Thursday, Stewart Information Services Corp. (STC), a provider of insurance and related information services, reported a wider loss in the fourth quarter, primarily as a result of higher charges.
The Houston, Texas-based company posted a fourth quarter net loss of $158 million or $8.72 per share, compared to a loss of $31.3 million or $1.74 per share in the year-ago quarter.
During the quarter the company recorded total pretax charges of $68.7 million, compared to $21.6 million in the fourth quarter of previous year.
The charges include provision for legal matters of $19.3 million, loss reserve strengthening of $29.9 million, impairment write downs of $12.8 million, office closing and restructuring costs of $5.0 million and a gain on assets sale of $1.7 million.
Total revenue for the quarter declined to $335.9 million from $499.7 million last year.
For the full year, the company reported a net loss of $241.9 million or $13.37 per share, compared to a loss of $40.2 million or $2.21 per share in the prior year. Total revenue for the year declined to $1.56 billion from $2.11 billion last year.
Results were impacted by strengthening of policy loss reserves by $32.0 million as a result of unusually large claims payments and incurred claims history for policy years 2005, 2006, and 2007. Policy loss reserves in 2008 also reflect charges of $41.7 million relating to large title losses and defalcations attributable to independent agencies.
STC is currently trading at $13.08, down $2.55 or 16.31% on the NYSE.
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