94344--3/13/2006--STEWART_INFORMATION_SERVICES

related topics

{product, market, service}

{loan, real, estate}

{provision, law, control}

{acquisition, growth, future}

{loss, insurance, financial}

{debt, indebtedness, cash}

{financial, litigation, operation}

{regulation, government, change}

{regulation, change, law}

If adverse changes in the levels of real estate activity occur, our revenues will decline. Competition in the title insurance industry affects our revenues. Rapid technological changes in our industry require timely and cost-effective responses. Our earnings may be adversely affected if we are unable to effectively use technology to increase productivity. Our claims experience may require us to increase our provision for title losses or to record additional reserves, either of which would adversely affect our earnings. Our growth strategy will depend in part on our ability to acquire and integrate complementary businesses. We rely on dividends from our insurance underwriting subsidiaries. Significant restrictions on dividends from our subsidiaries could adversely affect our ability to make acquisitions. Our insurance subsidiaries must comply with extensive government regulations. These regulations could adversely affect our ability to increase our revenues and operating results. Litigation risks include claims by large classes of claimants. Anti-takeover provisions in our certificate of incorporation and by-laws may make a takeover of us difficult. This may reduce the opportunity for our stockholders to obtain a takeover premium for their shares of our Common Stock.

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94344--3/13/2006--STEWART_INFORMATION_SERVICES_CORP