<SEC-DOCUMENT>0001157523-16-007174.txt : 20161102
<SEC-HEADER>0001157523-16-007174.hdr.sgml : 20161102
<ACCEPTANCE-DATETIME>20161102083119
ACCESSION NUMBER:		0001157523-16-007174
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161102
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161102
DATE AS OF CHANGE:		20161102

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:		161966398

	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>a51451311.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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    <hr style="text-align: center; width: 25%; height: 1.0 pt; color: #000000">


    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant to
      Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br>
    </p>
    <div style="text-align:center">
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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>November
            2, 2016</b></font><br><br>
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          <p style="font-family: Times New Roman; font-size: 10pt">
            <font style="font-size: 10pt; font-family: Times New Roman">Date
            of Report (Date of earliest event reported)</font>
          </p>
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        <td style="width: 25%">

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

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

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

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

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

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

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

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

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

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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>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 50%">
          <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="white-space: nowrap; text-align: center">

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

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

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

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

        </div>
      </div>
    </div>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="font-family: Times New Roman; font-size: 10pt; text-indent: 30.0px">
      Attached as Exhibit 99.1 and incorporated herein by reference is a copy
      of the press release of Investors Title Company, dated November 2, 2016,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended September 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.&#160;&#160;&#160;&#160;&#160;
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap">
      <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>(c)
      Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 &#8211; Press Release of Investors Title Company dated November
      2, 2016.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
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        <div style="text-align: center">

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-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 cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto">
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        </td>
        <td style="width: 43%">

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

        </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; text-align: left; width: 10%">
          &#160;
        </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; text-align: left; width: 3%">
          <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-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 5%">
          Date:
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 43%">
          November 2, 2016
        </td>
        <td style="width: 3%">

        </td>
        <td valign="middle" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 3%">
          By:
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; width: 36%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ James A. Fine, Jr.
          </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; text-align: left; width: 3%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" 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; text-align: left; width: 3%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" 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; text-align: left; width: 3%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" 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="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 10pt; width: 100%; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 18%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 82%">
          <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; text-align: left; width: 82%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left; width: 18%">
          99.1
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 82%">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release issued by Investors Title Company on November 2, 2016
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51451311ex99_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 Record Third Quarter 2016 Financial Results</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--November 2, 2016--Investors Title
      Company today announced its results for the third quarter ended
      September 30, 2016. Net income attributable to the Company increased
      81.0% to an all-time record high of $8.1 million, or $4.29 per diluted
      share, versus $4.5 million, or $2.28 per diluted share, for the prior
      year period.
    </p>
    <p>
      Revenues increased 18.7% versus the prior year quarter to an all-time
      record high of $41.0 million, mainly due to an 18.0% increase in net
      premiums written. The increase in premiums is due to higher aggregate
      coverage insured resulting from increased transaction volume and real
      estate values, as well as higher average premium rates.
    </p>
    <p>
      Operating expenses increased 5.4% versus the prior year quarter to $29.6
      million, primarily due to increases in commissions and payroll expenses,
      partially offset by a benefit for claims. Commissions increased
      commensurate with the increase in agency premium volume. Payroll
      expenses increased 19.3% to $8.3 million, mainly due to an increase in
      the accrual for incentive compensation and fluctuations in the level of
      capitalized salaries related to software development. There was a
      benefit for claims during the current quarter, stemming from favorable
      loss development in recent policy years. Claim experience in recent
      years has improved in part due to a decrease in the level of foreclosure
      activity. All other categories of operating expenses, in total, were up
      3.0% versus the prior year period.
    </p>
    <p>
      For the nine months ended September 30, 2016, net income attributable to
      the Company increased 40.0% to $14.5 million, or $7.53 per diluted
      share, versus $10.3 million, or $5.17 per diluted share, for the prior
      year period. Revenues increased 1.4% to $99.7 million versus the prior
      year period, while operating expenses decreased 5.4% to $79.2 million.
      Commissions decreased 5.1%, mainly due to a decline in agency premiums
      and concentration of business in markets with lower average commission
      rates. Variances in claims, payroll, and other categories of expenses
      were shaped predominantly by the same factors that affected the third
      quarter.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Chairman J. Allen Fine added, &#8220;We are very pleased with this quarter&#8217;s
      results. A number of factors drove the strong revenue growth including
      improving economic conditions in our core markets, strong seasonal
      demand for housing, and solid underlying real estate fundamentals. In
      addition to higher levels of premiums written, our record net income
      resulted from a combination of items including a higher percentage of
      direct business, favorable claims development and stable overhead
      expenses.&#8221;
    </p>
    <p>
      &#8220;As always we remain focused on profitably growing our business over the
      long term, enhancing our competitive strengths and capitalizing on
      market opportunities.&#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>
      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; difficulties managing growth,
      whether organic or through acquisitions; possible non-satisfaction of
      closing conditions related to acquisitions 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.
    </p>
    <div style="margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; width: 100%; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td valign="top" colspan="15" 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 Nine Months Ended September 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 colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

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

        </td>
        <td valign="bottom" colspan="7" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>September 30,</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="6" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Nine Months Ended</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>September 30,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Net premiums written
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>36,511,373</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          30,945,532
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>87,810,602</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          86,372,154
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Investment income <b>&#8211;</b> interest and dividends
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>1,160,983</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,117,529
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>3,478,999</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,427,055
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Net realized gain (loss) on investments
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>439,326</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          (338,631
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>574,328</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          601,336
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Other
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>2,890,023</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          2,816,828
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>7,827,509</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          7,924,329
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Total Revenues
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>41,001,705</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          34,541,258
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>99,691,438</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          98,324,874
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Commissions to agents
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>18,739,151</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          16,898,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>45,946,379</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          48,393,553
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          (Benefit) provision for claims
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>(1,067,853</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          703,979
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>(403,982</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left">
          <b>)</b>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,621,401
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Salaries, employee benefits and payroll taxes
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>8,300,823</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          6,957,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>22,945,972</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          21,101,955
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Office occupancy and operations
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>1,496,948</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,342,288
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>4,526,710</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          4,089,806
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Business development
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>608,532</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          568,189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>1,695,180</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,633,358
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Filing fees, franchise and local taxes
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>191,574</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          134,880
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>688,731</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          572,621
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Premium and retaliatory taxes
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>673,551</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          573,336
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>1,559,631</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,684,674
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Professional and contract labor fees
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>523,504</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          661,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>1,599,603</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,926,469
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Other
          </p>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>157,308</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          264,012
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>629,539</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          708,918
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Total Operating Expenses
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>29,623,538</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          28,104,760
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>79,187,763</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          83,732,755
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Income before Income Taxes</b>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>11,378,167</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          6,436,498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>20,503,675</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          14,592,119
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Provision for Income Taxes</b>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>3,249,000</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          1,941,000
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>6,040,000</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          4,250,000
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net Income</b>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>8,129,167</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          4,495,498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>14,463,675</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          10,342,119
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 5.0px; text-align: left">
          <b>Interests</b>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>(2,228</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          <b>)</b>
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          (4,536
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          )
        </td>
        <td valign="bottom" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>6,684</b>
        </td>
        <td valign="top" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          (4,536
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>8,126,939</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          4,490,962
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>14,470,359</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          10,337,583
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Basic Earnings per Common Share</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>4.30</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          2.28
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>7.55</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          5.18
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>1,888,870</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          1,967,923
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>1,915,468</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          1,995,120
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Diluted Earnings per Common Share</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>4.29</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          2.28
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>7.53</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          5.17
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>1,895,592</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          1,972,233
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>1,921,999</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          2,000,043
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <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">

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td valign="top" colspan="7" 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 September&#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 colspan="3">

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>111,038,924</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          106,066,384
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Equity securities, available-for-sale, at fair value
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>39,834,879</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          37,513,464
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Short-term investments
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>3,925,296</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          6,865,406
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Other investments
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>10,626,505</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          10,106,828
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total investments
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>165,425,604</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          160,552,082
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>26,898,991</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          21,790,068
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Premium and fees receivable
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>9,358,570</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          8,392,697
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accrued interest and dividends
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>1,389,526</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1,004,126
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Prepaid expenses and other assets
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>10,931,270</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          12,634,105
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Property, net
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>7,843,079</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          7,148,951
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Current income taxes recoverable
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>1,261,289</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total Assets</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>223,108,329</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          211,522,029
        </td>
      </tr>
      <tr>
        <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 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 colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Reserves for claims
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>35,536,000</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          37,788,000
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accounts payable and accrued liabilities
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>24,705,653</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          25,043,588
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Current income taxes payable
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>&#8212;</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          210,355
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Deferred income taxes, net
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>10,749,877</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          5,703,006
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Total liabilities
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>70,991,530</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          68,744,949
        </td>
      </tr>
      <tr>
        <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 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;
            1,884,283
          </p>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            and 1,949,797 shares issued and outstanding 2016 and 2015,
          </p>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            respectively, excluding 291,676 shares for 2016 and 2015 of common
          </p>
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            stock held by the Company's subsidiary)
          </p>
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <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 valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          1
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Retained earnings
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>138,575,372</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          131,186,866
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Accumulated other comprehensive income
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>13,449,558</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          11,483,015
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>152,024,931</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          142,669,882
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Noncontrolling interests
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>91,868</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          107,198
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Total stockholders&#8217; equity
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>152,116,799</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          142,777,080
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total Liabilities and Stockholders&#8217; Equity</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>223,108,329</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          211,522,029
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; font-size: 8pt; width: 100%">
      <tr>
        <td valign="top" colspan="23" 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 Nine Months Ended September 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="9">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="10">

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="9" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>Three Months Ended September 30,</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="10" style="border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>2016</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          2015
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          %
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>2016</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          <b>%</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="3" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          2015
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center">
          %
        </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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>10,860,361</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>29.7</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          7,967,826
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          25.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>24,751,134</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          <b>28.2</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          21,281,363
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          24.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>25,651,012</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>70.3</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          22,977,706
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          74.3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>63,059,468</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>71.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          65,090,791
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          75.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>36,511,373</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>100.0</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          30,945,532
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          100.0
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>$</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>87,810,602</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          <b>100.0</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          86,372,154
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; text-align: right">
          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<br>
    </p>
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</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
