<SEC-DOCUMENT>0001157523-16-006396.txt : 20160803
<SEC-HEADER>0001157523-16-006396.hdr.sgml : 20160803
<ACCEPTANCE-DATETIME>20160803083137
ACCESSION NUMBER:		0001157523-16-006396
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160803
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160803
DATE AS OF CHANGE:		20160803

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:		161802306

	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>a51394206.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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          &#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>August
            3, 2016</b></font>
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            <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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      <tr>
        <td style="width: 25%">

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

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

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

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

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

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

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        <td valign="top" style="padding-left: 0.0px; width: 33%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(919) 968-2200</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 25%">

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

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

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

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

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

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

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated August 3, 2016,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended June 30, 2016.
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p>
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      (c) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated August 3,
      2016.
    </p>
    <p>

    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
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        </div>
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          <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%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt" cellspacing="0">
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        </td>
        <td style="width: 43%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
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        </td>
        <td style="width: 43%">

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 10%; text-align: left">
          &#160;
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 43%">

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 36%">

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          Date:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 43%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            August 3, 2016
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="middle" style="padding-left: 0.0px; width: 3%; text-align: left">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 36%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 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: 43%">

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Treasurer and
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 82%; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; padding-right: 0.0px; width: 18%; text-align: left; white-space: nowrap">
          99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 82%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by Investors Title Company on August 3, 2016
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51394206ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Investors
      Title Company Announces Second Quarter 2016 Financial Results</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--August 3, 2016--Investors Title
      Company (NASDAQ: ITIC) today announced its results for the second
      quarter ended June 30, 2016. Net income attributable to the Company
      increased 9.9% to $4.5 million, or $2.35 per diluted share, versus $4.1
      million, or $2.05 per diluted share, for the prior year period.
    </p>
    <p>
      Revenues decreased 4.7% versus the prior year quarter to $33.8 million,
      mainly due to a slight reduction in net premiums written and a net
      realized loss on investments. Net premiums written decreased 2.2% to
      $29.8 million, as a greater share of policy volume originated in markets
      with lower average premium rates. The unfavorable geographic mix was
      partially offset by higher levels of purchase transactions, as generally
      improving economic conditions and increases in real estate values drove
      higher mortgage volumes. Lower average interest rates drove refinance
      activity up versus the first quarter, although volumes were down
      slightly versus the prior year period.
    </p>
    <p>
      Operating expenses decreased 8.1% versus the prior year quarter to $27.3
      million, primarily due to a decrease in the provision for claims,
      stemming from favorable loss development in recent policy years, and a
      decrease in agent commissions, reflecting a higher proportion of
      business written in markets with direct operations. Payroll expenses
      were up 4.5% to $7.2 million due to normal inflationary increases and an
      increase in the accrual for incentive compensation. In total, all other
      categories of operating expenses were down marginally versus the prior
      year period.
    </p>
    <p>
      For the six months ended June 30, 2016, net income attributable to the
      Company increased 8.5% to $6.3 million, or $3.28 per diluted share,
      versus $5.8 million, or $2.90 per diluted share, for the prior year
      period. Revenues decreased 8.0% to $58.7 million versus the prior year
      period, while operating expenses decreased 10.9% to $49.6 million.
      Results for the first half of the year have been shaped predominantly by
      the same factors that affected the second quarter.
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to report a record level
      of earnings for the quarter, driven by a higher proportion of direct
      business, favorable loss development trends, and stable overhead
      expenses. An improving economy, coupled with an unexpected drop in
      mortgage interest rates, resulted in the continuation of an active real
      estate market. We remain optimistic that these positive economic trends
      will continue to bring strong transaction volumes and sustained levels
      of home prices throughout the remainder of the year.&#8221;
    </p>
    <p>
      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>
      <i>Certain statements contained herein constitute forward-looking
      statements within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such statements include, among others, any
      statements regarding the Company&#8217;s expected performance for the year,
      future home price fluctuations, changes in home purchase or refinance
      activity and the mix thereof, 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; 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, 2015, as filed with the
      Securities and Exchange Commission, and in subsequent filings.</i>
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="15" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Six Months Ended June 30, 2016 and 2015</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b><br><b>June 30,</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="5" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Six Months Ended</b><br><b>June 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          2015
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>2016</b>
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          2015
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Revenues:</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>29,790,232</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          30,464,581
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>51,299,229</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          55,426,622
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Investment income <b>&#8211;</b> interest and dividends
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>1,167,005</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          1,131,487
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>2,318,016</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          2,309,526
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Net realized (loss) gain on investments
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>(14,828</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap">
          <b>)</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          925,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>135,002</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          939,967
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>2,885,302</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          2,960,575
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>4,937,486</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          5,107,501
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Total Revenues
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>33,827,711</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          35,481,807
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>58,689,733</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          63,783,616
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>15,674,346</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          16,898,691
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>27,207,228</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          31,495,230
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Provision for claims
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>647,912</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          2,130,810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>663,871</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          2,917,422
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Salaries, employee benefits and payroll taxes
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>7,173,198</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          6,866,632
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>14,645,149</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          14,144,081
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Office occupancy and operations
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>1,535,902</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          1,443,297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>3,029,762</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          2,747,518
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Business development
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>606,258</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          578,194
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>1,086,648</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          1,065,169
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Filing fees, franchise and local taxes
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>267,103</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          221,098
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>497,157</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          437,741
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Premium and retaliatory taxes
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>574,249</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          634,747
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>886,080</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          1,111,338
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Professional and contract labor fees
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>537,446</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          680,483
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>1,076,099</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          1,264,590
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>269,250</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          241,358
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>472,231</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          444,906
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>27,285,664</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          29,695,310
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>49,564,225</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          55,627,995
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>6,542,047</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          5,786,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>9,125,508</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          8,155,621
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>2,012,000</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          1,666,000
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>2,791,000</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          2,309,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>4,530,047</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          4,120,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>6,334,508</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          5,846,621
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left">
          <b>Net (Gain) Loss Attributable to Noncontrolling Interests</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>(667</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: left; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>)</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>8,912</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          &#8212;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>4,529,380</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          4,120,497
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>6,343,420</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          5,846,621
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>2.36</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2.06
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>3.29</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2.91
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>1,923,213</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2,004,698
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>1,928,766</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2,008,718
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>2.35</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2.05
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>3.28</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2.90
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>1,928,625</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2,009,495
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>1,935,325</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          2,013,878
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>As of June&#160;30, 2016 and December 31, 2015</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt">
          <b>June 30,</b><br><b> 2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt">
          December 31,<br>2015
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Investments in securities:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>113,672,233</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>38,961,905</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          37,513,464
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>2,665,302</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          6,865,406
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left">
          Other investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>9,240,525</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          10,106,828
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left">
          Total investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>164,539,965</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          160,552,082
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>22,619,643</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          21,790,068
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Premium and fees receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>8,027,953</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          8,392,697
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>1,067,546</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          1,004,126
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Prepaid expenses and other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>7,709,195</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          12,634,105
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Property, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>7,827,159</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          7,148,951
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left">
          Current income taxes recoverable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>1,767,406</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Total Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>213,558,867</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          211,522,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Reserves for claims
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>37,205,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          37,788,000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>18,393,997</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          25,043,588
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; text-align: left">
          Current income taxes payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          210,355
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 5.0px; padding-bottom: 2.0px; text-align: left">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>9,772,206</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          5,703,006
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>65,371,203</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          68,744,949
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock &#8211; no par value (10,000,000 authorized shares;
            1,916,216 and
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1,949,797 shares issued and outstanding 2016 and 2015,
            respectively,
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            excluding 291,676 shares for 2016 and 2015 of common stock held by
            the
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Company's subsidiary)
          </p>
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>133,878,480</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          131,186,866
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>14,219,544</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          11,483,015
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>148,098,025</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          142,669,882
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>89,639</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          107,198
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; padding-bottom: 2.0px; text-align: left">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>148,187,664</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          142,777,080
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>213,558,867</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          211,522,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

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

        </div>
        <div style="text-align: center">
          <hr style="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%; margin-bottom: 10.0px; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="26" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Six Months Ended June 30, 2016 and 2015</b></i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

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

        </td>
        <td>

        </td>
        <td colspan="11" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt">
          <b>Three Months Ended June 30,</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="11" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          2015
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          2015
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: center; border-bottom-width: 1.0pt; white-space: nowrap">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>8,413,116</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>28.2</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          7,707,773
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>13,890,773</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          <b>27.1</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          13,313,537
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap">
          24.0
        </td>
      </tr>
      <tr>
        <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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>21,377,116</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>71.8</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          22,756,808
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          74.7
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>37,408,456</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          <b>72.9</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          42,113,085
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; text-align: right; border-bottom-width: 1.0pt; white-space: nowrap">
          76.0
        </td>
      </tr>
      <tr>
        <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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>29,790,232</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          30,464,581
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          100.0
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>51,299,229</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          <b>100.0</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          55,426,622
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; text-align: right; border-bottom-width: 2.25pt; white-space: nowrap">
          100.0
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

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

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