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DATE

Thursday, Oct. 22, 2026

CALL PARTICIPANTS

• Chief Accounting Officer - Brian K. Glaze
• Chief Executive Officer - Frederick Henry Eppinger Jr.
• Chief Financial Officer - David C. Hisey

TAKEAWAYS

• Total Revenue -- $900.7 million, representing a 14% increase year over year on an adjusted basis.
• Adjusted Diluted EPS -- $1.33 per share, compared to $1.64 per share in the prior year quarter, reflecting decreased margins from low residential volume.
• Real Estate Solutions Revenue -- $196.5 million, growing 68% year over year primarily due to the MCS acquisition and higher credit information volume.
• Domestic Commercial Revenue -- $86.4 million, a 9% increase driven by closed orders improving 18% across multiple asset classes.
• Average Commercial Fee Per File -- $16,300, an 8% decrease attributed to reduced transaction sizes with less data center and energy activity.
• Agency Title Revenue -- $384.7 million, a 7% increase reflecting growth across the majority of key agency states including Florida.
• Annual Dividend -- $2.20 per share, an increase from $2.10 per share and the seventh dividend increase for the company in just under 6 years.
• Direct Title Revenue -- $305.8 million, up 2% as commercial transaction growth offset residential and refinance declines.
• Adjusted RES Pretax Margin -- 10.5%, decreasing from 11.3% last year due to a slowdown in orders for informative research and appraisals.
• Book Value Per Share -- $54.82, based on total stockholders' equity of approximately $1.7 billion.
• Excess Liquidity -- approximately $300 million in cash and investments held in excess of statutory reserve fund requirements.
• Title Loss Ratio -- 3.4% of title operating revenues, remaining comparable to the prior year period.
• Employee Cost Ratio -- 26.0% of total operating revenues, improving from 27.2% due to higher operating revenues.
• Net Cash From Operations -- $46.6 million, down from $92.6 million last year due to lower net income and timing of operating liability payments.
• M&A Deployment -- $150 million deployed during the year into acquisitions including Nationwide Appraisal, Tower Title, and ProTitleUSA.
• Commercial Revenue Timing -- shifted by a few million dollars into the fourth quarter due to the timing of specific transaction closings.
• Domestic Purchase Orders -- 34,329 closed transactions, representing a 5% decrease compared to the third quarter of 2025.
• Domestic Refinance Orders -- 11,439 closed transactions, a 10% decrease reflecting higher 30-year mortgage rates.

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RISKS

• Eppinger stated, "residential market conditions will continue to decay into the next quarter," following a sharp increase in 30-year mortgage rates to approximately 7.5% in October.
• Eppinger noted that cancellations rose during the quarter, stating they were "probably 15% up to 15% of the transactions" in specific service areas like credit data.

SUMMARY

Stewart Information Services Corporation (STC -10.50%) reported a third quarter marked by significant residential headwind pressure as mortgage rates rose to approximately 7.5%. Management indicated that the current environment represents a new lower bar for residential housing, with existing home sales falling below 4 million for most of the period. To counter these conditions, the company is focusing on strategic M&A and talent acquisition to build long-term scale in its commercial and centralized title business lines. Management confirmed that despite residential volume pressure, the company is maintaining its investment discipline and has successfully implemented its seventh dividend increase in six years.

• The company is prioritizing efficiency through technology, with CEO Eppinger stating, "we have over 100 initiatives and frankly, about there is like 50 that are penciling already operationally that we track returns on."
• Management reported that the commercial pipeline remains strong despite "lumpy" growth, with domestic commercial closed orders increasing 18% during the period.
• The Real Estate Solutions segment is being positioned for higher margins, with Eppinger noting a goal to reach "low to mid teens margin delivery" as the market stabilizes over the next two to three quarters.
• The company recently acquired Tower Title and Radiken Title to strengthen its presence in commercial energy infrastructure and the Dallas-Fort Worth marketplace respectively.
• Management indicated that the transition to VantageScores will provide a unique opportunity for Stewart to consolidate share in the credit data market over the long term.

INDUSTRY GLOSSARY

• Agency Retention: The portion of the title insurance premium that an independent title agent keeps as a commission for performing title search and closing services.
• Fee Per File: The average revenue earned by the company for each individual property transaction or title policy processed.
• Property Preservation: Services focused on maintaining foreclosed or vacant properties to ensure they remain in good condition for eventual sale.
• RES: Real Estate Solutions, a Stewart business segment providing credit data, appraisal services, and mortgage support.
• VantageScore: A consumer credit scoring model developed by the three major credit reporting agencies as an alternative to traditional FICO scores.

Full Conference Call Transcript

Operator: Thank you for your communication. Your meeting will begin Thank you for your continued patience. You may now begin the replay. If you need to you for your continued patience. Your meeting will begin shortly. You need assistance at any time, please press 0. A member of our team will be happy to help. Standby. Your meeting is about to begin. Hello, and thank you for joining the Stewart Information Services Third Quarter 26 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have an opportunity to ask a question during the question and answer session. Instructions will be given at that time. Please note, today's call is being recorded.

Lastly, if you should require operator assistance, please press 0. It is now my pleasure to turn today's conference over to Brian K. Glaze, Chief Accounting Officer. Please go ahead.

Brian K. Glaze: Thank you for joining us today for Stewart's third quarter 26 earnings conference call. Will be discussing results that were released yesterday after the close. Joining me today are CEO, Fred Eppinger and CFO, David Hisey. To listen online, please go to the stewart.com website to access the link for this conference call. This conference call may contain forward looking statements that involve a number of risks and uncertainties. Please refer to the company's press release and other filings with the SEC for a discussion of the risks and uncertainties that could cause our actual results to differ materially. During our call, we will discuss some non GAAP measures.

For reconciliation of these non GAAP measures, please refer to the appendix in today's earnings release which is available on our website at stewart.com. Let me now turn the call over to Frederick.

Frederick Henry Eppinger Jr.: Thank you for joining us today for Stewart's third quarter 26 earnings conference call. Yesterday, we released the financial results for the quarter. And I will kick off today's call with an overview of our outlook for housing followed by a review of our performance for the period. And strategic direction broadly by business. I will then turn the call over to David so he can provide further commentary on our performance for the quarter. In the third quarter, the market began to set a new lower bar. For residential housing. Market primarily driven by the rapid escalation in the 30 year mortgage rate throughout the quarter.

In August, the 30 year rates moved higher than the same period a year prior, and the rapid increase continued rates around 7.5% into October. As I have seen in the past few years, buyers very quickly move to the sidelines in a situation where rates meet or exceed 7% or when rates move up very quickly. In Q3, we experienced both these scenarios resulting in a below $4 million existing home sales for 2 of the 3 months in the quarter, a decrease of about 3% to 4% year over year in August and September. We believe the residential market conditions will continue to decay into the next quarter.

Considering this outlook, we will be very focused on managing our business investments and expenses while continuing to capitalize on some of the market opportunities this disruptive market will create. In the third quarter, we delivered adjusted earnings per share of $1.33 Year to date, total operating revenue was up 22% and adjusted EPS growth was up 8%. For the quarter, growth slowed to 13% and our adjusted EPS delivery was below last year's third quarter as we saw decreased margins some of our businesses due to rapidly decreasing residential volume of historically historic lows.

Our international commercial services business continued to deliver solid performance with overall commercial growing 9% While the growth was less than our recent run rate, our order growth is strong and our competitive position continues to improve. We did see a number of closing shifts into the fourth quarter, which is not uncommon in the changing market. We continue to be very positive on our proven competitive position and our future growth opportunity. In the third quarter, we also welcomed Tower Title to the family expanding our commercial energy and infrastructure team capabilities for servicing the space.

The acquisition of best in class talent has remained our strategic growth priority for the NASH and commercial services and the addition of Tower Title as well as the strategic hires we executed last quarter will help us further bolster this business for long-term success as these new hires ramp up in their seats and begin to convert business in the coming quarters. We have had a lot of momentum in this space in the last 3 years, and we will continue to encounter some tough comparables for ourselves given the outsized growth we have had. Overall, we remain positive on the large commercial and continue to see growth across multiple asset classes.

So though that growth is often lumpy given the time lines and transition transaction sizes. Our direct operations bears the fruits of the slowing residential market and drove the majority of our margin reduction in title. Overall, our direct title operation business unit grew consolidated residential, refinance, and mainstream commercial, by 1% in the Q2 compared to the same time frame last year. We saw residential volumes decrease by 3% and refi shrink 7%. That was off offset by our mainstream commercial delivering 11% growth. Our growth plan for this business remains focused on strengthening our position in attractive MSAs through organic and inorganic efforts and continue to grow mainstream commercial.

In 2026, we will see more opportunities present themselves in attractive geographies. Given market conditions, we will still focus on pursuing these opportunities. But we are sharpening our petals even further to ensure they fit. In our long term financial goals. In the third quarter, we announced the acquisition of Radiken Title, 1 of the oldest and well respected title agencies in Texas servicing Fort Worth. This transaction is a great example of a strong strategic fit for Stewart as it strengthens our position in the Dallas Fort Worth marketplace giving us a Fort Worth stronghold. Our centralized title operations which are included in our direct title revenue summary, includes our centralized refinance institutional business and reverse business.

In the third quarter, we welcomed ProTitleUSA to DocSolutionsUSA to this organization. The addition of these companies, along with our existing offerings, expand our scale in the title services for investors and capital market clients. In the third quarter, we grew this business 20% for these businesses. Finally, moving to our international operations. We focused on profitably growing our business. In the third quarter, we saw a slight deceleration of our noncommercial revenue by 1%. However, we have grown our revenue in this business unit by 4% year to date, which is solid in the Canadian residential market has been decelerating the existing home sales since September of 2025.

On the commercial front, we delivered $7.3 billion in revenue consistent sequentially with the second quarter. But behind the third quarter of 25 as we had a handful of very large transactions that closed the third quarter last year. We believe we are on the right track in our international operations, and we will continue to build on the strong positions in these markets. And continue to grow share. Turning to Agency Services. In the third quarter, we saw net revenues by 11% compared to the third quarter of last year. We are pleased with this given that our agents confront the same challenging residential market as our direct operations.

We are focused on growing this business through winning the business with new agents and expanding wallet share of existing agents. With the emphasis on 15 target states in addition to the expansion of our commercial footprint for agents. We continue to make good progress on these priorities with residential premiums up 7% and commercial premiums up 25% in the third quarter when compared to the same timeframe last year. As mentioned last quarter, we took advantage of some market disruption and extended our agency team which we have and will continue to see the benefit of. As they ramp up and settle into their positions.

While increasing market challenges will put pressure on future growth, we believe our ability to shift share should continue. Turning to our Real Estate Solutions business. In the third quarter, we grew revenue by 687% after removing the impact of 2 acquisitions we made this year, MCS and NAN. Our adjusted pre tax margin slipped from 11.3% last year to 10.5% this year. The margin was driven by a significant slowdown in orders and revenue from existing accounts in Informative Research, our credit data business and in Appraisal. From a strategic perspective, we remain focused on continuing to expand our coverage and servicing of the top 300 lenders.

Our suite of products and services is in good position and giving us even greater ability to cross sell through the business. I am pleased that we are able to maintain our double digit margins in these conditions and believe we will get to low to mid teens margin delivery through the execution of our strategic priorities that are more stable residential market environment over the next 2 to 3 quarters. I believe we are setting a new floor in the residential market. That will likely continue into the next quarter.

We will react to market changes by taking needed actions but we will be careful to retain the resources needed to serve our clients and react to opportunities I believe will come from this disruption. We remain focused on being a resilient company that has a growing portfolio of operations that will deliver share growth and improving margin performance. Over the next 2 to 3 years. Thank you for your time, attention and interest in Stewart as an enterprise. We are dedicated to being the premier title real estate services company. I am proud to share that in the third quarter, we delivered our 7th dividend increase in just under 6 years.

Raising our annual dividend from $2.10 a share to $2.20 per share. We are committed to strengthening and growing the company for continued growth lasting success while confronting the current challenging conditions. To our customers and agents, thank you for your trust and dedication to Stewart We are committed to serving you with excellence. And to the Stewart team, I want to thank you for your dedication and perseverance. It takes considerable effort to grow our company and even more so confront such a challenging residential housing conditions. Thank you for your commitment. To the company and look forward to seeing where we can take this company together.

So David, I will now turn it over to you to provide an update on our results.

David C. Hisey: Good morning, everyone, and I want to thank our employees and customers for their continued support and partnership as we navigate this even more challenging real estate market with early mortgage rates over 7% since mid September. Yesterday, Stewart reported third quarter 26 net income of $30 million with diluted EPS of $0.98 compared to the prior year's quarter net income of $44 million and diluted EPS of $1.55 On an adjusted basis, third quarter net income was $41 million or diluted EPS of $1.33 compared to net income of $47 million quarterly diluted EPS of $1.64 last year. Appendix A of our press release shows adjustments to our consolidated and segment results.

Primarily related to acquired intangible amortization acquisition related expenses and net realized and unrealized gains. Which were used on evaluate operating performance. In the Title segment, operating revenues increased $31 million or 5%, primarily driven by higher agency and direct commercial revenues. Total operating expenses increased 6% primarily due to higher revenues and higher employee costs related to select growth investments while beginning to address the market transition that Frederick spoke about. Title pre tax income in the third quarter was $47 million compared to $62 million last year, while on an adjusted basis, pretax income was $52 million compared to $61 million last year.

In our direct title business, direct title revenues increased $6 million or 2% primarily due to increased commercial transactions. Domestic commercial revenues increased $7 million or 9% as closed orders improved 18% across multiple asset classes. While average fee per file decreased 8% to $16.3 thousand due to reduced transaction sizes with less data center and energy activity. Domestic noncommercial revenue increased slightly by $3 million or 2%. Internal international revenues were down $4 million or 10%, due primarily to a large commercial transaction last year. On our agency operations, gross agency revenues increased 25% or $25 million or 7% reflecting growth across a majority of our key agency states, including Florida.

Net of agent retention, agency revenues improved $5 million or 8% compared to last year. On title losses, title loss expense for the third quarter increased primarily due to higher title revenues, while the title loss ratio was 3.4% comparable to last year. We expect our title losses to average from mid-3% to 4% over a year. In our Real Estate Solutions segment, total revenues increased $80 million or 68% primarily driven by the MCS acquisition and growth in our credit information and valuation services operations. RES adjusted pre tax margin increased by $7 million or 56% compared to $13 million last year while adjusted pretax margin was 10.4% compared to 11% last year.

On our consolidated operating expenses, our employee cost ratio improved to 26% compared to 27% last year, primarily due to higher operating revenues. While the other operating expense ratio increased to 29% compared to 24%, primarily due to revenue growth in our real estate Services Solutions segment, which typically incurs higher service costs as a percent of revenue. And as our Real Estate Solutions segment grows as a percentage of total revenue. Our financial position remains solid and well positioned to support our customers, and employees in the real estate market. Total cash and investments is approximately $300 million in excess of statutory reserve fund requirements.

Total Stewart stockholders' equity was approximately $1.7 billion representing book value of approximately $55 per share. Net cash provided by operations was $47 million compared to $93 million last year, primarily due to lower net operating income and timing of payments related to operating liabilities. Again, thank you to our customers and employees for their continued support. We remain confident in our ability to serve the real estate markets. I will now turn the call over to the operator for questions.

Operator: Thank you. Our first question today comes from Bose George with KBW. Your line is open.

Bose George: Morning. Actually, first just on the commercial side. So you guys noted some timing with in terms of deals getting pushed out. Can you help quantify that? And also, are you seeing any broader signs of slowdown in the commercial pipe either on higher rates or specifically for the data centers, anything that is related to political opposition at the local levels?

Frederick Henry Eppinger Jr.: Yeah. So it is multiple millions that pushed. So it was meaningful. To the quarter. And again, there is no indication it will not close in the fourth quarter, but there was some movement. Pipeline interesting enough, our pipeline, and you can see from the open orders and stuff, records and commercial, has been really strong for us. I have heard in the marketplace and clearly among agents I have heard of a slowdown in the small commercial market. We have not seen it in our numbers yet, but there is talk that the particularly the small business more debt oriented, there is some slowing. On the data side of things, we have not seen any slowdown at all.

And so again, it is hard to know what could have been, I guess, given all the noise you see in the marketplace But it is a pretty robust portfolio that we see. And it is again, we have not seen any slowdown. For us, it is odd about us, as you know. We in the last 2 years, we have doubled commercial. So we have a lot of quarters. Last year, we grew over 40-50%. So some of our comparisons are a little odd. For growth. But, I really like the flow we are seeing. We have the best team we have ever had. Being able to make some investments over the last year here.

So I continue to see growth opportunity there for the company in the next couple of years.

Bose George: Okay, great. Actually, I might have missed the first part, but just on the amount that got pushed, did you skip $1 amount?

Frederick Henry Eppinger Jr.: I did not give a but it is probably, you know, it is a few million. Yeah. So it is not a small amount, and it is Okay.

Bose George: A handful of transactions. Okay.

Frederick Henry Eppinger Jr.: Great.

Bose George: And then actually just switching over to the Services segment, can you just help us think about the drivers of the expense relative to the revenues? Can you remind us how much of the segment is impacted by rates? And then you mentioned for just the margin outlook for that segment. And does how much of that like to the extent we had, say, the market remains at level into next year, does that change that?

Frederick Henry Eppinger Jr.: And can you just remind us what you said for margins for next year? Yes. So what I have been saying, the portfolio we have, as you know, that portfolio is really made up of 3 pieces. it is made up of the appraisal business, the credit data, and then the default business. In all 3 of those now, we are the top 3-4 players. So we have critical mass and again, there is some things happening in all those spaces around the importance of technology. I feel that we are going to continue to see consolidation and share growth there. The 2 that are most sensitive to kind of the residential rate environment. Our appraisal and the data.

And the complicating factor, by the way, is that it is worse than just closes. So we have had historical cancellations. This quarter, probably 15% up to 15% of the transactions. And we have had a big decrease in kind of mortgage application. So, the way the data for in the credit data,, we get paid both with the mortgage the mortgage application gets opened, right, because some of our work is done at verification of kind of quality of the credit, etcetera. And then, we get paid again at the close, right? So, that as the market goes down, you obviously have less revenue. So, our same, what I call same store growth.

So, we have had some new accounts So we have still continued to grow a little bit. But we have seen 6-7% reduction in same store volume, which is the combination of the month closed files, as you can imagine, but also more cancellations. And so we have seen a decrease in the just the opening of mortgage apps. So that is where the where your margin goes. Because if you lose 2/3 of your revenue, which is not kind of how to think about it between the opening of the application and then the closing as those things cancel, you can see that revenue is going to go down.

Appraisal is the same thing, although we do not do a lot of pre work in appraisal, that most of that work is done afterwards. So you do not have a lot of wasted costs. But we have seen that those 2 businesses 4% or 5%, the crazy part, reduction of volume with our current customers. So that is why the volume. So the margin I am sorry. So the margin is at 10-10.5%, right? But all we need is a normalized market. I do not need it to go all the way back. I just need it to stabilize. So, you do not have these deltas and changes. Because the changes are what cost you.

Kind of because you are carrying the expense because you are doing some of the work and then it goes away. So, again, what I have said is that business, even at a 4.1-4.2 kind of existing home sales, that is going to be about a 13-14% margin business We built the scale, we got the nice mix between the 3 businesses. And so, this deck is going to for the next couple of quarters, we are going to see this kind of in my view, kind of at this level of margin. In that business. But I like the long-term. it is a more stable part of our portfolio because of the mix we have now.

So, again, that is why I say it will go migrate back up, I would say, after the next couple of 2 quarters.

Bose George: Okay. that is helpful.

Operator: Go ahead.

David C. Hisey: Put out that information on FHA delinquencies in some of your reports there, and we are like 11%, although they have been stabilizing. But the roles to foreclosure are just sort of getting started. And that is where the property preservation business helps. So it is a bit of an offset to what Frederick was talking about.

Bose George: Okay, great. But even in a flattish market next year, the margins go back up a few points as this lag kind of goes away.

Frederick Henry Eppinger Jr.: Yes, I believe. So. Again, there is a bunch of interesting changes with VantageScores, which we could get in at some point that is going to position us really well to consolidate and grow share in that market because we have a very unique product and solution for those that transition to them. So I feel very good about kind of the data credit data business over the long haul. Okay, great. Thanks a lot.

Operator: We will go next to Oscar Nieves with Stephens Inc. Your line is now open.

Oscar Nieves: Yes. Hi, good morning. My first 1 is on the recent acquisitions that you announced, the 1 at the end of Q2 or at the beginning of Q3. And the ones at the beginning of September. Just wondering if you could walk us through those acquisitions and what we should expect them to add to revenue and earnings? How big those deals were and when they close or if they close already.

Frederick Henry Eppinger Jr.: Good. So we go ahead.

David C. Hisey: Yeah. Hey, Oscar. So we did 3, so 4 of size this year. We did the appraisal 1 back in, I think it was April, Nationwide Appraisal, NAN. That just rolls into our Steward Valuation Intelligence business. So the appraisal business that Frederick talked about, And it just gives us scale. that is 1 of the things that got us up to now being like a top 3 player there. The other 2, are in title. So ProTitle goes into the CTS segment that Frederick talked about. Those both closed on 9/1. And then Tower Title that you also talked about, they just basically go into their respective businesses, right? So CTS will get pro title, commercial will get Tower.

And they just add to those businesses. But we said that we typically buy those kind of businesses that these are title businesses, so 4-6x EBITDA. These are higher margin So think you are maybe on the higher end. So you just think about all the money we had to deploy year end between NAN and these other 2, basically deployed $150 million And so you can sort of back into what economics you might be able to get out of that. And you will see the acquisitions number in our 10 Q, so it will all be public.

Frederick Henry Eppinger Jr.: And I would say to you the last 2 were kind of late in this quarter and had a lot of So it was marginal impact at all on the quarter. But in both cases, again, to me, they are really important because talent gives us this additional capability and infrastructure where I think we are going to have sustained growth in the business and covers an area that we like. And on the pro title, which is the whole institutional business, 1 of the things I am doing in the centralized title businesses is to create a less volatile I am not a big refi guy. But our centralized title is really specialty portfolio of specialty centralized title.

And these bring institutional business to us. And I feel good about all of these.

Oscar Nieves: Super helpful. My next 1 is, Bill Pulte has made some tweaks recently that have hit title stocks. there is a lot of nervousness around potential expansion to title waivers. Any incremental commentary on that point?

Frederick Henry Eppinger Jr.: Yeah. Yeah. I think what is been said, particularly about the pilot, is kind of old news. But, and, essentially, what they did is they expanded the number of lenders that are in it. The coverage is roughly the same. it is a very small subset of refi that is included in the title. Space, And again, we will see how it plays out. I keep saying, if it tests out, the whole thing is going to be pricing And because it does not make sense.

We are not really big in the refi market and I do not think there is many scenarios that want to be big in the refi market given the volatility of that business and the low margins that are in it. But, again, I do not see it. there is no big expansion from where we are. But the number of again, the lenders that are participating is a little bit bigger. So, again, it does not have much impact.

David C. Hisey: And Oscar, another thing to keep in mind is if you look at our refi orders, like Frederick said, we do not really add much in that centralized lender. So most of our refi orders came from customers that we issued a prior owner's policy on, and they are out in our field operations. So stuff like this does not really impact them that much.

Oscar Nieves: I guess my last 1, Are you seeing any AI and automation show up in margins yet, especially as you mentioned earlier that you expect a challenged market over the next few quarters? Yes.

Frederick Henry Eppinger Jr.: it is interesting. it is a great question, because I am feeling pretty bullish on our AI initiatives. I think the financial impact is going to take 18 months to kind of see kind of the robust financial impact, although we are seeing it today. Particularly in the search area. And again, we have got some really interesting things that we are doing there. And I think I think the search area is the place where there is the greatest opportunity for efficiency and accuracy and what I consider better turnaround time, for instance, for our agents. Which I think matters to the combined economics. So, yes, I am pretty bullish. The other thing, obviously, we give the virtual underwriter.

And it is given we have now made it to our agents, which actually helps their efficiency in work where they do the clearing of title and the underwriting of policies. As an agent. But again, I think I mentioned to you, we have over 100 initiatives and frankly, about there is like 50 that are penciling already operationally that we track returns on. And it is early days, but it is, in my view, going to be helpful, particularly if you see the residential market sit at 4.1 million longer, which I think people are talking about, I think over the next 4 to 6 quarters, it is going to be very helpful to us to manage expenses.

And again, I think it also is really good about quality, some of the quality of delivery and some of the consistency of turnaround, which is really what particularly the agency channel, they really appreciate.

Oscar Nieves: Thank you.

Operator: And at this time, there are no additional questions in queue. I will now turn the meeting back to Frederick for any additional or closing remarks.

Frederick Henry Eppinger Jr.: I want to thank everybody for their interest in Stewart. and appreciate you joining us on the call. Thank you.

Operator: That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.