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||
|Chicago Title Insurance Company||
|Fidelity National Title Insurance Company||
|Commonwealth Land Title Insurance Company||
|Old Republic National Title Insurance Company||
|American Guaranty Title Insurance Company||
|Stewart Title Guaranty Company||
|National Title Insurance of New York||
|EnTitle Insurance Company||
What does this mean? Connecticut real estate attorneys lost the opportunity to earn $8,678,394.60 as their retention on these premiums!