Ticor Title is a member of the Fidelity National Financial family of companies and part of the nation’s largest group of title companies and title insurance underwriters – Fidelity National Title Insurance Company, Chicago Title Insurance Company, Commonwealth Land Title Insurance Company and Alamo Title Insurance. As a group, our underwriters issue more title insurance policies than any other title company in the United States.
Residential Purchases Shift Upward
The second quarter results continue to highlight the earnings power of our title business. With an improving residential purchase market and strong refinance order closings, we were able to generate a 16.5% pre-tax title margin, nearly equal to that of full-year 2003 when adjusted for the difference in the provision for title losses between the time periods. Our mix of business shifted toward purchase transactions during the quarter, with April at 39%, May at 40%, and June at 48% of total transactions.
Highlighting our Financial Strength
The second quarter results continue to highlight the earnings power of our title business. The LPS acquisition will create an even larger, broader, more diversified and recurring
revenue base for FNF going forward.