AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Stewart Title Guaranty Company (Stewart) (Houston, TX) and Stewart Title Limited (United Kingdom). AM Best also has affirmed the Long-Term ICR of “bbb-” (Good) of the parent holding company, Stewart Information Services Corporation (headquartered in Houston, TX) [NYSE: STC]. The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Stewart’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Stewart’s underwriting and operating results are expected to remain in line with industry averages despite elevated interest rates, a slowing economy and a slowdown in the real estate sector, which have dampened Stewart’s production and premium volume. Despite industry headwinds, Stewart’s ratings consider the group’s very strong levels of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and its consistently profitable underwriting and investment results over the most recent five-year period. As the fourth-largest title insurance writer in the United States, Stewart benefits from its market position and geographic diversification as a writer in 50 states and its global presence. Stewart’s strategic acquisitions of companies that complement real estate closing solutions help to mitigate the concentration as a monoline writer of title insurance.

Negative rating action could occur if challenges from high interest rates and a slowing economy pose a significant decline in operating profitability and/or a material decline in risk-adjusted capitalization levels.

The FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) have been affirmed with a stable outlook for the following member of Stewart Title Guaranty Company:

• Stewart Title Guaranty de Mexico, S.A. de C.V.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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