Old Republic, First American, and Stewart’s revenues surged in the second quarter

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First American Financial’s title insurance segment ended the second quarter with a margin of 19.1%, a new record for the company. This compares with 17.1% in the first quarter and 16.3% in the second quarter of 2020.

The segment’s profit before tax rose to $ 402.4 million from $ 321.6 million in the previous quarter and $ 237.8 million a year earlier. Net income at the holding company level was $ 302.3 million, compared with $ 233.6 million and $ 170.7 million.

The company’s results were the result of a strong buying market as well as the recovery of commercial properties.

“We’ve also benefited from the high performance backed by our ongoing data and title automation initiatives,” first US CEO Dennis Gilmore said in a press release. “In addition, we have recognized a $ 44 million profit this quarter from our venture capital program, which continues to deliver strategic and financial benefits.”

However, the number of open orders decreased compared to the previous quarter and a year earlier. In the second quarter, First American opened 329,500 new orders, up from 363,000 the previous quarter and 351,300 a year earlier.

Meanwhile, First American closed 271,100 orders, up from 287,600 in the first quarter and 254,400 during the second quarter of last year.





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