Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): July 24, 2024

STEWART INFORMATION SERVICES CORPORATION

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

DELAWARE		001-02658		74-1677330
(STATE OR OTHER JURISDICTION)		(COMMISSION FILE NO.)		(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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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	STC	New York Stock Exchange (NYSE)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth 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. ¨

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

A press release issued by Stewart Information Services Corporation on July 24, 2024, regarding financial results for the three months ended June 30, 2024, is attached hereto as Exhibit 99.1, and is incorporated herein by reference. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference in any filing under the Securities Act of 1933, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) EXHIBITS

Exhibit No.	Description

99.1	Press release of Stewart Information Services Corporation dated July 24, 2024, reporting financial results for the three months ended June 30, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

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

	STEWART INFORMATION SERVICES CORPORATION
	(Registrant)

	By:	/s/ David C. Hisey
	David C. Hisey, Chief Financial Officer and Treasurer

Date: July 24, 2024

Exhibit 99.1

NEWS RELEASE

STEWART INFORMATION SERVICES CORP.

P.O. Box 2029

Houston, Texas 77252-2029

www.stewart.com

CONTACT

Kathryn Bass / Brian Glaze

Investor Relations

(713) 625-8633

Stewart Reports Second Quarter 2024 Results

•

Total revenues of $602.2 million ($602.7 million on an adjusted basis) compared to $549.2 million ($550.3 million on an adjusted basis) in the prior year quarter

•

Net income of $17.3 million ($25.4 million on an adjusted basis) compared to $15.8 million ($25.8 million on an adjusted basis) in the prior year quarter

•

Diluted earnings per share of $0.62 ($0.91 on an adjusted basis) compared to prior year diluted EPS of $0.58 ($0.94 on an adjusted basis)

HOUSTON, July 24, 2024 - Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $17.3 million ($0.62 per diluted share) for the second quarter 2024, compared to $15.8 million ($0.58 per diluted share) for the second quarter 2023. On an adjusted basis, second quarter 2024 net income was $25.4 million ($0.91 per diluted share) compared to $25.8 million ($0.94 per diluted share) in the second quarter 2023. Pretax income before noncontrolling interests for the second quarter 2024 was $29.0 million ($39.6 million on an adjusted basis) compared to $25.2 million ($38.3 million on an adjusted basis) for the second quarter 2023.

Second quarter 2024 results included $0.5 million of pretax net realized and unrealized losses primarily driven by net unrealized losses on fair value changes of equity securities investments in the title segment, while second quarter 2023 results included $1.1 million of pretax net realized and unrealized losses, primarily composed of a contingent receivable loss adjustment resulting from a previous disposition of a business in the corporate and other segment, partially offset by net unrealized gains on fair value changes of equity securities investments in the title segment.

“Our second quarter revenues increased when compared to the second quarter of last year, driven by solid topline results in several of our core businesses. As with the rest of the industry, we remain impacted by a continued difficult housing market,” commented Fred Eppinger, chief executive officer. “We remain focused on achieving our strategic goals and continue to invest in ourselves as we pursue growth and margin improvement across all lines of business.”

-1-

Selected Financial Information

Summary results of operations are as follows (dollars in millions, except per share amounts, pretax margin and adjusted pretax margin, and amounts may not add as presented due to rounding):

	Quarter Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Total revenues		602.2			549.2			1,156.5			1,073.5
Pretax income before noncontrolling interests		29.0			25.2			36.2			15.0
Income tax expense		(7.9	)		(5.4	)		(8.9	)		(0.5	)
Net income attributable to noncontrolling interests		(3.7	)		(4.0	)		(6.8	)		(6.9	)
Net income attributable to Stewart		17.3			15.8			20.5			7.6
Non-GAAP adjustments, after taxes*		8.1			10.0			9.6			17.9
Adjusted net income attributable to Stewart*		25.4			25.8			30.0			25.5
Pretax margin		4.8	%		4.6	%		3.1	%		1.4	%
Adjusted pretax margin*		6.6	%		7.0	%		4.2	%		3.6	%
Net income per diluted Stewart share		0.62			0.58			0.73			0.28
Adjusted net income per diluted Stewart share*		0.91			0.94			1.07			0.93

* Adjusted net income, adjusted pretax margin and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.

Title Segment

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

	Quarter Ended June 30,
	2024			2023			% Change
Operating revenues		496.2			466.7			6	%
Investment income		14.3			12.1			18	%
Net realized and unrealized (losses) gains		(0.5	)		2.0			(125	)%
Pretax income		33.4			35.5			(6	)%
Non-GAAP adjustments to pretax income*		5.0			2.3
Adjusted pretax income*		38.4			37.7			2	%
Pretax margin		6.5	%		7.4	%
Adjusted pretax margin*		7.5	%		7.9	%

* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation and reconciliation of non-GAAP adjustments.

Title segment operating revenues improved $29.5 million, or 6 percent, in the second quarter 2024 primarily driven by increased revenues from our domestic commercial, international and agency title operations, partially offset by lower domestic noncommercial revenues, while total segment operating expenses increased $31.3 million, or 7 percent, compared to the second quarter 2023. Agency retention expenses in the second quarter 2024 increased $28.4 million, or 17 percent, primarily driven by $32.0 million, or 15 percent, improvement in gross agency revenues compared to the second quarter 2023, while the average independent agency remittance rate in the second quarter 2024 decreased to approximately 16.9 percent, compared to 17.7 percent during the prior year quarter, primarily due to increased agency revenues in states with relatively higher agent retention rates.

-2-

Total title segment employee costs and other operating expenses slightly increased by $2.0 million, or less than a percent, in the second quarter 2024 compared to the prior year quarter, primarily due to increased outside search expenses related to higher commercial revenues. As a percentage of operating revenues, these expenses were 49.7 percent in the second quarter 2024 compared to 52.4 percent in the second quarter 2023. Title loss expense in the second quarter 2024 increased $1.3 million, or 7 percent, primarily driven by higher title revenues compared to the prior year quarter. As a percentage of title revenues, title loss expense was 4.2 percent for both the second quarters 2024 and 2023.

Investment income improved by $2.2 million in the second quarter 2024 compared to the prior year quarter, primarily resulting from higher interest income on eligible escrow balances in the second quarter 2024. In addition to the net realized and unrealized losses and gains presented above, non-GAAP adjustments to the title segment’s pretax income for the second quarters 2024 and 2023 included $4.6 million and $4.2 million, respectively, of total acquisition intangible asset amortization and other expenses.

Direct title revenues information is presented below (dollars in millions):

	Quarter Ended June 30,
	2024		2023		% Change
Non-commercial:
Domestic		169.4		184.5		(8	)%
International		28.1		25.9		8	%
		197.5		210.4		(6	)%
Commercial:
Domestic		51.0		41.5		23	%
International		7.0		6.1		15	%
		58.0		47.6		22	%
Total direct title revenues		255.5		258.0		(1	)%

Second quarter 2024 total non-commercial domestic revenues decreased $15.1 million, or 8 percent, primarily resulting from a 9 percent decrease in total residential purchase and refinancing transactions and a lower average fee per file compared to the prior year quarter. Domestic commercial revenues increased $9.5 million, or 23 percent, primarily driven by improved average transaction size and higher commercial transactions closed compared to the prior year quarter. Second quarter 2024 average domestic commercial fee per file improved 17 percent to $13,500, compared to $11,600 in the second quarter 2023, while average residential fee per file was $3,000, which was 7 percent lower compared to $3,300 in the prior year quarter, primarily due to a lower purchase transaction mix in the second quarter 2024.

-3-

Real Estate Solutions Segment

Summary results of the real estate solutions segment are as follows (dollars in millions, except pretax margin and adjusted pretax margin):

	Quarter Ended June 30,
	2024			2023			% Change
Operating revenues		92.2			71.4			29	%
Pretax income		5.1			3.3			56	%
Non-GAAP adjustments to pretax income*		5.5			7.1
Adjusted pretax income*		10.6			10.3			3	%
Pretax margin		5.5	%		4.6	%
Adjusted pretax margin*		11.5	%		14.5	%

* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation and reconciliation of non-GAAP adjustments.

Segment operating revenues increased $20.8 million, or 29 percent, in the second quarter 2024 compared to the prior year quarter, primarily due to increased revenues from credit information and valuation services. On a combined basis, employee costs and other operating expenses in the second quarter 2024 increased $19.0 million, or 31 percent, consistent with the higher operating revenues. Non-GAAP adjustments to pretax income shown in the schedule above were primarily related to acquisition intangible asset amortization expenses.

Corporate and Other Segment

The segment’s results were primarily driven by net expenses attributable to corporate operations, which decreased to $9.5 million in the second quarter 2024, compared to $10.5 million in the second quarter 2023, primarily driven by management’s cost discipline. The segment’s results for the second quarter 2023 included net realized losses of $3.1 million, primarily driven by a loss adjustment resulting from a previous disposition of a business.

Expenses

Consolidated employee costs in the second quarter 2024 decreased $3.0 million, or 2 percent, compared to the second quarter 2023, primarily due to reduced incentive compensation and a 3 percent lower average employee count in the second quarter 2024. As a percentage of total operating revenues, employee costs improved to 30.5 percent in the second quarter 2024 compared to 33.9 percent in the prior year quarter.

Consolidated other operating expenses in the second quarter 2024 increased $23.0 million, or 18 percent, primarily as a result of increased service expenses and outside search fees related to higher revenues from real estate solutions and commercial title operations, respectively, and higher office closure costs compared to the second quarter 2023. As a percentage of total operating revenues, total other operating expenses for the second quarter 2024 were 25.9 percent, compared to 24.0 percent in the prior year quarter, primarily driven by increased real estate solutions service expenses.

-4-

Other

Net cash provided by operations in the second quarter 2024 was $21.1 million compared to $35.1 million of net cash provided by operations in the second quarter 2023, primarily due to increased trade accounts receivable resulting from increased revenues in our real estate solutions operations during the second quarter 2024. Our effective income tax rate for the second quarter 2024 was higher than our normal tax rate primarily due to the higher pretax contribution of our international operations (which have higher average income tax rates) compared to our domestic operations.

Second Quarter Earnings Call

Stewart will hold a conference call to discuss the second quarter 2024 earnings at 8:30 a.m. Eastern Time on Thursday, July 25, 2024. To participate, dial (800) 274-8461 (USA) or (203) 518-9814 (International) - access code STCQ224. Additionally, participants can listen to the conference call through Stewart’s Investor Relations website at https://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on July 25, 2024 until midnight on August 1, 2024 by dialing (888) 274-8335 (USA) or (402) 220-2327 (International).

About Stewart

Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.

Cautionary statement regarding forward-looking statements. Certain statements in this earnings release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 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; our ability to manage risks associated with potential cybersecurity or other privacy or data security breaches; 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 our Annual Report on Form 10-K for the year ended December 31, 2023, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this earnings release 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 earnings release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

-5-

STEWART INFORMATION SERVICES CORPORATION

CONDENSED STATEMENTS OF INCOME

(In thousands of dollars, except per share amounts and except where noted)

	Quarter Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Revenues:
Title revenues:
Direct operations		255,480			257,994			466,068			465,864
Agency operations		240,760			208,755			481,532			457,775
Real estate solutions and other		92,198			71,387			175,214			133,978
Total operating revenues		588,438			538,136			1,122,814			1,057,617
Investment income		14,306			12,123			27,207			18,722
Net realized and unrealized (losses) gains		(514	)		(1,105	)		6,524			(2,883	)
		602,230			549,154			1,156,545			1,073,456
Expenses:
Amounts retained by agencies		200,126			171,776			400,102			377,514
Employee costs		179,708			182,666			352,125			353,217
Other operating expenses		152,291			129,333			289,244			250,073
Title losses and related claims		21,090			19,802			38,472			37,476
Depreciation and amortization		15,198			15,528			30,582			30,434
Interest		4,812			4,875			9,869			9,724
		573,225			523,980			1,120,394			1,058,438
Income before taxes and noncontrolling interests		29,005			25,174			36,151			15,018
Income tax expense		(7,940	)		(5,392	)		(8,876	)		(454	)
Net income		21,065			19,782			27,275			14,564
Less net income attributable to noncontrolling interests		3,722			3,967			6,802			6,939
Net income attributable to Stewart		17,343			15,815			20,473			7,625

Net earnings per diluted share attributable to Stewart		0.62			0.58			0.73			0.28
Diluted average shares outstanding (000)		28,013			27,444			28,011			27,402

Selected financial information:
Net cash provided (used) by operations		21,123			35,107			(8,465	)		(15,995	)
Other comprehensive (loss) income		(752	)		(1,290	)		(7,348	)		6,017

Second Quarter Domestic Order Counts:

Opened Orders 2024:	Apr		May		June		Total		Closed Orders 2024:	Apr		May		June		Total
Commercial		1,232		1,249		1,045		3,526	Commercial		1,288		1,314		1,185		3,787
Purchase		19,273		18,493		17,291		55,057	Purchase		12,247		13,610		11,975		37,832
Refinancing		5,782		5,976		4,973		16,731	Refinancing		3,530		3,547		2,901		9,978
Other		3,664		4,810		2,933		11,407	Other		3,272		2,526		2,104		7,902
Total		29,951		30,528		26,242		86,721	Total		20,337		20,997		18,165		59,499

Opened Orders 2023:		Apr		May		June		Total	Closed Orders 2023:		Apr		May		June		Total
Commercial		1,034		1,071		1,189		3,294	Commercial		1,069		1,212		1,304		3,585
Purchase		17,457		20,956		19,030		57,443	Purchase		12,312		15,013		14,901		42,226
Refinancing		5,365		6,102		5,393		16,860	Refinancing		3,298		3,587		3,698		10,583
Other		3,536		2,129		1,923		7,588	Other		1,066		1,131		1,658		3,855
Total		27,392		30,258		27,535		85,185	Total		17,745		20,943		21,561		60,249

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS

(In thousands of dollars)

	June 30, 2024 (Unaudited)			December 31, 2023
Assets:
Cash and cash equivalents		133,405			233,365
Short-term investments		43,341			39,023
Investments in debt and equity securities, at fair value		660,933			679,936
Receivables – premiums from agencies		39,974			38,676
Receivables – other		117,593			93,811
Allowance for uncollectible amounts		(8,186	)		(7,583	)
Property and equipment, net		86,729			82,335
Operating lease assets, net		108,653			115,879
Title plants		73,378			73,359
Goodwill		1,080,546			1,072,129
Intangible assets, net of amortization		177,112			193,196
Deferred tax assets		3,673			3,776
Other assets		128,335			84,959
		2,645,486			2,702,861
Liabilities:
Notes payable		445,568			445,290
Accounts payable and accrued liabilities		165,382			190,054
Operating lease liabilities		127,307			135,654
Estimated title losses		512,446			528,269
Deferred tax liabilities		23,509			25,045
		1,274,212			1,324,312
Stockholders’ equity:
Common Stock and additional paid-in capital		345,082			338,451
Retained earnings		1,064,870			1,070,841
Accumulated other comprehensive loss		(42,563	)		(35,215	)
Treasury stock		(2,666	)		(2,666	)
Stockholders’ equity attributable to Stewart		1,364,723			1,371,411
Noncontrolling interests		6,551			7,138
Total stockholders’ equity		1,371,274			1,378,549
		2,645,486			2,702,861

Number of shares outstanding (000)		27,605			27,370
Book value per share		49.44			50.11

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)

Quarter Ended:	June 30, 2024											June 30, 2023
	Title			Real Estate Solutions		Corporate and Other			Total			Title		Real Estate Solutions		Corporate and Other			Total
Revenues:
Operating revenues		496,240			92,198		-			588,438			466,749		71,387		-			538,136
Investment income		14,282			24		-			14,306			12,099		24		-			12,123
Net realized and unrealized (losses) gains		(487	)		-		(27	)		(514	)		1,977		-		(3,082	)		(1,105	)
		510,035			92,222		(27	)		602,230			480,825		71,411		(3,082	)		549,154
Expenses:
Amounts retained by agencies		200,126			-		-			200,126			171,776		-		-			171,776
Employee costs		162,916			13,583		3,209			179,708			165,585		12,538		4,543			182,666
Other operating expenses		83,616			67,252		1,423			152,291			78,960		49,311		1,061			129,332
Title losses and related claims		21,090			-		-			21,090			19,802		-		-			19,802
Depreciation and amortization		8,536			6,264		398			15,198			8,883		6,280		365			15,528
Interest		380			7		4,425			4,812			360		-		4,515			4,875
		476,664			87,106		9,455			573,225			445,366		68,129		10,484			523,979
Income (loss) before taxes		33,371			5,116		(9,482	)		29,005			35,459		3,282		(13,566	)		25,175

Six Months Ended:	June 30, 2024									June 30, 2023
	Title		Real Estate Solutions		Corporate and Other			Total		Title		Real Estate Solutions		Corporate and Other			Total
Revenues:
Operating revenues		947,600		175,214		-			1,122,814		923,639		133,978		-			1,057,617
Investment income		27,158		49		-			27,207		18,665		57		-			18,722
Net realized and unrealized gains (losses)		6,629		-		(105	)		6,524		164		-		(3,047	)		(2,883	)
		981,387		175,263		(105	)		1,156,545		942,468		134,035		(3,047	)		1,073,456
Expenses:
Amounts retained by agencies		400,102		-		-			400,102		377,514		-		-			377,514
Employee costs		319,718		25,801		6,606			352,125		319,862		24,971		8,384			353,217
Other operating expenses		161,516		125,070		2,658			289,244		155,127		91,835		3,112			250,074
Title losses and related claims		38,472		-		-			38,472		37,476		-		-			37,476
Depreciation and amortization		17,266		12,538		778			30,582		16,986		12,581		867			30,434
Interest		759		7		9,103			9,869		709		-		9,015			9,724
		937,833		163,416		19,145			1,120,394		907,674		129,387		21,378			1,058,439
Income (loss) before taxes		43,554		11,847		(19,250	)		36,151		34,794		4,648		(24,425	)		15,017

Appendix A

Non-GAAP Adjustments

Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, acquired intangible asset amortization, office closure costs, executive severance expenses, and nonrecurring expenses. Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. Adjusted pretax margin is calculated using adjusted pretax income divided by adjusted total revenues. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.

Below are reconciliations of the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the quarter and six months ended June 30, 2024 and 2023 (dollars in millions, except shares, per share amounts and pretax margins, and amounts may not add as presented due to rounding).

	Quarter Ended June 30,									Six Months Ended June 30,
	2024			2023			% Chg			2024			2023			% Chg

Total revenues		602.2			549.2			10	%		1,156.5			1,073.5			8	%
Non-GAAP revenue adjustments:
Net realized and unrealized losses (gains)		0.5			1.1						(6.5	)		2.9
Adjusted total revenues		602.7			550.3			10	%		1,150.0			1,076.3			7	%

Pretax income		29.0			25.2			15	%		36.2			15.0			141	%
Non-GAAP pretax adjustments:
Net realized and unrealized losses (gains)		0.5			1.1						(6.5	)		2.9
Acquired intangible asset amortization		8.3			9.1						16.8			17.6
Office closure costs		1.5			-						1.6			-
Executive severance expenses		0.3			1.7						0.6			1.7
State sales tax assessment expense		-			1.2						-			1.2
Adjusted pretax income		39.6			38.3			3	%		48.7			38.5			27	%
GAAP pretax margin		4.8	%		4.6	%					3.1	%		1.4	%
Adjusted pretax margin		6.6	%		7.0	%					4.2	%		3.6	%

Net income attributable to Stewart		17.3			15.8			10	%		20.5			7.6			169	%
Non-GAAP pretax adjustments:
Net realized and unrealized losses (gains)		0.5			1.1						(6.5	)		2.9
Acquired intangible asset amortization		8.3			9.1						16.8			17.6
Office closure costs		1.5			-						1.6			-
Executive severance expenses		0.3			1.7						0.6			1.7
State sales tax assessment expense		-			1.2						-			1.2
Net tax effects of non-GAAP adjustments		(2.5	)		(3.2	)					(3.0	)		(5.6	)
Non-GAAP adjustments, after taxes		8.1			10.0						9.6			17.9
Adjusted net income attributable to Stewart		25.4			25.8			(2	)%		30.0			25.5			18	%

Diluted average shares outstanding (000)		28,013			27,444						28,011			27,402
GAAP net income per share		0.62			0.58						0.73			0.28
Adjusted net income per share		0.91			0.94						1.07			0.93

	Quarter Ended June 30,									Six Months Ended June 30,
	2024			2023			% Chg			2024			2023			% Chg
Title Segment:
Revenues		510.0			480.8			6	%		981.4			942.5			4	%
Net realized and unrealized losses (gains)		0.5			(2.0	)					(6.6	)		(0.2	)
Adjusted revenues		510.5			478.8			7	%		974.8			942.3			3	%

Pretax income		33.4			35.5			(6	)%		43.6			34.8			25	%
Non-GAAP revenue adjustments:
Net realized and unrealized losses (gains)		0.5			(2.0	)					(6.6	)		(0.2	)
Acquired intangible asset amortization		2.8			3.3						5.7			6.0
Office closure costs		1.5			-						1.6			-
Severance expenses		0.3			1.0						0.6			1.0
Adjusted pretax income		38.4			37.7			2	%		44.9			41.6			8	%
GAAP pretax margin		6.5	%		7.4	%					4.4	%		3.7	%
Adjusted pretax margin		7.5	%		7.9	%					4.6	%		4.4	%

Real Estate Solutions Segment:

Revenues		92.2			71.4			29	%		175.3			134.0			31	%

Pretax income		5.1			3.3			56	%		11.8			4.6			155	%
Non-GAAP revenue adjustments:
Acquired intangible asset amortization		5.5			5.8						11.1			11.6
State sales tax assessment expense		-			1.2						-			1.2
Adjusted pretax income		10.6			10.3			3	%		23.0			17.5			31	%
GAAP pretax margin		5.5	%		4.6	%					6.8	%		3.5	%
Adjusted pretax margin		11.5	%		14.5	%					13.1	%		13.1	%

Cover	Jul. 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 24, 2024
Entity File Number	001-02658
Entity Registrant Name	STEWART INFORMATION SERVICES CORP
Entity Central Index Key	0000094344
Entity Tax Identification Number	74-1677330
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1360 Post Oak Blvd, 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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	STC
Security Exchange Name	NYSE
Entity Emerging Growth Company	false