67 WALL STREET, New York - June 10, 2013 - The Wall Street Transcript has just published its Insurance Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Low Profitability and Low Interest Rates - Commercial Line Brokers and Underwriters - Consolidation Trends - Emerging Market Expansion - Analysis Of Personal, Commercial & Reinsurance Subsectors
Companies include: Stewart Information Services Corporation (STC) and many more.
In the following excerpt from the Insurance Report, the CEO of Stewart Information Services Corporation (STC) discuses company strategy and the outlook for this vital industry:
TWST: Can you begin with a brief introduction to Stewart Information Services, including some highlights from the company's history and an overview of your current operations?
Mr. Morris: 2013 is our 120th anniversary for the company. We started in Galveston back in 1893 and have had a long history serving the real estate industry, providing title insurance and settlement services in addition to some ancillary offerings related to real estate transactions. Today, we are a multinational company with operations around the globe. We've gone through some significant restructuring since the downturn in housing, making changes to our operating model to adapt to the changing times.
Currently, we have more than 7,500 policy-issuing offices and agencies. We operate through our direct channel of Stewart Title office locations as well as our independent agency channel. Our international group is strongest in Canada, but we also operate throughout Europe, Australia and some of Latin America. And then we have another operating group that provides mortgage services to primarily large national or regional mortgage lenders and servicers. We have seen the most growth in this area, as we provide outsourcing work for lenders including centralized origination title, loss mitigation/default resolution, default title, REO asset solutions and other mortgage-outsourcing solutions.
TWST: In which of your business lines do you currently see the best opportunities for growth? What is driving that growth, and how are you positioning the company to take advantage of potential opportunities?
Mr. Morris: We really see opportunities for growth in all four channels. The housing recovery we're starting to see across the country is enhancing our business not only in the number of transactions but also rising real estate prices. Our company is more focused on the resale markets than the refinance market, but we are experiencing growth from continued refinance transactions. So we see some positive indicators just from the economic environment overall.
In addition to that, we've ...
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