Stewart Title's Success in the Third Quarter
Articles from The Massachusetts Focus
Newsletter of Stewart Title Guaranty Company, Massachusetts Offices
Winter 2008, Volume 7, Number 1
Stewart Title's Success in the Third Quarter
by Craig J. Celli, Vice President and State Manager
It is with great pride and enthusiasm that I report to you, our customers, the successes of Stewart Title through the third quarter of calendar year 2007.
In a market where premiums are reportedly down 10% from 2006, Stewart Title’s market share has increased. At the end of the 2006 Stewart Title’s market share was reportedly sixth place among the different underwriters in Massachu-setts. However, at the end of the third quarter of 2007, Stewart has moved into third place. In a competitive industry such as the title insurance industry moving up the ranks is not easy to do. Companies just do not let you pass them. You have to earn it. Moving from sixth to third in nine month’s time is a major achievement.
It was also specifically within the third quarter where Stewart realized the successes of all its hard work throughout the year. As it has been reported in past issues of the Massachusetts Focus, Stewart has restructured, re-tooled and resurrected itself back to prominence. During the three-month period of the third quarter, Stewart collected the second highest amount of premium of any title insurance company in Massachusetts, putting Stewart in its third place market position by the end of that quarter. Stewart has not achieved this high of placement in years and there are no plans to move back.
While Stewart has increased its market share during 2007, many of our competitors have not. Most of the other major underwriters have lost market share ranging from being down .2% to being down an amazing 3.2%. And although Stewart does not rejoice in the misfortune of our friends working within the industry, we are very happy to report our own success.
Why Has Stewart Succeeded
First, the short answer is that we are just working harder. There has been a renewed effort to find out what your needs are in order to be successful in this market. We are knocking on more doors than our competition, driving more miles, having more meetings, giving better answers to your title questions and assisting your marketing needs more now than ever before. We are committed to you, our business partners.
Second, Stewart has maintained and increased the number of excellent people working with the company. Times are tough in every area of the real estate industry. Whether you conduct closings, appraise houses, originate loans or sell title insurance, 2007 has been a challenging year. However, Stewart Title has grown during this time. Stewart, unlike most of our competitors, has increased its staff over the past 12 months. I am very proud of this fact. Most companies have had to decrease their sales team or decrease their legal or administrative staffs to address their losses in revenue. But Stewart today is better equipped to work with your company in all areas.
Finally, Stewart has stayed true to its core beliefs. I have said many times in the past that our job at Stewart is not to chase the premium. We have two major functions. First, it is our intent to increase your bottom line. We want to help you make more money. Second, it is our intent to decrease the amount of time you have to work to make that money so that you can spend less time in the office and more time with family. If we can better your lives financially and allow you to have more time with friends and loved ones, then we do not have to chase the premium; we are confident that you will reward Stewart with your premium.
So, we are out there marketing with our agents. We are out there assisting your office with policy preparation. Every day the industry’s top legal minds provide your staffs with legal answers to your difficult title questions. Stewart understands that we cannot just say we want to be the best; instead, each day we have to live up to that promise.
This is a great time of year to write to all of you. The holiday season has always been a great joy for my family. Growing up, my parents and brothers enjoyed a special bond together during the holidays. That special bond remains today as my family and I have remained tremendously close. And now, my wife and I enjoy the same happiness with our four kids. Since they range in age from 9 months to 17 years old, the gifts and wonderment may be different, but the purpose and happiness stays the same. As I know they read my article each quarter I wanted to express to them how much I love them and cherish each day we have together.
Thank you for your time and if I can do absolutely anything for you, please do not hesitate to call me.