10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 10-Q

(Mark One)

☑    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

or

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 001-02658

 STEWART INFORMATION SERVICES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		74-1677330
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1360 Post Oak Blvd.,	Suite 100
Houston,	Texas	77056
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (713) 625-8100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value per share	STC	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    

Yes ☑  No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☑	Large accelerated filer	☐	Non-accelerated filer	☐	Emerging growth company
☐	Accelerated filer	☐	Smaller reporting company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐  No ☑

On April 29, 2022, there were 27,017,045 outstanding shares of the issuer's Common Stock.

FORM 10-Q QUARTERLY REPORT

QUARTER ENDED MARCH 31, 2022

TABLE OF CONTENTS

Item		Page
	PART I – FINANCIAL INFORMATION
1.	Financial Statements	3
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
3.	Quantitative and Qualitative Disclosures About Market Risk	27
4.	Controls and Procedures	27
	PART II – OTHER INFORMATION
1.	Legal Proceedings	28
1A.	Risk Factors	28
2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
5.	Other Information	28
6.	Exhibits	29
	Signature	30

As used in this report, “we,” “us,” “our,” "Registrant," the “Company” and “Stewart” mean Stewart Information Services Corporation and our subsidiaries, unless the context indicates otherwise.

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

		Three Months Ended   March 31,
		2022	2021
	($000 omitted, except per share)
Revenues
Title revenues:
Direct operations		317,834	279,504
Agency operations		404,145	345,932
Real estate solutions and other		123,230	55,931
Operating revenues		845,209	681,367
Investment income		3,622	3,945
Net realized and unrealized gains		4,085	3,274
		852,916	688,586
Expenses
Amounts retained by agencies		331,191	283,935
Employee costs		204,982	169,397
Other operating expenses		189,751	125,482
Title losses and related claims		29,221	28,773
Depreciation and amortization		13,748	6,430
Interest		4,412	567
		773,305	614,584
Income before taxes and noncontrolling interests		79,611	74,002
Income tax expense		(17,699)	(16,880)
Net income		61,912	57,122
Less net income attributable to noncontrolling interests		4,015	2,886
Net income attributable to Stewart		57,897	54,236
Net income		61,912	57,122
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments		620	1,867
Change in net unrealized gains and losses on investments		(19,898)	(9,156)
Reclassification adjustments for realized gains and losses on investments		(185)	(145)
Other comprehensive loss, net of taxes:		(19,463)	(7,434)
Comprehensive income		42,449	49,688
Less net income attributable to noncontrolling interests		4,015	2,886
Comprehensive income attributable to Stewart		38,434	46,802
Basic average shares outstanding (000)		26,960	26,736
Basic earnings per share attributable to Stewart		2.15	2.03
Diluted average shares outstanding (000)		27,444	26,984
Diluted earnings per share attributable to Stewart		2.11	2.01

See notes to condensed consolidated financial statements.

3

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2022 (Unaudited)	December 31, 2021
	($000 omitted)
Assets
Cash and cash equivalents	396,649	485,919
Short-term investments	18,054	17,650
Investments in debt and equity securities, at fair value	692,415	679,214
Receivables:
Premiums from agencies	44,608	45,428
Trade and other	72,994	75,079
Income taxes	2,074	5,420
Notes	3,544	1,124
Allowance for uncollectible amounts	(7,435)	(7,711)
	115,785	119,340
Property and equipment:
Land	2,545	2,545
Buildings	19,277	19,303
Furniture and equipment	218,244	216,261
Accumulated depreciation	(167,688)	(165,653)
	72,378	72,456
Operating lease assets	141,033	134,578
Title plants, at cost	76,859	76,859
Investments on equity method basis	4,525	4,754
Goodwill	932,556	924,837
Intangible assets, net of amortization	230,245	229,804
Deferred tax assets	3,732	3,846
Other assets	76,756	64,105
	2,760,987	2,813,362
Liabilities
Notes payable	445,936	483,491
Accounts payable and accrued liabilities	233,135	287,326
Operating lease liabilities	154,974	149,417
Estimated title losses	560,718	549,614
Deferred tax liabilities	41,436	48,779
	1,436,199	1,518,627
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	311,891	309,622
Retained earnings	1,022,456	974,800
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(8,297)	(8,917)
Net unrealized (losses) gains on debt securities investments	(10,913)	9,170
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,312,471	1,282,009
Noncontrolling interests	12,317	12,726
Total stockholders’ equity (27,015,078 and 26,893,430 shares outstanding)	1,324,788	1,294,735
	2,760,987	2,813,362

See notes to condensed consolidated financial statements.

4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended   March 31,
	2022	2021
	($000 omitted)
Reconciliation of net income to cash provided by operating activities:
Net income	61,912	57,122
Add (deduct):
Depreciation and amortization	13,748	6,430
Provision for bad debt	14	708
Net realized and unrealized gains	(4,085)	(3,274)
Amortization of net premium on debt securities investments	690	938
Payments for title losses less than provisions	8,959	12,234
Adjustments for insurance recoveries of title losses	220	(205)
Decrease (increase) in receivables – net	6,226	(3,513)
Increase in other assets – net	(5,046)	(7,869)
Decrease in accounts payable and other liabilities – net	(50,808)	(20,116)
Change in net deferred income taxes	265	2,007
Net income from equity method investments	(736)	(924)
Dividends received from equity method investments	1,167	764
Stock-based compensation expense	2,239	3,174
Other – net	110	(34)
Cash provided by operating activities	34,875	47,442
Investing activities:
Proceeds from sales of investments in securities	17,650	3,051
Proceeds from matured investments in debt securities	15,923	42,836
Purchases of investments in securities	(66,882)	(47,881)
Net (purchases) sales of short-term investments	(60)	2,648
Purchases of property and equipment, and real estate	(12,291)	(5,721)
Proceeds from sale of property and equipment and other assets	829	—
Cash paid for acquisition of businesses	(17,904)	(52,575)
Cash paid for acquisition of equity method investment	(69)	(16,080)
Other – net	(2,412)	131
Cash used by investing activities	(65,216)	(73,591)
Financing activities:
Proceeds from notes payable	140	178,975
Payments on notes payable	(37,819)	(154,910)
Distributions to noncontrolling interests	(4,568)	(3,844)
Repurchases of Common Stock	(2,462)	(1,935)
Proceeds from stock option and employee stock purchase plan exercises	2,492	61
Cash dividends paid	(10,119)	(8,840)
Payment of contingent consideration related to acquisitions	(6,262)	—
Purchase of remaining interest in consolidated subsidiaries	—	(2,570)
Other - net	36	(777)
Cash (used) provided by financing activities	(58,562)	6,160
Effects of changes in foreign currency exchange rates	(367)	69
Change in cash and cash equivalents	(89,270)	(19,920)
Cash and cash equivalents at beginning of period	485,919	432,683
Cash and cash equivalents at end of period	396,649	412,763

See notes to condensed consolidated financial statements.

5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests	Total
	($000 omitted)
Three Months Ended March 31, 2022
Balance at December 31, 2021	27,246	282,376	974,800	253	(2,666)	12,726	1,294,735
Net income attributable to Stewart	—	—	57,897	—	—	—	57,897
Dividends on Common Stock ($0.38 per share)	—	—	(10,241)	—	—	—	(10,241)
Stock-based compensation	108	2,131	—	—	—	—	2,239
Stock repurchases	(36)	(2,426)	—	—	—	—	(2,462)
Stock option and employee stock purchase plan exercises	49	2,443	—	—	—	—	2,492
Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(19,898)	—	—	(19,898)
Reclassification adjustment for realized gains and losses on investments, net of taxes	—	—	—	(185)	—	—	(185)
Foreign currency translation adjustments, net of taxes	—	—	—	620	—	—	620
Net income attributable to noncontrolling interests	—	—	—	—	—	4,015	4,015
Distributions to noncontrolling interests	—	—	—	—	—	(4,568)	(4,568)
Net effect of other changes in ownership	—	—	—	—	—	144	144
Balance at March 31, 2022	27,367	284,524	1,022,456	(19,210)	(2,666)	12,317	1,324,788
Three Months Ended March 31, 2021
Balance at December 31, 2020	27,080	274,857	688,819	17,022	(2,666)	7,294	1,012,406
Net income attributable to Stewart	—	—	54,236	—	—	—	54,236
Dividends on Common Stock ($0.33 per share)	—	—	(9,082)	—	—	—	(9,082)
Stock-based compensation	113	3,061	—	—	—	—	3,174
Stock repurchases	(37)	(1,898)	—	—	—	—	(1,935)
Stock option and employee stock purchase plan exercises	2	59	—	—	—	—	61
Purchase of remaining interest in consolidated subsidiary	—	(2,259)	—	—	—	(311)	(2,570)
Change in net unrealized gains and losses on investments, net of taxes	—	—	—	(9,156)	—	—	(9,156)
Reclassification adjustment for realized gains and losses on investments, net of taxes, net of taxes	—	—	—	(145)	—	—	(145)
Foreign currency translation adjustments, net of taxes	—	—	—	1,867	—	—	1,867
Net income attributable to noncontrolling interests	—	—	—	—	—	2,886	2,886
Distributions to noncontrolling interests	—	—	—	—	—	(3,844)	(3,844)
Balance at March 31, 2021	27,158	273,820	733,973	9,588	(2,666)	6,025	1,047,898

See notes to condensed consolidated financial statements.

6

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1

Interim financial statements. The financial information contained in this report for the three months ended March 31, 2022 and 2021, and as of March 31, 2022, is unaudited. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on February 28, 2022 (2021 Form 10-K).

A. Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

B. Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $530.0 million and $523.5 million at March 31, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $20.3 million and $41.4 million at March 31, 2022 and December 31, 2021, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

NOTE 2

Revenues. The Company's operating revenues, summarized by type, are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Title insurance premiums:
Direct		205,562	194,993
Agency		404,145	345,932
Escrow fees		55,792	56,649
Real estate solutions and abstract fees		108,802	68,620
Other revenues		70,908	15,173
		845,209	681,367

7

NOTE 3

Investments in debt and equity securities. The total fair values of the Company's investments in debt and equity securities are as follows:

	March 31, 2022	December 31, 2021
	($000 omitted)
Investments in:
Debt securities	589,396	589,772
Equity securities	103,019	89,442
	692,415	679,214

As of March 31, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securities held were $23.9 million and $21.1 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	32,934	33,182	34,739	36,323
Corporate	252,113	248,050	249,757	258,102
Foreign	311,239	301,284	287,240	288,883
U.S. Treasury Bonds	6,925	6,880	6,429	6,464
	603,211	589,396	578,165	589,772

Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	278	30	1,585	1
Corporate	1,778	5,841	9,389	1,044
Foreign	534	10,489	3,285	1,642
U.S. Treasury Bonds	21	66	60	25
	2,611	16,426	14,319	2,712

Debt securities as of March 31, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	89,611	90,044
After one year through five years	318,078	310,887
After five years through ten years	166,600	159,971
After ten years	28,922	28,494
	603,211	589,396

8

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	30	6,033	—	—	30	6,033
Corporate	4,614	114,478	1,227	11,631	5,841	126,109
Foreign	8,749	236,540	1,740	30,281	10,489	266,821
U.S. Treasury Bonds	42	1,203	24	612	66	1,815
	13,435	358,254	2,991	42,524	16,426	400,778

The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2022 was 197. Of these securities, 19 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at March 31, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

NOTE 4

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

9

As of March 31, 2022, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	33,182	33,182
Corporate	—	248,050	248,050
Foreign	—	301,284	301,284
U.S. Treasury Bonds	—	6,880	6,880
Equity securities	103,019	—	103,019
	103,019	589,396	692,415

As of December 31, 2021, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	36,323	36,323
Corporate	—	258,102	258,102
Foreign	—	288,883	288,883
U.S. Treasury Bonds	—	6,464	6,464
Equity securities	89,442	—	89,442
	89,442	589,772	679,214

As of March 31, 2022 and December 31, 2021, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

NOTE 5

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Realized gains		1,594	170
Realized losses		(168)	(2,469)
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573
		4,085	3,274

10

Net realized gains during the first quarter 2022 included a $1.0 million realized gain related to sale of a title plant copy. Net realized losses during the first quarter 2021 included a $2.5 million loss related to a disposal of an equity method investment.

Investment gains and losses recognized related to investments in equity securities are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Net investment gains recognized on equity securities during the period		2,785	5,582
Less: Net realized gains on equity securities sold during the period		126	9
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573

Proceeds from sales of investments in securities are as follows: 

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Proceeds from sales of debt securities		17,280	2,936
Proceeds from sales of equity securities		370	115
Total proceeds from sales of investments in securities		17,650	3,051

NOTE 6

Goodwill. The summary of changes in goodwill is as follows.

	Title	Real Estate Solutions	Corporate and Other	Consolidated Total
	($000 omitted)
Balances at December 31, 2021	583,944	325,543	15,350	924,837
Acquisitions	19,947	—	—	19,947
Purchase accounting adjustments	(782)	(910)	(10,536)	(12,228)
Balances at March 31, 2022	603,109	324,633	4,814	932,556

During the first quarter 2022, goodwill recorded in the title segment was related to an acquisition of a title search and support services provider, while purchase accounting adjustments were primarily related to measurements of intangible assets and deferred taxes within one year of the related acquisitions.

11

NOTE 7

Estimated title losses. A summary of estimated title losses for the three months ended March 31 is as follows:

	2022		2021
	($000 omitted)
Balances at January 1	549,614		496,275
Provisions:
Current year	28,882		28,407
Previous policy years	339		366
Total provisions	29,221		28,773
Payments, net of recoveries:
Current year	(3,192)		(3,606)
Previous policy years	(17,070)		(12,933)
Total payments, net of recoveries	(20,262)		(16,539)
Effects of changes in foreign currency exchange rates	2,145		1,032
Balances at September 30	560,718		509,541
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.0	%	4.5	%
Total provisions	4.0	%	4.6	%

NOTE 8

Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which usually include a combination of time-based restricted stock units, performance-based restricted stock units and stock options. Each restricted stock unit represents a contractual right to receive a share of the Company's common stock. The time-based units generally vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives and an employee service requirement over a period of approximately three years. The stock options vest on each of the first three anniversaries of the grant date at a rate of 20%, 30% and 50%, chronologically, and expire 10 years after the grant date. Each vested stock option can be exercised to purchase a share of the Company's common stock at the strike price set by the Company at the grant date. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.

During the first quarter 2022, the Company granted time-based and performance-based restricted stock units with an aggregate grant-date fair value $10.5 million (163,000 units with an average grant price per unit of $64.43). During the first quarter 2021, the aggregate grant-date fair values of restricted stock unit and stock option awards, respectively, were $8.3 million (155,000 units with an average grant price per unit of $53.24) and $1.3 million (139,000 options with an average grant price per option of $9.24 and exercise strike price of $53.24).

12

NOTE 9

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. Outstanding shares of Common Stock granted to employees that are not yet vested (restricted shares) are excluded from the calculation of the weighted-average number of shares outstanding for calculating basic EPS. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units and shares were vested and stock options were exercised. In periods of loss, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted, except per share)
Numerator:
Net income attributable to Stewart		57,897	54,236
Denominator (000):
Basic average shares outstanding		26,960	26,736
Average number of dilutive shares relating to options		265	103
Average number of dilutive shares relating to grants of restricted units and shares		219	145
Diluted average shares outstanding		27,444	26,984
Basic earnings per share attributable to Stewart		2.15	2.03
Diluted earnings per share attributable to Stewart		2.11	2.01

NOTE 10

Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of March 31, 2022, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of March 31, 2022, the Company also had unused letters of credit aggregating $4.9 million related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

13

NOTE 11

Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiffs seek exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

The Company is subject to non-ordinary course of business claims or lawsuits from time to time. To the extent the Company is currently the subject of these types of lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Additionally, the Company occasionally receives various inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. To the extent the Company is in receipt of such inquiries, it believes that, where appropriate, it has adequately reserved for these matters and does not anticipate that the outcome of these inquiries will materially affect its consolidated financial condition or results of operations.

The Company is subject to various other administrative actions and inquiries into its business conduct in certain of the states in which it operates. While the Company cannot predict the outcome of the various regulatory and administrative matters, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of any of these matters will materially affect its consolidated financial condition or results of operations.

NOTE 12

Segment information. Prior to 2022, the Company reported two operating segments: the title insurance and related services (title) segment, and the ancillary services and corporate segment. Effective in the first quarter 2022, the Company began reporting three operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. The new segment presentation is primarily due to the increased size of the real estate solutions operations (formerly, ancillary services operations) resulting from strategic acquisitions. Previously, the real estate solutions operations were combined in one segment with the Company's corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments.

Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment primarily includes corporate operations. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The real estate solutions segment primarily include appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. Also, 2021 amounts were recast in the following table to conform with the new segment presentation.

14

Selected statement of income information related to these segments is as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Title segment:
Revenues		729,359	632,585
Depreciation and amortization		6,141	4,314
Income before taxes and noncontrolling interest		82,783	77,089
Real estate solutions segment:
Revenues		89,391	55,931
Depreciation and amortization		6,796	1,894
Income before taxes		6,791	2,657
Corporate and other segment:
Revenues		34,166	70
Depreciation and amortization		811	222
Loss before taxes		(9,963)	(5,744)
Consolidated Stewart:
Revenues		852,916	688,586
Depreciation and amortization		13,748	6,430
Income before taxes and noncontrolling interest		79,611	74,002

The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment.

Total revenues generated in the United States and all international operations are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
United States		809,204	652,582
International		43,712	36,004
		852,916	688,586

15

NOTE 13

Other comprehensive loss. Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows:

	Three Months Ended   March 31, 2022			Three Months Ended   March 31, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(25,188)	(5,290)	(19,898)	(11,589)	(2,433)	(9,156)
Reclassification adjustments for realized gains and losses on investments	(234)	(49)	(185)	(184)	(39)	(145)
	(25,422)	(5,339)	(20,083)	(11,773)	(2,472)	(9,301)
Foreign currency translation adjustments	976	356	620	2,351	484	1,867
Other comprehensive loss	(24,446)	(4,983)	(19,463)	(9,422)	(1,988)	(7,434)

16

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

MANAGEMENT’S OVERVIEW

First quarter 2022 overview. We reported net income attributable to Stewart of $57.9 million ($2.11 per diluted share) for the first quarter 2022, compared to net income attributable to Stewart of $54.2 million ($2.01 per diluted share) for the first quarter 2021, while first quarter 2022 pretax income before noncontrolling interests was $79.6 million compared to pretax income before noncontrolling interests of $74.0 million for the first quarter 2021. The first quarter 2022 and 2021 results included $4.1 million and $3.3 million, respectively, of pretax net realized and unrealized gains, both of which were primarily related to net unrealized gains on fair value changes of equity securities investments.

As disclosed in Note 12 to the condensed unaudited financial statements, we revised our segment presentation beginning with the first quarter 2022 using three reportable segments namely, title, real estate solutions, and corporate and other. This new segment presentation allows us to report distinct financial information relating to our real estate solutions operations (formerly, ancillary services operations). Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment includes primarily our corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments. Accordingly, we recast the segments results for 2021 to conform to our new presentation.

Summary results of the title segment are as follows ($ in millions, except pretax margin):

	For the Three Months Ended March 31
	2022		2021		% Change
Operating revenues	722.0		625.4		15	%
Investment income	3.6		3.9		(9)	%
Net realized and unrealized gains	3.8		3.2		18	%
Pretax income	82.8		77.1		7	%
Pretax margin	11.4	%	12.2	%

Title segment’s pretax income in the first quarter 2022 increased by $5.7 million compared to the first quarter 2021, while pretax margin was 11.4% in the first quarter 2022 compared to 12.2% in the prior year quarter. Title operating revenues in the first quarter 2022 improved $96.5 million, or 15%, as a result of revenue increases in direct title operations of $38.3 million, or 14%, and agency operations of $58.2 million, or 17%. Overall segment operating expenses in the first quarter 2022 increased $91.1 million, or 16%, primarily driven by 17% increases in both agency retention expenses and combined title employee costs and other operating expenses, compared to the prior year quarter. Average independent agency remittance rate in the first quarter 2022 was 18.1%, compared to 17.9% in the prior year quarter. As a percentage of title revenues, combined title employee costs and other operating expenses was 38.8% in the first quarter 2022 compared to 38.1% in the first quarter 2021.

Title loss expense in the first quarter 2022 was $29.2 million, which was slightly higher than $28.8 million in the first quarter 2021, primarily due to higher title revenues which was partially offset by favorable claims experience. As a percentage of title revenues, the title loss expense in the first quarter 2022 was 4.0% compared to 4.6% in the prior year quarter.

The segment’s net realized and unrealized gains in the first quarter 2022 primarily included $2.7 million of net unrealized gains on fair value changes of equity securities investments, while net realized and unrealized gains in the first quarter 2021 were also primarily related to net unrealized gains on fair value changes of equity securities investments. Investment income in the first quarter 2022 was slightly lower compared to the prior year quarter, primarily due to the higher mix of lower interest rate investments in the first quarter 2022.

17

Summary results of the real estate solutions segment are as follows ($ in millions):

	For the Three Months Ended March 31
	2022		2021		% Change
Operating revenues	89.4		55.9		60	%
Pretax income	6.8		2.7		156	%
Pretax margin	7.6	%	4.8	%

The segment’s pretax income improved to $6.8 million in the first quarter 2022 compared to $2.7 million in the prior year quarter, primarily due to higher operating revenues resulting from recent acquisitions. Total segment operating expenses increased $29.3 million, or 55%, primarily due to acquisitions and higher purchased intangible amortization expenses in the first quarter 2022 compared to the prior year quarter. Total intangible amortization expenses in the first quarters 2022 and 2021 were $6.4 million and $1.7 million, respectively.

Summary results of the corporate and other segment are as follows ($ in millions):

	For the Three Months Ended March 31
	2022	2021	% Change
Operating revenues	33.9	—	100	%
Realized gains	0.3	0.1	347	%
Pretax loss	(10.0)	(5.7)	(73)	%

Segment operating revenues in the first quarter 2022 were related to a recently acquired real estate brokerage company, which was subsequently sold in the second quarter 2022. Net expenses attributable to corporate operations in the first quarter 2022 increased to $8.9 million compared to $5.8 million in the prior year quarter, primarily due to increased interest expense resulting from our recently issued debt. Excluding the impact of the recently sold real estate brokerage company, the segment’s pretax loss this quarter would have been $8.6 million.

CRITICAL ACCOUNTING ESTIMATES

The preparation of the Company’s condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues, expenses and related disclosures surrounding contingencies and commitments.

Actual results can differ from our accounting estimates. While we do not anticipate significant changes in our estimates, there is a risk that such changes could have a material impact on our consolidated financial condition or results of operations for future periods. During the three months ended March 31, 2022, we made no material changes to our critical accounting estimates as previously disclosed in Management’s Discussion and Analysis in the 2021 Form 10-K.

Operations. Our primary business is title insurance and settlement-related services. We close transactions and issue title policies on homes, commercial and other real properties located in all 50 states, the District of Columbia and international markets through policy-issuing offices, agencies and centralized title services centers. Our real estate solutions operations include appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. The corporate and other segment includes our parent holding company expenses and certain enterprise-wide overhead costs, along with other businesses not related to title or real estate solutions operations.

Factors affecting revenues. The principal factors that contribute to changes in our operating revenues include:

•mortgage interest rates;

•availability of mortgage loans;

•number and average value of mortgage loan originations;

•ability of potential purchasers to qualify for loans;

18

•inventory of existing homes available for sale;

•ratio of purchase transactions compared with refinance transactions;

•ratio of closed orders to open orders;

•home prices;

•consumer confidence, including employment trends;

•demand by buyers;

•premium rates;

•foreign currency exchange rates;

•market share;

•ability to attract and retain highly productive sales associates;

•departure of revenue-attached employees;

•independent agency remittance rates;

•opening of new offices and acquisitions;

•office closures;

•number and value of commercial transactions, which typically yield higher premiums;

•government or regulatory initiatives, including tax incentives and the implementation of the integrated disclosure requirements;

•acquisitions or divestitures of businesses;

•volume of distressed property transactions;

•seasonality and/or weather; and

•outbreaks of diseases and related quarantine orders and restrictions on travel, trade and business operations.

Premiums are determined in part by the values of the transactions we handle. To the extent inflation or market conditions cause increases in the prices of homes and other real estate, premium revenues are also increased. Conversely, falling home prices cause premium revenues to decline. As an overall guideline, a 5% change in median home prices results in an approximately 3.7% change in title premiums. Home price changes may override the seasonal nature of the title insurance business. Historically, our first quarter is the least active in terms of title insurance revenues as home buying is generally depressed during winter months. Our second and third quarters are the most active as the summer is the traditional home buying season, and while commercial transaction closings are skewed to the end of the year, individually large commercial transactions can occur any time of year. On average, refinance title premium rates are 60% of the premium rates for a similarly priced sale transaction.

RESULTS OF OPERATIONS

Comparisons of our results of operations for the three months ended March 31, 2022 with the corresponding periods in the prior year are set forth below. Factors contributing to fluctuations in the results of operations are presented in the order of their monetary significance, and we have quantified, when necessary, significant changes. Segment results are included in the discussions and, when relevant, are discussed separately.

Our statements on home sales and loan activity are based on published U.S. industry data from sources including Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors® (NAR) and the U.S. Census Bureau as of March 31, 2022. We also use information from our direct operations.

Operating environment. Existing home sales in March 2022, on a seasonally-adjusted basis, declined 4% and 3% compared to a year ago and February 2022, respectively. According to NAR, the decline in existing homes sales was primarily due to slower demand, impacted by rising mortgage rates and higher inflation affecting consumer purchasing power. Median and average home prices continued to rise, increasing 15% and 10%, respectively, in March 2022 compared to a year ago, which marked the 121st consecutive month of year-over-year median home price increases. With regard to new residential construction, U.S. housing starts in March 2022 improved 4% from March 2021, while newly issued building permits in March 2022 were 7% higher than a year ago. Both March 2022 housing starts and issued building permits were comparable to February 2022.

19

According to Fannie Mae and MBA (averaged), one-to-four family mortgage originations during the first quarter 2022 decreased 37% to approximately $732 billion compared to the first quarter 2021, primarily driven by the expected decline in refinancing originations as interest rates continue to rise as a result of high inflation rates and related federal monetary actions. However, this decline was partially offset by an 11% improvement in purchase originations during the first quarter 2022 compared to last year. As of March 2022, the average 30-year fixed interest rate expected for 2022 is 4.2%, which is significantly higher than the 3.1% average interest rate observed during 2021. Second quarter 2022 total originations are expected to be 32% lower than last year's second quarter, with a 10% increase in purchase originations softening the impact of the continued drop in refinancing volumes. However, on a seasonally-adjusted basis, existing and new home sales are expected to improve 1% and 17%, respectively, in the second quarter 2022 compared to the second quarter 2021.

Title revenues. Direct title revenue information is presented below:

	Three Months Ended March 31,
	2022	2021	Change	% Change
	($ in millions)
Non-commercial
Domestic	220.2	216.0	4.2	2	%
International	31.5	28.8	2.7	9	%
	251.7	244.8	6.9	3	%
Commercial:
Domestic	56.4	29.2	27.2	93	%
International	9.7	5.5	4.2	76	%
	66.1	34.7	31.4	90	%
Total direct title revenues	317.8	279.5	38.3	14	%

Direct title revenues increased in the first quarter 2022 compared to the first quarter 2021 as a result of overall revenue growth in both non-commercial and commercial operations. Non-commercial revenues increased primarily due to improved residential purchase transactions and scale, which were partially offset by lower refinancing transactions in the first quarter 2022. The lower refinancing volume was expected and consistent with the housing market's trend of declining refinancing origination volume, which is primarily influenced by rising interest rates. Purchase orders closed improved 4%, while average residential fee per file increased 37% to approximately $2,600 in the first quarter 2022 compared to the first quarter 2021, primarily due to the higher mix of purchase transactions.

Commercial revenues increased in the first quarter 2022 compared to the prior year quarter, primarily due to growth in commercial transaction size and volume. Domestic commercial orders closed improved 31%, while average domestic commercial fee per file increased 47% to $12,700 in the first quarter 2022 compared to the first quarter 2021. Total international revenues in the first quarter 2022 increased $6.9 million, or 20%, primarily due to improved transaction volumes in our Canadian operations compared to the prior year quarter.

20

Orders information for the three months ended March 31 is as follows:

	Three Months Ended March 31,
	2022	2021	Change	% Change
Opened Orders:
Commercial	6,042	3,569	2,473	69	%
Purchase	68,498	70,789	(2,291)	(3)	%
Refinance	40,574	81,750	(41,176)	(50)	%
Other	1,642	1,810	(168)	(9)	%
Total	116,756	157,918	(41,162)	(26)	%
Closed Orders:
Commercial	4,431	3,377	1,054	31	%
Purchase	47,326	45,483	1,843	4	%
Refinance	34,487	65,666	(31,179)	(47)	%
Other	1,640	1,175	465	40	%
Total	87,884	115,701	(27,817)	(24)	%

Gross revenues from independent agency operations in the first quarter 2022 increased $58.2 million, or 17%, compared to the prior year quarter, similar to the improvement seen in our direct title operations. Agency revenues, net of retention, improved $11.0 million, or 18%, in the first quarter 2022 from the first quarter 2021, generally in line with increased gross agency revenues. Refer further to the "Retention by agencies" discussion under Expenses below.

Real estate solutions and other revenues. Real estate solutions and other revenues are comprised of revenues generated by our real estate solutions operations and a recently acquired real estate brokerage company (which was subsequently sold during the second quarter 2022). These revenues increased by $67.3 million, or 120%, in the first quarter 2022 compared to the first quarter 2021, primarily due to $33.4 million additional revenues from our real estate solutions operations which was driven by recent acquisitions of credit and information services companies, and $33.9 million of revenues from the subsequently-sold real estate brokerage company.

Investment income. Investment income in the first quarter 2022 decreased $0.3 million, or 8%, primarily due to the higher mix of lower interest rate bond investments in the first quarter 2022 compared to the prior year quarter. This was partially offset by higher dividend income resulting from increased investments in equity securities in the first quarter 2022 compared to the first quarter 2021.

Net realized and unrealized gains. Refer to Note 5 to the condensed consolidated financial statements.

Expenses. An analysis of expenses is shown below:

	Three Months Ended March 31,
	2022		2021		Change	% Change
	($ in millions)
Amounts retained by agencies	331.2		283.9		47.3	17	%
As a % of agency revenues	81.9	%	82.1	%
Employee costs	205.0		169.4		35.6	21	%
As a % of operating revenues	24.3	%	24.9	%
Other operating expenses	189.8		125.5		64.3	51	%
As a % of operating revenues	22.5	%	18.4	%
Title losses and related claims	29.2		28.8		0.4	1	%
As a % of title revenues	4.0	%	4.6	%

21

Retention by agencies. Amounts retained by title agencies are based on agreements between agencies and our title underwriters. Amounts retained by independent agencies, as a percentage of revenues generated by them, averaged 81.9% in the first quarter 2022, as compared to 82.1% in the first quarter 2021, primarily due to higher revenues generated by our agents from higher remitting states. The average retention percentage may vary from period to period due to the geographical mix of agency operations, the volume of title revenues and, in some states, laws or regulations. Due to the variety of such laws or regulations, as well as competitive factors, the average retention rate can differ significantly from state to state. In addition, a high proportion of our independent agencies are in states with retention rates greater than 80%. We continue to focus on increasing profit margins in every state, increasing premium revenue in states where remittance rates are above 20%, and maintaining the quality of our agency network, which we believe to be the industry’s best, in order to mitigate claims risk and drive consistent future performance. While market share is important in our agency operations channel, it is not as important as margins, risk mitigation and profitability.

Employee costs. Consolidated employee costs increased $35.6 million, or 21%, in the first quarter 2022 compared to the prior year quarter, primarily due to higher salaries and employee benefits driven by a 23% increase in average employee counts resulting from acquisitions. Employee costs, as a percentage of total operating revenues, improved slightly to 24.3% in the first quarter 2022 compared to 24.9% in the first quarter 2021.

Employee costs in the title segment and real estate solutions segment increased $25.6 million, or 16%, and $6.5 million, or 94%, respectively, in the first quarter 2022 compared to the prior year quarter, primarily due to higher average employee counts, principally from recent acquisitions. Employee costs in the corporate and other segment increased $3.5 million, or 116%, due to the subsequently-sold real estate brokerage company, which was acquired during the fourth quarter 2021.

As of March 31, 2022, we had approximately 7,300 employees, compared to approximately 6,100 employees as of March 31, 2021.

Other operating expenses. Other operating expenses include costs that are fixed in nature, costs that follow, to varying degrees, changes in transaction volumes and revenues (variable costs) and costs that fluctuate independently of revenues (independent costs). Costs that are fixed in nature include attorney and professional fees, third-party outsourcing provider fees, equipment rental, insurance, rent and other occupancy expenses, repairs and maintenance, technology costs, telecommunications and title plant expenses. Variable costs include appraiser and service expenses related to real estate solutions operations, outside search and valuation fees, attorney fee splits, bad debt expenses, copy supplies, delivery fees, postage, premium taxes and title plant maintenance expenses. Independent costs include general supplies, litigation defense, business promotion and marketing and travel.

Consolidated other operating expenses in the first quarter 2022 increased $64.3 million, or 51%, compared to the prior year quarter, primarily as a result of higher service expenses tied to increased revenues from real estate solutions operations, and increased outside title search and premium tax expenses on higher title revenue. Total variable costs increased $49.2 million, or 64%, in the first quarter 2022, mainly due to higher services expenses from our real estate solutions operations and increased outside search and premium tax expenses from direct title operations. Total costs that are fixed in nature increased $11.5 million, or 30%, in the first quarter 2022, primarily due to higher technology costs, increased rent and occupancy expenses mainly related to acquisitions and increased insurance costs. Independent costs increased $3.5 million, or 35%, in the first quarter 2022, primarily due to higher marketing and travel costs, partially offset by lower office closure expenses and litigation-related accruals.

As a percentage of total operating revenues, consolidated other operating expenses in the first quarter 2022 increased to 22.5% compared to 18.4% in the prior year quarter, primarily due to the increased size of our real estate solutions operations which typically have higher other operating expenses.

Title losses. Provisions for title losses, as a percentage of title operating revenues, were 4.0% for the first quarter 2022, compared to 4.6% for the first quarter 2021. Title loss expense in the first quarter 2022 was $29.2 million, which was slightly higher than $28.8 million in the first quarter 2021, primarily due to higher title revenues which was partially offset by favorable claims experience. The title loss ratio in any given quarter can be significantly influenced by changes in new large claims incurred, escrow losses and adjustments to reserves for existing large claims.

22

The composition of title policy loss expense is as follows:

	Three Months Ended March 31,
	2022	2021	Change	% Change
	($ in millions)
Provisions – known claims:
Current year	4.8	2.2	2.6	118	%
Prior policy years	14.9	13.3	1.6	12	%
	19.7	15.5	4.2	27	%
Provisions – IBNR
Current year	24.1	26.2	(2.1)	(8)	%
Prior policy years	0.3	0.4	(0.1)	(25)	%
	24.4	26.6	(2.2)	(8)	%
Transferred from IBNR to known claims	(14.9)	(13.3)	(1.6)	12	%
Total provisions	29.2	28.8	0.4	1	%

Provisions for known claims arise primarily from prior policy years as claims are not typically reported until several years after policies are issued. Provisions - Incurred But Not Reported (IBNR) are estimates of claims expected to be incurred over the next 20 years; therefore, it is not unusual or unexpected to experience changes to those estimated provisions in both current and prior policy years as additional loss experience on policy years is obtained. This loss experience may result in changes to our estimate of total ultimate losses expected (i.e., the IBNR policy loss reserve). Current year provisions - IBNR are recorded on policies issued in the current year as a percentage of premiums earned (provisioning rate). As claims become known, provisions are reclassified from IBNR to known claims. Adjustments relating to large losses (those individually in excess of $1.0 million) may impact provisions either for known claims or for IBNR.

Current year IBNR provisions in the first quarter 2022 decreased $2.1 million, or 8%, compared to the same period in 2021, due to the effect of lowered provisioning rates resulting from favorable claims experience. As a percentage of title operating revenues, provisions - IBNR for the current policy year were 3.3% and 4.2% in the first quarters 2022 and 2021, respectively. Cash claim payments increased $3.7 million, or 23%, in the first quarter 2022 compared to the prior year quarter, primarily due to payments on large claims. We continue to manage and resolve large claims prudently and in keeping with our commitments to our policyholders.

In addition to title policy claims, we incur losses in our direct operations from escrow, closing and disbursement functions. These escrow losses typically relate to errors or other miscalculations of amounts to be paid at closing, including timing or amount of a mortgage payoff, payment of property or other taxes and payment of homeowners’ association fees. Escrow losses also arise in cases of fraud, and in those cases, the title insurer incurs the loss under its obligation to ensure that an unencumbered title is conveyed. Escrow losses are recognized as expenses when discovered or when contingencies associated with them (such as litigation) are resolved and are typically paid less than 12 months after the loss is recognized.

Total title policy loss reserve balances are as follows:

	March 31, 2022	December 31, 2021
	($ in millions)
Known claims	75.4	75.9
IBNR	485.3	473.7
Total estimated title losses	560.7	549.6

23

The actual timing of estimated title loss payments may vary since claims, by their nature, are complex and paid over long periods of time. Based on historical payment patterns, the outstanding loss reserves are substantially paid out within seven years. As a result, the estimate of the ultimate amount to be paid on any claim may be modified over that time period. Due to the inherent uncertainty in predicting future title policy losses, significant judgment is required by both our management and our third party actuaries in estimating reserves. As a consequence, our ultimate liability may be materially greater or less than current reserves and/or our third party actuary’s calculated estimates.

Depreciation and amortization. Depreciation and amortization expenses increased $7.3 million, or 114%, in the first quarter 2022 compared to the first quarter 2021, primarily due to recent acquisitions, which generated $6.2 million higher purchased intangible asset amortization expenses and $0.7 million higher fixed asset depreciation expenses.

Income taxes. Our effective tax rates, based on income before taxes and after deducting income attributable to noncontrolling interests, were 23.4% in the first quarter 2022, compared to 23.7% in the first quarter 2021. There were no significant discrete tax items during both periods.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources reflect our ability to generate cash flow to meet our obligations to stockholders, customers (payments to satisfy claims on title policies), vendors, employees, lenders and others. As of March 31, 2022, our total cash and investments, including amounts reserved pursuant to statutory requirements aggregated $1.1 billion. Of our total cash and investments at March 31, 2022, $709.6 million ($440.7 million, net of statutory reserves) was held in the United States and the rest internationally (principally in Canada).

As a holding company, the parent company is funded principally by cash from its subsidiaries' earnings in the form of dividends, operating and other administrative expense reimbursements and pursuant to intercompany tax sharing agreements. Cash held at the parent company and its unregulated subsidiaries (which totaled $65.7 million at March 31, 2022) is available for funding the parent company's operating expenses, interest payments on debt and dividend payments to common stockholders. The parent company also receives distributions from Stewart Title Guaranty Company (Guaranty), its regulated title insurance underwriter, to meet cash requirements for acquisitions and other strategic investments.

A substantial majority of our consolidated cash and investments as of March 31, 2022 was held by Guaranty and its subsidiaries. The use and investment of these funds, dividends to the parent company, and cash transfers between Guaranty and its subsidiaries and the parent company are subject to certain legal and regulatory restrictions. In general, Guaranty uses its cash and investments in excess of its legally-mandated statutory premium reserve (established in accordance with requirements under Texas law) to fund its insurance operations, including claims payments. Guaranty may also, subject to certain limitations, provide funds to its subsidiaries (whose operations consist principally of field title offices and real estate solutions operations) for their operating and debt service needs.

We maintain investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $530.0 million and $523.5 million at March 31, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $20.3 million and $41.4 million at March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, our known claims reserve totaled $75.4 million and our estimate of claims that may be reported in the future, under generally accepted accounting principles, totaled $485.3 million. In addition to this, we had cash and investments (excluding equity method investments) of $373.7 million, which are available for underwriter operations, including claims payments, and acquisitions.

24

The ability of Guaranty to pay dividends to its parent is governed by Texas insurance law. The Texas Department of Insurance (TDI) must be notified of any dividend declared, and any dividend in excess of the greater of the statutory net operating income or 20% of surplus (approximately $210.1 million as of December 31, 2021) would be, by regulation, considered extraordinary and subject to pre-approval by the TDI. Also, the Texas Insurance Commissioner may raise an objection to a planned distribution during the notification period. Guaranty’s actual ability or intent to pay dividends to its parent may be constrained by business and regulatory considerations, such as the impact of dividends on surplus and liquidity, which could affect its ratings and competitive position, the amount of insurance it can write and its ability to pay future dividends. Guaranty paid no dividends to its parent during the three months ended March 31, 2022, compared to $40.0 million paid during the three months ended March 31, 2021.

As the parent company conducts no operations apart from its wholly-owned subsidiaries, the discussion below focuses on consolidated cash flows.

	Three Months Ended March 31,
	2022	2021
	($ in millions)
Net cash provided by operating activities	34.9	47.4
Net cash used by investing activities	(65.2)	(73.6)
Net cash (used) provided by financing activities	(58.6)	6.2

Operating activities. Our principal sources of cash from operations are premiums on title policies and revenue from title service-related transactions, real estate solutions and other operations. Our independent agencies remit cash to us net of their contractual retention. Our principal cash expenditures for operations are employee costs, operating costs and title claims payments.

Net cash provided by operations in the first quarter 2022 decreased to $34.9 million from $47.4 million in the prior year quarter, primarily due to higher payments of operating liabilities outstanding at December 31, 2021, partially offset by a higher net income in the first quarter 2022. Although our business is labor intensive, we are focused on a cost-effective, scalable business model which includes utilization of technology, centralized back and middle office functions and business process outsourcing. We are continuing our emphasis on cost management, especially in light of the current economic environment due to rising mortgage interest and inflation rates, specifically focusing on lowering unit costs of production and improving operating margins in our direct title and real estate solutions operations. Our plans to improve margins include additional automation of manual processes, and further consolidation of our various systems and production operations. We continue to invest in the technology necessary to accomplish these goals.

Investing activities. Net cash used by investing activities is primarily driven by proceeds from matured and sold investments, purchases of investments, capital expenditures and acquisition of businesses. During the first quarter 2022, total proceeds from securities investments sold and matured were $33.6 million, compared to $45.9 million during the prior year quarter. Cash used for purchases of securities investments was $66.9 million during the first quarter 2022 compared to $47.9 million during the same period in 2021.

We used $17.9 million of cash for an acquisition in the title segment during the first quarter 2022, compared to cash used of $52.6 million for several acquisitions in the real estate solutions segment and $16.1 million for acquiring an equity method investment in a title company during the prior year quarter. We used $12.3 million and $5.7 million of cash for purchases of property and equipment during the first quarter 2022 and 2021, respectively. We maintain investment in capital expenditures at a level that enables us to implement technologies for increasing our operational and back-office efficiencies and to pursue growth in key markets.

Financing activities and capital resources. Total debt and stockholders’ equity were $445.9 million and $1.32 billion, respectively, as of March 31, 2022. During the first quarter 2022 and 2021, payments on notes payable of $37.3 million and $154.7 million, respectively, and notes payable additions of $0.1 million and $154.0 million, respectively, were related to short-term loan agreements in connection with our Section 1031 tax-deferred property exchange (Section 1031) business.

25

At March 31, 2022, our line of credit facility was fully available, while our debt-to-equity and debt-to-capitalization ratios, excluding our Section 1031 notes, were approximately 34% and 25%, respectively. During the first quarter 2022, we paid total dividends of $10.1 million ($0.375 per common share), compared to the total dividends paid in the first quarter 2021 of $8.8 million ($0.33 per common share).

***********

We believe we have sufficient liquidity and capital resources to meet the cash needs of our ongoing operations, including in the current economic and real estate environment created by the increasing mortgage interest and inflation rates. However, we may determine that additional debt or equity funding is warranted to provide liquidity for achievement of strategic goals or acquisitions or for unforeseen circumstances. Other than scheduled maturities of debt, operating lease payments and anticipated claims payments, we have no material contractual commitments. We expect that cash flows from operations and cash available from our underwriters, subject to regulatory restrictions, will be sufficient to fund our operations, including claims payments. However, to the extent that these funds are not sufficient, we may be required to borrow funds on terms less favorable than we currently have or seek funding from the equity market, which may not be successful or may be on terms that are dilutive to existing stockholders.

Contingent liabilities and commitments. See discussion of contingent liabilities and commitments in Note 10 to the condensed consolidated financial statements.

Other comprehensive loss. Unrealized gains and losses on available-for-sale debt securities investments and changes in foreign currency exchange rates are reported net of deferred taxes in accumulated other comprehensive income (loss), a component of stockholders’ equity, until they are realized. During the first quarter 2022, net unrealized investment losses of $20.1 million, net of taxes, which increased our other comprehensive loss, were primarily related to net decreases in the fair values of our corporate and foreign bond securities investments, primarily driven by the effect of higher interest rates and credit spreads. During the first quarter 2021, net unrealized investment losses of $9.3 million, net of taxes, which increased our other comprehensive loss, were primarily related to a net decrease in the fair values of our overall bond securities investment portfolio mainly driven by the effect of rising interest rates.

Changes in foreign currency exchange rates, primarily related to our Canadian and United Kingdom operations, reduced our other comprehensive loss, net of taxes, by $0.6 million in the first quarter 2022; while they decreased our other comprehensive loss, net of taxes, by $1.9 million in the prior year quarter.

Off-balance sheet arrangements. We do not have any material source of liquidity or financing that involves off-balance sheet arrangements, other than our contractual obligations under operating leases. We also routinely hold funds in segregated escrow accounts pending the closing of real estate transactions and have qualified intermediaries in tax-deferred property exchanges for customers pursuant to Section 1031 of the Internal Revenue Code. The Company holds the proceeds from these transactions until a qualifying exchange can occur. In accordance with industry practice, these segregated accounts are not included on the balance sheet. See Note 15 in our 2021 Form 10-K.

26

Forward-looking statements. Certain statements in this report are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “may,” "expect," "anticipate," "intend," "plan," "believe," "seek," "will," "foresee" or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the volatility of economic conditions; adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect of title losses on our cash flows and financial condition; the ability to attract and retain highly productive sales associates; the impact of vetting our agency operations for quality and profitability; independent agency remittance rates; changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; the outcome of pending litigation; the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; our dependence on our operating subsidiaries as a source of cash flow; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; seasonality and weather; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including in Part I, Item 1A "Risk Factors" in our 2021 Form 10-K, and as maybe further updated and supplemented from time to time in our future Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this report are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this report to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes during the quarter ended March 31, 2022 in our investment strategies, types of financial instruments held or the risks associated with such instruments that would materially alter the market risk disclosures made in our 2021 Form 10-K.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer are responsible for establishing and maintaining disclosure controls and procedures. They evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of March 31, 2022, and have concluded that, as of such date, our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting. There was no change in our internal control over financial reporting during the quarter ended March 31, 2022, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

27

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See discussion of legal proceedings in Note 11 to the condensed consolidated financial statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part II, Item 1, as well as Item 3. Legal Proceedings, in our 2021 Form 10-K.

Item 1A. Risk Factors

Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in our 2021 Form 10-K. There have been no material changes to our risk factors since our 2021 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no repurchases of our Common Stock during the three months ended March 31, 2022, except for repurchases of approximately 35,600 shares (aggregate purchase price of approximately $2.5 million) related to the statutory income tax withholding on the vesting of restricted unit grants to executives and senior management employees.

Item 5. Other Information

Book value per share. Our book value per share was $48.58 and $47.67 as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022, our book value per share was based on approximately $1.31 billion of stockholders’ equity attributable to Stewart and 27,015,078 shares of Common Stock outstanding. As of December 31, 2021, our book value per share was based on approximately $1.28 billion of stockholders’ equity attributable to Stewart and 26,893,430 shares of Common Stock outstanding.

28

Item 6. Exhibits

Exhibit
3.1	—	Restated Certificate of Incorporation of the Registrant, dated April 28, 2016 (incorporated by reference in this report from Exhibit 3.1 of the Current Report on Form 8-K filed April 29, 2016)
3.2	—	Third Amended and Restated By-Laws of the Registrant, as of April 27, 2016 (incorporated by reference in this report from Exhibit 3.2 of the Current Report on Form 8-K filed April 28, 2016)
10.1†*		Restricted Performance Unit Agreement, effective March 9, 2022, by and between the Registrant and Frederick Eppinger
10.2†*		Stock Unit Award Agreement, effective March 9, 2022, by and between the Registrant and Frederick Eppinger
10.3†*	—	Restricted Performance Unit Agreement, effective March 9, 2022, by and between the Registrant and David Hisey
10.4†*	—	Stock Unit Award Agreement, effective March 9, 2022, by and between the Registrant and David Hisey
10.5†*	—	Stock Unit Award Agreement (cliff), effective March 9, 2022, by and between the Registrant and David Hisey
10.6†*	—	Restricted Performance Unit Agreement, effective March 9, 2022, by and between the Registrant and John Killea
10.7†*	—	Stock Unit Award Agreement, effective March 9, 2022, by and between the Registrant and John Killea
10.8†*		Stock Unit Award Agreement (cliff), effective March 9, 2022, by and between the Registrant and John Killea
10.9†*		Restricted Performance Unit Agreement, effective March 9, 2022, by and between the Registrant and Steven Lessack
10.10†*		Stock Unit Award Agreement, effective March 9, 2022, by and between the Registrant and Steven Lessack
10.11†*		Restricted Performance Unit Agreement, effective March 9, 2022, by and between the Registrant and Tara Smith
10.12†*		Stock Unit Award Agreement, effective March 9, 2022, by and between the Registrant and Tara Smith
31.1*	—	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	—	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	—	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	—	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*	—	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*	—	XBRL Taxonomy Extension Schema Document
101.CAL*	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	—	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	—	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	—	XBRL Taxonomy Extension Presentation Linkbase Document
104*	—	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

† Management contract or compensatory plan

29

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

May 6, 2022

Date

	Stewart Information Services Corporation
	Registrant
By:	/s/ David C. Hisey
	David C. Hisey, Chief Financial Officer, Secretary and Treasurer

30

EX-10.1

STEWART INFORMATION SERVICES CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED PERFORMANCE UNIT AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to Frederick Eppinger (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), and subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan or as set forth herein.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Restricted Stock Units as described in Article VII of the Plan, subject to the terms of the Plan and to the provisions set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company hereby grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan, 19,977 Restricted Stock Units (the “Units”), representing a contractual right of the Participant potentially to receive shares of Common Stock (“Shares”). The number of Shares to be delivered at settlement, if any, shall be determined by reference to the number of Units that are deemed vested and to be settled, provided all of the conditions for settlement of the Units have been satisfied and subject to the terms and conditions of the Plan and this Award Agreement.

2.Performance Criteria. The Units subject to this Award Agreement shall be earned and vested based on the satisfaction of the Performance Restriction and the Time-Based Restriction, each of which is described below.

a.Performance Restriction

In order for the Units to vest, the Committee must determine that the Company has achieved 7.75% or greater Pre-Tax Margin (defined below) in at least three calendar quarters of any of the next seven calendar quarters starting April 1, 2022 (the “Performance Restriction”). The seven calendar quarters beginning April 1, 2022, and ending December 31, 2023 are defined as the (“Measurement Period”). This determination shall occur during the ninety (90) day period following the end of the Measurement Period.

For purposes of this Agreement, the following definitions shall apply:

i.“Pre-Tax Margin” is the amount calculated by dividing (i) Modified Pre-Tax Profits, by (ii) Modified Gross Revenues.

ii.“Modified Pre-Tax Profits” is “Income before taxes and non controlling interests”, as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and

other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

iii.“Modified Gross Revenues” is Total Revenues as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

b.Time-Based Restriction

Anniversary Date	% of Restricted Stock Units
Third (3rd) anniversary of the Grant Date	100.0%

1.Vesting and Forfeiture.

a.If the Performance Restriction has been achieved prior to the Anniversary Date, then the percentage of Units indicated next to the Anniversary Date shall vest on the Anniversary Date (referred to as the “Time-Based Restriction”).

i.Notwithstanding any provision of this Agreement or the Plan, if the Company does not satisfy the Performance Restriction for the Measurement Period, all Units shall be forfeited to the Company.

ii.Except as expressly provided in Section 3(c) below, any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.Notwithstanding any other provision of this Award Agreement, and except as provided in Section 2(a)(i) above, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

c.Waiver of Continued Employment Requirement. The general requirement that the Participant be satisfying the Time-Based Restriction by being continuously employed through the date the Units are settled (the “Employment Requirement”) shall be waived to the extent provided in this Section 2(c), subject, however, in all regards, to the Committee’s discretionary authority as provided under the Plan. Specifically, the Employment Requirement shall not be applicable in the following circumstances (“Special Circumstances”):

i.The Participant’s termination of employment under circumstances where the Participant is eligible for benefits under the Company’s Executive Voluntary Retirement Plan;

ii.Termination of the Participant’s employment due to Executive’s death;

iii.Termination of the Participant’s employment due to Executive’s Disability;

iv.Termination of the Participant’s employment by the Company without Cause; or

v.Termination of the Participant’s employment by the Participant by Executive for Good Reason (but only in circumstances where the Participant’s employment agreement provides for severance pay benefits on a resignation for Good Reason.

In order for the Participant to receive any Shares with respect to Units following the occurrence of any of the above Special Circumstances, the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”)

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(c), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Notwithstanding anything herein to the contrary, in the event the Participant is terminated for Cause, the Participant’s rights to any payments otherwise due under this Award Agreement are forfeited in their entirety.

2.Status of Units. The Units subject to this Award Agreement are not intended to constitute property for purposes of Section 83 of the Code. The Units represent a right to receive a payment, in the form Shares, at the time the Units are settled.

3.Time of Payment/Settlement. In all cases, Units that are vested and settled under the terms of this Award Agreement shall be settled on or as soon as practicable following the Anniversary Date set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on the Anniversary Date. In addition, in the event any dividends are paid to shareholders during the Measurement Period or thereafter prior to the settlement of the Units, the Participant shall be entitled to a payment equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares actually delivered to the Participant throughout that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

5.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Units subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

6.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

[Signature Page Attached]

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 25, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Thomas Apel

Its Chairman of the Board

ACKNOWLEDGED

By: /s/ Frederick Eppinger

PARTICIPANT

EX-10.2

STEWART INFORMATION SERVICES CORPORATION

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to Frederick Eppinger (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Stock Units (the “Units”), each of which represent a contractual right that entitles the Participant potentially to receive a share of the Company’s Common Stock (each, a “Share”), provided all of the conditions for settlement of the Units have been satisfied, subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan 13,318 Units.

2.Vesting and Forfeiture.

a.Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.In general, the Units shall become vested on the dates set forth below (each, a “Vesting Date”), as to the specified percentage of the Units indicated:

Vesting Date	Incremental Vesting Percentage	Cumulative Vesting Percentage
First anniversary of the Grant Date	33⅓%	33⅓%
Second anniversary of the Grant Date	33⅓%	66⅔%
Third Anniversary of the Grant Date	33⅓%	100%

The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date.

a.Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

b.Special Pro-Rata Vesting. The Units (if not already vested under any other provision of this Award Agreement) shall be vested pursuant to this Section 2(d)

immediately prior to the Participant’s termination of employment under any of the following circumstances (“Special Vesting Termination Events”):

i.Termination of the Participant’s employment due to Executive’s death;

ii.Termination of the Participant’s employment due to Executive’s Disability;

iii.Termination of the Participant’s employment by the Company without Cause;

iv.Termination of the Participant’s employment by the Participant for Good Reason (if the Participant’s employment agreement has provisions for severance pay benefits in such circumstances).

In order for the Participant to be eligible for special pro-rata vesting under this Section 2(d), the Participant must have been continuously employed for at least twenty-five percent (25%) of the period covered by the vesting schedule set forth in Section 2(a), unless stated otherwise under the terms of the Participant’s Employment Agreement, and the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”).

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(d), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Voluntary Retirement. Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Stewart Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

3.Settlement of Vested Units. Vested Units shall generally be settled on or as soon as practicable following the Vesting Dates set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on each of the Vesting Dates. Notwithstanding anything herein to the contrary, the accelerated vesting of Units that may occur based on the circumstances of the Participant’s termination of employment, or eligibility for Voluntary Retirement, shall not have any impact on the settlement date for the Units, so that no acceleration of settlement or payment occurs as a result of any such change in vesting. Settlement of Units shall be contingent on the Participant making appropriate arrangements for payment of amounts required to be withheld for federal, state and local income and wage taxes, and the Company shall also have the right to withhold or cancel Units or Shares that are otherwise to be delivered on settlement of Units so as to enable the Company to comply with its withholding obligations (and any such cancellation of withholding of Units or Shares shall be deemed to be a taxable distribution of Shares and a repurchase of such Shares for federal income tax purposes at the time that occurs). In addition, in the event any dividends are paid to shareholders during the period following the Grant Date and up to the delivery of any Shares, the Participant shall be entitled to a payment, at the same time the Shares are delivered to the Participant, equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares during that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Status of Units and Certain Tax Matters. The Units subject to this Award Agreement are only a contractual right of the Participant potentially to receive Shares corresponding to the number of Units granted to the Participant. As a consequence, the Units do not constitute property for purposes of Code Section 83. As a consequence, the Participant will be taxable for federal income tax purposes on the value of the Shares distributed to the Participant at the time the Shares are distributed, and not at the time the Units vest. Notwithstanding the foregoing, the value of the Units is treated as creating a form of nonqualified deferred compensation to which Code Sections 409A and 3121(v) are

applicable. As a consequence, the value of the Units is subject to certain wages taxes (for Social Security and Medicare) at the time of vesting and the Company shall be entitled to cancel vested Units as a means to cover the Company’s wage withholding obligations that arise on vesting. Vesting is not, however, intended generally to be a taxable event for purposes of federal income taxation or Code Section 409A. Because the time of settlement or payment is, in all cases, fixed by reference to a specified schedule of payments that is not subject to acceleration, except for the cancellation of Units for withholding purposes, which is permissible under Code Section 409A, all requirements of Code Section 409A are intended to be met, and this Award Agreement shall be interpreted in a manner consistent with the Company’s intent to satisfy all applicable requirements of Code Section 409A.

5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

6.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Shares subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

7.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 25, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Thomas Apel

Its Chairman of the Board

ACKNOWLEDGED

By: /s/ Frederick Eppinger

PARTICIPANT

EX-10.3

STEWART INFORMATION SERVICES CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED PERFORMANCE UNIT AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to David Hisey (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), and subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan or as set forth herein.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Restricted Stock Units as described in Article VII of the Plan, subject to the terms of the Plan and to the provisions set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company hereby grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan, 9,568 Restricted Stock Units (the “Units”), representing a contractual right of the Participant potentially to receive shares of Common Stock (“Shares”). The number of Shares to be delivered at settlement, if any, shall be determined by reference to the number of Units that are deemed vested and to be settled, provided all of the conditions for settlement of the Units have been satisfied and subject to the terms and conditions of the Plan and this Award Agreement.

2.Performance Criteria. The Units subject to this Award Agreement shall be earned and vested based on the satisfaction of the Performance Restriction and the Time-Based Restriction, each of which is described below.

a.Performance Restriction

In order for the Units to vest, the Committee must determine that the Company has achieved 7.75% or greater Pre-Tax Margin (defined below) in at least three calendar quarters of any of the next seven calendar quarters starting April 1, 2022 (the “Performance Restriction”). The seven calendar quarters beginning April 1, 2022, and ending December 31, 2023 are defined as the (“Measurement Period”). This determination shall occur during the ninety (90) day period following the end of the Measurement Period.

For purposes of this Agreement, the following definitions shall apply:

i.“Pre-Tax Margin” is the amount calculated by dividing (i) Modified Pre-Tax Profits, by (ii) Modified Gross Revenues.

ii.“Modified Pre-Tax Profits” is “Income before taxes and non controlling interests”, as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and

other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

iii.“Modified Gross Revenues” is Total Revenues as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

b.Time-Based Restriction

Anniversary Date	% of Restricted Stock Units
Third (3rd) anniversary of the Grant Date	100.0%

1.Vesting and Forfeiture.

a.If the Performance Restriction has been achieved prior to the Anniversary Date, then the percentage of Units indicated next to the Anniversary Date shall vest on the Anniversary Date (referred to as the “Time-Based Restriction”).

i.Notwithstanding any provision of this Agreement or the Plan, if the Company does not satisfy the Performance Restriction for the Measurement Period, all Units shall be forfeited to the Company.

ii.Except as expressly provided in Section 3(c) below, any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.Notwithstanding any other provision of this Award Agreement, and except as provided in Section 2(a)(i) above, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

c.Waiver of Continued Employment Requirement. The general requirement that the Participant be satisfying the Time-Based Restriction by being continuously employed through the date the Units are settled (the “Employment Requirement”) shall be waived to the extent provided in this Section 2(c), subject, however, in all regards, to the Committee’s discretionary authority as provided under the Plan. Specifically, the Employment Requirement shall not be applicable in the following circumstances (“Special Circumstances”):

i.The Participant’s termination of employment under circumstances where the Participant is eligible for benefits under the Company’s Executive Voluntary Retirement Plan;

ii.Termination of the Participant’s employment due to Executive’s death;

iii.Termination of the Participant’s employment due to Executive’s Disability;

iv.Termination of the Participant’s employment by the Company without Cause; or

v.Termination of the Participant’s employment by the Participant by Executive for Good Reason (but only in circumstances where the Participant’s employment agreement provides for severance pay benefits on a resignation for Good Reason.

In order for the Participant to receive any Shares with respect to Units following the occurrence of any of the above Special Circumstances, the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”)

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(c), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Notwithstanding anything herein to the contrary, in the event the Participant is terminated for Cause, the Participant’s rights to any payments otherwise due under this Award Agreement are forfeited in their entirety.

2.Status of Units. The Units subject to this Award Agreement are not intended to constitute property for purposes of Section 83 of the Code. The Units represent a right to receive a payment, in the form Shares, at the time the Units are settled.

3.Time of Payment/Settlement. In all cases, Units that are vested and settled under the terms of this Award Agreement shall be settled on or as soon as practicable following the Anniversary Date set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on the Anniversary Date. In addition, in the event any dividends are paid to shareholders during the Measurement Period or thereafter prior to the settlement of the Units, the Participant shall be entitled to a payment equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares actually delivered to the Participant throughout that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

5.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Units subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

6.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

[Signature Page Attached]

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 28, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ David Hisey

PARTICIPANT

EX-10.4

STEWART INFORMATION SERVICES CORPORATION

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to David Hisey (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Stock Units (the “Units”), each of which represent a contractual right that entitles the Participant potentially to receive a share of the Company’s Common Stock (each, a “Share”), provided all of the conditions for settlement of the Units have been satisfied, subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan 6,378 Units.

2.Vesting and Forfeiture.

a.Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.In general, the Units shall become vested on the dates set forth below (each, a “Vesting Date”), as to the specified percentage of the Units indicated:

Vesting Date	Incremental Vesting Percentage	Cumulative Vesting Percentage
First anniversary of the Grant Date	33⅓%	33⅓%
Second anniversary of the Grant Date	33⅓%	66⅔%
Third Anniversary of the Grant Date	33⅓%	100%

The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date.

a.Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

b.Special Pro-Rata Vesting. The Units (if not already vested under any other provision of this Award Agreement) shall be vested pursuant to this Section 2(d)

immediately prior to the Participant’s termination of employment under any of the following circumstances (“Special Vesting Termination Events”):

i.Termination of the Participant’s employment due to Executive’s death;

ii.Termination of the Participant’s employment due to Executive’s Disability;

iii.Termination of the Participant’s employment by the Company without Cause;

iv.Termination of the Participant’s employment by the Participant for Good Reason (if the Participant’s employment agreement has provisions for severance pay benefits in such circumstances).

In order for the Participant to be eligible for special pro-rata vesting under this Section 2(d), the Participant must have been continuously employed for at least twenty-five percent (25%) of the period covered by the vesting schedule set forth in Section 2(a), unless stated otherwise under the terms of the Participant’s Employment Agreement, and the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”).

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(d), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Voluntary Retirement. Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Stewart Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

3.Settlement of Vested Units. Vested Units shall generally be settled on or as soon as practicable following the Vesting Dates set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on each of the Vesting Dates. Notwithstanding anything herein to the contrary, the accelerated vesting of Units that may occur based on the circumstances of the Participant’s termination of employment, or eligibility for Voluntary Retirement, shall not have any impact on the settlement date for the Units, so that no acceleration of settlement or payment occurs as a result of any such change in vesting. Settlement of Units shall be contingent on the Participant making appropriate arrangements for payment of amounts required to be withheld for federal, state and local income and wage taxes, and the Company shall also have the right to withhold or cancel Units or Shares that are otherwise to be delivered on settlement of Units so as to enable the Company to comply with its withholding obligations (and any such cancellation of withholding of Units or Shares shall be deemed to be a taxable distribution of Shares and a repurchase of such Shares for federal income tax purposes at the time that occurs). In addition, in the event any dividends are paid to shareholders during the period following the Grant Date and up to the delivery of any Shares, the Participant shall be entitled to a payment, at the same time the Shares are delivered to the Participant, equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares during that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Status of Units and Certain Tax Matters. The Units subject to this Award Agreement are only a contractual right of the Participant potentially to receive Shares corresponding to the number of Units granted to the Participant. As a consequence, the Units do not constitute property for purposes of Code Section 83. As a consequence, the Participant will be taxable for federal income tax purposes on the value of the Shares distributed to the Participant at the time the Shares are distributed, and not at the time the Units vest. Notwithstanding the foregoing, the value of the Units is treated as creating a form of nonqualified deferred compensation to which Code Sections 409A and 3121(v) are

applicable. As a consequence, the value of the Units is subject to certain wages taxes (for Social Security and Medicare) at the time of vesting and the Company shall be entitled to cancel vested Units as a means to cover the Company’s wage withholding obligations that arise on vesting. Vesting is not, however, intended generally to be a taxable event for purposes of federal income taxation or Code Section 409A. Because the time of settlement or payment is, in all cases, fixed by reference to a specified schedule of payments that is not subject to acceleration, except for the cancellation of Units for withholding purposes, which is permissible under Code Section 409A, all requirements of Code Section 409A are intended to be met, and this Award Agreement shall be interpreted in a manner consistent with the Company’s intent to satisfy all applicable requirements of Code Section 409A.

5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

6.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Shares subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

7.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 28, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ David Hisey

PARTICIPANT

EX-10.5

STEWART INFORMATION SERVICES CORPORATION

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to David Hisey(the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Stock Units (the “Units”), each of which represent a contractual right that entitles the Participant potentially to receive a share of the Company’s Common Stock (each, a “Share”), provided all of the conditions for settlement of the Units have been satisfied, subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan 5,745 Units.

2.Vesting and Forfeiture.

a.Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.All Units shall become vested on the second anniversary of the Grant Date (the “Vesting Date”).

The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date.

a.Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

b.Special Pro-Rata Vesting. The Units (if not already vested under any other provision of this Award Agreement) shall be vested pursuant to this Section 2(d) immediately prior to the Participant’s termination of employment under any of the following circumstances (“Special Vesting Termination Events”):

i.Termination of the Participant’s employment due to Executive’s death;

ii.Termination of the Participant’s employment due to Executive’s Disability;

iii.Termination of the Participant’s employment by the Company without Cause;

iv.Termination of the Participant’s employment by the Participant for Good Reason (if the Participant’s employment agreement has provisions for severance pay benefits in such circumstances).

In order for the Participant to be eligible for special pro-rata vesting under this Section 2(d), the Participant must have been continuously employed for at least twenty-five percent (25%) of the period covered by the vesting schedule set forth in Section 2(a), unless stated otherwise under the terms of the Participant’s Employment Agreement, and the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”).

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(d), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Voluntary Retirement. Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Stewart Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

3.Settlement of Vested Units. Vested Units shall generally be settled on or as soon as practicable following the Vesting Dates set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on each of the Vesting Dates. Notwithstanding anything herein to the contrary, the accelerated vesting of Units that may occur based on the circumstances of the Participant’s termination of employment, or eligibility for Voluntary Retirement, shall not have any impact on the settlement date for the Units, so that no acceleration of settlement or payment occurs as a result of any such change in vesting. Settlement of Units shall be contingent on the Participant making appropriate arrangements for payment of amounts required to be withheld for federal, state and local income and wage taxes, and the Company shall also have the right to withhold or cancel Units or Shares that are otherwise to be delivered on settlement of Units so as to enable the Company to comply with its withholding obligations (and any such cancellation of withholding of Units or Shares shall be deemed to be a taxable distribution of Shares and a repurchase of such Shares for federal income tax purposes at the time that occurs). In addition, in the event any dividends are paid to shareholders during the period following the Grant Date and up to the delivery of any Shares, the Participant shall be entitled to a payment, at the same time the Shares are delivered to the Participant, equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares during that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Status of Units and Certain Tax Matters. The Units subject to this Award Agreement are only a contractual right of the Participant potentially to receive Shares corresponding to the number of Units granted to the Participant. As a consequence, the Units do not constitute property for purposes of Code Section 83. As a consequence, the Participant will be taxable for federal income tax purposes on the value of the Shares distributed to the Participant at the time the Shares are distributed, and not at the time the Units vest. Notwithstanding the foregoing, the value of the Units is treated as creating a form of nonqualified deferred compensation to which Code Sections 409A and 3121(v) are applicable. As a consequence, the value of the Units is subject to certain wages taxes (for Social Security and Medicare) at the time of vesting and the Company shall be entitled to cancel vested Units as a means to cover the Company’s wage withholding obligations that arise on vesting. Vesting is not, however, intended generally to be a taxable event

for purposes of federal income taxation or Code Section 409A. Because the time of settlement or payment is, in all cases, fixed by reference to a specified schedule of payments that is not subject to acceleration, except for the cancellation of Units for withholding purposes, which is permissible under Code Section 409A, all requirements of Code Section 409A are intended to be met, and this Award Agreement shall be interpreted in a manner consistent with the Company’s intent to satisfy all applicable requirements of Code Section 409A.

5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

6.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Shares subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

7.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 28, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ David Hisey

PARTICIPANT

EX-10.6

STEWART INFORMATION SERVICES CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED PERFORMANCE UNIT AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to John Killea (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), and subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan or as set forth herein.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Restricted Stock Units as described in Article VII of the Plan, subject to the terms of the Plan and to the provisions set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company hereby grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan, 4,815 Restricted Stock Units (the “Units”), representing a contractual right of the Participant potentially to receive shares of Common Stock (“Shares”). The number of Shares to be delivered at settlement, if any, shall be determined by reference to the number of Units that are deemed vested and to be settled, provided all of the conditions for settlement of the Units have been satisfied and subject to the terms and conditions of the Plan and this Award Agreement.

2.Performance Criteria. The Units subject to this Award Agreement shall be earned and vested based on the satisfaction of the Performance Restriction and the Time-Based Restriction, each of which is described below.

a.Performance Restriction

In order for the Units to vest, the Committee must determine that the Company has achieved 7.75% or greater Pre-Tax Margin (defined below) in at least three calendar quarters of any of the next seven calendar quarters starting April 1, 2022 (the “Performance Restriction”). The seven calendar quarters beginning April 1, 2022, and ending December 31, 2023 are defined as the (“Measurement Period”). This determination shall occur during the ninety (90) day period following the end of the Measurement Period.

For purposes of this Agreement, the following definitions shall apply:

i.“Pre-Tax Margin” is the amount calculated by dividing (i) Modified Pre-Tax Profits, by (ii) Modified Gross Revenues.

ii.“Modified Pre-Tax Profits” is “Income before taxes and non controlling interests”, as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and

other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

iii.“Modified Gross Revenues” is Total Revenues as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

b.Time-Based Restriction

Anniversary Date	% of Restricted Stock Units
Third (3rd) anniversary of the Grant Date	100.0%

1.Vesting and Forfeiture.

a.If the Performance Restriction has been achieved prior to the Anniversary Date, then the percentage of Units indicated next to the Anniversary Date shall vest on the Anniversary Date (referred to as the “Time-Based Restriction”).

i.Notwithstanding any provision of this Agreement or the Plan, if the Company does not satisfy the Performance Restriction for the Measurement Period, all Units shall be forfeited to the Company.

ii.Except as expressly provided in Section 3(c) below, any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.Notwithstanding any other provision of this Award Agreement, and except as provided in Section 2(a)(i) above, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

c.Waiver of Continued Employment Requirement. The general requirement that the Participant be satisfying the Time-Based Restriction by being continuously employed through the date the Units are settled (the “Employment Requirement”) shall be waived to the extent provided in this Section 2(c), subject, however, in all regards, to the Committee’s discretionary authority as provided under the Plan. Specifically, the Employment Requirement shall not be applicable in the following circumstances (“Special Circumstances”):

i.The Participant’s termination of employment under circumstances where the Participant is eligible for benefits under the Company’s Executive Voluntary Retirement Plan;

ii.Termination of the Participant’s employment due to Executive’s death;

iii.Termination of the Participant’s employment due to Executive’s Disability;

iv.Termination of the Participant’s employment by the Company without Cause; or

v.Termination of the Participant’s employment by the Participant by Executive for Good Reason (but only in circumstances where the Participant’s employment agreement provides for severance pay benefits on a resignation for Good Reason.

In order for the Participant to receive any Shares with respect to Units following the occurrence of any of the above Special Circumstances, the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”)

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(c), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Notwithstanding anything herein to the contrary, in the event the Participant is terminated for Cause, the Participant’s rights to any payments otherwise due under this Award Agreement are forfeited in their entirety.

2.Status of Units. The Units subject to this Award Agreement are not intended to constitute property for purposes of Section 83 of the Code. The Units represent a right to receive a payment, in the form Shares, at the time the Units are settled.

3.Time of Payment/Settlement. In all cases, Units that are vested and settled under the terms of this Award Agreement shall be settled on or as soon as practicable following the Anniversary Date set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on the Anniversary Date. In addition, in the event any dividends are paid to shareholders during the Measurement Period or thereafter prior to the settlement of the Units, the Participant shall be entitled to a payment equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares actually delivered to the Participant throughout that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

5.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Units subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

6.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

[Signature Page Attached]

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 28, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ John Killea

PARTICIPANT

EX-10.7

STEWART INFORMATION SERVICES CORPORATION

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to John Killea (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Stock Units (the “Units”), each of which represent a contractual right that entitles the Participant potentially to receive a share of the Company’s Common Stock (each, a “Share”), provided all of the conditions for settlement of the Units have been satisfied, subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan 3,210 Units.

2.Vesting and Forfeiture.

a.Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.In general, the Units shall become vested on the dates set forth below (each, a “Vesting Date”), as to the specified percentage of the Units indicated:

Vesting Date	Incremental Vesting Percentage	Cumulative Vesting Percentage
First anniversary of the Grant Date	33⅓%	33⅓%
Second anniversary of the Grant Date	33⅓%	66⅔%
Third Anniversary of the Grant Date	33⅓%	100%

The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date.

a.Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

b.Special Pro-Rata Vesting. The Units (if not already vested under any other provision of this Award Agreement) shall be vested pursuant to this Section 2(d)

immediately prior to the Participant’s termination of employment under any of the following circumstances (“Special Vesting Termination Events”):

i.Termination of the Participant’s employment due to Executive’s death;

ii.Termination of the Participant’s employment due to Executive’s Disability;

iii.Termination of the Participant’s employment by the Company without Cause;

iv.Termination of the Participant’s employment by the Participant for Good Reason (if the Participant’s employment agreement has provisions for severance pay benefits in such circumstances).

In order for the Participant to be eligible for special pro-rata vesting under this Section 2(d), the Participant must have been continuously employed for at least twenty-five percent (25%) of the period covered by the vesting schedule set forth in Section 2(a), unless stated otherwise under the terms of the Participant’s Employment Agreement, and the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”).

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(d), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Voluntary Retirement. Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Stewart Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

3.Settlement of Vested Units. Vested Units shall generally be settled on or as soon as practicable following the Vesting Dates set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on each of the Vesting Dates. Notwithstanding anything herein to the contrary, the accelerated vesting of Units that may occur based on the circumstances of the Participant’s termination of employment, or eligibility for Voluntary Retirement, shall not have any impact on the settlement date for the Units, so that no acceleration of settlement or payment occurs as a result of any such change in vesting. Settlement of Units shall be contingent on the Participant making appropriate arrangements for payment of amounts required to be withheld for federal, state and local income and wage taxes, and the Company shall also have the right to withhold or cancel Units or Shares that are otherwise to be delivered on settlement of Units so as to enable the Company to comply with its withholding obligations (and any such cancellation of withholding of Units or Shares shall be deemed to be a taxable distribution of Shares and a repurchase of such Shares for federal income tax purposes at the time that occurs). In addition, in the event any dividends are paid to shareholders during the period following the Grant Date and up to the delivery of any Shares, the Participant shall be entitled to a payment, at the same time the Shares are delivered to the Participant, equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares during that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Status of Units and Certain Tax Matters. The Units subject to this Award Agreement are only a contractual right of the Participant potentially to receive Shares corresponding to the number of Units granted to the Participant. As a consequence, the Units do not constitute property for purposes of Code Section 83. As a consequence, the Participant will be taxable for federal income tax purposes on the value of the Shares distributed to the Participant at the time the Shares are distributed, and not at the time the Units vest. Notwithstanding the foregoing, the value of the Units is treated as creating a form of nonqualified deferred compensation to which Code Sections 409A and 3121(v) are

applicable. As a consequence, the value of the Units is subject to certain wages taxes (for Social Security and Medicare) at the time of vesting and the Company shall be entitled to cancel vested Units as a means to cover the Company’s wage withholding obligations that arise on vesting. Vesting is not, however, intended generally to be a taxable event for purposes of federal income taxation or Code Section 409A. Because the time of settlement or payment is, in all cases, fixed by reference to a specified schedule of payments that is not subject to acceleration, except for the cancellation of Units for withholding purposes, which is permissible under Code Section 409A, all requirements of Code Section 409A are intended to be met, and this Award Agreement shall be interpreted in a manner consistent with the Company’s intent to satisfy all applicable requirements of Code Section 409A.

5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

6.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Shares subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

7.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 28, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ John Killea

PARTICIPANT

EX-10.8

STEWART INFORMATION SERVICES CORPORATION

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to John Killea(the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Stock Units (the “Units”), each of which represent a contractual right that entitles the Participant potentially to receive a share of the Company’s Common Stock (each, a “Share”), provided all of the conditions for settlement of the Units have been satisfied, subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan 3,105 Units.

2.Vesting and Forfeiture.

a.Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.All Units shall become vested on the second anniversary of the Grant Date (the “Vesting Date”).

The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date.

a.Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

b.Special Pro-Rata Vesting. The Units (if not already vested under any other provision of this Award Agreement) shall be vested pursuant to this Section 2(d) immediately prior to the Participant’s termination of employment under any of the following circumstances (“Special Vesting Termination Events”):

i.Termination of the Participant’s employment due to Executive’s death;

ii.Termination of the Participant’s employment due to Executive’s Disability;

iii.Termination of the Participant’s employment by the Company without Cause;

iv.Termination of the Participant’s employment by the Participant for Good Reason (if the Participant’s employment agreement has provisions for severance pay benefits in such circumstances).

In order for the Participant to be eligible for special pro-rata vesting under this Section 2(d), the Participant must have been continuously employed for at least twenty-five percent (25%) of the period covered by the vesting schedule set forth in Section 2(a), unless stated otherwise under the terms of the Participant’s Employment Agreement, and the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”).

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(d), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Voluntary Retirement. Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Stewart Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

3.Settlement of Vested Units. Vested Units shall generally be settled on or as soon as practicable following the Vesting Dates set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on each of the Vesting Dates. Notwithstanding anything herein to the contrary, the accelerated vesting of Units that may occur based on the circumstances of the Participant’s termination of employment, or eligibility for Voluntary Retirement, shall not have any impact on the settlement date for the Units, so that no acceleration of settlement or payment occurs as a result of any such change in vesting. Settlement of Units shall be contingent on the Participant making appropriate arrangements for payment of amounts required to be withheld for federal, state and local income and wage taxes, and the Company shall also have the right to withhold or cancel Units or Shares that are otherwise to be delivered on settlement of Units so as to enable the Company to comply with its withholding obligations (and any such cancellation of withholding of Units or Shares shall be deemed to be a taxable distribution of Shares and a repurchase of such Shares for federal income tax purposes at the time that occurs). In addition, in the event any dividends are paid to shareholders during the period following the Grant Date and up to the delivery of any Shares, the Participant shall be entitled to a payment, at the same time the Shares are delivered to the Participant, equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares during that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Status of Units and Certain Tax Matters. The Units subject to this Award Agreement are only a contractual right of the Participant potentially to receive Shares corresponding to the number of Units granted to the Participant. As a consequence, the Units do not constitute property for purposes of Code Section 83. As a consequence, the Participant will be taxable for federal income tax purposes on the value of the Shares distributed to the Participant at the time the Shares are distributed, and not at the time the Units vest. Notwithstanding the foregoing, the value of the Units is treated as creating a form of nonqualified deferred compensation to which Code Sections 409A and 3121(v) are applicable. As a consequence, the value of the Units is subject to certain wages taxes (for Social Security and Medicare) at the time of vesting and the Company shall be entitled to cancel vested Units as a means to cover the Company’s wage withholding obligations that arise on vesting. Vesting is not, however, intended generally to be a taxable event

for purposes of federal income taxation or Code Section 409A. Because the time of settlement or payment is, in all cases, fixed by reference to a specified schedule of payments that is not subject to acceleration, except for the cancellation of Units for withholding purposes, which is permissible under Code Section 409A, all requirements of Code Section 409A are intended to be met, and this Award Agreement shall be interpreted in a manner consistent with the Company’s intent to satisfy all applicable requirements of Code Section 409A.

5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

6.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Shares subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

7.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 28, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ John Killea

PARTICIPANT

EX-10.9

STEWART INFORMATION SERVICES CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED PERFORMANCE UNIT AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to Steven Lessack (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), and subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan or as set forth herein.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Restricted Stock Units as described in Article VII of the Plan, subject to the terms of the Plan and to the provisions set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company hereby grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan, 6,281 Restricted Stock Units (the “Units”), representing a contractual right of the Participant potentially to receive shares of Common Stock (“Shares”). The number of Shares to be delivered at settlement, if any, shall be determined by reference to the number of Units that are deemed vested and to be settled, provided all of the conditions for settlement of the Units have been satisfied and subject to the terms and conditions of the Plan and this Award Agreement.

2.Performance Criteria. The Units subject to this Award Agreement shall be earned and vested based on the satisfaction of the Performance Restriction and the Time-Based Restriction, each of which is described below.

a.Performance Restriction

In order for the Units to vest, the Committee must determine that the Company has achieved 7.75% or greater Pre-Tax Margin (defined below) in at least three calendar quarters of any of the next seven calendar quarters starting April 1, 2022 (the “Performance Restriction”). The seven calendar quarters beginning April 1, 2022, and ending December 31, 2023 are defined as the (“Measurement Period”). This determination shall occur during the ninety (90) day period following the end of the Measurement Period.

For purposes of this Agreement, the following definitions shall apply:

i.“Pre-Tax Margin” is the amount calculated by dividing (i) Modified Pre-Tax Profits, by (ii) Modified Gross Revenues.

ii.“Modified Pre-Tax Profits” is “Income before taxes and non controlling interests”, as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and

other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

iii.“Modified Gross Revenues” is Total Revenues as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

b.Time-Based Restriction

Anniversary Date	% of Restricted Stock Units
Third (3rd) anniversary of the Grant Date	100.0%

1.Vesting and Forfeiture.

a.If the Performance Restriction has been achieved prior to the Anniversary Date, then the percentage of Units indicated next to the Anniversary Date shall vest on the Anniversary Date (referred to as the “Time-Based Restriction”).

i.Notwithstanding any provision of this Agreement or the Plan, if the Company does not satisfy the Performance Restriction for the Measurement Period, all Units shall be forfeited to the Company.

ii.Except as expressly provided in Section 3(c) below, any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.Notwithstanding any other provision of this Award Agreement, and except as provided in Section 2(a)(i) above, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

c.Waiver of Continued Employment Requirement. The general requirement that the Participant be satisfying the Time-Based Restriction by being continuously employed through the date the Units are settled (the “Employment Requirement”) shall be waived to the extent provided in this Section 2(c), subject, however, in all regards, to the Committee’s discretionary authority as provided under the Plan. Specifically, the Employment Requirement shall not be applicable in the following circumstances (“Special Circumstances”):

i.The Participant’s termination of employment under circumstances where the Participant is eligible for benefits under the Company’s Executive Voluntary Retirement Plan;

ii.Termination of the Participant’s employment due to Executive’s death;

iii.Termination of the Participant’s employment due to Executive’s Disability;

iv.Termination of the Participant’s employment by the Company without Cause; or

v.Termination of the Participant’s employment by the Participant by Executive for Good Reason (but only in circumstances where the Participant’s employment agreement provides for severance pay benefits on a resignation for Good Reason.

In order for the Participant to receive any Shares with respect to Units following the occurrence of any of the above Special Circumstances, the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”)

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(c), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Notwithstanding anything herein to the contrary, in the event the Participant is terminated for Cause, the Participant’s rights to any payments otherwise due under this Award Agreement are forfeited in their entirety.

2.Status of Units. The Units subject to this Award Agreement are not intended to constitute property for purposes of Section 83 of the Code. The Units represent a right to receive a payment, in the form Shares, at the time the Units are settled.

3.Time of Payment/Settlement. In all cases, Units that are vested and settled under the terms of this Award Agreement shall be settled on or as soon as practicable following the Anniversary Date set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on the Anniversary Date. In addition, in the event any dividends are paid to shareholders during the Measurement Period or thereafter prior to the settlement of the Units, the Participant shall be entitled to a payment equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares actually delivered to the Participant throughout that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

5.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Units subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

6.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

[Signature Page Attached]

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 24, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ Steven Lessack

PARTICIPANT

EX-10.10

STEWART INFORMATION SERVICES CORPORATION

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to Steven Lessack (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Stock Units (the “Units”), each of which represent a contractual right that entitles the Participant potentially to receive a share of the Company’s Common Stock (each, a “Share”), provided all of the conditions for settlement of the Units have been satisfied, subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan 4,187 Units.

2.Vesting and Forfeiture.

a.Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.In general, the Units shall become vested on the dates set forth below (each, a “Vesting Date”), as to the specified percentage of the Units indicated:

Vesting Date	Incremental Vesting Percentage	Cumulative Vesting Percentage
First anniversary of the Grant Date	33⅓%	33⅓%
Second anniversary of the Grant Date	33⅓%	66⅔%
Third Anniversary of the Grant Date	33⅓%	100%

The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date.

a.Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

b.Special Pro-Rata Vesting. The Units (if not already vested under any other provision of this Award Agreement) shall be vested pursuant to this Section 2(d)

immediately prior to the Participant’s termination of employment under any of the following circumstances (“Special Vesting Termination Events”):

i.Termination of the Participant’s employment due to Executive’s death;

ii.Termination of the Participant’s employment due to Executive’s Disability;

iii.Termination of the Participant’s employment by the Company without Cause;

iv.Termination of the Participant’s employment by the Participant for Good Reason (if the Participant’s employment agreement has provisions for severance pay benefits in such circumstances).

In order for the Participant to be eligible for special pro-rata vesting under this Section 2(d), the Participant must have been continuously employed for at least twenty-five percent (25%) of the period covered by the vesting schedule set forth in Section 2(a), unless stated otherwise under the terms of the Participant’s Employment Agreement, and the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”).

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(d), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Voluntary Retirement. Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Stewart Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

3.Settlement of Vested Units. Vested Units shall generally be settled on or as soon as practicable following the Vesting Dates set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on each of the Vesting Dates. Notwithstanding anything herein to the contrary, the accelerated vesting of Units that may occur based on the circumstances of the Participant’s termination of employment, or eligibility for Voluntary Retirement, shall not have any impact on the settlement date for the Units, so that no acceleration of settlement or payment occurs as a result of any such change in vesting. Settlement of Units shall be contingent on the Participant making appropriate arrangements for payment of amounts required to be withheld for federal, state and local income and wage taxes, and the Company shall also have the right to withhold or cancel Units or Shares that are otherwise to be delivered on settlement of Units so as to enable the Company to comply with its withholding obligations (and any such cancellation of withholding of Units or Shares shall be deemed to be a taxable distribution of Shares and a repurchase of such Shares for federal income tax purposes at the time that occurs). In addition, in the event any dividends are paid to shareholders during the period following the Grant Date and up to the delivery of any Shares, the Participant shall be entitled to a payment, at the same time the Shares are delivered to the Participant, equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares during that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Status of Units and Certain Tax Matters. The Units subject to this Award Agreement are only a contractual right of the Participant potentially to receive Shares corresponding to the number of Units granted to the Participant. As a consequence, the Units do not constitute property for purposes of Code Section 83. As a consequence, the Participant will be taxable for federal income tax purposes on the value of the Shares distributed to the Participant at the time the Shares are distributed, and not at the time the Units vest. Notwithstanding the foregoing, the value of the Units is treated as creating a form of nonqualified deferred compensation to which Code Sections 409A and 3121(v) are

applicable. As a consequence, the value of the Units is subject to certain wages taxes (for Social Security and Medicare) at the time of vesting and the Company shall be entitled to cancel vested Units as a means to cover the Company’s wage withholding obligations that arise on vesting. Vesting is not, however, intended generally to be a taxable event for purposes of federal income taxation or Code Section 409A. Because the time of settlement or payment is, in all cases, fixed by reference to a specified schedule of payments that is not subject to acceleration, except for the cancellation of Units for withholding purposes, which is permissible under Code Section 409A, all requirements of Code Section 409A are intended to be met, and this Award Agreement shall be interpreted in a manner consistent with the Company’s intent to satisfy all applicable requirements of Code Section 409A.

5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

6.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Shares subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

7.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 24, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ Steven Lessack

PARTICIPANT

EX-10.11

STEWART INFORMATION SERVICES CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED PERFORMANCE UNIT AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to Tara Smith (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), and subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan or as set forth herein.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Restricted Stock Units as described in Article VII of the Plan, subject to the terms of the Plan and to the provisions set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company hereby grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan, 3,353 Restricted Stock Units (the “Units”), representing a contractual right of the Participant potentially to receive shares of Common Stock (“Shares”). The number of Shares to be delivered at settlement, if any, shall be determined by reference to the number of Units that are deemed vested and to be settled, provided all of the conditions for settlement of the Units have been satisfied and subject to the terms and conditions of the Plan and this Award Agreement.

2.Performance Criteria. The Units subject to this Award Agreement shall be earned and vested based on the satisfaction of the Performance Restriction and the Time-Based Restriction, each of which is described below.

a.Performance Restriction

In order for the Units to vest, the Committee must determine that the Company has achieved 7.75% or greater Pre-Tax Margin (defined below) in at least three calendar quarters of any of the next seven calendar quarters starting April 1, 2022 (the “Performance Restriction”). The seven calendar quarters beginning April 1, 2022, and ending December 31, 2023 are defined as the (“Measurement Period”). This determination shall occur during the ninety (90) day period following the end of the Measurement Period.

For purposes of this Agreement, the following definitions shall apply:

i.“Pre-Tax Margin” is the amount calculated by dividing (i) Modified Pre-Tax Profits, by (ii) Modified Gross Revenues.

ii.“Modified Pre-Tax Profits” is “Income before taxes and non controlling interests”, as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and

other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

iii.“Modified Gross Revenues” is Total Revenues as reported in the 10-Q/10-K, as modified by the Committee in its sole discretion, as necessary to remove the effect of investment and other gains (losses), as well as the effects of non-recurring, unusual and/or extraordinary items (in each event as determined by the Committee).

b.Time-Based Restriction

Anniversary Date	% of Restricted Stock Units
Third (3rd) anniversary of the Grant Date	100.0%

1.Vesting and Forfeiture.

a.If the Performance Restriction has been achieved prior to the Anniversary Date, then the percentage of Units indicated next to the Anniversary Date shall vest on the Anniversary Date (referred to as the “Time-Based Restriction”).

i.Notwithstanding any provision of this Agreement or the Plan, if the Company does not satisfy the Performance Restriction for the Measurement Period, all Units shall be forfeited to the Company.

ii.Except as expressly provided in Section 3(c) below, any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.Notwithstanding any other provision of this Award Agreement, and except as provided in Section 2(a)(i) above, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

c.Waiver of Continued Employment Requirement. The general requirement that the Participant be satisfying the Time-Based Restriction by being continuously employed through the date the Units are settled (the “Employment Requirement”) shall be waived to the extent provided in this Section 2(c), subject, however, in all regards, to the Committee’s discretionary authority as provided under the Plan. Specifically, the Employment Requirement shall not be applicable in the following circumstances (“Special Circumstances”):

i.The Participant’s termination of employment under circumstances where the Participant is eligible for benefits under the Company’s Executive Voluntary Retirement Plan;

ii.Termination of the Participant’s employment due to Executive’s death;

iii.Termination of the Participant’s employment due to Executive’s Disability;

iv.Termination of the Participant’s employment by the Company without Cause; or

v.Termination of the Participant’s employment by the Participant by Executive for Good Reason (but only in circumstances where the Participant’s employment agreement provides for severance pay benefits on a resignation for Good Reason.

In order for the Participant to receive any Shares with respect to Units following the occurrence of any of the above Special Circumstances, the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”)

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(c), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Notwithstanding anything herein to the contrary, in the event the Participant is terminated for Cause, the Participant’s rights to any payments otherwise due under this Award Agreement are forfeited in their entirety.

2.Status of Units. The Units subject to this Award Agreement are not intended to constitute property for purposes of Section 83 of the Code. The Units represent a right to receive a payment, in the form Shares, at the time the Units are settled.

3.Time of Payment/Settlement. In all cases, Units that are vested and settled under the terms of this Award Agreement shall be settled on or as soon as practicable following the Anniversary Date set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on the Anniversary Date. In addition, in the event any dividends are paid to shareholders during the Measurement Period or thereafter prior to the settlement of the Units, the Participant shall be entitled to a payment equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares actually delivered to the Participant throughout that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

5.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Units subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

6.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

[Signature Page Attached]

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 24, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ Tara Smith

PARTICIPANT

EX-10.12

STEWART INFORMATION SERVICES CORPORATION

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is hereby granted as of March 9, 2022 (the “Grant Date”) by Stewart Information Services Corporation, a Delaware corporation (the “Company”), to Tara Smith (the “Participant”) pursuant to the Stewart Information Services Corporation 2020 Incentive Plan (the “Plan”), subject to the terms and conditions set forth therein and as set out in this Award Agreement. Capitalized terms used herein shall, unless otherwise required by the context, have the meaning ascribed to such terms in the Plan.

By action of the Committee, and subject to the terms of the Plan, the Participant is hereby granted Stock Units (the “Units”), each of which represent a contractual right that entitles the Participant potentially to receive a share of the Company’s Common Stock (each, a “Share”), provided all of the conditions for settlement of the Units have been satisfied, subject to the Plan and to the restrictions and risks of forfeiture as set forth in this Award Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained in this Award Agreement, the Company and the Participant agree as follows:

1.Grant. The Company grants to the Participant, upon the terms and conditions set forth in this Award Agreement and as set forth in the Plan 2,235 Units.

2.Vesting and Forfeiture.

a.Any Units that are not vested as of the date of the Participant’s termination of employment for any reason shall be automatically forfeited without any further action required to be taken by the Participant or the Company.

b.In general, the Units shall become vested on the dates set forth below (each, a “Vesting Date”), as to the specified percentage of the Units indicated:

Vesting Date	Incremental Vesting Percentage	Cumulative Vesting Percentage
First anniversary of the Grant Date	33⅓%	33⅓%
Second anniversary of the Grant Date	33⅓%	66⅔%
Third Anniversary of the Grant Date	33⅓%	100%

The vesting of the Participant’s Units, as set forth above, shall only occur if the Participant has remained continuously employed through the relevant Vesting Date.

a.Notwithstanding any other provision of this Award Agreement, in the event the Participant is terminated in connection with a Change in Control, the Participant shall be vested in the number of Units set forth in Section 1 as of the date of the Participant’s termination of employment.

b.Special Pro-Rata Vesting. The Units (if not already vested under any other provision of this Award Agreement) shall be vested pursuant to this Section 2(d)

immediately prior to the Participant’s termination of employment under any of the following circumstances (“Special Vesting Termination Events”):

i.Termination of the Participant’s employment due to Executive’s death;

ii.Termination of the Participant’s employment due to Executive’s Disability;

iii.Termination of the Participant’s employment by the Company without Cause;

iv.Termination of the Participant’s employment by the Participant for Good Reason (if the Participant’s employment agreement has provisions for severance pay benefits in such circumstances).

In order for the Participant to be eligible for special pro-rata vesting under this Section 2(d), the Participant must have been continuously employed for at least twenty-five percent (25%) of the period covered by the vesting schedule set forth in Section 2(a), unless stated otherwise under the terms of the Participant’s Employment Agreement, and the Participant must execute and not, thereafter, revoke, a full release of all claims that Executive may have against the Company, its Subsidiaries and affiliates, and all of their respective officers, employees, directors, and agents, and that shall include the Participant’s agreement not to disparage the Company and not to divulge any of the Company’s confidential information, in a form acceptable to the Company in a form satisfactory to the Committee (the “Release”).

a.Calculation of Special Pro-Rata Vesting. If the Participant is eligible for special pro-rata vesting under Section 2(d), vesting shall be calculated as follows:

i.Special Pro-rata Vesting shall be based on semi-annual time increments (e.g. 6, 12, 18, 24, 30 or 36 months) with time worked during the applicable incentive period rounded up to the nearest semi-annual time increment. For example, if Executive worked (6) months and four (4) days during the applicable incentive period, the semi-annual time increment will be 12 months. The calculation of Special Pro-Rata Vesting shall be determined by dividing the semi-annual time increment by the total months in the performance period.

ii.By way of hypothetical example only: (1) if Executive shall experience a Special Vesting Termination Event after having worked exactly 24 months of a 36-month incentive program, Executive would receive 66.67% of the applicable LTI Award. Alternatively, (2) if Executive shall experience a Special Vesting Termination Event after having worked 24 months and 1 day of a 36-month incentive program, Executive would receive 83.33% of the applicable LTI Award. The formula for calculating Special Pro-Rata Vesting based on the foregoing hypothetical examples is as follows:

Example 1: (24 / 36) = 66.67%

Example 2: (30 / 36) = 83.33%

i.The time of payment of LTI Awards subject to Special Pro-Rata Vesting shall occur as provided in the applicable LTI Awards.

b.Voluntary Retirement. Notwithstanding anything in this Section 2 to the contrary, the Participant’s Units shall be fully vested if the Participant is eligible to resign from employment with the Company and have that resignation treated as a Voluntary Retirement (as that term is defined in the Stewart Information Services Corporation Executive Voluntary Retirement Plan, or “EVRP”), provided the Participant satisfies all of the requirements of the EVRP to receive benefits under that plan.

3.Settlement of Vested Units. Vested Units shall generally be settled on or as soon as practicable following the Vesting Dates set forth in Section 2(b), and shall be settled by the delivery of Shares corresponding to the portion of the Units that are indicated as being vested on each of the Vesting Dates. Notwithstanding anything herein to the contrary, the accelerated vesting of Units that may occur based on the circumstances of the Participant’s termination of employment, or eligibility for Voluntary Retirement, shall not have any impact on the settlement date for the Units, so that no acceleration of settlement or payment occurs as a result of any such change in vesting. Settlement of Units shall be contingent on the Participant making appropriate arrangements for payment of amounts required to be withheld for federal, state and local income and wage taxes, and the Company shall also have the right to withhold or cancel Units or Shares that are otherwise to be delivered on settlement of Units so as to enable the Company to comply with its withholding obligations (and any such cancellation of withholding of Units or Shares shall be deemed to be a taxable distribution of Shares and a repurchase of such Shares for federal income tax purposes at the time that occurs). In addition, in the event any dividends are paid to shareholders during the period following the Grant Date and up to the delivery of any Shares, the Participant shall be entitled to a payment, at the same time the Shares are delivered to the Participant, equal to the amount that would have been paid as dividends to the Participant had the Participant held the Shares during that period (“Dividend Equivalents”). The Committee shall have the right to determine whether the Dividend Equivalents shall be paid in cash or in the form of a distribution of additional shares of Common Stock having the same value and to determine whether to deem such dividends to have been reinvested in shares at the time the dividends were paid.

4.Status of Units and Certain Tax Matters. The Units subject to this Award Agreement are only a contractual right of the Participant potentially to receive Shares corresponding to the number of Units granted to the Participant. As a consequence, the Units do not constitute property for purposes of Code Section 83. As a consequence, the Participant will be taxable for federal income tax purposes on the value of the Shares distributed to the Participant at the time the Shares are distributed, and not at the time the Units vest. Notwithstanding the foregoing, the value of the Units is treated as creating a form of nonqualified deferred compensation to which Code Sections 409A and 3121(v) are

applicable. As a consequence, the value of the Units is subject to certain wages taxes (for Social Security and Medicare) at the time of vesting and the Company shall be entitled to cancel vested Units as a means to cover the Company’s wage withholding obligations that arise on vesting. Vesting is not, however, intended generally to be a taxable event for purposes of federal income taxation or Code Section 409A. Because the time of settlement or payment is, in all cases, fixed by reference to a specified schedule of payments that is not subject to acceleration, except for the cancellation of Units for withholding purposes, which is permissible under Code Section 409A, all requirements of Code Section 409A are intended to be met, and this Award Agreement shall be interpreted in a manner consistent with the Company’s intent to satisfy all applicable requirements of Code Section 409A.

5.Employment. Nothing in the Plan or in this Award Agreement shall confer upon the Participant any right to be continued as an employee of the Company or interfere in any way with the right of the Company to remove the Grantee as an employee at any time for any cause.

6.Binding Effect. This Award Agreement shall be binding upon and shall inure to the benefit of any successor of the Company, but except as provided above, the Shares subject to this Award Agreement shall not be assigned or otherwise disposed of by the Participant.

7.The Plan. This Award Agreement is subject to the terms and conditions of the Plan. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control.

IN WITNESS WHEREOF, this Award Agreement, effective March 9, 2022, has been entered into and executed on this day of March 24, 2022.

STEWART INFORMATION SERVICES CORPORATION

By: /s/ Frederick Eppinger

Its Chief Executive Officer

ACKNOWLEDGED

By: /s/ Tara Smith

PARTICIPANT

EX-31.1

EXHIBIT 31.1

CERTIFICATION

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Frederick H. Eppinger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Stewart Information Services Corporation (registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:  

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 6, 2022

/s/ Frederick H. Eppinger
Name:	Frederick H. Eppinger
Title:	Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, David C. Hisey, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Stewart Information Services Corporation (registrant);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 6, 2022

/s/ David C. Hisey
Name:	David C. Hisey
Title:	Chief Financial Officer, Secretary and Treasurer

EX-32.1

EXHIBIT 32.1

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Stewart Information Services Corporation (the “Company”) on Form 10-Q for the period ending March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Frederick H. Eppinger, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 6, 2022

/s/ Frederick H. Eppinger
Name:	Frederick H. Eppinger
Title:	Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Stewart Information Services Corporation and will be retained by Stewart Information Services Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Stewart Information Services Corporation (the “Company”) on Form 10-Q for the period ending March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David C. Hisey, Chief Financial Officer, Secretary and Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 6, 2022

/s/ David C. Hisey
Name:	David C. Hisey
Title:	Chief Financial Officer, Secretary and Treasurer

A signed original of this written statement required by Section 906 has been provided to Stewart Information Services Corporation and will be retained by Stewart Information Services Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-02658
Entity Registrant Name	STEWART INFORMATION SERVICES CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-1677330
Entity Address, Address Line One	1360 Post Oak Blvd.,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	713
Local Phone Number	625-8100
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	STC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,017,045
Entity Central Index Key	0000094344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Operating revenues	$ 845,209	$ 681,367
Investment income	3,622	3,945
Net realized and unrealized gains	4,085	3,274
Revenues	852,916	688,586
Expenses
Amounts retained by agencies	331,191	283,935
Employee costs	204,982	169,397
Other operating expenses	189,751	125,482
Title losses and related claims	29,221	28,773
Depreciation and amortization	13,748	6,430
Interest	4,412	567
Total expenses	773,305	614,584
Income before taxes and noncontrolling interests	79,611	74,002
Income tax expense	(17,699)	(16,880)
Net income	61,912	57,122
Less net income attributable to noncontrolling interests	4,015	2,886
Net income attributable to Stewart	57,897	54,236
Net income attributable to Stewart
Net income	61,912	57,122
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	620	1,867
Change in net unrealized gains and losses on investments	(19,898)	(9,156)
Reclassification adjustments for realized gains and losses on investments	(185)	(145)
Other comprehensive loss	(19,463)	(7,434)
Comprehensive income	42,449	49,688
Less net income attributable to noncontrolling interests	4,015	2,886
Comprehensive income attributable to Stewart	$ 38,434	$ 46,802
Basic average shares outstanding (in shares)	26,960	26,736
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.15	$ 2.03
Diluted average shares outstanding (in shares)	27,444	26,984
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.11	$ 2.01
Direct operations
Revenues
Operating revenues	$ 317,834	$ 279,504
Agency operations
Revenues
Operating revenues	404,145	345,932
Real estate solutions and other
Revenues
Operating revenues	$ 123,230	$ 55,931

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 396,649	$ 485,919
Short-term investments	18,054	17,650
Investments in debt and equity securities, at fair value	692,415	679,214
Receivables:
Premiums from agencies	44,608	45,428
Trade and other	72,994	75,079
Income taxes	2,074	5,420
Notes	3,544	1,124
Allowance for uncollectible amounts	(7,435)	(7,711)
Total receivables	115,785	119,340
Property and equipment:
Land	2,545	2,545
Buildings	19,277	19,303
Furniture and equipment	218,244	216,261
Accumulated depreciation	(167,688)	(165,653)
Total property and equipment, at cost	72,378	72,456
Operating lease assets	141,033	134,578
Title plants, at cost	76,859	76,859
Investments on equity method basis	4,525	4,754
Goodwill	932,556	924,837
Intangible assets, net of amortization	230,245	229,804
Deferred tax assets	3,732	3,846
Other assets	76,756	64,105
Total assets	2,760,987	2,813,362
Liabilities
Notes payable	445,936	483,491
Accounts payable and accrued liabilities	233,135	287,326
Operating lease liabilities	154,974	149,417
Estimated title losses	560,718	549,614
Deferred tax liabilities	41,436	48,779
Total liabilities	1,436,199	1,518,627
Contingent liabilities and commitments
Stockholders’ equity
Common Stock ($1 par value) and additional paid-in capital	311,891	309,622
Retained earnings	1,022,456	974,800
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	(8,297)	(8,917)
Net unrealized (losses) gains on debt securities investments	(10,913)	9,170
Treasury stock – 352,161 common shares, at cost	(2,666)	(2,666)
Stockholders’ equity attributable to Stewart	1,312,471	1,282,009
Noncontrolling interests	12,317	12,726
Total stockholders’ equity (27,015,078 and 26,893,430 shares outstanding)	1,324,788	1,294,735
Total liabilities and stockholders' equity	$ 2,760,987	$ 2,813,362

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 1	$ 1
Treasury stock, common shares (in shares)	352,161	352,161
Common stock, shares outstanding (in shares)	27,015,078	26,893,430

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of net income to cash provided by operating activities:
Net income	$ 61,912	$ 57,122
Add (deduct):
Depreciation and amortization	13,748	6,430
Provision for bad debt	14	708
Net realized and unrealized gains	(4,085)	(3,274)
Amortization of net premium on debt securities investments	690	938
Payments for title losses less than provisions	8,959	12,234
Adjustments for insurance recoveries of title losses	220	(205)
Decrease (increase) in receivables – net	6,226	(3,513)
Increase in other assets – net	(5,046)	(7,869)
Decrease in accounts payable and other liabilities – net	(50,808)	(20,116)
Change in net deferred income taxes	265	2,007
Net income from equity method investments	(736)	(924)
Dividends received from equity method investments	1,167	764
Stock-based compensation expense	2,239	3,174
Other – net	110	(34)
Cash provided by operating activities	34,875	47,442
Investing activities:
Proceeds from sales of investments in securities	17,650	3,051
Proceeds from matured investments in debt securities	15,923	42,836
Purchases of investments in securities	(66,882)	(47,881)
Net (purchases) sales of short-term investments	(60)	2,648
Purchases of property and equipment, and real estate	(12,291)	(5,721)
Proceeds from sale of property and equipment and other assets	829	0
Cash paid for acquisition of businesses	(17,904)	(52,575)
Cash paid for acquisition of equity method investment	(69)	(16,080)
Other – net	(2,412)	131
Cash used by investing activities	(65,216)	(73,591)
Financing activities:
Proceeds from notes payable	140	178,975
Payments on notes payable	(37,819)	(154,910)
Distributions to noncontrolling interests	(4,568)	(3,844)
Repurchases of Common Stock	(2,462)	(1,935)
Proceeds from stock option and employee stock purchase plan exercises	2,492	61
Cash dividends paid	(10,119)	(8,840)
Payment of contingent consideration related to acquisitions	(6,262)	0
Purchase of remaining interest in consolidated subsidiaries	0	(2,570)
Other - net	36	(777)
Cash (used) provided by financing activities	(58,562)	6,160
Effects of changes in foreign currency exchange rates	(367)	69
Change in cash and cash equivalents	(89,270)	(19,920)
Cash and cash equivalents at beginning of period	485,919	432,683
Cash and cash equivalents at end of period	$ 396,649	$ 412,763

XML

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests
Balances at beginning of period at Dec. 31, 2020	$ 1,012,406	$ 27,080	$ 274,857	$ 688,819	$ 17,022	$ (2,666)	$ 7,294
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	54,236			54,236
Dividends on Common Stock	(9,082)			(9,082)
Stock-based compensation	3,174	113	3,061
Stock repurchases	(1,935)	(37)	(1,898)
Stock option and employee stock purchase plan exercises	61	2	59
Purchase of remaining interest in consolidated subsidiary	(2,570)		(2,259)				(311)
Change in net unrealized gains and losses on investments, net of taxes	(9,156)				(9,156)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(145)				(145)
Foreign currency translation adjustments, net of taxes	1,867				1,867
Net income attributable to noncontrolling interests	2,886						2,886
Distributions to noncontrolling interests	(3,844)						(3,844)
Balances at end of period at Mar. 31, 2021	1,047,898	27,158	273,820	733,973	9,588	(2,666)	6,025
Balances at beginning of period at Dec. 31, 2021	1,294,735	27,246	282,376	974,800	253	(2,666)	12,726
Increase (Decrease) in Stockholders' Equity
Net income attributable to Stewart	57,897			57,897
Dividends on Common Stock	(10,241)			(10,241)
Stock-based compensation	2,239	108	2,131
Stock repurchases	(2,462)	(36)	(2,426)
Stock option and employee stock purchase plan exercises	2,492	49	2,443
Change in net unrealized gains and losses on investments, net of taxes	(19,898)				(19,898)
Reclassification adjustment for realized gains and losses on investments, net of taxes	(185)				(185)
Foreign currency translation adjustments, net of taxes	620				620
Net income attributable to noncontrolling interests	4,015						4,015
Distributions to noncontrolling interests	(4,568)						(4,568)
Net effect of other changes in ownership	144						144
Balances at end of period at Mar. 31, 2022	$ 1,324,788	$ 27,367	$ 284,524	$ 1,022,456	$ (19,210)	$ (2,666)	$ 12,317

XML

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends on common stock per share (in usd per share)	$ 0.38	$ 0.33

XML

Interim financial statements

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Interim financial statements

Interim financial statements. The financial information contained in this report for the three months ended March 31, 2022 and 2021, and as of March 31, 2022, is unaudited. This report should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on February 28, 2022 (2021 Form 10-K).

A. Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

B. Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

C. Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $530.0 million and $523.5 million at March 31, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $20.3 million and $41.4 million at March 31, 2022 and December 31, 2021, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

XML

Revenues

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues

Revenues. The Company's operating revenues, summarized by type, are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Title insurance premiums:
Direct		205,562	194,993
Agency		404,145	345,932
Escrow fees		55,792	56,649
Real estate solutions and abstract fees		108,802	68,620
Other revenues		70,908	15,173
		845,209	681,367

XML

Investments in debt and equity securities

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in debt and equity securities

Investments in debt and equity securities. The total fair values of the Company's investments in debt and equity securities are as follows:

	March 31, 2022	December 31, 2021
	($000 omitted)
Investments in:
Debt securities	589,396	589,772
Equity securities	103,019	89,442
	692,415	679,214

As of March 31, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securities held were $23.9 million and $21.1 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	32,934	33,182	34,739	36,323
Corporate	252,113	248,050	249,757	258,102
Foreign	311,239	301,284	287,240	288,883
U.S. Treasury Bonds	6,925	6,880	6,429	6,464
	603,211	589,396	578,165	589,772

Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	278	30	1,585	1
Corporate	1,778	5,841	9,389	1,044
Foreign	534	10,489	3,285	1,642
U.S. Treasury Bonds	21	66	60	25
	2,611	16,426	14,319	2,712

Debt securities as of March 31, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	89,611	90,044
After one year through five years	318,078	310,887
After five years through ten years	166,600	159,971
After ten years	28,922	28,494
	603,211	589,396

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	30	6,033	—	—	30	6,033
Corporate	4,614	114,478	1,227	11,631	5,841	126,109
Foreign	8,749	236,540	1,740	30,281	10,489	266,821
U.S. Treasury Bonds	42	1,203	24	612	66	1,815
	13,435	358,254	2,991	42,524	16,426	400,778

The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2022 was 197. Of these securities, 19 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at March 31, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Realized gains		1,594	170
Realized losses		(168)	(2,469)
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573
		4,085	3,274

Net realized gains during the first quarter 2022 included a $1.0 million realized gain related to sale of a title plant copy. Net realized losses during the first quarter 2021 included a $2.5 million loss related to a disposal of an equity method investment.

Investment gains and losses recognized related to investments in equity securities are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Net investment gains recognized on equity securities during the period		2,785	5,582
Less: Net realized gains on equity securities sold during the period		126	9
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573

Proceeds from sales of investments in securities are as follows: 

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Proceeds from sales of debt securities		17,280	2,936
Proceeds from sales of equity securities		370	115
Total proceeds from sales of investments in securities		17,650	3,051

XML

Fair value measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of March 31, 2022, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	33,182	33,182
Corporate	—	248,050	248,050
Foreign	—	301,284	301,284
U.S. Treasury Bonds	—	6,880	6,880
Equity securities	103,019	—	103,019
	103,019	589,396	692,415

As of December 31, 2021, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	36,323	36,323
Corporate	—	258,102	258,102
Foreign	—	288,883	288,883
U.S. Treasury Bonds	—	6,464	6,464
Equity securities	89,442	—	89,442
	89,442	589,772	679,214

As of March 31, 2022 and December 31, 2021, Level 1 financial instruments consist of equity securities. Level 2 financial instruments consist of municipal, governmental, and corporate bonds, both U.S. and foreign. In accordance with the Company’s policies and guidelines which incorporate relevant statutory requirements, the Company’s third-party registered investment manager invests only in securities rated as investment grade or higher by the major rating services, where observable valuation inputs are significant. The fair value of the Company's investments in debt and equity securities is primarily determined using a third-party pricing service provider. The third-party pricing service provider calculates the fair values using both market approach and model valuation methods, as well as pricing information obtained from brokers, dealers and custodians. Management ensures the reasonableness of the third-party service valuations by comparing them with pricing information from the Company's investment manager.

XML

Net realized and unrealized gains

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Net realized and unrealized gains

Investments in debt and equity securities. The total fair values of the Company's investments in debt and equity securities are as follows:

	March 31, 2022	December 31, 2021
	($000 omitted)
Investments in:
Debt securities	589,396	589,772
Equity securities	103,019	89,442
	692,415	679,214

As of March 31, 2022 and December 31, 2021, the net unrealized investment gains relating to investments in equity securities held were $23.9 million and $21.1 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	32,934	33,182	34,739	36,323
Corporate	252,113	248,050	249,757	258,102
Foreign	311,239	301,284	287,240	288,883
U.S. Treasury Bonds	6,925	6,880	6,429	6,464
	603,211	589,396	578,165	589,772

Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds.

Gross unrealized gains and losses on investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	278	30	1,585	1
Corporate	1,778	5,841	9,389	1,044
Foreign	534	10,489	3,285	1,642
U.S. Treasury Bonds	21	66	60	25
	2,611	16,426	14,319	2,712

Debt securities as of March 31, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	89,611	90,044
After one year through five years	318,078	310,887
After five years through ten years	166,600	159,971
After ten years	28,922	28,494
	603,211	589,396

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	30	6,033	—	—	30	6,033
Corporate	4,614	114,478	1,227	11,631	5,841	126,109
Foreign	8,749	236,540	1,740	30,281	10,489	266,821
U.S. Treasury Bonds	42	1,203	24	612	66	1,815
	13,435	358,254	2,991	42,524	16,426	400,778

The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2022 was 197. Of these securities, 19 were in unrealized loss positions for more than 12 months. Gross unrealized investment losses at March 31, 2022 increased compared to December 31, 2021, primarily due to the market volatility influenced by higher interest rates and credit spreads during 2022. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Realized gains		1,594	170
Realized losses		(168)	(2,469)
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573
		4,085	3,274

Net realized gains during the first quarter 2022 included a $1.0 million realized gain related to sale of a title plant copy. Net realized losses during the first quarter 2021 included a $2.5 million loss related to a disposal of an equity method investment.

Investment gains and losses recognized related to investments in equity securities are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Net investment gains recognized on equity securities during the period		2,785	5,582
Less: Net realized gains on equity securities sold during the period		126	9
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573

Proceeds from sales of investments in securities are as follows: 

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Proceeds from sales of debt securities		17,280	2,936
Proceeds from sales of equity securities		370	115
Total proceeds from sales of investments in securities		17,650	3,051

XML

Goodwill

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill. The summary of changes in goodwill is as follows.

	Title	Real Estate Solutions	Corporate and Other	Consolidated Total
	($000 omitted)
Balances at December 31, 2021	583,944	325,543	15,350	924,837
Acquisitions	19,947	—	—	19,947
Purchase accounting adjustments	(782)	(910)	(10,536)	(12,228)
Balances at March 31, 2022	603,109	324,633	4,814	932,556

During the first quarter 2022, goodwill recorded in the title segment was related to an acquisition of a title search and support services provider, while purchase accounting adjustments were primarily related to measurements of intangible assets and deferred taxes within one year of the related acquisitions.

XML

Estimated title losses

3 Months Ended

Mar. 31, 2022

Loss Contingency [Abstract]

Estimated title losses

Estimated title losses. A summary of estimated title losses for the three months ended March 31 is as follows:

	2022		2021
	($000 omitted)
Balances at January 1	549,614		496,275
Provisions:
Current year	28,882		28,407
Previous policy years	339		366
Total provisions	29,221		28,773
Payments, net of recoveries:
Current year	(3,192)		(3,606)
Previous policy years	(17,070)		(12,933)
Total payments, net of recoveries	(20,262)		(16,539)
Effects of changes in foreign currency exchange rates	2,145		1,032
Balances at September 30	560,718		509,541
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.0	%	4.5	%
Total provisions	4.0	%	4.6	%

XML

Share-based payments	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based payments	Share-based payments. As part of its incentive compensation program for executives and senior management employees, the Company provides share-based awards, which usually include a combination of time-based restricted stock units, performance-based restricted stock units and stock options. Each restricted stock unit represents a contractual right to receive a share of the Company's common stock. The time-based units generally vest on each of the first three anniversaries of the grant date, while the performance-based units vest upon achievement of certain financial objectives and an employee service requirement over a period of approximately three years. The stock options vest on each of the first three anniversaries of the grant date at a rate of 20%, 30% and 50%, chronologically, and expire 10 years after the grant date. Each vested stock option can be exercised to purchase a share of the Company's common stock at the strike price set by the Company at the grant date. The compensation expense associated with the share-based awards is calculated based on the fair value of the related award and recognized over the corresponding vesting period.During the first quarter 2022, the Company granted time-based and performance-based restricted stock units with an aggregate grant-date fair value $10.5 million (163,000 units with an average grant price per unit of $64.43). During the first quarter 2021, the aggregate grant-date fair values of restricted stock unit and stock option awards, respectively, were $8.3 million (155,000 units with an average grant price per unit of $53.24) and $1.3 million (139,000 options with an average grant price per option of $9.24 and exercise strike price of $53.24).

XML

Earnings per share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings per share

Earnings per share. Basic earnings per share (EPS) attributable to Stewart is calculated by dividing net income attributable to Stewart by the weighted-average number of shares of Common Stock outstanding during the reporting periods. Outstanding shares of Common Stock granted to employees that are not yet vested (restricted shares) are excluded from the calculation of the weighted-average number of shares outstanding for calculating basic EPS. To calculate diluted EPS, the number of shares is adjusted to include the number of additional shares that would have been outstanding if restricted units and shares were vested and stock options were exercised. In periods of loss, dilutive shares are excluded from the calculation of the diluted EPS and diluted EPS is computed in the same manner as basic EPS.

The calculation of the basic and diluted EPS is as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted, except per share)
Numerator:
Net income attributable to Stewart		57,897	54,236
Denominator (000):
Basic average shares outstanding		26,960	26,736
Average number of dilutive shares relating to options		265	103
Average number of dilutive shares relating to grants of restricted units and shares		219	145
Diluted average shares outstanding		27,444	26,984
Basic earnings per share attributable to Stewart		2.15	2.03
Diluted earnings per share attributable to Stewart		2.11	2.01

XML

Contingent liabilities and commitments	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities and commitments	Contingent liabilities and commitments. In the ordinary course of business, the Company guarantees the third-party indebtedness of certain of its consolidated subsidiaries. As of March 31, 2022, the maximum potential future payments on the guarantees are not more than the related notes payable recorded in the condensed consolidated balance sheets. The Company also guarantees the indebtedness related to lease obligations of certain of its consolidated subsidiaries. The maximum future obligations arising from these lease-related guarantees are not more than the Company’s future lease obligations, as presented on the condensed consolidated balance sheets, plus lease operating expenses. As of March 31, 2022, the Company also had unused letters of credit aggregating $4.9 million related to workers’ compensation and other insurance. The Company does not expect to make any payments on these guarantees.

XML

Regulatory and legal developments

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Regulatory and legal developments

Regulatory and legal developments. The Company is subject to claims and lawsuits arising in the ordinary course of its business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiffs seek exemplary or treble damages in excess of policy limits. The Company does not expect that any of these ordinary course proceedings will have a material adverse effect on its consolidated financial condition or results of operations. The Company believes that it has adequate reserves for the various litigation matters and contingencies referred to in this paragraph and that the likely resolution of these matters will not materially affect its consolidated financial condition or results of operations.

The Company is subject to non-ordinary course of business claims or lawsuits from time to time. To the extent the Company is currently the subject of these types of lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Additionally, the Company occasionally receives various inquiries from governmental regulators concerning practices in the insurance industry. Many of these practices do not concern title insurance. To the extent the Company is in receipt of such inquiries, it believes that, where appropriate, it has adequately reserved for these matters and does not anticipate that the outcome of these inquiries will materially affect its consolidated financial condition or results of operations.

The Company is subject to various other administrative actions and inquiries into its business conduct in certain of the states in which it operates. While the Company cannot predict the outcome of the various regulatory and administrative matters, it believes that it has adequately reserved for these matters and does not anticipate that the outcome of any of these matters will materially affect its consolidated financial condition or results of operations.

XML

Segment information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment information

Segment information. Prior to 2022, the Company reported two operating segments: the title insurance and related services (title) segment, and the ancillary services and corporate segment. Effective in the first quarter 2022, the Company began reporting three operating segments: the title segment, the real estate solutions segment, and the corporate and other segment. The new segment presentation is primarily due to the increased size of the real estate solutions operations (formerly, ancillary services operations) resulting from strategic acquisitions. Previously, the real estate solutions operations were combined in one segment with the Company's corporate operations, which consist of expenses of the parent holding company and other centralized administrative services departments.

Under the revised segment presentation, the composition of each of the title and real estate solutions segments is substantially unchanged, while the corporate and other segment primarily includes corporate operations. The title segment provides services needed to transfer title to property in a real estate transaction and includes services such as searching, abstracting, examining, closing and insuring the condition of the title to the property. In addition, the title segment includes home and personal insurance services, Internal Revenue Code Section 1031 tax-deferred exchanges, and digital customer engagement platform services. The real estate solutions segment primarily include appraisal management services, online notarization and closing services, credit and real estate information services, and search and valuation services. Also, 2021 amounts were recast in the following table to conform with the new segment presentation.

Selected statement of income information related to these segments is as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Title segment:
Revenues		729,359	632,585
Depreciation and amortization		6,141	4,314
Income before taxes and noncontrolling interest		82,783	77,089
Real estate solutions segment:
Revenues		89,391	55,931
Depreciation and amortization		6,796	1,894
Income before taxes		6,791	2,657
Corporate and other segment:
Revenues		34,166	70
Depreciation and amortization		811	222
Loss before taxes		(9,963)	(5,744)
Consolidated Stewart:
Revenues		852,916	688,586
Depreciation and amortization		13,748	6,430
Income before taxes and noncontrolling interest		79,611	74,002

The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment.

Total revenues generated in the United States and all international operations are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
United States		809,204	652,582
International		43,712	36,004
		852,916	688,586

XML

Other comprehensive loss

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Other comprehensive loss

Other comprehensive loss. Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows:

	Three Months Ended   March 31, 2022			Three Months Ended   March 31, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(25,188)	(5,290)	(19,898)	(11,589)	(2,433)	(9,156)
Reclassification adjustments for realized gains and losses on investments	(234)	(49)	(185)	(184)	(39)	(145)
	(25,422)	(5,339)	(20,083)	(11,773)	(2,472)	(9,301)
Foreign currency translation adjustments	976	356	620	2,351	484	1,867
Other comprehensive loss	(24,446)	(4,983)	(19,463)	(9,422)	(1,988)	(7,434)

XML

Interim financial statements (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Management's responsibility

Management’s responsibility. The accompanying interim financial statements were prepared by management, who is responsible for their integrity and objectivity. These financial statements have been prepared in conformity with the United States (U.S.) generally accepted accounting principles (GAAP), including management’s best judgments and estimates. In the opinion of management, all adjustments necessary for a fair presentation of this information for all interim periods, consisting only of normal recurring accruals, have been made. The Company’s results of operations for interim periods are not necessarily indicative of results for a full year and actual results could differ.

Consolidation

Consolidation. The condensed consolidated financial statements include all subsidiaries in which the Company owns more than 50% voting rights in electing directors. All significant intercompany amounts and transactions have been eliminated and provisions have been made for noncontrolling interests. Unconsolidated investees, in which the Company typically owns from 20% to 50% of the voting stock, are accounted for using the equity method.

Restrictions on cash and investments

Restrictions on cash and investments. The Company maintains investments in accordance with certain statutory requirements for the funding of statutory premium reserves. Statutory reserve funds are required to be fully funded and invested in high-quality securities and short-term investments. Statutory reserve funds are not available for current claim payments, which must be funded from current operating cash flow. Included in investments in debt and equity securities are statutory reserve funds of approximately $530.0 million and $523.5 million at March 31, 2022 and December 31, 2021, respectively. In addition, included within cash and cash equivalents are statutory reserve funds of approximately $20.3 million and $41.4 million at March 31, 2022 and December 31, 2021, respectively. Although these cash statutory reserve funds are not restricted or segregated in depository accounts, they are required to be held pursuant to state statutes. If the Company fails to maintain minimum investments or cash and cash equivalents sufficient to meet statutory requirements, the Company may be subject to fines or other penalties, including potential revocation of its business license. These funds are not available for any other purpose. In the event that insurance regulators adjust the determination of the statutory premium reserves of the Company’s title insurers, these restricted funds as well as statutory surplus would correspondingly increase or decrease.

Fair value measurements

Fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal, or most advantageous, market for the asset or liability in an orderly transaction between market participants at the measurement date. Under U.S. GAAP, there is a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs when possible.

The three levels of inputs used to measure fair value are as follows:

•Level 1 – quoted prices in active markets for identical assets or liabilities;

•Level 2 – observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

•Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

XML

Revenues (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of operating revenues

The Company's operating revenues, summarized by type, are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Title insurance premiums:
Direct		205,562	194,993
Agency		404,145	345,932
Escrow fees		55,792	56,649
Real estate solutions and abstract fees		108,802	68,620
Other revenues		70,908	15,173
		845,209	681,367

XML

Investments in debt and equity securities (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments in equity securities

The total fair values of the Company's investments in debt and equity securities are as follows:

	March 31, 2022	December 31, 2021
	($000 omitted)
Investments in:
Debt securities	589,396	589,772
Equity securities	103,019	89,442
	692,415	679,214

Investment gains and losses recognized related to investments in equity securities are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Net investment gains recognized on equity securities during the period		2,785	5,582
Less: Net realized gains on equity securities sold during the period		126	9
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573

Amortized costs and fair values

The amortized costs and fair values of investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	32,934	33,182	34,739	36,323
Corporate	252,113	248,050	249,757	258,102
Foreign	311,239	301,284	287,240	288,883
U.S. Treasury Bonds	6,925	6,880	6,429	6,464
	603,211	589,396	578,165	589,772

Proceeds from sales of investments in securities are as follows: 

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Proceeds from sales of debt securities		17,280	2,936
Proceeds from sales of equity securities		370	115
Total proceeds from sales of investments in securities		17,650	3,051

Gross unrealized gains and losses

Gross unrealized gains and losses on investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Gains	Losses	Gains	Losses
	($000 omitted)
Municipal	278	30	1,585	1
Corporate	1,778	5,841	9,389	1,044
Foreign	534	10,489	3,285	1,642
U.S. Treasury Bonds	21	66	60	25
	2,611	16,426	14,319	2,712

Debt securities according to contractual terms

Debt securities as of March 31, 2022 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):

	Amortized costs	Fair values
	($000 omitted)
In one year or less	89,611	90,044
After one year through five years	318,078	310,887
After five years through ten years	166,600	159,971
After ten years	28,922	28,494
	603,211	589,396

Gross unrealized losses on investments and fair values of related securities

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	30	6,033	—	—	30	6,033
Corporate	4,614	114,478	1,227	11,631	5,841	126,109
Foreign	8,749	236,540	1,740	30,281	10,489	266,821
U.S. Treasury Bonds	42	1,203	24	612	66	1,815
	13,435	358,254	2,991	42,524	16,426	400,778

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2021, were:

	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	($000 omitted)
Municipal	1	130	—	—	1	130
Corporate	588	42,231	456	12,014	1,044	54,245
Foreign	1,502	118,943	140	3,394	1,642	122,337
U.S. Treasury Bonds	8	477	17	508	25	985
	2,099	161,781	613	15,916	2,712	177,697

XML

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Financial instruments measured at fair value on recurring basis

As of March 31, 2022, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	33,182	33,182
Corporate	—	248,050	248,050
Foreign	—	301,284	301,284
U.S. Treasury Bonds	—	6,880	6,880
Equity securities	103,019	—	103,019
	103,019	589,396	692,415

As of December 31, 2021, financial instruments measured at fair value on a recurring basis are summarized below:

	Level 1	Level 2	Fair value measurements
	($000 omitted)
Investments in securities:
Debt securities:
Municipal	—	36,323	36,323
Corporate	—	258,102	258,102
Foreign	—	288,883	288,883
U.S. Treasury Bonds	—	6,464	6,464
Equity securities	89,442	—	89,442
	89,442	589,772	679,214

XML

Net realized and unrealized gains (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Gross realized investment and other gains

Realized and unrealized gains and losses are detailed as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Realized gains		1,594	170
Realized losses		(168)	(2,469)
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573
		4,085	3,274

Investments in equity securities still held

The total fair values of the Company's investments in debt and equity securities are as follows:

	March 31, 2022	December 31, 2021
	($000 omitted)
Investments in:
Debt securities	589,396	589,772
Equity securities	103,019	89,442
	692,415	679,214

Investment gains and losses recognized related to investments in equity securities are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Net investment gains recognized on equity securities during the period		2,785	5,582
Less: Net realized gains on equity securities sold during the period		126	9
Net unrealized investment gains recognized on equity securities still held at end of period		2,659	5,573

Proceeds from sale of investments in securities

The amortized costs and fair values of investments in debt securities are as follows:

	March 31, 2022		December 31, 2021
	Amortized costs	Fair values	Amortized costs	Fair values
	($000 omitted)
Municipal	32,934	33,182	34,739	36,323
Corporate	252,113	248,050	249,757	258,102
Foreign	311,239	301,284	287,240	288,883
U.S. Treasury Bonds	6,925	6,880	6,429	6,464
	603,211	589,396	578,165	589,772

Proceeds from sales of investments in securities are as follows: 

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Proceeds from sales of debt securities		17,280	2,936
Proceeds from sales of equity securities		370	115
Total proceeds from sales of investments in securities		17,650	3,051

XML

Goodwill (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of goodwill

The summary of changes in goodwill is as follows.

	Title	Real Estate Solutions	Corporate and Other	Consolidated Total
	($000 omitted)
Balances at December 31, 2021	583,944	325,543	15,350	924,837
Acquisitions	19,947	—	—	19,947
Purchase accounting adjustments	(782)	(910)	(10,536)	(12,228)
Balances at March 31, 2022	603,109	324,633	4,814	932,556

XML

Estimated title losses (Tables)

3 Months Ended

Mar. 31, 2022

Loss Contingency [Abstract]

Summary of estimated title losses

A summary of estimated title losses for the three months ended March 31 is as follows:

	2022		2021
	($000 omitted)
Balances at January 1	549,614		496,275
Provisions:
Current year	28,882		28,407
Previous policy years	339		366
Total provisions	29,221		28,773
Payments, net of recoveries:
Current year	(3,192)		(3,606)
Previous policy years	(17,070)		(12,933)
Total payments, net of recoveries	(20,262)		(16,539)
Effects of changes in foreign currency exchange rates	2,145		1,032
Balances at September 30	560,718		509,541
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.0	%	4.5	%
Total provisions	4.0	%	4.6	%

XML

Earnings per share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Basic and diluted earnings (loss) per share

The calculation of the basic and diluted EPS is as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted, except per share)
Numerator:
Net income attributable to Stewart		57,897	54,236
Denominator (000):
Basic average shares outstanding		26,960	26,736
Average number of dilutive shares relating to options		265	103
Average number of dilutive shares relating to grants of restricted units and shares		219	145
Diluted average shares outstanding		27,444	26,984
Basic earnings per share attributable to Stewart		2.15	2.03
Diluted earnings per share attributable to Stewart		2.11	2.01

XML

Segment information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Selected statement of operations and income (loss) information related to segments

Selected statement of income information related to these segments is as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
Title segment:
Revenues		729,359	632,585
Depreciation and amortization		6,141	4,314
Income before taxes and noncontrolling interest		82,783	77,089
Real estate solutions segment:
Revenues		89,391	55,931
Depreciation and amortization		6,796	1,894
Income before taxes		6,791	2,657
Corporate and other segment:
Revenues		34,166	70
Depreciation and amortization		811	222
Loss before taxes		(9,963)	(5,744)
Consolidated Stewart:
Revenues		852,916	688,586
Depreciation and amortization		13,748	6,430
Income before taxes and noncontrolling interest		79,611	74,002

Revenues generated in domestic and all international operations

Total revenues generated in the United States and all international operations are as follows:

		Three Months Ended   March 31,
		2022	2021
	($000 omitted)
United States		809,204	652,582
International		43,712	36,004
		852,916	688,586

XML

Other comprehensive loss (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of changes in other comprehensive income (loss)

Changes in the balances of each component of other comprehensive loss and the related tax effects are as follows:

	Three Months Ended   March 31, 2022			Three Months Ended   March 31, 2021
	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount	Before-Tax Amount	Tax Expense (Benefit)	Net-of-Tax Amount
	($000 omitted)
Net unrealized gains and losses on investments:
Change in net unrealized gains and losses on investments	(25,188)	(5,290)	(19,898)	(11,589)	(2,433)	(9,156)
Reclassification adjustments for realized gains and losses on investments	(234)	(49)	(185)	(184)	(39)	(145)
	(25,422)	(5,339)	(20,083)	(11,773)	(2,472)	(9,301)
Foreign currency translation adjustments	976	356	620	2,351	484	1,867
Other comprehensive loss	(24,446)	(4,983)	(19,463)	(9,422)	(1,988)	(7,434)

XML

Interim financial statements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Investments restricted for statutory reserve funds	$ 530.0	$ 523.5
Restricted cash and cash equivalent	$ 20.3	$ 41.4

XML

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Operating revenues	$ 845,209	$ 681,367
Direct
Disaggregation of Revenue [Line Items]
Operating revenues	205,562	194,993
Agency
Disaggregation of Revenue [Line Items]
Operating revenues	404,145	345,932
Escrow fees
Disaggregation of Revenue [Line Items]
Operating revenues	55,792	56,649
Real estate solutions and abstract fees
Disaggregation of Revenue [Line Items]
Operating revenues	108,802	68,620
Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	$ 70,908	$ 15,173

XML

Investments in debt and equity securities - Investments in Debt and Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Debt securities	$ 589,396	$ 589,772
Equity securities	103,019	89,442
Investments in debt and equity securities	$ 692,415	$ 679,214

XML

Investments in debt and equity securities - Additional Information (Details) $ in Millions	Mar. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($)
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment (losses) gains on equity securities held | $	$ 23.9	$ 21.1
Number of investments in an unrealized loss position	197
Number of investments in an unrealized loss positions for more than 12 months	19

XML

Investments in debt and equity securities - Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized costs	$ 603,211	$ 578,165
Fair values	589,396	589,772
Municipal
Debt Securities, Available-for-sale [Line Items]
Amortized costs	32,934	34,739
Fair values	33,182	36,323
Corporate
Debt Securities, Available-for-sale [Line Items]
Amortized costs	252,113	249,757
Fair values	248,050	258,102
Foreign
Debt Securities, Available-for-sale [Line Items]
Amortized costs	311,239	287,240
Fair values	301,284	288,883
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized costs	6,925	6,429
Fair values	$ 6,880	$ 6,464

XML

Investments in debt and equity securities - Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Gains	$ 2,611	$ 14,319
Losses	16,426	2,712
Municipal
Debt Securities, Available-for-sale [Line Items]
Gains	278	1,585
Losses	30	1
Corporate
Debt Securities, Available-for-sale [Line Items]
Gains	1,778	9,389
Losses	5,841	1,044
Foreign
Debt Securities, Available-for-sale [Line Items]
Gains	534	3,285
Losses	10,489	1,642
U.S. Treasury Bonds
Debt Securities, Available-for-sale [Line Items]
Gains	21	60
Losses	$ 66	$ 25

XML

Investments in debt and equity securities - Debt Securities According to Contractual Terms (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized costs
In one year or less	$ 89,611
After one year through five years	318,078
After five years through ten years	166,600
After ten years	28,922
Amortized costs	603,211	$ 578,165
Fair values
In one year or less	90,044
After one year through five years	310,887
After five years through ten years	159,971
After ten years	28,494
Fair values	$ 589,396	$ 589,772

XML

Investments in debt and equity securities - Gross Unrealized Losses on Investments and Fair Values of Related Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Losses
Less than 12 months	$ 13,435	$ 2,099
More than 12 months	2,991	613
Total	16,426	2,712
Fair values
Less than 12 months	358,254	161,781
More than 12 months	42,524	15,916
Total	400,778	177,697
Municipal
Losses
Less than 12 months	30	1
More than 12 months	0	0
Total	30	1
Fair values
Less than 12 months	6,033	130
More than 12 months	0	0
Total	6,033	130
Corporate
Losses
Less than 12 months	4,614	588
More than 12 months	1,227	456
Total	5,841	1,044
Fair values
Less than 12 months	114,478	42,231
More than 12 months	11,631	12,014
Total	126,109	54,245
Foreign
Losses
Less than 12 months	8,749	1,502
More than 12 months	1,740	140
Total	10,489	1,642
Fair values
Less than 12 months	236,540	118,943
More than 12 months	30,281	3,394
Total	266,821	122,337
U.S. Treasury Bonds
Losses
Less than 12 months	42	8
More than 12 months	24	17
Total	66	25
Fair values
Less than 12 months	1,203	477
More than 12 months	612	508
Total	$ 1,815	$ 985

XML

Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 589,396	$ 589,772
Equity securities	103,019	89,442
Investments in debt and equity securities	692,415	679,214
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	103,019	89,442
Investments in debt and equity securities	103,019	89,442
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investments in debt and equity securities	589,396	589,772
Municipal
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	33,182	36,323
Municipal | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Municipal | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	33,182	36,323
Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	248,050	258,102
Corporate | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	248,050	258,102
Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	301,284	288,883
Foreign | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Foreign | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	301,284	288,883
U.S. Treasury Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	6,880	6,464
U.S. Treasury Bonds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
U.S. Treasury Bonds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	$ 6,880	$ 6,464

XML

Net realized and unrealized gains - Gross Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Realized gains	$ 1,594	$ 170
Realized losses	(168)	(2,469)
Net unrealized investment gains recognized on equity securities still held at end of period	2,659	5,573
Investment and other gains (losses) – net	$ 4,085	$ 3,274

XML

Net realized and unrealized gains - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Gain (loss) on disposal of equity method investment	$ 1.0	$ (2.5)

XML

Net realized and unrealized gains - Net Gains on Investments in Equity Securities Still Held (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment gains recognized on equity securities during the period	$ 2,785	$ 5,582
Less: Net realized gains on equity securities sold during the period	126	9
Net unrealized investment gains recognized on equity securities still held at end of period	$ 2,659	$ 5,573

XML

Net realized and unrealized gains - Proceeds from the Sale of Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales of debt securities	$ 17,280	$ 2,936
Proceeds from sales of equity securities	370	115
Total proceeds from sales of investments in securities	$ 17,650	$ 3,051

XML

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balances	$ 924,837
Acquisitions	19,947
Purchase accounting adjustments	(12,228)
Ending balance	932,556
Title
Goodwill [Roll Forward]
Beginning balances	583,944
Acquisitions	19,947
Purchase accounting adjustments	(782)
Ending balance	603,109
Real estate solutions and abstract fees
Goodwill [Roll Forward]
Beginning balances	325,543
Acquisitions	0
Purchase accounting adjustments	(910)
Ending balance	324,633
Corporate and Other
Goodwill [Roll Forward]
Beginning balances	15,350
Acquisitions	0
Purchase accounting adjustments	(10,536)
Ending balance	$ 4,814

XML

Estimated title losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balances at beginning of period	$ 549,614	$ 496,275
Provisions:
Current year	28,882	28,407
Previous policy years	339	366
Total provisions	29,221	28,773
Payments, net of recoveries:
Current year	(3,192)	(3,606)
Previous policy years	(17,070)	(12,933)
Total payments, net of recoveries	(20,262)	(16,539)
Effects of changes in foreign currency exchange rates	2,145	1,032
Balances at end of period	$ 560,718	$ 509,541
Loss ratios as a percentage of title operating revenues:
Current year provisions	4.00%	4.50%
Total provisions	4.00%	4.60%

XML

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted in the period		$ 1.3
Number of options granted in the period (in shares)		139,000
Average grant price (in usd per share)		$ 9.24
Grant price (in usd per share)		$ 53.24
Time-based shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance-based shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Stock options | First anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	20.00%
Stock options | Second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	30.00%
Stock options | Third anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50.00%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value at grant date	$ 10.5	$ 8.3
Granted (in shares)	163,000	155,000
Average grant price (in usd per share)	$ 64.43	$ 53.24

XML

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income attributable to Stewart	$ 57,897	$ 54,236
Denominator (000):
Basic average shares outstanding (in shares)	26,960	26,736
Diluted average shares outstanding (in shares)	27,444	26,984
Basic earnings per share attributable to Stewart (in usd per share)	$ 2.15	$ 2.03
Diluted earnings per share attributable to Stewart (in usd per share)	$ 2.11	$ 2.01
Stock options
Denominator (000):
Average number of dilutive shares relating to grants of restricted shares and units (in shares)	265	103
Restricted stock and restricted stock units
Denominator (000):
Average number of dilutive shares relating to grants of restricted shares and units (in shares)	219	145

XML

Contingent liabilities and commitments (Details) $ in Millions	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Guarantee of indebtedness, relating to unused letters of credit	$ 4.9

XML

Segment information - Additional Information (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Number of operating segments	3	2

XML

Segment information - Selected Statement of Operations and Income (Loss) Information Related to Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 852,916	$ 688,586
Depreciation and amortization	13,748	6,430
Income before taxes	79,611	74,002
Title segment
Segment Reporting Information [Line Items]
Revenues	729,359	632,585
Depreciation and amortization	6,141	4,314
Income before taxes	82,783	77,089
Real estate solutions and abstract fees
Segment Reporting Information [Line Items]
Revenues	89,391	55,931
Depreciation and amortization	6,796	1,894
Income before taxes	6,791	2,657
Corporate and Other
Segment Reporting Information [Line Items]
Revenues	34,166	70
Depreciation and amortization	811	222
Income before taxes	$ (9,963)	$ (5,744)

XML

Segment information - Revenues Generated in Domestic and Foreign Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 852,916	$ 688,586
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	809,204	652,582
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenue	$ 43,712	$ 36,004

XML

Other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Before-Tax Amount
Other comprehensive loss	$ (24,446)	$ (9,422)
Tax Expense (Benefit)
Other comprehensive loss	(4,983)	(1,988)
Net-of-Tax Amount
Other comprehensive loss	(19,463)	(7,434)
Net unrealized gains and losses on investments
Before-Tax Amount
Change in net unrealized gains and losses on investments	(25,188)	(11,589)
Reclassification adjustments for realized gains and losses on investments	(234)	(184)
Other comprehensive loss	(25,422)	(11,773)
Tax Expense (Benefit)
Change in net unrealized gains and losses on investments	(5,290)	(2,433)
Reclassification adjustments for realized gains and losses on investments	(49)	(39)
Other comprehensive loss	(5,339)	(2,472)
Net-of-Tax Amount
Change in net unrealized gains and losses on investments	(19,898)	(9,156)
Reclassification adjustments for realized gains and losses on investments	(185)	(145)
Other comprehensive loss	(20,083)	(9,301)
Foreign currency translation adjustments
Before-Tax Amount
Other comprehensive loss	976	2,351
Tax Expense (Benefit)
Other comprehensive loss	356	484
Net-of-Tax Amount
Other comprehensive loss	$ 620	$ 1,867