• The **State Farm for real estate title insurance**.

• Like **Allstate, but specializing in insuring clear ownership of property**.

• Think of it as a specialized insurer like **Progressive, but focused on ensuring the legal validity of property titles**.

• Title Insurance Underwriting: Provides insurance policies that protect real estate owners and lenders against financial loss due to defects in property titles.
• Title Search and Examination Services: Conducts thorough research into public records to identify liens, encumbrances, or other defects affecting real property titles.
• Escrow and Closing Services: Facilitates real estate transactions by acting as a neutral third party, holding funds and documents until all conditions of a sale are met.
• 1031 Exchange Services: Manages like-kind exchanges of investment property, allowing investors to defer capital gains taxes under IRS Section 1031.

Investors Title (ITIC) primarily sells its title insurance underwriting services and related real estate transaction services to other companies and professional entities rather than directly to individuals on a large scale. The company serves as an underwriter for title insurance policies, which are then issued to end-users (individuals, businesses, lenders) by their network of agents and attorneys.

Based on the company's public filings, Investors Title does not report any single customer company accounting for 10% or more of its consolidated revenues. Therefore, there are no specific "major customer companies" to list by name.

Instead, ITIC's customer base can be described by the following categories of entities that utilize its underwriting and related services:

• Independent Title Insurance Agencies and Law Firms: These are the primary direct customers for ITIC's underwriting services. These agencies and legal practices choose Investors Title to underwrite the title insurance policies they issue to their own clients, including homebuyers, sellers, and real estate developers. They rely on ITIC's financial strength and expertise to back the policies.

• Real Estate Developers and Investors: For complex commercial real estate transactions, large-scale developments, and 1031 like-kind exchanges, ITIC provides specialized underwriting, escrow, and qualified intermediary services. These customers are typically businesses or sophisticated individual investors involved in significant property transactions.

• Financial Institutions (Lenders): While often the beneficiary of a lender's title insurance policy rather than the direct purchaser of the policy premium, mortgage lenders are critical partners. They require title insurance for the loans they issue and frequently work with specific title companies or their agents for efficient closing processes and reliable title services. ITIC's reputation and service quality indirectly cater to the needs of these financial institutions.

null

J. Allen Fine, Founder, Chairman & Chief Executive Officer

Mr. Fine is the principal organizer and founder of Investors Title Insurance Company in 1972. He has served as Chairman of the Board of the Company, Investors Title Insurance Company, and National Investors Title Insurance Company since their incorporation. He was President of Investors Title Insurance Company until February 1997, when he was named Chief Executive Officer. Mr. Fine has extensive title insurance industry, operations, and marketing experience, as well as a strong executive background in real estate, strategic planning, and business administration. His career has been primarily focused on establishing and growing Investors Title and its wholly-owned subsidiaries. There is no publicly available information indicating he founded or managed other unrelated companies that were subsequently sold to an acquirer or backed by private equity firms.

James A. Fine, Jr., President, Chief Financial Officer & Treasurer

Mr. Fine, the son of J. Allen Fine, serves as President, Chief Financial Officer, and Treasurer of Investors Title Company, and holds executive vice president and chief financial officer roles for its subsidiaries, including Investors Title Insurance Company and National Investors Title Insurance Company. He also serves as President of Investors Title Exchange Corporation and Investors Title Accommodation Corporation, and Chief Executive Officer of Investors Trust Company and Investors Capital Management Company, all wholly-owned subsidiaries. Prior to joining Investors Title in 1987, Mr. Fine worked at a private family office. He has extensive title insurance industry, operations, and marketing experience, in addition to a background in investment strategy and executive level management and strategic planning. There is no publicly available information indicating he founded or managed other unrelated companies that were subsequently sold to an acquirer or backed by private equity firms.

W. Morris Fine, President & Chief Operating Officer

Mr. Fine, the son of J. Allen Fine, is the Executive Vice President and Secretary of Investors Title Company, and President and Chief Operating Officer of Investors Title Insurance Company and National Investors Title Insurance Company. He also serves as President and Chairman of the Board of Investors Title Management Services, Inc., and holds various officer roles in other wholly-owned subsidiaries. Prior to joining the company in 1992, Mr. Fine worked in the Privately Owned and Emerging Business Group of Ernst and Whinney (now Ernst and Young). He has extensive title insurance industry, operations, and marketing experience, along with a background in public accounting and executive level management and strategic planning. There is no publicly available information indicating he founded or managed other unrelated companies that were subsequently sold to an acquirer or backed by private equity firms.

Jeffrey A. Benson, Executive Vice President - North Carolina and Commercial Market Development

Mr. Benson leads North Carolina market and Commercial Services Division business development efforts for Investors Title. Before joining Investors Title, he served for eight years as a partner, president, and general counsel at The Dilweg Companies LLC, a commercial real estate investment firm based in Durham, North Carolina. This firm specializes in the acquisition, development, and operation of various property types and works with investors. Prior to that role, he practiced real estate law for 21 years. While The Dilweg Companies is an investment firm, there is no public information specifically stating it was private equity-backed during Mr. Benson's tenure, nor that he sold the company to an acquirer.

C. Todd Murphy, Senior Vice President Finance

Mr. Murphy joined Investors Title in 2004 after serving in senior financial positions with a number of firms in diverse industries. He is a certified management accountant and certified internal auditor. His previous roles include Chief Financial Officer at Lonesource and GoodMark Foods, and Director of Finance and Administration at Union Corrugating Company. GoodMark Foods was acquired by ConAgra, Inc. in 1998, and prior to that, underwent a leveraged buyout from General Mills in 1982. Lonesource was also acquired/merged and corporate-backed or acquired. The specific timing of Mr. Murphy's roles at these companies in relation to their acquisitions or private equity backing is not fully detailed, but his involvement with companies that experienced such events is noted.

The key risks to Investors Title (ITIC) are primarily linked to the cyclical nature of the real estate market, potential fraud, and changes in government regulations.

1. Cyclical Demand for Title Insurance: As a title insurance company, Investors Title is directly exposed to the cyclicality of the residential and commercial real estate markets. A downturn in these markets, including a potential spike in foreclosures or a real estate crash, would lead to increased claims for their customers and could significantly impact the company's growth and profitability.
2. Occurrence of Fraud, Defalcation, or Misconduct: The business of title insurance is inherently exposed to risks such as fraud, defalcation, or misconduct in real estate transactions. While title companies work to prevent fraudulent activity, including forgery, identity theft, and wire fraud, these risks are not entirely foolproof and can lead to significant financial implications and legal disputes if not detected.
3. Changes in Government Regulations and Policy: Investors Title's operations and profitability can be significantly affected by changes in government regulations and policy within the real estate and insurance sectors. These changes can alter the demand for title insurance or increase compliance costs.

The emergence of technologically advanced PropTech companies and platforms that automate and digitize the title and closing process, leveraging artificial intelligence and integrated digital experiences. These new entrants and technologies offer significantly increased efficiency, speed, and lower costs compared to traditional models, thereby threatening market share and profitability for established title insurers like ITIC.

The main product for Investors Title (ITIC) is title insurance. The addressable market for title insurance in the U.S. is estimated to be approximately $17.1 billion in 2025.

Investors Title (ITIC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Real Estate Activity Levels: The company's revenue is directly tied to the real estate market. Recent reports indicate that increased activity levels, influenced by factors such as lower average mortgage interest rates, have contributed to higher net premiums written and escrow and title-related fees. Continued favorable real estate market conditions are anticipated to drive future growth.
2. Geographic Expansion Initiatives: Investors Title has demonstrated a strategy of expanding its market presence. The company specifically highlighted "ongoing expansion initiatives" and "expansion efforts in our Texas and Florida markets" as contributors to increased net premiums written. Furthermore, the company finalized purchases of title insurance agencies, indicating continued inorganic growth as part of its strategy.
3. Appreciation in Average Home Prices: An appreciation in average home prices directly leads to higher title insurance premiums. This has been cited as a significant factor in past revenue increases and is expected to continue supporting revenue growth if home values remain strong or increase.
4. Growth in Non-Title Services: Beyond its core title insurance business, Investors Title offers various non-title services, including tax-deferred like-kind exchange services and agency management services. The company has seen increased revenue from these non-title services, particularly from like-kind exchanges and management services. This diversification provides additional avenues for revenue generation.
5. Favorable Title Insurance Rate Adjustments: Investors Title anticipates that recent and future rate adjustments approved in key states, such as North Carolina and Ohio, will have a favorable impact on its premium revenues. These price increases in title insurance rates are a direct driver of revenue growth.

Share Repurchases

• Investors Title Company made net common equity repurchases of $1 million in both 2024 and 2023.
• The company declared a special cash dividend of $14.00 per share, payable on December 16, 2024, funded through existing cash balances.
• Special cash dividends of $14.00 per share were also declared and paid on December 15, 2023, and in December 2022.

Share Issuance

• The net common equity issued or repurchased was $0 in 2020, 2021, and 2022, indicating no significant share issuance during those years.
• Common shares outstanding have remained relatively stable, with approximately 1,890,623 shares outstanding as of February 16, 2024, and 1,890,065 shares outstanding as of February 17, 2020.

Outbound Investments

• Investors Title Company finalized agency acquisitions totaling $12 million after the third quarter of 2025, aligning with its growth strategy.

Capital Expenditures

• The company records property and equipment at cost, which is then depreciated primarily using the straight-line method over estimated useful lives ranging from 3 to 25 years.
• Maintenance and repairs are expensed, while improvements are capitalized, reflecting ongoing investments in operational assets.