Comments:
- Why is First American not adjusting their claims loss provision significantly upwards like others in the industry?
- Nice to see that they continue to send work offshore
Highlights:
Net income was $70.3 million, or 75 cents per diluted share, compared with $19.6 million, or 21 cents per diluted share, in the second quarter of 2008
Adjusted earnings per diluted share of 89 cents, or 75 cents including net realized investment losses
Title Insurance and Services segment adjusted pretax margin of 8.2 percent, or 6.6 percent including net realized investment losses
The company continued to realize operational efficiencies by leveraging its centralized onshore and offshore capabilities.
The loss provision for claims during the second quarter of 2009 was 6.5 percent of operating revenues, compared with 6.3 percent in the second quarter of 2008. The current quarter rate reflects the expected claims experience for policy year 2009, with no reserve estimate adjustments required for prior policy years.
{ 2 comments… read them below or add one }
Yet another quarter of outsourcing from our friends at First American. I used to think that we worked in the one industry that couldn’t be outsourced… I was mistaken!
Mike
http://titleinsurancethoughts.blogspot.com/
Thanks for visiting. I was glad to find your blog earlier today. Too few voices in title insurance.