The title insurance industry was one of the beneficiaries of the 2012 refinance boom, as premiums written during the year totaled $11.4 billion, up 21% over 2012, according to the American Land Title Association. In 4Q12, there was $3.3 billion written compared with $2.6 billion one year prior.
The fourth quarter was the best of last year, because
ALTA added the industry paid $908 million in claims during 2012, compared to $1.02 billion in claims paid in 2011.
By company market share, Fidelity National Financial remained the largest title insurer, with a 33.86% market share, down from 34.66% at the end of 2011.
First American also had a slight loss of market share in 2012 going to 26.34% from 26.82%.
Old Republic, which had been bouncing between third and fourth in market share in the wake of the failure of LandAmerica (whose acquisition by FNF drove that company to No. 1), solidified its hold on third, growing 51 basis points during the year to 13.53%. Stewart ended the year at No. 4, down 74 basis points to 12.94%.
As a group, the regional players added 152 basis points, growing their share to 13.32%.
