by an increase in the claims provision
      primarily related to the prior year change in estimate.
    </p>
    <p>
      Chairman J. Allen Fine added, &#8220;As expected, the drop in refinance
      activity that began last year has continued in 2014, and led to a
      reduction in premium volumes for both the quarter and year-to-date
      periods. We are, however, pleased with the overall strength in home
      purchase activity, as well as sustained increases in the level of home
      prices. Although unusual adjustments to the claims reserve in the prior
      year led to an unfavorable comparison, we remain encouraged by the
      general long-term trend of claims activity. We will continue to monitor
      and respond to changes in the market, while remaining focused on
      enhancing our long-term competitive strengths.&#8221;
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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>
      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 others, any
      statements regarding future home price increases, increases in home
      purchase activity, expansion of the Company&#8217;s market presence, enhancing
      competitive strengths or statements regarding our actuarial assumptions
      and the application of recent historical claims experience to future
      periods. 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, including the
      limited predictive power of historical claims experience; 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,
      2013, as filed with the Securities and Exchange Commission, and in
      subsequent filings.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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 cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td colspan="17" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September 30, 2014 and
            2013</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

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

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Nine Months Ended</b><br><b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Revenues:</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>26,356,835</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          30,431,560
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          81,115,940
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          84,787,318
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,064,995</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          990,338
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,130,846
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,835,870
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>8,689</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          261,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          592,908
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          333,554
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,077,711</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,921,403
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,344,163
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,190,170
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Total Revenues
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>29,508,230</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          33,605,239
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>91,183,857</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          94,146,912
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>14,440,264</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          18,142,697
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>48,242,923</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          49,240,917
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Provision (benefit) for claims
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,507,814</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (3,037,101
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>4,177,478</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (2,429,289
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>6,609,425</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,133,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>19,250,116</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          19,533,970
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,257,009</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,165,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>3,683,980</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          3,266,112
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Business development
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>552,215</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          606,549
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,581,872</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,487,635
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>233,079</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          141,373
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>648,022</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          510,893
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>491,927</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          592,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,332,492</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,563,764
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>621,305</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          404,206
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,976,272</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,514,749
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>196,702</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          179,006
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>656,653</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          560,170
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>25,909,740</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          25,328,716
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>81,549,808</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          75,248,921
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>3,598,490</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          8,276,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>9,634,049</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          18,897,991
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,004,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,733,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,656,000</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          5,944,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,594,490</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          5,543,523
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>6,978,049</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          12,953,991
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (27,725
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>(23,523</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap">
          <b>)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          (55,788
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,594,490</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          5,515,798
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>6,954,526</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          12,898,203
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1.28</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2.67
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>3.42</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6.26
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,028,818</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,069,081
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,033,637</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,059,226
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1.28</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2.66
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>3.41</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6.19
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,032,644</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,074,940
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>2,038,875</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          2,083,560
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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 cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td colspan="7" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>As of September&#160;30, 2014 and December&#160;31, 2013 </b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <b>September 30,</b><br><b> 2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          December 31,<br>2013
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Assets:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Investments in securities:
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>94,995,138</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          91,445,413
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Equity securities, available-for-sale, at fair value
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>37,461,674</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          36,144,065
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Short-term investments
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>6,154,749</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,926,373
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Other investments
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>7,950,676</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,247,831
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total investments
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>146,562,237</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          142,763,682
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>23,622,522</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          23,626,761
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Premium and fees receivable
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>8,489,096</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          8,750,224
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accrued interest and dividends
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,151,250</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1,006,698
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Prepaid expenses and other assets
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>8,677,087</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          7,466,141
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Property, net
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>5,369,084</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          4,325,538
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Current income taxes recoverable
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1,624,024</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          366,772
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total Assets</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>195,495,300</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          188,305,816
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Reserves for claims
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>36,252,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          35,360,000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>18,683,691</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          20,324,190
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Deferred income taxes, net
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>5,893,471</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          4,013,983
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Total liabilities
          </p>
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>60,829,162</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          59,698,173
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Redeemable Noncontrolling Interest</b>
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          545,489
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Stockholders&#8217; Equity:</b>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Common stock - no par value (10,000,000 authorized shares; 2,028,818
          and
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          2,037,135 shares issued and outstanding 2014 and 2013, respectively,
          excluding
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          291,676 shares for 2014 and 2013 of common stock held by the
          Company's
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          subsidiary)
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>1</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          1
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Retained earnings
          </p>
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>122,545,561</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          116,714,749
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Accumulated other comprehensive income
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>12,120,576</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          11,347,404
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left">
          Total stockholders&#8217; equity
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>134,666,138</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          128,062,154
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>195,495,300</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          188,305,816
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-bottom: 10pt; 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 cellspacing="0" style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td colspan="23" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September 30, 2014 and
            2013</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="9">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="9">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <b>Three Months Ended September 30,</b>
        </td>
        <td>

        </td>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          <b>%</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          %
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          <b>%</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          2013
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>6,815,125</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          25.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          6,630,345
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          21.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>17,922,166</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          22.1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          19,746,738
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right; padding-right: 0.0px; white-space: nowrap">
          23.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>19,541,710</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          74.1
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          23,801,215
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          78.2
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>63,193,774</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          77.9
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          65,040,580
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          76.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>26,356,835</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>100.0</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          30,431,560
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          100.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>81,115,940</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          <b>100.0</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          84,787,318
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; white-space: nowrap">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

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