Title Insurance |
6 Months Ended |
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Jun. 30, 2025 | |
Text Block [Abstract] | |
Title Insurance | Title Insurance Regulation Alliant Title is subject to extensive regulation under applicable state laws, including, among other things, restrictions on ability to pay dividends to its parent and oversight of certain investment policies. The laws of each of the states in which Alliant Title transacts business establish supervisory agencies with broad administrative powers relating to issuing and revoking licenses to transact business; regulating trade practices; licensing agents; approving policy forms; prescribing accounting principles and financial practices; establishing reserves, capital and surplus as regards policyholders (“capital and surplus”) requirements; defining suitable investments and approving rate schedules. The Company is required to submit financial statements using statutory accounting principles to insurance regulatory authorities (“statutory financial statements”). Statutory financial statements differ in some respects to these GAAP condensed consolidated financial statements. Alliant Title’s capital and surplus on a statutory basis was $17.7 million as of June 30, 2025. On a statutory basis, Alliant Title had net loss of $0.7 million and $1.7 million for the three and six months ended June 30, 2025, respectively, as reported in their statutory financial statements. As of June 30, 2025, retained earnings cannot be transferred in the form of dividends, loans or advances to the parent company under statutory regulations without prior insurance department approval. The amount of statutory capital and surplus necessary to satisfy regulatory requirements based on Alliant Title's current operations was $7.0 million as of June 30, 2025. Alliant Title was in compliance with its respective minimum net worth and working capital requirements as of June 30, 2025. Reserve For Title Claim Losses As of June 30, 2025, the Company’s reserve for title claim losses was $31.6 million, of which $27.5 million, or 86.8%, represents the IBNR component. For the three and six months ended June 30, 2025, the Company had a total title claim loss provision of $0.1 million and total claims paid, net of recoveries, of $0.8 million.
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