Upgraded rating underscores the continued improvement in the financial strength of the Stewart family of companies
HOUSTON - Tuesday, June 3rd 2014 [ME NewsWire]
(BUSINESS WIRE)-- Stewart Information Services Corp. (NYSE-STC) announced today that A.M. Best has upgraded the financial strength rating (FSR) to A- (Excellent) from B++ (Good) and the issuer credit ratings (ICR) to "a-" from "bbb+" for the member companies of Stewart Title Group (Stewart). A.M. Best also has upgraded the ICR to "bbb-" from "bb+" for the parent holding company, Stewart Information Services Corporation. The outlook for all ratings has been revised to stable from positive.
The FSR has been upgraded to A- (Excellent) from B++ (Good) and the ICRs to "a-" from "bbb+" for the following members of Stewart Title Group:
Stewart Title Guaranty Company
Stewart Title Insurance Company
Stewart Title Limited
“Stewart’s rating increase across our family of companies is indicative of our continued push to simplify our operations, align our organization to our customers’ needs and to provide deeper policyholder protection through an enhanced balance sheet,” said Matt Morris, CEO of Stewart. “This year we were also recognized by Forbes® as one of the 50 Most Trustworthy Financial Companies in America. With our solid ratings, our operational soundness, and integrity, our customers can depend on Stewart for their real estate transactions. Our A.M. Best ratings increase further validates the strength of our company.”
According to A.M. Best’s press release, “the upgrading of the organization's ratings is based on its significant improvement in risk-adjusted capitalization and continued positive operating results, as evidenced by a solid growth in surplus and significantly higher pre-tax earnings in 2013, following favorable results in 2012, as well as its significant business profile as the fourth-largest writer of title insurance in the United States.”
To view the AM Best press release, visit http://www3.ambest.com/ambv/bestnews/presscontent.aspx?altsrc=14&refnum=21208.
Stewart Information Services Corp. (NYSE:STC) is a customer-focused, global title insurance and real estate services company offering products and services through our direct operations, network of approved agencies and other companies within the Stewart family. Stewart provides these services to homebuyers and sellers; residential and commercial real estate professionals; mortgage lenders and servicers; title agencies and real estate attorneys; home builders; and United States and county governments. Stewart also provides loan origination and servicing support; loan review services; loss mitigation; REO asset management; due diligence for capital markets; home and personal insurance services; tax-deferred exchanges; and technology to streamline the real estate process. Recognized in 2014 by Forbes as one of the 50 Most Trustworthy Financial Companies in America, Stewart offers personalized service, industry expertise and customized solutions for virtually any type of real estate transaction, and is the preferred real estate services provider. More information can be found at http://www.stewart.com/news, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter @stewarttitleco.
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Stewart Information Services Corp.
John Arcidiacono, (713) 625-8019
Chief Marketing Officer
Nat Otis, (713) 625-8360