A holding company which operates through its subsidiaries and engaged in several lines of business. Its main business activity is the issuance of residential and commercial title insurance through ITIC and NE-ITIC.
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I posted this message here because even though it is not about FNF, it is about another company in the exact same industry, title insurance.ITIC's stock has soared lately, perhaps as a result of the great Sum Zero piece that I just read about the company.ITIC currently trades at 0.7 or so times its tangible book value versus an industry averate of 1.3 times for all title insurers (1.9x for FNF). One could argue that given their size, and in FNF's case private equity investments, that the big boys deserve some premium to ITIC...but not this much.Even if ITIC rose to just one time its TBV it would trade at over $45/share, a 20% gain from today's price per share.That's not the 100% upside that the Sum Zero article is looking for, but it's not bad.Furthermore, the company is significantly overcapitalized relative to its peers.Deej
i read that piece, too. i agree with you. there are a lot of good things in ITIC, and not too many bad things.