<SEC-DOCUMENT>0001157523-19-000270.txt : 20190208
<SEC-HEADER>0001157523-19-000270.hdr.sgml : 20190208
<ACCEPTANCE-DATETIME>20190208083301
ACCESSION NUMBER:		0001157523-19-000270
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190208
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190208
DATE AS OF CHANGE:		20190208

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:		19577736

	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>a51937604.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
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      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 16pt; font-family: Times New Roman">Washington,
      D.C. 20549</font><br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><br>
    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>February 8, 2019</b>
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            Date of Report (Date of earliest event reported)
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 18pt"><b>Investors Title Company</b></font>
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
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          (Exact name of registrant as specified in its charter)
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      <br>
      <br>

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

        </td>
        <td style="width: 30%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer<br>Identification No.)
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
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    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="width: 45%; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>121
            North Columbia Street</b></font><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Chapel
            Hill, North Carolina</b></font>
          </p>
        </td>
        <td style="width: 10%">
          &#160;
        </td>
        <td style="white-space: nowrap; width: 45%; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>27514</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 45%; text-align: center; padding-left: 0.0px" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="width: 10%">

        </td>
        <td style="width: 45%; text-align: center; padding-left: 0.0px" valign="bottom">
          <font style="font-size: 10pt; font-family: Times New Roman">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
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    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(919) 968-2200</b>
          </p>
        </td>
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        </td>
        <td style="width: 40%; text-align: center; padding-left: 0.0px" valign="top">
          Registrant&#8217;s telephone number, including area code
        </td>
        <td style="width: 30%">

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

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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).</font>
    </p>
    <p style="white-space: nowrap">
      Emerging growth company&#160;&#160; <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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.</font> <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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>
      <!-- Items Block -->
      <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 February&#160;8, 2019,
      reporting Investors Title Company's financial results for the fiscal
      quarter ended December&#160;31, 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
      February&#160;8, 2019.
    </p>
    <p>

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

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

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

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font><br><br><br><br>
    </p>
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        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            INVESTORS TITLE COMPANY
          </p>
        </td>
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        </td>
        <td style="width: 52%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
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        </td>
        <td style="width: 52%">

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

        </td>
        <td style="width: 40%">
          &#160;
        </td>
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        <td style="padding-bottom: 2.0px; width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          Date:
        </td>
        <td style="padding-bottom: 2.0px; width: 52%; text-align: left; padding-left: 0.0px" valign="top">
          February 8, 2019
        </td>
        <td style="padding-bottom: 2.0px; width: 3%; text-align: left; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="width: 40%; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ James A. Fine, Jr.
          </p>
        </td>
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        </td>
        <td style="width: 52%">

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

        </td>
        <td style="width: 40%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            James A. Fine, Jr.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 52%">

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

        </td>
        <td style="width: 40%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            President, Principal Financial Officer and
          </p>
        </td>
      </tr>
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        </td>
        <td style="width: 52%">

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

        </td>
        <td style="width: 40%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Principal Accounting Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
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      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      EXHIBIT INDEX<br><br><br>
    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td style="width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td style="width: 85%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

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

        </td>
        <td style="width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; width: 10%; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51937604ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 5%; text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="width: 85%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51937604ex99_1.htm">Press release issued by Investors
            Title Company on February 8, 2019</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">

    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51937604ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Investors
      Title Company Announces Fourth Quarter and Fiscal Year 2018 Results</b></font>
    </p>
    <p>
      CHAPEL HILL, N.C.--(BUSINESS WIRE)--February 8, 2019--Investors Title
      Company (NASDAQ: ITIC) today announced its results for the fourth
      quarter and year ended December 31, 2018.
    </p>
    <p>
      For the year, net income attributable to the Company decreased 14.8% to
      $21.9 million, or $11.54 per diluted share, versus $25.7 million, or
      $13.56 per diluted share, in the prior year. For the quarter, net income
      attributable to the Company decreased to $135,000, or $0.07 per diluted
      share, versus $9.6 million, or $5.08 per diluted share, in the prior
      year period.
    </p>
    <p>
      Income before income taxes declined to $470,000 and $27.1 million for
      the quarter and year ended December 31, 2018, versus $6.6 million and
      $30.3 million in the prior year periods, respectively, primarily due to
      the January 1, 2018 implementation of a new accounting standard
      requiring unrealized changes in the market value of equity investments
      to be included in income. The Company recorded net unrealized losses on
      equity investments totaling $6.8 million and $4.1 million for the
      current quarter and year, respectively. Excluding the impact of the new
      accounting standard, income before income taxes (non-GAAP) would have
      increased to $7.2 million and $31.2 million for the quarter and year
      ended December 31, 2018 (see Appendix A). In addition, net income for
      the prior year quarter included a $5.3 million tax benefit related to
      revaluation of deferred tax assets and liabilities as a result of lower
      effective rates included in the federal tax reform package enacted in
      December 2017.
    </p>
    <p>
      Revenues for the year decreased 3.3% to $156.3 million, compared with
      $161.6 million in the prior year. The majority of the revenue decrease
      is attributable to the net unrealized loss on equity investments
      totaling $4.1 million in the current year, compared with a net realized
      gain totaling $1.0 million in the prior year. Net premiums written
      decreased 1.7% mainly due to a decline in refinance activity, partially
      offset by an increase in purchase activity and higher real estate
      values. Revenues from non-title services increased primarily due to
      higher levels of like-kind property exchange transactions. Higher
      earnings from partnership investments drove increases in other
      investment income.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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>
      Operating expenses decreased 1.6% to $129.2 million, compared with
      $131.4 million in the prior year. Agent commissions were down
      commensurate with the decreases in associated revenues. Personnel costs
      increased primarily as a result of higher staffing levels related to the
      support of growth and technology initiatives, and due to normal
      inflationary increases in salaries and benefits. A claims benefit was
      recorded in the current year primarily due to reserve reductions
      reflecting favorable loss experience in prior years. In addition, the
      Company&#8217;s net income benefitted from the tax rate reduction associated
      with recent tax reform legislation.
    </p>
    <p>
      The quarter was shaped predominantly by the same factors that affected
      the year.
    </p>
    <p>
      Chairman J. Allen Fine commented, &#8220;We are pleased to report another year
      of solid operating performance for the Company. Premiums from home
      purchase activity remained strong throughout the year, as economic
      growth continues to support a high level of home sales and increases in
      average real estate values. Premium growth from purchase activity and
      expansion of our agency footprint largely offset the impact of
      reductions in premiums related to mortgage refinance activity. The
      Company continues to experience a low level of claims, due to market
      factors such as low foreclosure rates, as well as a proactive approach
      to risk management.
    </p>
    <p>
      &#8220;As we head into 2019 we are optimistic about the market, and we remain
      focused on enhancing our competitive strengths and expanding our market
      presence over the long term.&#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="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="16" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Twelve Months Ended December 31, 2018 and
            2017</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands, except per share amounts)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="16" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 colspan="7" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b><br><b> December 31,</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Twelve Months Ended</b><br><b> December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2018</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2017
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2018</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          2017
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <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 style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net premiums written
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>34,002</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          35,664
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>138,125</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          140,502
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Escrow and other title-related fees
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>7,096</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,892
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Non-title services
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>1,999</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>7,082</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,128
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Interest and dividends
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>4,619</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,445
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Other investment income
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>3,107</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,159
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net realized investment (losses) gains
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>(110</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,041
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Net unrealized loss on equity investments
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>(6,756</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>(4,130</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>83</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          63
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>470</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          460
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total Revenues
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>32,286</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          40,574
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>156,259</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          161,627
        </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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Operating Expenses:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>16,833</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          18,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>65,775</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          68,643
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          (Benefit) provision for claims
        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          596
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,311
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Personnel expenses
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>10,318</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,955
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>43,552</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          39,937
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Office and technology expenses
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>2,210</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>8,813</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,172
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other expenses
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2,942</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          3,206
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>11,382</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          11,293
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total Operating Expenses
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>31,816</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          34,017
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>129,190</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          131,356
        </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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Income before Income Taxes</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>27,069</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          30,271
        </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 style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Provision (Benefit) for Income Taxes</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>337</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (3,077
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>5,210</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          4,570
        </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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net Income</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>21,859</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          25,701
        </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 style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net Loss (Income) Attributable to Noncontrolling Interests</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>2</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          (5
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: left; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>33</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          6
        </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 style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Net Income Attributable to the Company</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>135</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          9,629
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>21,892</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          25,707
        </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 style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Basic Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>0.07</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          5.11
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>11.60</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          13.63
        </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 style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Basic</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>1,887</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          1,886
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>1,887</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          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 style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Diluted Earnings per Common Share</b>
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>0.07</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          5.08
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>11.54</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          13.56
        </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 style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Weighted Average Shares Outstanding &#8211; Diluted</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>1,896</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          1,893
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>1,897</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          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="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="8" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>As of December 31, 2018 and 2017</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="8" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 colspan="3" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>December 31,</b><br><b> 2018</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          December 31,<br>2017
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <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 style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>18,694</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Fixed maturities, available-for-sale, at fair value
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>88,957</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          103,341
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Equity securities, at fair value
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>48,489</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          47,367
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Short-term investments
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>32,787</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          23,780
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Other investments
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>12,436</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          12,032
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total investments
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>182,669</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          186,520
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>12,128</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>7,288</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>10,304</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>10,780</b>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          385
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total Assets
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>244,268</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          248,913
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>31,729</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>27,735</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>4,981</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>4,184</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          8,626
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total liabilities
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>68,629</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          70,992
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Common stock <b>&#8211;</b> no par value (10,000 authorized shares;
          1,887 and 1,886 shares issued and outstanding as of December 31,
          2018 and 2017, respectively, excluding in each period 292 shares of
          common stock held by the Company's subsidiary)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>174,690</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          161,891
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="bottom">
          Accumulated other comprehensive income
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>949</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          15,945
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="bottom">
          Total stockholders&#8217; equity attributable to the Company
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>175,639</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>&#8212;</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          85
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>175,639</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          177,921
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px" valign="bottom">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>244,268</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          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="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td colspan="27" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>Investors Title Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="27" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <b>Net Premiums Written By Branch and Agency</b>
        </td>
      </tr>
      <tr>
        <td colspan="27" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Twelve Months Ended December 31, 2018 and
            2017</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="27" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="27" style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Three Months Ended December 31,</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="11" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>Twelve Months Ended December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>10,047</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>29.5</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,501
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          26.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>41,305</b>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>29.9</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          40,405
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          28.8
        </td>
      </tr>
      <tr>
        <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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>23,955</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>70.5</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          26,163
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          73.4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>96,820</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>70.1</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          100,097
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          71.2
        </td>
      </tr>
      <tr>
        <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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>34,002</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          35,664
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>138,125</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>100.0</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          140,502
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          100.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; 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; width: 100%; font-family: Times New Roman; margin-right: 0; font-size: 8pt; margin-left: 0">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Investors Title Company and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Appendix A</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Non-GAAP Measures Reconciliation</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>For the Three and Twelve Months Ended December 31, 2018 and
            2017</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(in thousands)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(unaudited)</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Management uses various financial and operational measurements,
      including financial information not prepared in accordance with
      generally accepted accounting principles (&quot;GAAP&quot;), to analyze Company
      performance. This includes adjusting revenues to remove the impact of
      unrealized investment gains and losses reported under GAAP. Management
      believes that these measures are useful to evaluate the Company's
      internal operational performance from period to period because they
      eliminate the effects of external market fluctuations. The Company also
      believes users of the financial results would benefit from having access
      to such information, and that certain of the Company&#8217;s peers make
      available similar information. This information should not be used as a
      substitute for, or considered superior to, measures of financial
      performance prepared in accordance with GAAP, and may be different from
      similarly titled non-GAAP financial measures used by other companies.
    </p>
    <p>
      The following tables reconcile non-GAAP financial measurements used by
      Company management to the comparable measurements using GAAP:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="8" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Three Months Ended</b><br><b> December 31,</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="6" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: center; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Twelve Months Ended</b><br><b> December 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Total revenues (GAAP)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>32,286</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          40,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>156,259</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          161,627
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Add: Net unrealized loss on equity investments
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>6,756</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>4,130</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Adjusted revenues (non-GAAP)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>39,042</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          40,574
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>160,389</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          161,627
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income before income taxes (GAAP)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>470</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>27,069</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          30,271
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Add: Net unrealized loss on equity investments
        </td>
        <td>

        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>6,756</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>4,130</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-style: solid; border-bottom-color: black">
          &#160;
        </td>
        <td colspan="2" style="white-space: nowrap; border-bottom-width: 1.0pt; border-bottom-style: solid; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Adjusted income before income taxes (non-GAAP)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>7,226</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          6,557
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          <b>31,199</b>
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-width: 2.25pt; border-bottom-style: double; border-bottom-color: black">
          &#160;
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; border-bottom-width: 2.25pt; border-bottom-style: double; padding-right: 0.0px; text-align: right; border-bottom-color: black; padding-left: 0.0px" valign="bottom">
          30,271
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>Elizabeth B. Lewter<br>(919) 968-2200
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
