Good afternoon —
In late June, the American Land Title Association came out with its Q1 2022 Market Share Analysis report. For the most part, the results were as expected, with the industry recording a slightly higher title insurance premium volume than a year prior. However, one noticeable trend is the shrinking market share for the Big Four title insurers.
The top underwriters by market share for the quarter included First American Title insurance Co., with 21.5%; Old Republic National Title Insurance Co., with 15.2%; Fidelity National Title Insurance, with 14.0%; Chicago Title Insurance Co., with 13.4%; and Stewart Title Guaranty Co., with 8.9%.
However, Chicago Title is part of Fidelity, and with almost 27.4% of the market, it was the largest company by share of premiums written during Q1 2022.
Overall, the Big Four had a combined market share of 73%, but just three years ago, the group's market share was 85%. Iindependent title underwriters like Westcor Land Title Insurance Co., WFG National Title Insurance Co., and Doma have grown and expanded, taking some market share away from the much older and more well-established companies.
Last fall when I spoke with John Campbell, a title industry analyst at investment bank Stephens Inc. about the increase in newer and more agile title insurers, he felt that the Big Four shouldn't be too concerned about these much smaller companies. But in an industry known for being incredibly hard to penetrate, something is clearly changing.
As we enter into the third quarter of the year, have you noticed a change in your firm's market share? What do you think is moving the needle here, and do you think the Big Four have a good counter-strategy? Email me at brooklee@hwmedia.com.
Until next week,
Brooklee Han
Real estate and Title Industry Reporter
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