Nice, eh? As a result ITIC's reserves have grown rabidly and inexorably. ($11.63 per share on June 30, vs 1.78 per share at y/e 1996). Tax free. Payouts/premiums ratio is similar to FNF and FAF, guys who only reserve 5-6%.
Another interesting question I like to ask is, what has happened to retained earnings over the years? That one makes me nervous on (say) NLS.