Industry News

First American is lone title insurer bearing good news

Other top companies post losses or decline in profits
Published on Aug 1, 2008

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by CareyBot

It's looking lonely at the top for First American Corp., as the nation's leading title insurer is the only company in the industry to report good news during the second quarter.

First American said Thursday that it racked up $42 million in profits during the quarter ending in June, as cost-cutting measures outstripped a 20 percent year-over-year decline in revenue, which fell to $1.72 billion. The results beat analysts' expectations and represented a turnaround from the same quarter a year ago, when First American lost $66 million.

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