Why Conn. Lawyers Lost $8.7 Million Last Year

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Rocky Hill-based title insurer CATIC sells its policies only through lawyers. And in Connecticut, only lawyers can be agents to sell title insurance. But the title companies are allowed to also sell insurance directly through lenders, without any agents at all. CATIC’s the only title company in the state that doesn’t do that. And last week it let its lawyer network know just how much money they weren’t making, thanks to the direct writing of policies by other insurers. It comes to a whopping $8.7 million in lost commission revenue. No small change in this economy.

Here’s what CATIC sent to all its agents.

The title insurance premiums reported in Connecticut are only part of the story.
And now, the rest!

Of the total premiums written in Connecticut, the following companies reported premiums* written without agents:

First   American Title Insurance Company

$ 2,335,434

Chicago   Title Insurance Company

$ 3,356,406

Fidelity   National Title Insurance Company

$ 1,549,651

Commonwealth   Land Title Insurance Company

$ 1,960,652

Old   Republic National Title Insurance Company

$ 668,780

American   Guaranty Title Insurance Company

$ 177,509

Stewart   Title Guaranty Company

$ 1,299,635

National   Title Insurance of New York

$ 3,005,287

EnTitle   Insurance Company

$ 110,637

Total

$14,463,991

          CATIC    $   0

What does this mean? Connecticut real estate attorneys lost the opportunity to earn $8,678,394.60 as their retention on these premiums!

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