- April 28, 1995
- All New York Branch Offices and Agents
- Recognition of Stewart Title Guaranty Company as Accredited Reinsurer in the State of New York
We are pleased to inform you that Stewart Title Guaranty Company (STG), the corporate parent of Stewart Title Insurance Company (STIC), has been recognized as an accredited Reinsurer by the Department of Insurance of the State of New York. STG, a rock-solid national title insurer based in Houston, Texas, has admitted assets of $256,000,000, a surplus to policyholders of $120,000,000, and has been given an A'' financial stability rating (the highest possible rating) by Demotech, Inc., a respected source of title insurance company information and evaluation.
For more information about reinsurance, please see bulletin NY000014 Reinsurance Limitations.
As a result of this recognition, STG can now accept reinsurance from STIC on any transaction which exceeds STIC's own corporate retention limit of $10,000,000. Effective immediately, the Stewart Title Family (STIC and STG, collectively) can retain up to $40,000,000 on any single property risk transaction. STIC&'s ability to place reinsurance with STG will enable STIC to participate to a much greater degree, in major commercial transactions within New York City and throughout New York State. If you or a client of yours would like to see a copy of the Annual Statement of STG, STIC, or both, please contact the undersigned and I will have copies made available to you. Please note that STG can also accept reinsurance from other title insurers on transactions in New York and in other states throughout the United States.
For your further information, Demotech, Inc., the title insurance company rating agency mentioned earlier, also rated STIC and gave it an A' rating, the second highest score awarded. STIC's rating is better than or equal to all of its competitors in the New York Metropolitan Area.
Should you have any questions regarding the above matter, please contact Company Counsel.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.