Stewart Reports Second Quarter 2023 Results

Stewart Reports Second Quarter 2023 Results

  • Total revenues of $549.2 million ($550.3 million on an adjusted basis) compared to $844.1 million ($850.7 million on an adjusted basis) in the prior year quarter
  • Net income of $15.8 million ($18.9 million net income on an adjusted basis) compared to $61.7 million ($70.4 million on an adjusted basis) in the prior year quarter
  • Diluted EPS of $0.58 ($0.69 on an adjusted basis) compared to prior year quarter diluted EPS of $2.26 ($2.58 on an adjusted basis)

HOUSTON, July 26, 2023 /PRNewswire/ — Stewart Information Services Corporation (NYSE: STC) today reported net income attributable to Stewart of $15.8 million ($0.58 per diluted share) for the second quarter 2023, compared to $61.7 million ($2.26 per diluted share) for the second quarter 2022. On an adjusted basis, Stewart’s second quarter 2023 net income was $18.9 million ($0.69 per diluted share) compared to $70.4 million ($2.58 per diluted share) in the second quarter 2022. Second quarter 2023 pretax income before noncontrolling interests was $25.2 million ($29.3 million on an adjusted basis) compared to pretax income before noncontrolling interests of $86.8 million ($98.2 million on an adjusted basis) for the second quarter 2022.

Second quarter 2023 results included $1.1 million of pretax net realized and unrealized losses, primarily composed of a contingent receivable loss adjustment resulting from a previous disposition of a business, partially offset by net unrealized gains on fair value changes of equity securities investments. Second quarter 2022 results included $11.9 million of pretax net realized and unrealized losses, primarily related to net unrealized losses on fair value changes of equity securities investments.

“Our second quarter results improved compared to the first quarter as we moved into the seasonally stronger summer selling season. The elevated interest rate environment continued throughout the second quarter as mortgage interest rates reached almost seven percent, keeping transaction volumes from increasing as in a normal market,” commented Fred Eppinger, chief executive officer. “Our long-term strategies of creating a stronger and more resilient company remain our primary focus, and I am pleased with our progress on these important initiatives. We continue to balance cost discipline with investments in managing our operations in this challenging environment.”

Selected Financial Information
Summary results of operations are as follows (dollars in millions, except per share amounts, and amounts may not add as presented due to rounding):


Quarter Ended

June 30,


Six Months Ended

June 30,


2023

2022


2023

2022

Total revenues

549.2

844.1


1,073.5

1,697.0

Pretax income before noncontrolling interests

25.2

86.8


15.0

166.4

Income tax expense

(5.4)

(19.9)


(0.5)

(37.6)

Net income attributable to noncontrolling interests

(4.0)

(5.2)


(6.9)

(9.2)

Net income attributable to Stewart

15.8

61.7


7.6

119.6

Non-GAAP adjustments, after taxes*

3.1

8.7


4.5

6.7

Adjusted net income attributable to Stewart*

18.9

70.4


12.1

126.2

Net income per diluted Stewart share

0.58

2.26


0.28

4.37

Adjusted net income per diluted Stewart share*

0.69

2.58


0.44

4.61


* Adjusted net income and adjusted net income per diluted share are non-GAAP measures. See Appendix A for explanation
and reconciliation of non-GAAP adjustments.

Title Segment
Summary results of the title segment are as follows (dollars in millions, except pretax margin):


Quarter Ended June 30,


2023

2022

% Change

Operating revenues

466.7

761.1

(39 %)

Investment income

12.1

6.7

80 %

Net realized and unrealized gains (losses)

2.0

(8.8)

(123 %)

Pretax income

35.5

93.6

(62 %)

Non-GAAP adjustments to pretax income

1.7

11.5


Adjusted pretax income*

37.2

105.1

(65 %)

Pretax margin

7.4 %

12.3 %


Adjusted pretax margin*

7.8 %

13.7 %



* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for explanation
and reconciliation of non-GAAP adjustments.

Title segment operating revenues for the second quarter 2023 decreased $294.3 million, or 39 percent, compared to the second quarter 2022, as a result of transaction volume declines in our direct and agency title businesses, while total segment operating expenses decreased $220.1 million, or 33 percent, primarily driven by lower revenues. Agency retention expenses in the second quarter 2023 decreased $168.1 million, or 49 percent, in line with $201.2 million, or 49 percent, lower gross agency revenues, while the average independent agency remittance rate in the second quarter 2023 slightly improved to 17.7 percent compared to 17.1 percent in the prior year quarter.

Total employee costs and other operating expenses in the second quarter 2023 decreased $47.2 million, or 16 percent, compared to the prior year quarter. As a percentage of operating revenues, these expenses were 52.4 percent in the second quarter 2023 compared to 38.3 percent in the second quarter 2022, primarily due to lower second quarter 2023 revenues. Title loss expense decreased $6.6 million, or 25 percent, in the second quarter 2023 compared to the prior year quarter primarily as a result of lower title revenues. As a percentage of title revenues, title loss expense was 4.2 percent in the second quarter 2023 compared to 3.5 percent in the second quarter 2022, which benefited from last year’s favorable claims experience.

The title segment’s net realized and unrealized gains in the second quarter 2023 were primarily driven by $2.0 million of unrealized gains from fair value changes of equity securities investments, while the segment’s net realized and unrealized losses in the prior year quarter were primarily due to $9.9 million of net unrealized losses on fair value changes of equity securities investments, partially offset by a $1.0 million gain related to an acquisition contingent liability adjustment. Investment income in the second quarter 2023 increased $5.4 million compared to the second quarter 2022, primarily due to higher interest income resulting from increased interest rates and higher short-term investment balances in the second quarter 2023. Non-GAAP adjustments to pretax income primarily included net realized and unrealized gains and losses, and $3.3 million and $2.5 million of acquisition intangible asset amortization and other expenses in the second quarters 2023 and 2022, respectively.

Direct title revenues information is presented below (dollars in millions):


Quarter Ended June 30,


2023

2022

% Change


Non-commercial:





Domestic

184.5

234.4

(21 %)


International

25.9

41.2

(37 %)



210.4

275.6

(24 %)


Commercial:





Domestic

41.5

67.1

(38 %)


International

6.1

8.4

(27 %)



47.6

75.5

(37 %)


Total direct title revenues     

258.0

351.1

(27 %)






Total non-commercial domestic revenues in the second quarter 2023 decreased $49.9 million, or 21 percent, primarily resulting from a 31 percent decline in residential purchase and refinancing transactions compared to the prior year quarter. Domestic commercial revenues in the second quarter 2023 declined $25.6 million, or 38 percent, primarily driven by 30 percent lower commercial orders closed and lower average transaction size compared to the second quarter 2022. Average domestic commercial fee per file in the second quarter 2023 was $11,600, or 12 percent lower compared to $13,100 in the second quarter 2022, while average residential fee per file in the second quarter 2023 was $3,300, which was 11 percent higher than $2,900 in the prior year quarter due to a higher purchase mix. Total international revenues in the second quarter 2023 decreased by $17.6 million, or 35 percent, primarily due to lower transaction volumes in our Canadian operations compared to the second quarter 2022.

Real Estate Solutions Segment
Summary results of the real estate solutions segment are as follows (dollars in millions):


Quarter Ended June 30,



2023

2022

% Change


Operating revenues

71.4

82.9

(14 %)


Pretax income

3.3

6.1

(46 %)


Non-GAAP adjustments to pretax income

7.1

6.1



Adjusted pretax income*

10.3

12.2

(15 %)


Pretax margin

4.6 %

7.4 %



Adjusted pretax margin*

14.4 %

14.7 %





* Adjusted pretax income and adjusted pretax margin are non-GAAP financial measures. See Appendix A for an explanation
 and reconciliation of non-GAAP adjustments.


The segment’s operating revenues in the second quarter 2023 decreased $11.5 million, or 14 percent, compared to the second quarter 2022, primarily due to lower transaction volumes resulting from the continuing elevated interest rate environment. Consistent with the revenue decline, combined employee costs and other operating expenses in the second quarter 2023 decreased $8.5 million, or 12 percent. Non-GAAP adjustments to pretax income included acquisition intangible asset amortization expenses of $5.8 million and $6.1 million in the second quarters 2023 and 2022, respectively, and a $1.2 million state sales tax assessment expense in the second quarter 2023 related to an acquisition.

Corporate and Other Segment
The segment’s results for the second quarter 2023 included net realized losses of $3.1 million, primarily driven by a contingent receivable loss adjustment resulting from a previous disposition of a business, while second quarter 2022 results included net realized losses of $3.2 million primarily resulting from the same disposition of a business. Net expenses attributable to corporate operations during the second quarter 2023 were $10.5 million compared to $10.2 million in the prior year quarter.

Expenses
Consolidated employee costs in the second quarter 2023 decreased $27.6 million, or 13 percent, primarily due to lower salaries and benefits expenses and incentive compensation resulting from reduced transaction volumes and average headcount compared to the prior year quarter. As a percentage of total operating revenues, consolidated employee costs increased to 33.9 percent in the second quarter 2023 compared to 24.8 percent in the prior year quarter, primarily due to lower second quarter 2023 revenues.

Total other operating expenses in the second quarter 2023 decreased $32.7 million, or 20 percent, compared to the prior year quarter, primarily resulting from lower costs tied to lower title and real estate solutions revenues. As a percentage of total operating revenues, consolidated other operating expenses for the second quarter 2023 were 24.0 percent compared to 19.1 percent in the second quarter 2022.

Other
Net cash provided by operations in the second quarter 2023 was $35.1 million compared to net cash provided by operations of $83.3 million in the prior year quarter, primarily driven by the lower net income during the second quarter 2023.

Second Quarter Earnings Call
Stewart will hold a conference call to discuss the second quarter 2023 earnings at 8:30 a.m. Eastern Time on Thursday, July 27, 2023. To participate, dial (800) 343-4849 (USA) or (203) 518-9843 (International) – access code STCQ223. Additionally, participants can listen to the conference call through Stewart’s Investor Relations website at http://investors.stewart.com/news-and-events/events/default.aspx. The conference call replay will be available from 11:00 a.m. Eastern Time on July 27, 2023 until midnight on August 3, 2023 by dialing (800) 938-2487 or (402) 220-9026 (International).

About Stewart
Stewart (NYSE:STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. More information can be found at http://www.stewart.com, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter® @stewarttitleco.

Cautionary statement regarding forward-looking statements. Certain statements in this earnings release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to future, not past, events and often address our expected future business and financial performance. These statements often contain words such as “may,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “will,” “foresee” or other similar words. Forward-looking statements by their nature are subject to various risks and uncertainties that could cause our actual results to be materially different than those expressed in the forward-looking statements. These risks and uncertainties include, among other things, the volatility of economic conditions; adverse changes in the level of real estate activity; changes in mortgage interest rates, existing and new home sales, and availability of mortgage financing; our ability to respond to and implement technology changes, including the completion of the implementation of our enterprise systems; the impact of unanticipated title losses or the need to strengthen our policy loss reserves; any effect of title losses on our cash flows and financial condition; the ability to attract and retain highly productive sales associates; the impact of vetting our agency operations for quality and profitability; independent agency remittance rates; changes to the participants in the secondary mortgage market and the rate of refinancing that affects the demand for title insurance products; regulatory non-compliance, fraud or defalcations by our title insurance agencies or employees; our ability to timely and cost-effectively respond to significant industry changes and introduce new products and services; the outcome of pending litigation; the impact of changes in governmental and insurance regulations, including any future reductions in the pricing of title insurance products and services; our dependence on our operating subsidiaries as a source of cash flow; our ability to access the equity and debt financing markets when and if needed; our ability to grow our international operations; seasonality and weather; and our ability to respond to the actions of our competitors. These risks and uncertainties, as well as others, are discussed in more detail in our documents filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022, and if applicable, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K filed subsequently. All forward-looking statements included in this earnings release are expressly qualified in their entirety by such cautionary statements. We expressly disclaim any obligation to update, amend or clarify any forward-looking statements contained in this earnings release to reflect events or circumstances that may arise after the date hereof, except as may be required by applicable law.

ST-IR

STEWART INFORMATION SERVICES CORPORATION

CONDENSED STATEMENTS OF INCOME (Unaudited)

(In thousands of dollars, except per share amounts and except where noted)



Quarter Ended June 30,


Six Months Ended June 30,


2023

2022


2023

2022

Revenues:






Title revenues:






Direct operations

257,994

351,122


465,864

668,956

Agency operations

208,755

409,931


457,775

814,076

Real estate solutions and other

71,387

88,186


133,978

211,415

Total operating revenues

538,136

849,239


1,057,617

1,694,447

Investment income

12,123

6,739


18,722

10,361

Net realized and unrealized losses

(1,105)

(11,905)


(2,883)

(7,820)


549,154

844,073


1,073,456

1,696,988

Expenses:






Amounts retained by agencies

171,776

339,847


377,514

671,039

Employee costs

182,666

210,246


353,217

415,228

Other operating expenses

129,333

162,008


250,073

351,756

Title losses and related claims

19,802

26,398


37,476

55,619

Depreciation and amortization

15,528

14,288


30,434

28,037

Interest

4,875

4,507


9,724

8,918


523,980

757,294


1,058,438

1,530,597

Income before taxes and noncontrolling interests

25,174

86,779


15,018

166,391

Income tax expense

(5,392)

(19,894)


(454)

(37,594)

Net income

19,782

66,885


14,564

128,797

Less net income attributable to noncontrolling interests

3,967

5,225


6,939

9,240

Net income attributable to Stewart

15,815

61,660


7,625

119,557







Net earnings per diluted share attributable to Stewart

0.58

2.26


0.28

4.37

Diluted average shares outstanding (000)

27,444

27,293


27,402

27,377







Selected financial information:






Net cash provided (used) by operations

35,107

83,312


(15,995)

118,187

Other comprehensive (loss) income

(1,290)

(20,992)


6,017

(40,455)

Second Quarter Domestic Order Counts:








Opened Orders 2023:

Apr

May

June

Total


Closed Orders 2023:

Apr

May

June

Total

Commercial

1,034

1,071

1,189

3,294


Commercial

1,069

1,212

1,304

3,585

Purchase

18,032

21,408

19,197

58,637


Purchase

12,606

15,098

15,378

43,082

Refinancing

7,055

6,160

5,427

18,642


Refinancing

3,302

3,605

3,767

10,674

Other

1,270

1,619

1,722

4,611


Other

767

1,026

1,112

2,905

Total

27,391

30,258

27,535

85,184


Total

17,744

20,941

21,561

60,246












Opened Orders 2022:

Apr

May

June

Total


Closed Orders 2022:

Apr

May

June

Total

Commercial

2,134

1,594

1,802

5,530


Commercial

1,647

1,652

1,833

5,132

Purchase

25,065

24,115

22,904

72,084


Purchase

18,716

18,275

18,363

55,354

Refinancing

9,629

7,853

7,471

24,953


Refinancing

9,112

7,434

6,131

22,677

Other

340

335

404

1,079


Other

790

380

549

1,719

Total

37,168

33,897

32,581

103,646


Total

30,265

27,741

26,876

84,882

STEWART INFORMATION SERVICES CORPORATION

CONDENSED BALANCE SHEETS (Unaudited)

(In thousands of dollars)



June 30, 2023

 December 31, 2022

Assets:



Cash and cash equivalents

190,039

248,367

Short-term investments

26,566

24,318

Investments in debt and equity securities, at fair value

680,153

710,083

Receivables – premiums from agencies

40,601

39,921

Receivables – other

96,343

85,111

Allowance for uncollectible amounts

(7,853)

(7,309)

Property and equipment, net

81,763

81,539

Operating lease assets, net

128,167

127,830

Title plants

73,358

73,358

Goodwill

1,074,678

1,072,982

Intangible assets, net of amortization

204,509

199,084

Deferred tax assets

2,582

2,590

Other assets

86,932

80,005


2,677,838

2,737,879

Liabilities:



Notes payable

445,027

447,006

Accounts payable and accrued liabilities

167,564

196,541

Operating lease liabilities

146,649

148,003

Estimated title losses

524,141

549,448

Deferred tax liabilities

28,462

26,616


1,311,843

1,367,614

Stockholders’ equity:



Common Stock and additional paid-in capital

332,025

324,344

Retained earnings

1,074,458

1,091,816

Accumulated other comprehensive loss

(45,326)

(51,343)

Treasury stock

(2,666)

(2,666)

Stockholders’ equity attributable to Stewart

1,358,491

1,362,151

Noncontrolling interests

7,504

8,114

Total stockholders’ equity

1,365,995

1,370,265


2,677,838

2,737,879




Number of shares outstanding (000)

27,267

27,130

Book value per share

49.82

50.21

STEWART INFORMATION SERVICES CORPORATION

SEGMENT INFORMATION

(In thousands of dollars)


Quarter Ended:

June 30, 2023


June 30, 2022


Title

Real
Estate
Solutions

Corporate
and Other

Total


Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:










Operating revenues

466,749

71,387

538,136


761,053

82,862

5,324

849,239

Investment income

12,099

24

12,123


6,737

2

6,739

Net realized and unrealized gains (losses)

1,977

(3,082)

(1,105)


(8,755)

(3,150)

(11,905)


480,825

71,411

(3,082)

549,154


759,035

82,864

2,174

844,073

Expenses:










Amounts retained by agencies

171,776

171,776


339,847

339,847

Employee costs

165,585

12,538

4,543

182,666


193,438

12,839

3,969

210,246

Other operating expenses

78,960

49,311

1,061

129,332


98,267

57,549

6,192

162,008

Title losses and related claims

19,802

19,802


26,398

26,398

Depreciation and amortization

8,883

6,280

365

15,528


7,489

6,381

418

14,288

Interest

360

4,515

4,875


1

4,506

4,507


445,366

68,129

10,484

523,979


665,440

76,769

15,085

757,294

Income (loss) before taxes

35,459

3,282

(13,566)

25,175


93,595

6,095

(12,911)

86,779



Six Months Ended:

June 30, 2023


June 30, 2022


Title

Real
Estate
Solutions

Corporate
and Other

Total


Title

Real
Estate
Solutions

Corporate
and Other

Total

Revenues:










Operating revenues

923,639

133,978

1,057,617


1,483,032

172,238

39,177

1,694,447

Investment income

18,665

57

18,722


10,344

17

10,361

Net realized and unrealized gains (losses)

164

(3,047)

(2,883)


(4,983)

(2,837)

(7,820)


942,468

134,035

(3,047)

1,073,456


1,488,393

172,255

36,340

1,696,988

Expenses:










Amounts retained by agencies

377,514

377,514


671,039

671,039

Employee costs

319,862

24,971

8,384

353,217


378,465

26,245

10,518

415,228

Other operating expenses

155,127

91,835

3,112

250,074


193,262

119,947

38,547

351,756

Title losses and related claims

37,476

37,476


55,619

55,619

Depreciation and amortization

16,986

12,581

867

30,434


13,631

13,177

1,229

28,037

Interest

709

9,015

9,724


2

8,916

8,918


907,674

129,387

21,378

1,058,439


1,312,018

159,369

59,210

1,530,597

Income (loss) before taxes

34,794

4,648

(24,425)

15,017


176,375

12,886

(22,870)

166,391

Appendix A
Non-GAAP Adjustments

Management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) to analyze its performance. These include: (1) adjusted revenues, which are reported revenues adjusted for net realized and unrealized gains and losses, and other adjustments (revenues of sold real estate brokerage company), and (2) adjusted pretax income and adjusted net income, which are reported pretax income and reported net income after earnings from noncontrolling interests, respectively, adjusted for net realized and unrealized gains and losses, executive severance expenses, state sales tax assessment expense (which was related to an acquisition), and other adjustments (pretax results of sold real estate brokerage company). Adjusted diluted earnings per share (adjusted diluted EPS) is calculated using adjusted net income divided by the diluted average weighted outstanding shares. In addition to these adjustments, acquired intangible asset amortization are excluded in the calculation of adjusted pretax income for the title and real estate solutions segments. Management views these measures as important performance measures of core profitability for its operations and as key components of its internal financial reporting. Management believes investors benefit from having access to the same financial measures that management uses.

Below are reconciliations of the non-GAAP financial measurements used by management to the most directly comparable GAAP measures for the quarter and six months ended June 30, 2023 and 2022 (dollars in millions, except share and per share amounts, and amounts may not add as presented due to rounding).


Quarter Ended June 30,


Six Months Ended June 30,


2023

2022

% Chg


2023

2022

% Chg









Total revenues

549.2

844.1

(35 %)


1,703.5

1,697.0

(37 %)

Non-GAAP revenue adjustments:








Net realized and unrealized losses

1.1

11.9



2.9

7.8


Other adjustments

(5.3)



(39.2)


Adjusted total revenues

550.3

850.7

(35 %)


1,076.3

1,665.6

(35 %)









Pretax income

25.2

86.8

(71 %)


15.0

166.4

(91 %)

Non-GAAP pretax adjustments:








Net realized and unrealized losses

1.1

11.9



2.9

7.8


Executive severance expenses

1.7



1.7


State sales tax assessment expense

1.2



1.2


Other adjustments

(0.4)



0.9


Adjusted pretax income

29.3

98.2

(70 %)


20.9

175.1

(88 %)

GAAP pretax margin

4.6 %

10.3 %



1.4 %

9.8 %


Adjusted pretax margin

5.3 %

11.5 %



1.9 %

10.5 %










Net income attributable to Stewart

15.8

61.7

(74 %)


7.6

119.6

(94 %)

Non-GAAP pretax adjustments:








Net realized and unrealized losses

1.1

11.9



2.9

7.8


Executive severance expenses

1.7



1.7


State sales tax assessment expense

1.2



1.2


Other adjustments

(0.4)



0.9


Net tax effects of non-GAAP adjustments

(1.0)

(2.7)



(1.4)

(2.1)


Non-GAAP adjustments, after taxes

3.1

8.7



4.5

6.7


Adjusted net income attributable to Stewart

18.9

70.4

(73 %)


12.1

126.2

(90 %)









Diluted average shares outstanding (000)

27,444

27,293



27,402

27,377


GAAP net income per share

0.58

2.26



0.28

4.37


Adjusted net income per share

0.69

2.58



0.44

4.61












Quarter Ended June 30,


Six Months Ended June 30,


2023

2022

% Chg


2023

2022

% Chg

Title Segment:

 








Revenues

480.8

759.0

(37 %)


942.5

1,488.4

(37 %)

Net realized and unrealized (gains) losses

(2.0)

8.8



(0.2)

5.0


Adjusted revenues

478.8

767.8

(38 %)


942.3

1,493.4

(37 %)


Pretax income

35.5

93.6

(62 %)


34.8

176.4

(80 %)

Non-GAAP revenue adjustments:








Net realized and unrealized (gains) losses

(2.0)

8.8



(0.2)

5.0


Acquisition intangible asset amortization and other expenses

3.3

2.5



6.0

4.3


Severance expenses

0.4

0.3



0.4

0.3


Adjusted pretax income

37.2

105.1

(65 %)


41.1

185.9

(78 %)

GAAP pretax margin

7.4 %

12.3 %



3.7 %

11.9 %


Adjusted pretax margin

7.8 %

13.7 %



4.4 %

12.5 %










Real Estate Solutions Segment:

 








Revenues

71.4

82.9

(14 %)


134.0

172.3

(22 %)

Pretax income

3.3

6.1

(46 %)


4.6

12.9

(64 %)

Non-GAAP revenue adjustments:








Acquisition intangible asset amortization expense

5.8

6.1



11.6

12.5


State sales tax assessment expense

1.2



1.2


Adjusted pretax income

10.3

12.2

(15 %)


17.5

25.4

(31 %)

GAAP pretax margin

4.6 %

7.4 %



3.5 %

7.5 %


Adjusted pretax margin

14.4 %

14.7 %



13.1 %

14.7 %


SOURCE Stewart Information Services Corporation

Originally published at https://www.prnewswire.com/news-releases/stewart-reports-second-quarter-2023-results-301886647.html