A North Carolina title insurer that underwrites residential and commercial property policies for owners and mortgage lenders across the eastern U.S., and helps people swap properties tax-free through 1031 exchanges. Founder J. Allen Fine started it in 1972, underwriting the first policy himself on an electronic typewriter. Its corporate symbol is a Canada Goose, chosen because the flock's V formation represents teamwork and stability.
Net premiums written rose 17.5% in H1 2026, lifting Q2 revenue 17.5% and net income 19.2% year over year.
Title premiums accelerated, with Q2 growth outpacing the prior year. rose 17.5% to $86.5 million and climbed 19.3% to $7.73, driven by higher real estate activity and expansion initiatives. The company enters the second half with no debt and $252.5 million in cash and investments, even as a Texas rate cut takes full effect.
Key takeaways
rose 17.5% to $118.5 million in H1 2026, with agency premiums up 18.2% and direct premiums up 15.7%, as higher real estate activity and expansion initiatives lifted volume.
Q2 rose 17.5% to $86.5 million and rose 19.2% to $14.6 million, with widening 1.0 point to 22.5% as premium growth outpaced a rise in agent commissions.
Net investment gains contributed to the result, with a $4.4 million increase in H1 2026 compared to the prior year, helping lift after-tax profit margin to 13.8% from 11.9%.
Section summaries
Management's Discussion and Analysis
Net premiums written rose 17.5% to $118.5M in H1 2026 on higher real estate activity and expansion, driving net income up 34%.
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grew 17.5% to $118.5M in H1 2026, driven by higher real estate activity and expansion initiatives, with agency premiums up 18.2% and direct premiums up 15.7%.
The provision for claims rose 35.5% to $3.3 million in H1 2026 on higher volume and actuarial changes, building against a $38.1 million claims reserve.
was $8.1 million in Q2, down 8.3% , while H1 operating cash flow of $9.8 million supported a liquidity position of $252.5 million in cash and investments with no debt.
What changed
The Q1 2026 flag on Texas premium growth after the 6.2% rate cut is partly answered: H1 2026 still rose 17.5%, and management cites a favorable net impact from state rate changes including the Texas reduction and a 9.4% North Carolina increase.
The Q1 2026 flag on net investment gains repeating is confirmed: the $524,000 Q1 gain was followed by further gains in Q2, contributing to a $4.4 million H1 increase over the prior year.
The Q1 2026 flag on the claims provision is materializing: the 46.1% Q1 increase was followed by a 35.5% H1 rise to $3.3 million, as higher volume and less favorable loss development build against the $38.1 million reserve.
The Q1 2026 flag on is partly resolved: Q2 operating cash flow of $8.1 million, while down 8.3% , brought H1 to $9.8 million and kept the trajectory positive.
What to watch
Q3 2026 in Texas now that the 6.2% rate cut has been in effect for a full quarter, to see if the 17.5% H1 growth rate holds.
Full-year 2026 claims provision percentage as the 35.5% H1 increase builds against the $38.1 million reserve flagged as a critical audit matter.
Q3 2026 net investment gains to confirm the $4.4 million H1 increase under the fair-value rule is sustained rather than reversing.
Q3 2026 non-title services after the H1 decline to $9.5 million from $10.1 million on lower like-kind exchange income.
After-tax profit margin improved to 13.8% in H1 2026 from 11.9% a year ago, helped by premium growth and a $4.4M increase in net investment gains, partially offset by higher agent commissions and personnel costs.
Commissions to agents rose 17.0% to $63.1M in H1 2026, consistent with agency premium volume, while the increased 35.5% to $3.3M due to higher volume and actuarial loss ratio changes.
Non-title services declined to $9.5M in H1 2026 from $10.1M, primarily due to lower income, while interest and dividends dipped slightly on lower average yields.
The company cites favorable net impact from state rate changes, including a 9.4% increase in North Carolina and a 6.2% reduction in Texas, and notes the MBA forecast projects 5.5% growth in total mortgage originations for 2026.
Liquidity remains strong with $20.5M in cash, $51.7M in short-term investments, and $181.8M in fixed maturity and equity securities; was $9.8M in H1 2026.
Quantitative and Qualitative Disclosures About Market Risk
The Company’s primary market risk exposures are related to fluctuations in interest rates and equity market values, and their potential effect on our investment portfolio. While the Company actively monitors these risks, and employs various strategies to manage them, it does not…
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The Company’s primary market risk exposures are related to fluctuations in interest rates and equity market values, and their potential effect on our investment portfolio. While the Company actively monitors these risks, and employs various strategies to manage them, it does not currently utilize derivative financial instruments for hedging purposes.
There were no material changes in the Company's market risk during the quarter ended June 30, 2026.
See discussion of legal proceedings in Note 7 to the Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Part II, Item 1.
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See discussion of legal proceedings in Note 7 to the Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Part II, Item 1.
Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in our 2025 Form 10-K. There have been no material changes in the risk factors previously disclosed under Item 1A of the Company’s 20…
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Our operations and financial results are subject to various risks and uncertainties, including those described in Part I, Item 1A. “Risk Factors” in our 2025 Form 10-K. There have been no material changes in the risk factors previously disclosed under Item 1A of the Company’s 2025 Form 10-K.