<SEC-DOCUMENT>0001157523-18-002285.txt : 20181102
<SEC-HEADER>0001157523-18-002285.hdr.sgml : 20181102
<ACCEPTANCE-DATETIME>20181102083625
ACCESSION NUMBER:		0001157523-18-002285
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181102
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181102
DATE AS OF CHANGE:		20181102

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:		181155575

	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>a51892870.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: 12pt">Washington,
      D.C. &#160;20549</font><br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br><br><br><font style="font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant to
      Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br><br>
    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><b>November 2, 2018</b></font>
          </p>
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            <font style="font-size: 10pt">Date of report (Date of earliest
            event reported)</font>
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      <br>
      <br>

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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><b>Investors Title Company</b></font>
          </p>
        </td>
        <td>

        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (Exact Name of Registrant as Specified in Charter)
          </p>
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        </td>
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    <p style="text-align: center">
      <br>
      <br>

    </p>
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            <font style="font-size: 10pt"><b>North Carolina</b></font>
          </p>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><b>0-11774</b></font>
          </p>
        </td>
        <td style="width: 10%">
          &#160;
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        <td valign="top" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; width: 30%; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><b>56-1110199</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of<br>Incorporation or Organization)
          </p>
        </td>
        <td style="width: 10%">

        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission<br>File Number)
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        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer<br>Identification No.)
          </p>
        </td>
      </tr>
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        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
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        <td style="width: 10%">

        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-size: 10pt; width: 80%; font-family: Times New Roman">
      <tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><b>121 North Columbia Street,</b></font><b><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt">Chapel
            Hill, North Carolina</font></b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td valign="top" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; width: 40%; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><br style="font-size: 12pt">
            </font><font style="font-size: 10pt"><b>27514</b></font>
          </p>
        </td>
      </tr>
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        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 40%">
          (Address of Principal Executive Offices)
        </td>
        <td style="width: 20%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 40%">
          (Zip Code)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
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    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt"><b>(919) 968-2200</b></font>
          </p>
        </td>
        <td style="width: 30%">

        </td>
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        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant's telephone number, including area code
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p style="white-space: nowrap">
      Emerging growth company&#160;&#160;[&#160;&#160;]
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160;&#160;[&#160;&#160;]
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">

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

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition</b>
    </p>
    <p style="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&#160;2, 2018,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended September&#160;30, 2018.
    </p>
    <p style="text-indent: 30.0px">
      The information in this Current Report is being furnished and shall not
      be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934 (the &quot;Exchange Act&quot;), or otherwise subject to the
      liabilities of that Section, nor shall it be deemed to be incorporated
      by reference in any filing under the Securities Act of 1933 or the
      Exchange Act, regardless of any general incorporation language in such
      filing.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (d) Exhibits.&#160;&#160;The following exhibit accompanies this Report:
    </p>
    <p>
      Exhibit 99.1 - Press Release of Investors Title Company dated
      November&#160;2, 2018.
    </p>
    <p>

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font><br><br><br><br>
    </p>
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        </td>
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        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>INVESTORS TITLE COMPANY</b>
          </p>
        </td>
        <td style="width: 12%">

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%; padding-bottom: 2.0px">
          Date:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 45%; padding-bottom: 2.0px">
          November 2, 2018
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="text-align: left; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; width: 34%; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
        <td style="width: 12%">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX<br><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt; width: 100%; font-family: Times New Roman">
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        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-left: 0.0px; width: 15%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51892870ex99_1.htm">99.1</a>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51892870ex99_1.htm">Press release issued by Investors
            Title Company on November 2, 2018</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51892870ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Investors
      Title Company Announces Record Third Quarter 2018 Financial Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--November 2, 2018--Investors Title
      Company (NASDAQ: ITIC) today announced its results for the third quarter
      ended September 30, 2018. Net income attributable to the Company was
      $10.6 million, or $5.61 per diluted share, versus $5.9 million, or $3.13
      per diluted share, for the prior year period. The Company set all-time
      quarterly records for revenues, net premiums written, and net income.
    </p>
    <p>
      Revenues increased 11.9% to $48.3 million, compared with $43.1 million
      in the prior year quarter. Net premiums written increased 5.3%,
      primarily due to higher real estate values, as well as a shift to
      higher-premium purchase activity, which offset the decline in refinance
      activity. The addition of new agencies over the past year also
      contributed to the higher level of net premiums written. In accordance
      with a new accounting standard adopted in 2018, market gains resulted in
      recognition of a $2.9 million net unrealized gain on equity investments.
    </p>
    <p>
      Operating expenses increased 4.3% versus the prior year quarter, mainly
      as a result of increases in personnel expenses and commissions,
      partially offset by a decline in the provision for claims. Personnel
      costs increased as a result of higher staffing levels related to the
      support of growth, an increase in contract services related to software
      initiatives, normal inflationary increases in salaries and benefits, and
      an increase in the accrual for incentive compensation. Commissions were
      up commensurate with the increase in agency premiums. Claims expense
      declined primarily due to favorable loss experience in the current
      reporting period. In addition, the Company&#8217;s net income benefitted from
      recent tax reform legislation.
    </p>
    <p>
      For the nine months ended September 30, 2018, net income attributable to
      the Company increased 35.3% to $21.8 million, or $11.47 per diluted
      share, versus $16.1 million, or $8.48 per diluted share, for the prior
      year period. Revenues increased 2.4% to $124.0 million, mainly due to an
      increase in the net unrealized gain on equity investments and higher
      earnings from partnership investments. Results for the year-to-date
      period have been shaped predominantly by the same factors that affected
      the third quarter, with the exception of lower commissions due to a
      decrease in agency premiums.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Chairman J. Allen Fine added, &#8220;We are pleased to report that in the
      third quarter, we set a new record level of quarterly revenues and
      earnings. Overall economic strength and record-low levels of
      unemployment continue to drive strong demand in the housing market as
      well as higher average real estate values. These factors overcame
      reductions in refinance activity, which remains suppressed as interest
      rates continue to rise, resulting in an increase in net premiums written
      for the quarter. The combination of solid revenue growth, stable levels
      of claims experience, and management of overhead expenses drove a record
      level of earnings for the quarter.&#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 this 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, wages, 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 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, 2017, as filed with the
      Securities and Exchange Commission, and in subsequent filings.
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="16">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Statements of Income</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September&#160;30, 2018 and
            2017</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(in thousands, except per share amounts)</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          2017
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Revenues:</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>39,422</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          37,428
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>104,123</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          104,838
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Escrow and other title-related fees
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>1,812</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          1,470
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>5,465</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          5,427
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Non-title services
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          1,620
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>5,083</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          4,498
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Interest and dividends
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>1,138</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          1,087
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>3,381</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          3,298
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Other investment income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>829</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          610
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2,279</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          1,605
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Net realized investment gains
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>188</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>629</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          990
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Net unrealized gain on equity investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2,920</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2,626</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>157</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          116
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>387</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          397
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total Revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>48,261</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          43,135
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>123,973</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          121,053
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>18,490</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          17,641
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>48,942</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          50,570
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Provision for claims
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          1,855
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          2,715
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Personnel expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>11,096</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          10,082
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>33,234</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          29,982
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Office and technology expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2,208</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          2,062
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>6,603</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          5,985
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>2,910</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          2,578
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>8,440</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          8,087
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>35,701</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          34,218
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>97,374</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          97,339
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>12,560</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          8,917
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>26,599</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          23,714
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>1,927</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          2,990
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>4,873</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          7,647
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>10,633</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          5,927
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>21,726</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          16,067
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>1</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          &#8212;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>31</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          11
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>10,634</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          5,927
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>21,757</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          16,078
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>5.64</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          3.14
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>11.53</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          8.52
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          <b>1,887</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          1,887
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          <b>1,886</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          1,886
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>5.61</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          3.13
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>11.47</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          8.48
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          <b>1,897</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          1,896
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          <b>1,896</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px" colspan="2">
          1,896
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated Balance Sheets</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>As of September&#160;30, 2018 and December&#160;31, 2017</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(in thousands)</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b> 2018</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          December 31,<br>2017
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Assets</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>36,862</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          20,214
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>91,827</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          103,341
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Equity securities, at fair value
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>51,372</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          47,367
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Short-term investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>27,693</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          23,780
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Other investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>11,997</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          12,032
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total investments
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>182,889</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          186,520
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Premiums and fees receivable
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>12,588</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          10,031
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Accrued interest and dividends
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>1,242</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          1,100
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Prepaid expenses and other receivables
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>7,601</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          7,730
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Property, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>10,454</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          10,173
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Goodwill and other intangible assets, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>10,906</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          11,357
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>1,459</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          1,403
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Current income taxes receivable
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>2,575</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          385
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 4.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>266,576</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          248,913
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Reserve for claims
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>32,375</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          34,801
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>27,437</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          27,565
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>11,223</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          8,626
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>71,035</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          70,992
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Common stock <b>&#8211;</b> no par value (10,000 authorized shares;
          1,887 and 1,886 shares issued and outstanding as of September 30,
          2018 and December 31, 2017, respectively, excluding in each period
          292 shares of common stock held by the Company's subsidiary)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          &#8212;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>195,220</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          161,891
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>319</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          15,945
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 30.0px">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>195,539</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          177,836
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>2</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          85
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>195,541</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          177,921
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 15.0px; padding-bottom: 4.0px">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>266,576</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          248,913
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="25">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Net Premiums Written By Branch and Agency</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>For the Three and Nine Months Ended September&#160;30, 2018 and
            2017</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(in thousands)</b></i>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          %
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          <b>2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="3">
          2017
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Branch</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>11,905</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>30.2</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          11,227
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          30.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>31,258</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>30.0</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          30,904
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          29.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>27,517</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>69.8</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          26,201
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          70.0
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          <b>72,865</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>70.0</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px" colspan="2">
          73,934
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          70.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>39,422</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>100.0</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          37,428
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          100.0
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>104,123</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <b>100.0</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          104,838
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          100.0
        </td>
      </tr>
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        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

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