<SEC-DOCUMENT>0001157523-16-004524.txt : 20160210
<SEC-HEADER>0001157523-16-004524.hdr.sgml : 20160210
<ACCEPTANCE-DATETIME>20160210083137
ACCESSION NUMBER:		0001157523-16-004524
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160210
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160210
DATE AS OF CHANGE:		20160210

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:		161402242

	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>a51276154.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>
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>February
            10, 2016</b></font><br><br>
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 10pt; font-family: Times New Roman">Date
            of Report (Date of earliest event reported)</font>
          </p>
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        <td style="width: 25%">

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

        </td>
      </tr>
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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-size: 10pt; font-family: Times New Roman">(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>

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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>North Carolina</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 34%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-11774</b>
          </p>
        </td>
        <td style="width: 33%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>56-1110199</b>
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
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        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation or Organization)
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
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          &#160;
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          <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>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Chapel Hill, North Carolina</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
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          &#160;
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>27514</b>
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of Principal Executive Offices)
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (Zip Code)
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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>
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        </td>
      </tr>
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          <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="white-space: nowrap; text-align: center">

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

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

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

        </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="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated February 10,
      2016, reporting Investors Title Company's financial results for the
      fiscal quarter ended December 31, 2015.
    </p>
    <p style="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p style="white-space: nowrap">
      <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 February
      10, 2016.
    </p>
    <p>

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto" cellspacing="0">
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        </td>
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          &#160;
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        <td style="width: 4%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
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        </td>
        <td style="width: 30%">

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

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

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

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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        <td style="width: 30%">

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

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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

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        <td style="width: 10%">

        </td>
      </tr>
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        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          Date:
        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          February 10, 2016
        </td>
        <td style="width: 15%">

        </td>
        <td style="width: 4%; padding-left: 0.0px; text-align: left" valign="middle">
          By:
        </td>
        <td style="width: 36%; padding-left: 0.0px; text-align: left" valign="top">
          <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: 30%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="width: 82%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 18%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="top">
          99.1
        </td>
        <td style="width: 82%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release issued by Investors Title Company on February 10,
            2016
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51276154ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Investors
      Title Company Announces Fourth Quarter and Fiscal Year 2015 Results</b></font>
    </p>
    <p>

    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--February 10, 2016--Investors Title
      Company today announced its results for the fourth quarter and year
      ended December 31, 2015.
    </p>
    <p>
      For the year, net income attributable to the Company increased 29.9% to
      $12.5 million, or $6.30 per diluted share, versus $9.6 million, or $4.74
      per diluted share, for the prior year. For the quarter, net income
      attributable to the Company decreased 18.5% to $2.2 million, or $1.12
      per diluted share, versus $2.7 million, or $1.33 per diluted share, for
      the prior year period.
    </p>
    <p>
      Revenues for the year reached $127.2 million, a new record for the
      Company, which represents an increase of 3.3% versus the prior year.
      Growth in premium revenues was driven primarily by growth in real estate
      values, higher levels of home sales, and to a lesser extent, higher
      levels of refinance activity. Revenues from direct operations comprised
      25.3% of premiums for the year, up from 21.9% last year.
    </p>
    <p>
      Operating expenses were $109.4 million, and remained virtually flat with
      the prior year. Commissions decreased 5.3% due to a favorable mix of
      direct business. Claims expense, which continues to benefit from the
      absence of large claims related to defalcations in recent policy years,
      decreased 14.4% versus the prior year due to fewer new claim filings.
      Payroll expenses increased 11.2%, due to normal inflationary increases
      in wages and benefits, higher staffing levels supporting ongoing
      software development activities, and higher levels of incentive
      compensation. All other expenses increased 8.7%, mainly due to higher
      transaction volumes and increased software development activity.
    </p>
    <p>
      For the quarter, revenues decreased 9.6% versus the prior year period,
      which can be attributed to lower levels of premiums written in the Texas
      market, partially offset by growth in other markets. Overall,
      transaction volume increased substantially versus the prior year period,
      with increases in both purchase and refinance activity. Operating
      expenses decreased 8.5%, primarily due to the impact of lower Texas
      volumes on commissions, as well as overall favorable claims experience.
      The lower commissions and claims expenses were partially offset by
      increases in other expense categories, mainly due to the same factors
      that influenced results for the year.
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Chairman J. Allen Fine commented, &#8220;I am pleased with the Company&#8217;s
      strong results for both the year and the fourth quarter. The record
      level of revenues we achieved in 2015 is the result of a strong real
      estate market as well as our continued efforts to develop relationships
      in the markets we serve.&#8221;
    </p>
    <p>
      &#8220;Revenues in the fourth quarter held up well, considering potential
      impacts of the new federally mandated disclosure requirements that went
      into effect during the quarter, as well as the Fed&#8217;s first rate hike in
      almost a decade. In addition, we successfully reached key milestone
      objectives in our technology program, while investing significant energy
      into preparing ourselves and our clients for implementation of the new
      mortgage disclosures.&#8221;
    </p>
    <p>
      &#8220;We are optimistic that the strong housing market will continue into
      2016, with potential improvements in both transaction levels and home
      prices,&#8221; added Mr. Fine. &#8220;For the coming year and beyond, we will remain
      focused on long-term strategies to enhance our competitive strengths and
      financial position, and to profitably expand our market presence.&#8221;
    </p>
    <p style="text-align: left">
      Investors Title Company&#8217;s subsidiaries issue and underwrite title
      insurance policies. The Company also provides investment management
      services and services in connection with tax-deferred exchanges of
      like-kind property.
    </p>
    <p style="text-align: center">
      ----------------------------------------------------------------------------------------------------------------------------------
    </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, changes in home
      purchase or refinance activity, interest rate changes, expansion of the
      Company&#8217;s market presence, enhancing competitive strengths, positive
      development in housing affordability, unemployment or overall economic
      conditions 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;
      changes in the economy; the possible loss of agency relationships, or
      significant reductions in agent-originated business 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,
      2014, as filed with the Securities and Exchange Commission, and in
      subsequent filings.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="17">
          <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 Twelve Months Ended December 31, 2015 and
            2014</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Twelve Months Ended</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          2014
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          2014
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Revenues:</b>
        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>26,103,532</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          28,847,616
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>112,475,686</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          109,963,556
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Investment income <b>&#8211;</b> interest and dividends
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>1,104,264</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          1,128,655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>4,531,319</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          4,259,501
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net realized (loss) gain on investments
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>(717,499</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          (324,614
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>(116,163</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          268,294
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>2,384,901</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          2,283,772
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>10,309,230</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          8,627,935
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Total Revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>28,875,198</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          31,935,429
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>127,200,072</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          123,119,286
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Operating Expenses:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>13,780,748</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          17,389,430
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>62,174,301</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          65,632,353
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>857,093</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          1,052,238
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>4,478,494</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          5,229,716
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>6,939,258</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          5,968,109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>28,041,213</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          25,218,225
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>1,795,530</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          1,365,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>5,885,336</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          5,049,962
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>739,912</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          751,619
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>2,373,270</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          2,333,491
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>160,364</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          169,887
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>732,985</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          817,909
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>476,897</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          519,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>2,161,571</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          1,851,767
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>764,942</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          700,211
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>2,691,411</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          2,676,483
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>175,520</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          164,229
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>884,438</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          820,882
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>25,690,264</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          28,080,980
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>109,423,019</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          109,630,788
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Income before Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>3,184,934</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          3,854,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>17,777,053</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          13,488,498
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Provision for Income Taxes</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>978,000</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          1,160,000
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>5,228,000</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          3,816,000
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net Income</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>2,206,934</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          2,694,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>12,549,053</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          9,672,498
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net Income Attributable to Noncontrolling Interests</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>(10,612</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>(15,148</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid" valign="bottom">
          <b>)</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          (23,523
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>2,196,322</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          2,694,449
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>12,533,905</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          9,648,975
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Basic Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>1.13</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          1.33
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>6.32</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          4.75
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          <b>1,952,077</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          2,026,125
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          <b>1,984,360</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          2,031,760
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Diluted Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>1.12</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          1.33
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>6.30</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          4.74
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          <b>1,958,484</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          2,031,660
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          <b>1,989,799</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom" colspan="2">
          2,037,534
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="7">
          <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 December&#160;31, 2015 and 2014</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          <b>December 31,</b><br><b> 2015</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="2">
          December 31,<br>2014
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Assets:</b>
        </td>
        <td colspan="3">

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Investments in securities:
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>106,066,384</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          109,048,290
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Equity securities, available-for-sale, at fair value
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>37,513,464</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          39,254,981
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Short-term investments
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>6,865,406</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          2,576,993
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Other investments
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>10,106,828</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          8,530,929
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 25.0px; text-align: left" valign="bottom">
          Total investments
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>160,552,082</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          159,411,193
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash and cash equivalents
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>21,790,068</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          15,826,515
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Premium and fees receivable
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>8,392,697</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          8,544,183
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accrued interest and dividends
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>1,004,126</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          1,063,837
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Prepaid expenses and other assets
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>12,634,105</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          7,732,677
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Property, net
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>7,148,951</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          5,460,805
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Total Assets</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>211,522,029</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          198,039,210
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Liabilities:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Reserves for claims
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>37,788,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          36,677,000
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts payable and accrued liabilities
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>25,043,588</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          18,290,819
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Current income taxes payable
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>210,355</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          92,192
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Deferred income taxes, net
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>5,703,006</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          5,415,493
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Total liabilities
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>68,744,949</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          60,475,504
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Stockholders&#8217; Equity:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock - no par value (10,000,000 authorized shares;
            1,949,797 and 2,023,270<br>shares issued and outstanding 2015 and
            2014, respectively, excluding 291,676 shares<br>for 2015 and 2014
            of common stock held by the Company's subsidiary)
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>1</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>131,186,866</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          124,707,196
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>11,483,015</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          12,856,509
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          <b>142,669,882</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom" colspan="2">
          137,563,706
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Noncontrolling interests
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>107,198</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>142,777,080</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          137,563,706
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>211,522,029</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          198,039,210
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="23">
          <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 Twelve Months Ended December 31, 2015 and
            2014</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="23">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="10">
          <b>Three Months Ended December 31,</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="10">
          <b>Twelve Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          2014
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          <b>2015</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          2014
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Branch</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>7,119,168</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>27.3</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          6,134,866
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          21.3
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>28,400,531</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          <b>25.3</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          24,057,032
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          21.9
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Agency</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>18,984,364</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>72.7</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          22,712,750
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          78.7
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>84,075,155</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          <b>74.7</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom" colspan="2">
          85,906,524
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          78.1
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <b>Total</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>26,103,532</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          28,847,616
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          100.0
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>112,475,686</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          109,963,556
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p>

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