Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Note 17 – Segment Information

The Company consists of the following reportable segments:

•The title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant data and records; provides appraisals and other valuation-related products and services; provides lien release, document custodial and default-related products and services; provides document generation services; provides warehouse lending services; subservices mortgage loans; and provides banking, trust and wealth management services. The Company, through its principal title insurance subsidiary and such subsidiary’s affiliates, transacts its title insurance business through a network of direct operations and agents. Through this network, the Company issues policies in the 49 states that permit the issuance of title insurance policies, the District of Columbia and certain United States territories. The Company also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, Australia, New Zealand, South Korea and various other established and emerging markets.

•The home warranty segment sells products including residential service contracts that cover residential systems, such as heating and air conditioning systems, and certain appliances against failures that occur as the result of normal usage during the coverage period. This business currently operates in 36 states and the District of Columbia.

•The corporate segment includes investments in venture-stage companies, certain financing facilities and corporate services that support the Company’s business operations.

Selected financial information about the Company’s operations, by segment, is as follows:

For the three months ended March 31, 2024:

(in millions)	Revenues			Income (loss) before income taxes			Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	1,319.8		$	72.7		$	48.8	$	59.6
Home Warranty		105.2			20.3			1.3		1.9
Corporate and Eliminations		(0.4	)		(34.7	)		—		—
	$	1,424.6		$	58.3		$	50.1	$	61.5

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other			Net investment income (loss)		Net investment gains (losses)			Total Revenues
Title Insurance and Services	$	403.2	$	563.8	$	217.2		$	116.7	$	18.9		$	1,319.8
Home Warranty		97.7		—		5.9			0.9		0.7			105.2
Corporate and Eliminations		—		—		(0.1	)		10.3		(10.6	)		(0.4	)
	$	500.9	$	563.8	$	223.0		$	127.9	$	9.0		$	1,424.6

For the three months ended March 31, 2023:

(in millions)	Revenues			Income (loss) before income taxes			Depreciation and amortization		Capital expenditures
Title Insurance and Services	$	1,348.6		$	88.2		$	44.2	$	66.3
Home Warranty		103.7			15.9			1.3		1.2
Corporate and Eliminations		(6.2	)		(44.5	)		—		—
	$	1,446.1		$	59.6		$	45.5	$	67.5

(in millions)	Direct premiums and escrow fees		Agent premiums		Information and other			Net investment income (loss)		Net investment losses			Total Revenues
Title Insurance and Services	$	405.6	$	590.4	$	221.5		$	124.6	$	6.5		$	1,348.6
Home Warranty		96.6		—		5.5			1.4		0.2			103.7
Corporate and Eliminations		—		—		(0.1	)		8.0		(14.1	)		(6.2	)
	$	502.2	$	590.4	$	226.9		$	134.0	$	(7.4	)	$	1,446.1