<SEC-DOCUMENT>0001157523-20-000651.txt : 20200505
<SEC-HEADER>0001157523-20-000651.hdr.sgml : 20200505
<ACCEPTANCE-DATETIME>20200505083115
ACCESSION NUMBER:		0001157523-20-000651
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200505
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200505
DATE AS OF CHANGE:		20200505

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:		20847037

	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>a52214120.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Business Wire
         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div><br>
  </div>
  <div>
    <div style="text-align: center; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center;">Washington, D.C. 20549</div>

    <div><br>
       </div>

    <div style="text-align: center; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
    <font style="font-size: 16pt;"> </font>
    <div><br>
       </div>

    <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>

    <div style="text-align: center; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

    <div><br>
       </div>

    <div>&#160;</div>

    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc8dc7969318e4b09adfcd970e902711d">

        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td colspan="4" style="width: 37.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">May 5, 2020</div>
          </td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td colspan="6" style="width: 70.74%; vertical-align: bottom;">
            <div style="text-align: center;">Date of Report (Date of earliest event reported)</div>
          </td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td colspan="4" style="width: 37.04%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 16pt; font-weight: bold;">Investors Title Company</div>
          </td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td colspan="6" style="width: 70.74%; vertical-align: bottom;">
            <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
          </td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">North Carolina</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 18.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">0-11774</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">56-1110199</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom;">
            <div style="text-align: center;">(State or Other Jurisdiction of</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 18.52%; vertical-align: bottom;">
            <div style="text-align: center;">(Commission</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom;">
            <div style="text-align: center;">(I.R.S. Employer</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom;">
            <div style="text-align: center;">Incorporation or Organization)</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 18.52%; vertical-align: bottom;">
            <div style="text-align: center;">File Number)</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom;">
            <div style="text-align: center;">Identification No.)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">121 North Columbia Street</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">Chapel Hill,</div>
          </td>
          <td style="width: 16.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">North Carolina</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">27514</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom;">
            <div style="text-align: center;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 31.48%; vertical-align: bottom;">
            <div style="text-align: center;">(Zip Code)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.26%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="width: 18.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(919)</div>
          </td>
          <td colspan="2" style="width: 18.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">&#160;968-2200</div>
          </td>
          <td style="width: 16.85%; vertical-align: bottom;">&#160;</td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
          <td colspan="6" style="width: 70.74%; vertical-align: bottom;">
            <div style="text-align: center;">(Registrant's telephone number, including area code)</div>
          </td>
          <td style="width: 14.63%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>

    <div>&#160;</div>

    <div><br>
       </div>

    <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:</div>

    <div><br>
       </div>

    <div style="text-align: justify; text-indent: 18pt;">&#9744;&#160; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

    <div style="text-align: justify; text-indent: 18pt;">&#9744;&#160; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

    <div style="text-align: justify; text-indent: 18pt;">&#9744;&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

    <div style="text-align: justify; text-indent: 18pt;">&#9744;&#160; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

    <div><br>
       </div>

    <div>Securities registered pursuant to Section 12(b) of the Act:</div>

    <div>&#160;</div>

    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6d707d495f8b47c7ba2faeb9eb3c8065">

        <tr>
          <td style="width: 40.74%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Title of each class</div>
          </td>
          <td style="width: 0.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Trading Symbol(s)</div>
          </td>
          <td style="width: 0.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.74%; vertical-align: bottom;">
            <div style="text-align: center;">Common Stock, no par value</div>
          </td>
          <td style="width: 0.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.67%; vertical-align: bottom;">
            <div style="text-align: center;">ITIC</div>
          </td>
          <td style="width: 0.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: bottom;">
            <div style="text-align: center;">The NASDAQ Stock Market LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.74%; vertical-align: bottom;">
            <div style="text-align: center;">Rights to Purchase Series A Junior Participating Preferred Stock</div>
          </td>
          <td style="width: 0.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 16.67%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.93%; vertical-align: bottom;">&#160;</td>
          <td style="width: 40.74%; vertical-align: top;">
            <div style="text-align: center;">The NASDAQ Stock Market LLC</div>
          </td>
        </tr>

    </table>

    <div>&#160;</div>

    <div><br>
       </div>

    <div>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).</div>

    <div><br>
       </div>

    <div>Emerging growth company&#160; &#9744;</div>

    <div><br>
       </div>

    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160; &#9744;</div>

    <div><br>
       </div>

    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: -54pt; margin-left: 54pt; font-weight: bold;">Item 2.02.&#160; Results of Operations and Financial Condition</div>

    <div><br>
       </div>

    <div style="text-indent: 18pt;">Attached as Exhibit 99.1 and incorporated herein by reference is a copy of the press release of Investors Title Company, dated May&#160;5, 2020, reporting Investors Title Company's financial results for the
      fiscal quarter ended March&#160;31, 2020.</div>

    <div><br>
       </div>

    <div style="text-indent: 18pt;">The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), 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.</div>

    <div><br>
       </div>

    <div style="font-weight: bold;">Item 9.01.&#160; Financial Statements and Exhibits</div>

    <div><br>
       </div>

    <div style="text-indent: 18pt;">(d) Exhibits.&#160; The following exhibit accompanies this Report:</div>

    <div><br>
       </div>

    <div>Exhibit 99.1 - Press Release of Investors Title Company dated May&#160;5, 2020.</div>

    <div><br>
       </div>

    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;">SIGNATURE</div>

    <div><br>
       </div>

    <div style="text-align: justify; text-indent: 18pt;">Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
      authorized.</div>

    <div><br>
       </div>

    <div><br>
       </div>

    <div>&#160;</div>

    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9b6aff2a0c5d4729a01fd815b461f87f">

        <tr>
          <td style="width: 4%; vertical-align: bottom;">&#160;</td>
          <td style="width: 60%; vertical-align: bottom;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom;">
            <div>INVESTORS TITLE COMPANY</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: bottom;">&#160;</td>
          <td style="width: 60%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 33%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: bottom;">
            <div>&#160;Date:</div>
          </td>
          <td style="width: 60%; vertical-align: bottom;">
            <div>May 5, 2020</div>
          </td>
          <td style="width: 3%; vertical-align: bottom;">
            <div>By:</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ James A. Fine, Jr.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: bottom;">&#160;</td>
          <td style="width: 60%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 33%; vertical-align: bottom;">
            <div>James A. Fine, Jr.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: bottom;">&#160;</td>
          <td style="width: 60%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 33%; vertical-align: bottom;">
            <div>President, Principal Financial Officer and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4%; vertical-align: bottom;">&#160;</td>
          <td style="width: 60%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3%; vertical-align: bottom;">&#160;</td>
          <td style="width: 33%; vertical-align: bottom;">
            <div>Principal Accounting Officer</div>
          </td>
        </tr>

    </table>

    <div>&#160;</div>

    <div></div>
    <div><br>
       </div>

    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;">EXHIBIT INDEX</div>
    <div style="text-align: center;"> <br>
    </div>

    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z28428f1d15eb4119af7170ab2a81d755">

          <tr>
            <td style="width: 9%;"><u>Exhibit No.</u></td>
            <td style="width: 91%;"><u>Description</u></td>
          </tr>
          <tr>
            <td style="width: 9%;">
              <div>&#160;</div>
            </td>
            <td style="width: 91%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 9%;"><a href="a52214120ex99_1.htm">99.1</a></td>
            <td style="width: 91%;"><a href="a52214120ex99_1.htm">Press release issued by Investors Title Company on May&#160;5, 2020</a></td>
          </tr>

      </table>
    </div>
    <br>
    </div>
  <div><br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52214120ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Business Wire
         Document created using EDGARfilings PROfile 6.5.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div>
    <div class="bw-release">
      <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;font-weight:normal;"> <b>Investors Title Company Announces First Quarter 2020 Financial Results</b> </h1>
      <div class="bw-release-body">
        <div class="bw-release-table-js bw-release-story">
          <p>CHAPEL HILL, N.C.--(BUSINESS WIRE)--May 5, 2020--Investors Title Company today announced its results for the quarter ended March 31, 2020. The Company reported a net loss of $7.0 million, or $3.71 per diluted share, compared with net income of
            $6.6 million, or $3.49 per diluted share, for the prior year period. </p>
          <p> Net premiums written increased 34.1% to a quarterly record of $38.6 million, as purchase volumes remained strong throughout most of the quarter, and as lower average mortgage interest rates sustained a jump in refinance activity which began
            in 2019. Revenues from non-title services increased 6.7% primarily due to growth in 1031 exchange services and management services. Despite these increases, however, total revenues decreased 25.1% to $29.9 million, compared with $39.9 million
            in the prior year, as a result of a $14.5 million decrease in the fair value of equity security investments, compared with a $4.7 million increase in the prior year. Impacts to the financial markets in the wake of the COVID-19 pandemic resulted
            in a significant decline in the fair value of the Company&#8217;s equity securities. </p>
          <p> Operating expenses increased 21.5% versus the prior year quarter, primarily resulting from higher agent commissions commensurate with the increase in premium volume. Claims expense increased $680,000 from the prior year quarter due to the
            increase in premium volume and recognition of less favorable loss development in the current period. </p>
          <p> The above factors resulted in a pre-tax loss of $8.5 million in the current quarter versus an $8.3 million pre-tax profit in the prior year period. Excluding the impact of changes in the estimated fair value of equity security investments,
            income before income taxes (non-GAAP) increased 62.8% to $5.9 million in the current quarter compared with $3.6 million in the prior year period (see Appendix A for a reconciliation of GAAP to non-GAAP measures used in this press release). </p>
          <p> Investors Title is closely monitoring the COVID-19 pandemic and the associated impacts on the title insurance industry, and reacting accordingly. The Company is focused on providing uninterrupted service to our customers and business
            partners, and ensuring the safety and health of our employees. Having been deemed an essential business, all of our issuing offices are fully operational and servicing clients. Many of our employees are working remotely. </p>
          <div> </div>
          <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
            <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> One impact of COVID-19 is that technology is becoming even more important in the industry. To limit personal interactions, electronic document signing and other tools that enable virtual loan closings are becoming more widespread. Our
            technology investments have greatly enhanced the ability not only for our agents and business partners to conduct business remotely, but also the ability of our employees to work remotely. </p>
          <p> The ultimate impacts of COVID-19, both on the overall economy and on our own business, remain uncertain at this time. Predictions about the impact of the virus on home sales are constantly evolving, but we expect the volume of transactions to
            be curtailed as long as quarantining measures are in place and the economic repercussions from business closures linger. </p>
          <p> Chairman J. Allen Fine commented, &#8220;We are pleased to report strong operational results in the first quarter, despite the unrealized losses in our equities portfolio. Low interest rates and a strong economy prior to the impacts of the
            coronavirus pandemic contributed to a healthy pipeline which sustained us through the first quarter. </p>
          <p> As the impacts of the coronavirus pandemic continue to weigh heavily on the economy, the outlook on real estate transaction levels and mortgage lending remains mixed. Housing certainly will not be immune to a slowdown as unemployment climbs
            and quarantine measures dampen activity. As the impact of the virus subsides and the fundamentals that underpinned the market reemerge, there should be strong support for strengthening real estate activity and values. </p>
          <p> Regardless of the current uncertainty in the market, we will continue to emphasize enhancement of our competitive strengths and profitable expansion of our market presence.&#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> ----------------------------------------------------------------------------------------- </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, the return to normal real estate market conditions, and the timing thereof, 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 severity and duration of the COVID-19 pandemic and its effects (and the effects of measures undertaken to combat it) on the economy and the Company&#8217;s business; 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, 2019, as filed with the Securities and Exchange Commission,
            and in subsequent filings. </p>
          <div> </div>
          <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
            <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" id="zff20d65e45254765989f1f65c1ceed66" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto;width: 100%; font-size: 10pt;">

              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>Investors Title Company and Subsidiaries</b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>Consolidated Statements of Operations</b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>For the Three Months Ended March 31, 2020 and 2019</i></b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>(in thousands, except per share amounts)</i></b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>(unaudited)</i></b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                </td>
                <td rowspan="1" style="padding-left: 0.0px;" colspan="7">&#160;</td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="7">
                  <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Three Months Ended <br>
                      March 31,</b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2020</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> 2019 </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Revenues:</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Net premiums written </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>38,627</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 28,795 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Escrow and other title-related fees </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>1,842</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,322 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Non-title services </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>2,547</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,388 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Interest and dividends </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>1,177</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,256 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Other investment income </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>440</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 410 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Net realized investment (losses) gains </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(412</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 790 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Changes in the estimated fair value of equity security investments </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(14,458</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,670 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Other </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>138</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 315 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 25.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total Revenues </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>29,901</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 39,946 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Operating Expenses:</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Commissions to agents </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>20,187</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,058 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Provision for claims </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>906</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 226 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Personnel expenses </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>11,809</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 11,612 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Office and technology expenses </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>2,415</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,223 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Other expenses </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>3,113</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,514 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 74%;padding-left: 25.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total Operating Expenses </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>38,430</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 31,633 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>(Loss) Income before Income Taxes</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(8,529</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 8,313 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>(Benefit) Provision for Income Taxes</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(1,518</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,687 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Net (Loss) Income</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(7,011</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6,626 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Basic (Loss) Earnings per Common Share</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(3.71</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3.51 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted Average Shares Outstanding &#8211; Basic</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>1,890</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,887 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Diluted (Loss) Earnings per Common Share</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(3.71</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 8%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3.49 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 74%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Weighted Average Shares Outstanding &#8211; Diluted</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>1,890</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,896 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>

          </table>
          <div> </div>
          <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
            <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" id="za9ca2aa2b36740bd8a2209f9dd3dea53" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto;width: 100%; font-size: 10pt;">

              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8"><b>Investors Title Company and Subsidiaries</b></td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>Consolidated Balance Sheets</b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>As of March 31, 2020 and December 31, 2019</i></b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>(in thousands)</i></b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>(unaudited)</i></b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 89%;"><br>
                </td>
                <td rowspan="1" style="padding-left: 0.0px;" colspan="3"><br>
                </td>
                <td colspan="1" rowspan="1" style="padding-left: 0.0px;width: 1%;"><br>
                </td>
                <td rowspan="1" style="padding-left: 0.0px;" colspan="3">&#160;</td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;white-space: nowrap;" colspan="3">
                  <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>March 31, <br>
                      2020</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;white-space: nowrap;" colspan="3">
                  <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> December 31, <br>
                    2019 </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Assets</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Cash and cash equivalents </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>25,324</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 25,949 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Investments: </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Fixed maturity securities, available-for-sale, at fair value </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>101,421</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 104,638 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Equity securities, at fair value </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>47,983</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 61,108 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Short-term investments </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>15,641</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,134 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Other investments </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>14,229</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,982 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 25.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total investments </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>179,274</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 192,862 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Premiums and fees receivable </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>12,330</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 12,523 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Accrued interest and dividends </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>1,243</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,033 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Prepaid expenses and other receivables </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>10,026</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5,519 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Property, net </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>9,959</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,776 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Goodwill and other intangible assets, net </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>10,149</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 10,275 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Operating lease right-of-use assets </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>4,300</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,469 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Other assets </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>1,513</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,487 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 25.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total Assets </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>254,118</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 263,893 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Liabilities and Stockholders&#8217; Equity</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Liabilities: </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Reserve for claims </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>31,407</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 31,333 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Accounts payable and accrued liabilities </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>27,816</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 28,318 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Operating lease liabilities </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>4,337</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 4,502 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Current income taxes payable </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>2,921</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,340 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Deferred income taxes, net </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>3,990</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,038 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 25.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total liabilities </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>70,471</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 72,531 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 89%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Stockholders&#8217; Equity: </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Common stock <b>&#8211;</b> no par value (10,000 authorized shares; 1,891 and 1,889 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively, excluding in each
                    period 292 shares of common stock held by the Company's subsidiary) </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>&#8212;</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#8212; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Retained earnings </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>180,535</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 188,262 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 10.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Accumulated other comprehensive income </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>3,112</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,100 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;border-bottom: solid black 1.0pt;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 25.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total stockholders&#8217; equity </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>183,647</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 191,362 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;width: 89%;padding-left: 25.0px;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total Liabilities and Stockholders&#8217; Equity </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>254,118</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 3%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 263,893 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 1%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>

          </table>
          <div> </div>
          <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
            <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" id="za0924533c8af44be988b5f3079aaf096" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto;width: 100%; font-size: 10pt;">

              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="9"><b>Investors Title Company and Subsidiaries</b></td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="9">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>Net Premiums Written By Branch and Agency</b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="9">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>For the Three Months Ended March 31, 2020 and 2019</i></b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="9">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>(in thousands)</i></b> </p>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" colspan="9">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b><i>(unaudited)</i></b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="padding-left: 0.0px;"><br>
                </td>
                <td rowspan="1" style="padding-left: 0.0px;" colspan="8">&#160;</td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 16%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;text-align: center; list-style-position:inside;" colspan="8">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Three Months Ended March 31,</b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 16%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2020</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 15%;text-align: center; list-style-position:inside;">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>%</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> 2019 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 15%;text-align: center; list-style-position:inside;">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> % </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 16%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Branch</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 5%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 17%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>9,895</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 5%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 15%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>25.6</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 5%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 17%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,166 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 5%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 15%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 24.9 </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 16%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 15%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 15%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 16%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Agency</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>28,732</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 5%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;width: 15%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>74.4</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,629 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 5%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;width: 15%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 75.1 </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 16%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 15%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 15%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 16%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Total</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 5%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 17%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>38,627</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 5%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 15%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>100.0</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 5%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 17%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 28,795 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 5%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 15%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 100.0 </p>
                </td>
              </tr>

          </table>
          <div> </div>
          <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
            <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p style="text-align: center; list-style-position:inside;"> <b>Investors Title Company and Subsidiaries <br>
              Appendix A <br>
              Non-GAAP Measures Reconciliation <br>
              <i>For the Three Months Ended March 31, 2020 and 2019 <br>
                (in thousands) <br>
                (unaudited)</i></b> </p>
          <p> Management uses various financial and operational measurements, including financial information not prepared in accordance with generally accepted accounting principles ("GAAP"), to analyze Company performance. This includes adjusting
            revenues to remove the impact of changes in the estimated fair value of equity security investments, which are recognized in net (loss) income 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>
          <table cellspacing="0" id="ze9fe3b35a83d456fac15380ea0c0712a" style="margin-bottom: 10.0px;margin-left: 0px; margin-right: auto;width: 100%; font-size: 10pt;">

              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="7">
                  <p style="text-align: center; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>Three Months Ended March 31,</b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2020</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;text-align: center; list-style-position:inside;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> 2019 </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Revenues</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Total revenues (GAAP) </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>29,901</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 39,946 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Add (Subtract): Changes in the estimated fair value of equity security investments </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>14,458</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,670 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted revenues (non-GAAP) </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>44,359</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,276 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>(Loss) Income before Income Taxes</b> </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;" colspan="3">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> (Loss) Income before income taxes (GAAP) </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>(8,529</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> <b>)</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 8,313 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Add (Subtract): Changes in the estimated fair value of equity security investments </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>14,458</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;" colspan="2">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,670 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: solid black 1.0pt;padding-left: 0.0px;width: 2%;">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> ) </p>
                </td>
              </tr>
              <tr>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;padding-left: 0.0px;width: 77%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted income before income taxes (non-GAAP) </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 1%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>$</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> <b>5,929</b> </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 2%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;width: 7%;">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 3,643 </p>
                </td>
                <td colspan="1" rowspan="1" style="vertical-align: top;border-bottom: double black 2.25pt;padding-left: 0.0px;width: 2%;">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>

          </table>
          <p> &#160; </p>
        </div>
        <div class="bw-release-contact">
          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> Elizabeth B. Lewter <br>
            Telephone: (919) 968-2200 </p>
        </div>
      </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
