Investors Title Co (NASDAQ: ITIC)

Investors Title Company is a holding company that primarily engages in issuing title insurance through its subsidiaries, Investors Title Insurance Company and National Investors Title Insurance Company. Through these subsidiaries, the company underwrites land title insurance for property owners and mortgage lenders as a primary insurer. It also operates an exchange services division that provides qualified intermediary and accommodation services for tax deferred real property exchanges, and offers management, investment, and trust services through its All Other segment. The company’s headquarters and operational base are located in the United States, and it conducts business primarily in the southeastern and southwestern states.

Revenue is generated chiefly from title insurance premiums written on residential and commercial real estate transactions, including purchases, refinances and home equity lines of credit. For the nine month period ended September 30 2025, title insurance premiums accounted for $157.2 million, or about 90.1% of total revenue. Direct premiums, where the company retains the full amount, represented 29.1% of premiums written, while agency premiums, shared with independent agents, made up the remaining 70.9%. In addition to premiums, the company earns exchange service fees for acting as a qualified intermediary and accommodation titleholder, and receives fees from management services that assist title agencies and from trust services that provide investment and fiduciary administration. Investment income from interest, dividends and realized and unrealized gains on the company’s portfolio also contributes to earnings, with interest and dividends totaling $7.1 million and net investment gains adding $3.0 million for the same nine month span. Other income, such as gains on asset dispositions, further augments revenue. Non title services revenue, which includes exchange services, management services and trust services, totaled $16.3 million for the nine month period ended September 30 2025. This represented roughly 8% of total revenue for the same period.

The company operates through the following segments.

• Title Insurance: This segment underwrites land title insurance policies for owners and mortgage lenders, issuing policies directly and through a network of agents that include real estate attorneys, independent agents and affiliates of mortgage lending institutions. Direct business retains the entire premium, whereas agency business shares the premium with the partner, who receives the majority as commission.

• Exchange Services: This segment provides qualified intermediary services for tax deferred like kind exchanges, holding exchange funds between the sale of relinquished property and purchase of replacement property, and accommodation titleholder services for reverse exchanges and build to suit transactions. Income is derived from transaction fees and a portion of the interest earned on client deposits.

• All Other: This segment comprises management consulting that helps clients establish and operate title agencies, investment management services, and trust services that administer assets for individuals, corporations, banks and trusts. Revenue comes from consulting fees, asset based management fees and trust administration fees.

The company holds a notable regional presence in the title insurance industry, with a significant share of its premiums derived from North Carolina, Texas, Georgia, South Carolina and Florida. It competes with national title insurers while differentiating through its extensive agent network, diversified service offerings and ability to adjust underwriting practices to state specific regulatory environments. Its investment portfolio also provides a steady income stream that supports underwriting profitability. The company’s concentration in these five states allows it to develop deep expertise in local market conditions and regulatory requirements.

The company serves property owners seeking title protection, mortgage lenders requiring lender’s policies, real estate attorneys and independent agents who act as issuing intermediaries, and financial institutions that utilize its trust and investment services. Its trust division additionally caters to individuals, corporations, banks and trusts looking for fiduciary and wealth management solutions.