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Here are 1-2 brief analogies for Stewart Information Services (STC):

• Stewart is like the Visa or Mastercard of real estate transactions, providing the essential, trusted infrastructure to guarantee secure property ownership transfers.
• Think of Stewart as the 'DMV for property ownership,' verifying and guaranteeing legal title to a home.

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• Title Insurance: Protects real estate owners and lenders against financial loss from defects in title to real property.
• Escrow and Closing Services: Facilitates real estate transactions by holding funds and documents until all conditions of a sale are met and then distributing them appropriately.
• Appraisal Management Services: Provides professional property valuation assessments and manages the appraisal process for lenders and investors.
• Default and Transaction Services: Offers services to lenders and servicers related to distressed properties, including foreclosure and real estate owned (REO) management.

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Stewart Information Services (symbol: STC) primarily sells its services to other companies within the real estate and mortgage industry. Due to the highly fragmented nature of the title insurance and real estate services market, Stewart Information Services serves a broad and diversified base of corporate clients rather than relying on a small number of individually named "major customers" that constitute a significant portion of its revenue.

Stewart's client base consists of thousands of independent title agencies, numerous lenders, mortgage companies, real estate developers, homebuilders, and legal professionals across the United States. While no single public company is identified in Stewart's public filings as a major customer contributing a disproportionate share of its revenue, the following are examples of publicly traded companies that represent the types of customers Stewart Information Services would typically serve:

• Lenders / Mortgage Companies: Stewart provides title and settlement services to financial institutions that originate mortgages.
  • Rocket Companies, Inc. (RKT)
  • Wells Fargo & Co. (WFC)
• Real Estate Developers / Homebuilders: Stewart offers title and closing services for new construction and large-scale real estate projects.
  • D.R. Horton, Inc. (DHI)
  • Lennar Corporation (LEN)

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Stewart Information Services (STC) utilizes various third-party technology solutions and relies on cloud-based services. Based on available public information, one major supplier can be identified:

• Fidelity National Financial (FNF)

Through its subsidiary, SoftPro, Fidelity National Financial provides critical title production and closing software that Stewart Title uses for its direct operations and offers to its network of independent agents.

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Frederick H. Eppinger, Chief Executive Officer

Frederick H. Eppinger has served as the Chief Executive Officer of Stewart Information Services Corporation since 2019 and has been a director since 2016. He is an accomplished insurance industry veteran with over 35 years of experience. Before joining Stewart, he was the President and CEO of The Hanover Insurance Group from 2003 until his retirement in 2016, during which time Hanover transformed into a global property/casualty carrier, more than doubling its employees and revenues. He also served as Executive Vice President of Property and Casualty Field and Service Operations for The Hartford Financial Service Group from 2001 to 2003, and Executive Vice President of industry services, marketing and service operations for ChannelPoint, Inc. from 2000 to 2001. Earlier in his career, he was a senior director and partner at McKinsey & Co. from 1985 to 2000, where he led in the insurance, financial services, and health practices.

David Hisey, Chief Financial Officer and Treasurer

David Hisey serves as Chief Financial Officer and Treasurer of Stewart Information Services Corporation, a role he has held since 2017. He leads Stewart's financial organization and strategy, overseeing financial planning and analysis, accounting, treasury, audit functions, investor relations, and property management. With over 30 years of financial leadership experience, he previously served as a senior advisor to the CEO and acting CFO for Prospect Mortgage, LLC. His prior roles include Executive Vice President, Chief Strategy and External Affairs Officer, Chief Financial Officer, and Chief of Staff at Nationstar Mortgage Holdings Inc. He also served as Executive Vice President and CFO for Fannie Mae and spent 22 years in audit and consulting roles with KPMG LLP/Bearing Point, Inc. His experience at Prospect Mortgage LLC (a subsidiary of Prospect Capital Corporation) and Nationstar Mortgage Holdings Inc. (spun off from Fortress Investment Group LLC) indicates a pattern of managing companies with private equity involvement.

Elizabeth Giddens, Chief Legal Officer and Corporate Secretary

Elizabeth Giddens serves as Chief Legal Officer and Corporate Secretary of Stewart Information Services Corporation, a position she assumed in January 2023. Previously, she served as Senior Vice President, Chief Ethics & Compliance Officer, General Counsel, and Corporate Secretary at Integer Holdings Corporation.

Brad Rable, Group President, Technology & Operations

Brad Rable is responsible for developing Stewart's digital business strategy, innovation approach, and global information technology. He also oversees title production operations and value chain digital transformation. Before this, he was the Group Senior Vice President for residential operations in the West from October 2016 to June 2017.

Iain Bryant, Group President

Iain Bryant was promoted to Group President – Agency Services, effective June 3, 2024. Prior to this, he served as Central States District Manager. Before joining Stewart, he held business development and management roles in various industries. His father started ASK Services in 1990, which grew significantly before its acquisition, and it now serves as Stewart's platform for title production to agents nationwide.

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The key risks to Stewart Information Services (STC) primarily revolve around the cyclical nature of the real estate market, evolving industry technology, and the complex regulatory environment.

1. Economic Conditions Affecting Real Estate Activity and Interest Rates: Stewart Information Services' financial performance is significantly impacted by the volatility of general economic conditions, particularly those affecting real estate and mortgage activity. Fluctuations in interest rates, existing and new home sales, real estate prices, and consumer confidence can lead to decreased transaction volumes and increased claims, directly affecting the company's revenues and profitability. The housing market facing challenges such as multi-decade lows in existing home sales and elevated mortgage rates directly contributes to a difficult operating environment for Stewart.
2. Technological Advancements, Disruption, and Competition: The real estate industry is undergoing innovation, and the introduction of alternative title insurance products and other technological advancements could disrupt Stewart's traditional business model. This could affect the demand for their services and the manner in which products are ordered or fulfilled, potentially impacting revenue and profitability. Stewart must also maintain strong relationships with independent agents and enhance its competitive position through service quality and financial strength to counter competitive pressures.
3. Regulatory and Compliance Risks: Stewart's insurance subsidiaries are subject to extensive government regulations, which can influence revenue growth and operating results. Changes in existing regulations or the introduction of new regulatory requirements could substantially increase compliance costs and adversely affect the company's business. Additionally, the company faces risks associated with potential downgrades by rating agencies, which could impact customer retention and the acquisition of new business.

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Stewart Information Services (NYSE: STC) primarily operates in title insurance and real estate services. The addressable markets for their main products and services are sized as follows:

• Title Insurance:
  • The global title insurance market was estimated at $4.01 billion in 2024 and is projected to grow to $4.152 billion in 2025, reaching $5.893 billion by 2035.
  • North America holds approximately 70% of the global market share, with the United States being the primary contributor.
  • The title insurance industry in the United States is projected to be $17.1 billion in 2025.
  • During the first quarter of 2025, the title insurance industry generated $3.9 billion in premiums.
• Mortgage Brokerage Services:
  • The global mortgage brokerage services market was valued at $102.55 billion in 2024, is projected to reach $112.58 billion in 2025, and is expected to grow to $166.07 billion by 2029.
  • North America was identified as the largest region in the mortgage brokerage services market in 2024.
• U.S. Home Mortgage Market:
  • The U.S. home mortgage market size was approximately $180.91 billion in 2023 and is predicted to grow to about $501.67 billion by 2032.
  • Another estimate indicates the U.S. home mortgage market size reached $2.29 trillion in 2025 and is forecasted to grow to $3.02 trillion by 2030.
  • In 2024, the market size is projected to reach $204,490.7 million, with an anticipated valuation of $571,641.9 million by 2033.

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Stewart Information Services (STC) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Growth in Commercial Business: The company has demonstrated strong performance and a continued focus on expanding its commercial operations. In Q2 2025, domestic commercial revenues increased by 46% due to strength and breadth across various asset classes, including energy, data centers, hospitality, industrial, land development, and multifamily. The average fee per commercial file also saw a 25% increase. Stewart is actively expanding its small commercial operations and national commercial services, which are significant contributors to its growth. Management highlighted strong performance in commercial operations as a key growth driver in Q3 2025, with domestic commercial revenues improving by 17% across diverse asset classes.

2. Expansion of Real Estate Solutions Segment: Stewart’s Real Estate Solutions segment is consistently growing, primarily driven by its credit information and valuation services. This segment reported a 22% revenue increase in Q2 2025, largely due to higher revenues from credit information evaluation services. The company expects to further grow this business line by gaining market share with top lenders and through cross-selling its enhanced portfolio of services. In Q3 2025, the real estate solutions segment experienced a 21% increase in revenues, predominantly from credit information and valuation services.

3. Strategic Acquisitions: Acquisitions are a stated component of Stewart's growth strategy. The CEO emphasized that acquisitions are expected to be a major driver for growth, and the company maintains an active pipeline of potential targets. For instance, the acquisition of PropStream has enhanced Stewart's real estate solutions capabilities with advanced AI-driven tools. Strategic acquisitions are considered crucial for navigating the competitive landscape and capitalizing on emerging opportunities.

4. Geographic Expansion, particularly in Canada: Stewart is actively broadening its geographic presence, with a specific focus on Canada, where it aims to increase its commercial penetration. International revenues increased by 9% in Q1 2025, driven by improved volumes from Canadian operations. In Q3 2025, international revenues grew by 21%, bolstered by a 12% rise in noncommercial activities and substantial large commercial transactions, indicating an expanding global reach.

5. Anticipated Improvement in the Residential Housing Market: Despite ongoing challenges in the housing market, Stewart anticipates a gradual improvement. The company's CEO expressed confidence in the market's ability to improve over the next 12 months in Q3 2025, citing growing inventory and builders offering incentives. Stewart expects to benefit from targeted acquisitions and strategic investments as market conditions improve.

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Share Repurchases

• Stewart Information Services repurchased approximately 51,000 shares for an aggregate purchase price of approximately $3.6 million during the first nine months of 2025. These repurchases were primarily related to statutory income tax withholding on the vesting of restricted unit grants to employees.
• In 2024, the company repurchased approximately 61,900 shares for an aggregate purchase price of approximately $3.8 million, mainly for statutory income tax withholding on employee restricted share grants.
• For 2020, approximately 25,500 shares were repurchased for about $1.1 million, also related to statutory income tax withholding on the vesting of restricted share grants to executives and senior management.

Share Issuance

• The number of outstanding common shares for Stewart Information Services increased from 26,752,903 on February 19, 2021, to 28,024,203 by October 30, 2025.
• Compensation costs recognized related to share-based awards to employees amounted to approximately $12.7 million in 2024, $10.1 million in 2023, and $11.5 million in 2022.

Outbound Investments

• On November 7, 2025, Stewart Information Services entered into a definitive agreement to acquire Lender MCS Holdings, Inc. (“MCS”) for $330 million in cash, which will be funded with the company's available resources.
• During the first nine months of 2025, the company used $38.6 million in cash for acquisitions of businesses and intangible assets.
• Stewart Information Services completed the acquisition of All New York Title Agency, Inc. on April 10, 2024. In the first nine months of 2024, cash used for acquisitions of businesses and intangible assets was $14.4 million. In the first quarter of 2022, $17.9 million in cash was used for an acquisition in the title segment.

Capital Expenditures

• For the first nine months of 2025, Stewart Information Services used $46.2 million in cash for expenditures related to property and equipment and other long-lived assets.
• During the first nine months of 2024, cash used for expenditures related to property and equipment and other long-lived assets totaled $28.1 million.
• Capital expenditures are primarily focused on implementing technologies to increase operational and back-office efficiencies and to pursue growth in key markets.