0000094344
2010-09-30
0000094344
2009-12-31
0000094344
2011-09-30
0000094344
2010-12-31
0000094344
2011-07-01
2011-09-30
0000094344
2010-07-01
2010-09-30
0000094344
2010-01-01
2010-09-30
0000094344
2010-06-30
0000094344
us-gaap:CommonStockMember
2011-10-28
0000094344
us-gaap:CommonClassBMember
2011-10-28
0000094344
2011-01-01
2011-09-30
iso4217:USD
xbrli:shares
xbrli:shares
iso4217:USD
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-->
<div align="left" style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl,ns -->
<!-- xbrl,nx -->
<div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b>
</div>
<div style="display: none">Interim financial statements
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 1</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Interim financial statements. </b>The financial information contained in this report for the three and
nine months ended September 30, 2011 and 2010, and as of September 30, 2011, 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, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>A. Management’s responsibility. </b>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 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 from those
estimates.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>B. Consolidation. </b>The condensed consolidated financial statements include all subsidiaries in which
the Company owns more than 50% of the voting rights to 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 20% through 50% of the
equity, are accounted for by the equity method.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>C. Reclassifications. </b>Certain amounts in the 2010 interim financial statements have been
reclassified for comparative purposes. Net losses, as previously reported, were not affected.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>D. Recent Significant Accounting Pronouncements</b>. In September 2011, the Intangibles-Goodwill and
Other Topic of the FASB ASC was amended. The result of the issuance is an added initial qualitative
step in performing the goodwill impairment analysis. The amendment is effective as of the beginning
of the first annual and interim reporting periods that begin after
December 15, 2011, with early
adoption permissible. The Company will adopt the amendment as of January 1,
2012.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 2 - us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock-->
<div align="left" style="font-family: 'Times New Roman',Times,serif">
<div style="display: none">Investments in debt and equity securities
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 2</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Investments in debt and equity securities. </b>The amortized costs and fair values follow:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">September 30, 2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">December 31, 2010</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Fair</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Fair</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Amortized costs</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">values</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Amortized costs</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">values</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Debt securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal
</div></td>
<td> </td>
<td> </td>
<td align="right">31,864</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33,382</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">39,589</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">40,185</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate and utilities
</div></td>
<td> </td>
<td> </td>
<td align="right">229,426</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">235,572</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">228,270</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">229,972</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign
</div></td>
<td> </td>
<td> </td>
<td align="right">154,385</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">161,198</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">155,977</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">157,745</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Government
</div></td>
<td> </td>
<td> </td>
<td align="right">20,737</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22,648</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20,792</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22,422</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity securities
</div></td>
<td> </td>
<td> </td>
<td align="right">5,005</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,488</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">441,417</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">457,288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">444,628</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">450,324</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Gross unrealized gains and losses were:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">September 30, 2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">December 31, 2010</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Gains</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Gains</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Debt securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal
</div></td>
<td> </td>
<td> </td>
<td align="right">1,525</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,235</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">639</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate and utilities
</div></td>
<td> </td>
<td> </td>
<td align="right">9,143</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,997</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,574</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,872</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign
</div></td>
<td> </td>
<td> </td>
<td align="right">6,815</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,861</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">93</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Government
</div></td>
<td> </td>
<td> </td>
<td align="right">1,911</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,634</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity securities
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">517</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">19,394</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,523</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,304</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,608</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Debt securities as of September 30, 2011 mature, according to their contractual terms, as follows
(actual maturities may differ due to call or prepayment rights):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Fair</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Amortized costs</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">values</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">In one year or less
</div></td>
<td> </td>
<td> </td>
<td align="right">34,076</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34,416</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">After one year through five years
</div></td>
<td> </td>
<td> </td>
<td align="right">214,176</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">161,249</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">After five years through ten years
</div></td>
<td> </td>
<td> </td>
<td align="right">152,540</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">116,204</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">After ten years
</div></td>
<td> </td>
<td> </td>
<td align="right">35,620</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">140,931</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">436,412</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">452,800</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of September 30, 2011, gross unrealized losses on investments 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, were:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Less than 12 months</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">More than 12 months</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Total</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Fair values</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Fair values</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Fair values</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Debt securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal
</div></td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,178</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,178</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate and utilities
</div></td>
<td> </td>
<td> </td>
<td align="right">2,995</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,901</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,752</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,997</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">83,653</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">623</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">623</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Government
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity securities
</div></td>
<td> </td>
<td> </td>
<td align="right">518</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,486</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">518</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,486</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">3,522</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">88,188</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,752</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,524</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">89,940</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The unrealized loss positions were primarily caused by interest rate fluctuations. The number of
investments in an unrealized loss position as of September 30, 2011 was 57. Since the Company does
not intend to sell and will more-likely-than-not maintain each debt security until its anticipated
recovery, and no significant credit risk is deemed to exist, these investments are not considered
other-than-temporarily impaired.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of December 31, 2010, gross unrealized losses on investments 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, were:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Less than 12 months</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">More than 12 months</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Total</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Fair values</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Fair values</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Losses</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Fair values</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Debt securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal
</div></td>
<td> </td>
<td> </td>
<td align="right">638</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,391</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">639</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,416</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate and utilities
</div></td>
<td> </td>
<td> </td>
<td align="right">2,868</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">95,354</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">235</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,872</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">95,589</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign
</div></td>
<td> </td>
<td> </td>
<td align="right">93</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,773</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">93</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,773</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Government
</div></td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,711</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,711</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">3,603</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">169,229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">260</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,608</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">169,489</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="23" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">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. Foreign debt securities primarily include Canadian government bonds
and United Kingdom treasury bonds.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:FairValueDisclosuresTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="display: none">Fair value measurements
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 3</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Fair value measurements. </b>The Fair Value Measurements and Disclosures Topic of the FASB ASC defines
fair value 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. The Fair Value
Measurements Topic establishes 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:
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Level 1 — quoted prices in active markets for identical assets or liabilities;</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>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</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="2%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>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.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="margin-top: 6pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of September 30, 2011, financial instruments measured at fair value on a recurring basis are
summarized below:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 0px solid #000000">Fair value</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Level 1</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">Level 2</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">measurements</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Short-term investments
</div></td>
<td> </td>
<td> </td>
<td align="right">32,472</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">32,472</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Investments available-for-sale:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Debt securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Municipal
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33,382</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33,382</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Corporate and utilities
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">235,572</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">235,572</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Foreign
</div></td>
<td> </td>
<td> </td>
<td align="right">161,198</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">161,198</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">U.S. Government
</div></td>
<td> </td>
<td> </td>
<td align="right">22,648</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22,648</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Equity securities
</div></td>
<td> </td>
<td> </td>
<td align="right">4,488</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,488</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">220,806</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">268,954</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">489,760</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of September 30, 2011, Level 1 financial instruments consist of short-term investments, U.S. and
foreign government bonds and equity securities. Level 2 financial instruments consist of municipal
and corporate bonds. The municipal bonds are valued using a third-party pricing service, and the
corporate bonds are valued using actual transaction levels, independent broker/dealer quotes or
information, or a combination thereof. When no relevant broker/dealer information can be obtained,
the third-party service price will be used. The third-party pricing service for both municipal and
corporate bonds determines a consensus price derived from prices provided by various broker/dealers
that meet certain statistical requirements within a predefined statistical deviation. If a
consensus price cannot be determined, then the third-party providing service, by using a recognized
pricing model, a theoretical value, based on where similar bonds, as defined by credit quality and
market sector have traded, is used.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 4 - us-gaap:FinancialInstrumentsDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="display: none">Investment income
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 4</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Investment income. </b>Gross realized investment and other gains and losses follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000" nowrap="nowrap" align="center" colspan="7">For the Three Months</td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000" nowrap="nowrap" align="center" colspan="7">For the Nine Months</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Realized gains
</div></td>
<td> </td>
<td> </td>
<td align="right">884</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,860</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,476</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,399</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Realized losses
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,897</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(636</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6,591</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,467</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,013</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,224</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,115</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">11,932</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Expenses assignable to investment income were insignificant. There were no significant investments
as of September 30, 2011 that did not produce income during the year.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Proceeds from the sales of investments available-for-sale follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7">For the Three Months</td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7">For the Nine Months</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Proceeds from sales
of investments
available-for-sale
</div></td>
<td> </td>
<td> </td>
<td align="right">15,406</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">40,051</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">126,165</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">140,986</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For the nine months ended September 30, 2011, investment and other (losses) gains — net included
realized losses on the impairment of cost-basis investments of $1.2 million and a loan guarantee
obligation of $3.9 million. The realized losses were partially offset by realized gains of $3.1
million from the sale of debt investments available-for-sale.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For the nine months ended September 30, 2010, investment and other (losses) gains — net included
realized gains of $6.3 million primarily from a transfer of the rights to internally developed
software, $4.3 million from the sale of debt investments available-for-sale, and $1.2 million from
the sale of interests in subsidiaries.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 5 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="display: none">Share based incentives
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 5</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Share-based incentives. </b>The Company accounts for its stock option plan in accordance with the
Compensation — Stock Compensation Topic of the FASB ASC and uses the modified prospective method
under which share-based compensation expense is recognized for new share-based awards granted, and
any outstanding awards that are modified, repurchased or canceled subsequent to January 1, 2006.
Compensation expense is based on the fair value of the options, which is estimated using the
Black-Scholes Model. All options expire 10 years from the date of grant and are granted at the
closing market price of the Company’s Common Stock on the date of grant. There are no unvested
awards since all options are immediately exercisable.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">There were no options granted for option awards during the nine months ended September 30, 2011 and
2010 and, accordingly, no compensation expense has been reflected in the accompanying condensed
consolidated financial statements.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In March 2011, the Company granted 51,000 shares of fully vested, unrestricted Common Stock with a
fair value of $0.6 million, which was recorded as compensation expense. During the same period, the
Company also granted 37,000 shares of restricted Common Stock with a fair value of $0.4 million.
The restricted Common Stock awards will vest at 20% over five years beginning March 10, 2011.
Compensation expense associated with restricted stock awards will be recognized over this vesting
period.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In March 2010, the Company granted 51,000 shares of fully vested, unrestricted Common Stock with a
fair value of $0.7 million, which was recorded as compensation expense. During this same period,
the Company also granted 37,000 shares of restricted Common Stock with a fair value of $0.5
million. The restricted Common Stock awards will vest at 20% over five years beginning March 10,
2010. Compensation expense associated with restricted stock awards will be recognized over this
vesting period.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 6 - us-gaap:EarningsPerShareTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="margin-top: 12pt; display: none">Earnings per share
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 6</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Earnings per share. </b>The Company’s basic earnings per share attributable to Stewart was calculated
by dividing net earnings (loss) attributable to Stewart by the weighted-average number of shares of
Common Stock and Class B Common Stock outstanding during the reporting periods.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">To calculate diluted earnings per share, net earnings and number of shares are adjusted for the
effects of any dilutive shares. Using the if-converted method, net earnings is adjusted for
interest expense, net of any tax effects, applicable to the convertible senior notes. The number of
shares is adjusted by adding the number of dilutive shares, assuming they are issued, during the
same reporting period. The treasury stock method is used to calculate the dilutive number of shares
related to the Company’s stock option plan.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For the three and nine months ended September 30, 2011 and 2010, the Company did not have any dilutive
shares under the treasury stock method mentioned above since the exercise prices of the options
were greater than the weighted-average market value of the shares, which excludes them from the
diluted earnings calculation.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For the nine months ended September 30, 2011, the Company did not present diluted earnings per
share using the if-converted method mentioned above since the add back of the tax affected interest
expense on the convertible debt resulted in antidilution. Also, since the Company reported a net
loss after adjustments related to the if-converted method for the three and nine months ended
September 30, 2010, there were no calculations of diluted per share amounts for these period.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The calculation of the diluted earnings per share using the if-converted method is as follows for
the three months ended September 30, 2011:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">For the Three</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">Months Ended</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">September 30,</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">($000’s omitted,</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">except per share</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3">data)</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="3" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Numerator:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net earnings attributable to Stewart
</div></td>
<td> </td>
<td> </td>
<td align="right">4,542</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest expense, net of tax effects
</div></td>
<td> </td>
<td> </td>
<td align="right">785</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">If-converted net earnings attributable to Stewart
</div></td>
<td> </td>
<td> </td>
<td align="right">5,327</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Denominator (000):
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Basic average shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">19,234</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Dilutive average number of shares relating to convertible senior notes
</div></td>
<td> </td>
<td> </td>
<td align="right">5,047</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Dilutive average number of shares relating to restricted shares grant
</div></td>
<td> </td>
<td> </td>
<td align="right">63</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Dilutive average shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">24,344</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Diluted earnings per share attributable to Stewart
</div></td>
<td> </td>
<td> </td>
<td align="right">0.22</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 7 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="margin-top: 12pt; display: none">Contingent liabilities and commitments
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 7</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Contingent liabilities and commitments. </b>As of September 30, 2011, the Company was contingently
liable for guarantees of indebtedness owed primarily to banks and others by certain third parties
totaling $0.7 million. Additionally, in the ordinary course of business, the Company guarantees the
third-party indebtedness of certain of its consolidated subsidiaries, which aggregated $3.5 million
as of September 30, 2011, and related primarily to unused letters of credit for workers’
compensation self-insurance coverage. These guarantees expire no later than 2019. The maximum
potential future payments for the indebtedness guarantees were not more than the related notes
payable recorded in the condensed consolidated balance sheet. 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 minimum lease payments.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 8 - us-gaap:SegmentReportingDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="display: none">Segment information
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 8</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Segment information. </b>The Company’s two reportable segments are title insurance-related services
(Title) and real estate information (REI). Under the Company’s internal reporting system, most
general corporate expenses are incurred by and charged to the title segment. Technology operating
costs are also charged to the title segment, except for direct expenditures incurred by the REI segment. All investment income is included in the title segment as it is primarily generated by the investments of the title underwriters’ operations.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Selected statement of operations information related to
these segments follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">For the Three Months</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">For the Nine Months</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Revenues:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Title
</div></td>
<td> </td>
<td> </td>
<td align="right">396,035</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">410,392</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,113,384</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,165,044</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">REI
</div></td>
<td> </td>
<td> </td>
<td align="right">22,494</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19,673</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">76,443</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">57,874</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">418,529</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">430,065</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,189,827</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,222,918</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Intersegment revenues:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Title
</div></td>
<td> </td>
<td> </td>
<td align="right">62</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">165</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">202</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">REI
</div></td>
<td> </td>
<td> </td>
<td align="right">971</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">711</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,322</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,894</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">1,033</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">728</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,487</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,096</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation and amortization:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Title
</div></td>
<td> </td>
<td> </td>
<td align="right">4,339</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,585</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12,583</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,833</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">REI
</div></td>
<td> </td>
<td> </td>
<td align="right">412</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">547</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,760</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,911</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">4,751</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,132</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,343</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,744</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Earnings (loss) before taxes
and noncontrolling interests:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Title
</div></td>
<td> </td>
<td> </td>
<td align="right">147</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9,250</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(27,482</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(35,012</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">REI
</div></td>
<td> </td>
<td> </td>
<td align="right">7,542</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,975</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34,485</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,968</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">7,689</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,275</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7,003</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(13,044</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Selected balance sheet information as of September 30 and December 31, respectively, related to
these segments follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Identifiable assets:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Title
</div></td>
<td> </td>
<td> </td>
<td align="right">1,072,055</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,082,083</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">REI
</div></td>
<td> </td>
<td> </td>
<td align="right">62,670</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59,123</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">1,134,725</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,141,206</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="7" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Revenues generated in the United States and all international operations follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">For the Three Months</td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">For the Nine Months</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">Ended September 30,</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2011</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000">2010</td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7">($000 omitted)</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">United States
</div></td>
<td> </td>
<td> </td>
<td align="right">387,275</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">405,936</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,107,924</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,146,819</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">International
</div></td>
<td> </td>
<td> </td>
<td align="right">31,254</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24,129</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,903</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">76,099</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">418,529</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">430,065</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,189,827</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,222,918</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td colspan="15" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 9 - stc:RegulatoryAndLegalDevelopmentsTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div style="display: none">Regulatory and legal developments
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 9</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Regulatory and legal developments. </b>Stewart Title Guaranty Company (STGC) and Stewart Title
Guaranty de Mexico, S.A. de C.V. (STGM) were defendants in a lawsuit in the State District Court of
Harris County, Texas, Citigroup Global Markets Realty Corp. v. Stewart Title Guaranty Company. The
lawsuit was filed in 2008 and concerns 16 owners’ and 16 lenders’ title insurance policies on 16
parcels of land in Mexico issued by STGM and reinsurance agreements by STGC. Citigroup Global
Markets Realty Corp. asserted claims against STGC under reinsurance of the lenders’ policies as
well as extra-contractual claims under Texas law. K.R. Playa VI, S de R.L. de C.V., the owner of
the parcels, asserted claims against STGC and separate claims against STGM under the owners’
policies as well as extra-contractual claims under Texas law. The State District Court dismissed
the extra-contractual claims against STGC and STGM based on application of Mexican law.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">After a 10 week trial, the jury returned a verdict of no damages, favorable to STGC and STGM, on
April 29, 2011. Judgment was entered on June 30, 2011. Both Citigroup Global Markets Realty Corp.
and K.R. Playa VI, S de R.L. de C.V. subsequently filed motions for new trial and motions for
judgment notwithstanding the verdict, which the State District Court denied by orders dated
September 12, 2011. Citigroup Global Markets Realty Corp. and K.R. Playa VI, S de R.L. de C.V.
filed notices of appeal on September 28, 2011. The Company does not believe that the outcome will
materially affect its consolidated financial condition or results of operations.
</div>
<div align="center" style="font-size: 10pt; margin-top: 18pt">*   *   *
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In January 2009, an action was filed by individuals against Stewart Title Guaranty Company, Stewart
Title of California, Inc., Cuesta Title Company and others in the Superior Court of California for
the County of San Luis Obispo alleging that the plaintiffs have suffered damages relating to loans
they made through Hurst Financial Corporation to an individual named Kelly Gearhart and entities
controlled by Gearhart. Thereafter, several other lawsuits making similar allegations, including a
lawsuit filed by several hundred individuals, were filed in San Luis Obispo Superior Court, and one
such lawsuit was removed to the United States District Court for the Central District of
California. The defendants vary from case to case, but Stewart Information Services Corporation,
Stewart Title Company and Stewart Title Insurance Company have also each been sued in at least one
of the cases. Each of the complaints alleges some combination of the following purported causes of
action: breach of contract, negligence, fraud, aiding and abetting fraud, constructive fraud,
breach of fiduciary duty, breach of implied covenant of good faith and fair dealing, financial
elder abuse, violation of California Business and Professions Code Section 17200, negligent
misrepresentation, conversion, conspiracy, alter ego, specific performance and declaratory relief.
The Company has demurred to or moved to dismiss the complaints in the actions where responses to
the complaints have been due. Although the San Luis Obispo Superior Court has sustained demurrers
to certain causes of action and certain individuals and entities and dismissed Stewart Information
Services Corporation from one case without leave to amend, and plaintiffs in one case have
dismissed Stewart Title Insurance Company following the Court’s sustaining of Stewart Title
Insurance Company’s demurrer, the Court has overruled the demurrers as to some causes of action.
The United States District
Court for the Central District of California granted the Company’s motion to dismiss the First
Amended Complaint as to the claim for violation of the Racketeer Influenced and Corrupt
Organizations Act, with prejudice, and remanded the remainder of the case to the San Luis Obispo
Superior Court. The Company filed a motion to coordinate the cases for pretrial purposes, and the
Court issued an order assigning all the cases to a single judge, an Order Coordinating Related
Cases for Pre-Trial Purposes, and a First Case Management Order for the Related Cases. Discovery is
ongoing. No trial dates have been set. Although the Company cannot predict the outcome of these
actions, it is vigorously defending itself against the allegations and does not believe that the
outcome will materially affect its consolidated financial condition or results of operations.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 18pt">*   *   *
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">In February 2008, an antitrust class action was filed in the United States District Court for the
Eastern District of New York against Stewart Title Insurance Company, Monroe Title Insurance
Corporation, Stewart Information Services Corporation, several other unaffiliated title insurance
companies and the Title Insurance Rate Service Association, Inc. (TIRSA). The complaint alleges
that the defendants violated Section 1 of the Sherman Antitrust Act by collectively filing proposed
rates for title insurance in New York through TIRSA, a state-authorized and licensed rate service
organization.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Complaints were subsequently filed in the United States District Courts for the Eastern and
Southern Districts of New York and in the United States District Courts in Pennsylvania, New
Jersey, Ohio, Florida, Massachusetts, Arkansas, California, Washington, West Virginia, Texas and
Delaware. All of the complaints make similar class action allegations, except that certain of the
complaints also allege violations of the Real Estate Settlement Procedures Act (RESPA) and various
state antitrust and consumer protection laws. The complaints generally request treble damages in
unspecified amounts, declaratory and injunctive relief and attorneys’ fees. To date, 78 such
complaints have been filed, each of which names the Company and/or one or more of its affiliates as
a defendant (and have been consolidated in the aforementioned states), of which seven have been
voluntarily dismissed.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of July 8, 2011, the Company has obtained dismissals of the claims in Arkansas, California,
Delaware, Florida, Massachusetts, New Jersey, New York, Ohio, Pennsylvania (where the court
dismissed the damages claims and granted defendants summary judgment on the injunctive claims),
Texas and Washington. The Company filed a motion to dismiss in West Virginia (where all
proceedings have been stayed and the docket closed). The plaintiffs have appealed the dismissal in
Ohio to the United States Court of Appeals for the Sixth Circuit and the dismissals in Delaware,
New Jersey and Pennsylvania to the United States Court of Appeals for the Third Circuit. The
dismissals in New York and Texas have been affirmed by the United States Courts of Appeals for the
Second and Fifth Circuits, respectively, and on October 4, 2010, the United States Supreme Court
denied the plaintiffs’ petitions for review of those decisions. The plaintiffs have appealed to the
Second Circuit the dismissal of the RESPA claims by the court in New York. Although the Company
cannot predict the outcome of these actions, it is vigorously defending itself against the
allegations and does not believe that the outcome will materially affect its consolidated financial
condition or results of operations.
</div>
<div align="center" style="font-size: 10pt; margin-top: 18pt">*   *   *
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is also subject to other claims and lawsuits arising in the ordinary course of its
business, most of which involve disputed policy claims. In some of these lawsuits, the plaintiff
seeks exemplary or treble damages in excess of policy limits. The Company does not expect that any
of these proceedings will have a material adverse effect on its consolidated financial condition or
results of operations. Along with the other major title insurance companies, the Company is party
to a number of class action lawsuits concerning the title insurance industry. The Company believes
that it has adequate reserves for the various litigation matters and contingencies discussed above
and that the likely resolution of these matters will not materially affect its consolidated
financial condition or results of operations.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is subject to administrative actions and litigation relating to the basis on which
premium taxes are paid in certain states. Additionally, the Company has received various other
inquiries from governmental regulators concerning practices in the insurance industry. Many of
these practices do not
concern title insurance. The Company believes that 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.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is also 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.
</div>
</div>
false
--12-31
Q3
2011
2011-09-30
10-Q
0000094344
1050012
18247925
Yes
Accelerated Filer
156200000
STEWART INFORMATION SERVICES CORP
No
No
675962000
242938000
633988000
228350000
144564000
108535000
3928000
8262000
-1873000
462654000
161949000
469482000
164411000
-5902000
6599000
3210000
2928000
-1201000
5315000
1390000
9416000
-3671000
5767000
336000
2433000
54007000
61133000
-814000
-1564000
57874000
19673000
76443000
22494000
1299000
-1048000
77397000
77406000
95666000
76261000
219000000
208466000
13610000
20024000
19438000
17666000
1141206000
1134725000
450324000
457288000
1235962000
431340000
1182824000
410840000
23769000
23797000
116100000
136545000
154490000
123166000
20445000
-31324000
-1873000
143264000
151998000
18375058
19297975
-9121000
6581000
6603000
8965000
5225000
1783000
4244000
1766000
-3896000
8364000
10847000
10731000
64338000
64469000
28236000
25581000
16744000
5132000
14343000
4751000
-1.23
-0.17
0.01
0.24
-1.23
-0.17
0.01
0.22
270000
-794000
1906000
1889000
17608000
17909000
250355000
236568000
11932000
1224000
-2115000
-1013000
206861000
216277000
-13044000
-1275000
7003000
7689000
1487000
1043000
4294000
-30000
2570000
1381000
651000
7811000
-5743000
-15622000
158000
2869000
-19907000
-6501000
2534000
566000
-41737000
6626000
562722000
202167000
524103000
188355000
8228000
7541000
4307000
1355000
3928000
1356000
346795000
113160000
348973000
114461000
6445000
6418000
692873000
669706000
1141206000
1134725000
13123000
12808000
-238714000
-2632000
244529000
-22963000
14360000
-4935000
-22563000
-3028000
189000
4542000
5225000
1783000
4244000
1766000
14496000
4281000
12029000
4287000
-3250000
10747000
10473000
49324000
54120000
13442000
9609000
6414000
4423000
6929000
4060000
214000
-2681000
202558000
70476000
190093000
66717000
-3204000
-1052000
8784000
13522000
41323000
43926000
33457000
32472000
4116000
140534000
170017000
420000
324000
9045000
13788000
5485000
4457000
102836000
39050000
101384000
35200000
78682000
87847000
45399000
43303000
641000
650000
13000
2834000
6500000
173881000
172783000
4654000
-77000
217225000
-17338000
-1245000
4433000
6308000
61569000
58317000
3269000
1250000
3266000
2382000
216141000
15806000
4688000
495849000
489873000
9926000
14631000
396317000
396155000
282666000
282855000
1222918000
430065000
1189827000
418529000
435210000
452211000
448333000
465019000
7582000
476227
352161
4330000
2666000
18304000
18335000
19095000
24344000
18304000
18335000
19095000
19234000