Of the $30 million in reserves for claims, $26 million is not for specific claims. Page 16 of http://www.invtitle.com/investor/2003annualreport/itic03ar.pdf specifies the periods during which ITIC anticipates that it will have to pay out the $30 million--for claims on policies currently in force, I guess, since premiums for new policies would be reserved as received.
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.
Free-associating from your last reference, notice their rate shock assumptions on the same page 16. By comparison, some of today's ... well, NFIs use a "shock" of just a couple of points. (Of course lenders are more exposed so they gotta work harder at ignoring the risk ;)