STEWART INFORMATION SERVICES CORP, DEF 14A filed on 3/26/2025
Proxy Statement (definitive)
v3.25.1
Cover
12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Stewart Information Services Corporation
Entity Central Index Key 0000094344
v3.25.1
Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay versus Performance Table

Year

 

Summary
Compensation
Table Total for
CEO
(1)

 

Compensation
Actually Paid to
CEO
(1,4)

 

Average
Summary
Compensation
Table Total
for Non-CEO
NEOs
(2)

 

Average
Compensation
Actually Paid
to Non-CEO
NEOs
(2,4)

 

Value of Initial Fixed $100
Investment Based On:

 

Net
Income
(In $M)

 

Pre-Tax
Margin

Total
Shareholder
Return

 

Peer Group
Total
Shareholder
Return
(3)

 

2024

 

$

5,426,566

 

$

6,219,391

 

$

1,829,348

 

$

2,057,545

 

193.81

 

201.73

 

$

73.30

 

4.60%  

2023

 

$

4,162,926

 

$

5,062,657

 

$

1,480,871

 

$

1,736,423

 

163.93

 

161.31

 

$

30.40

 

2.70%  

2022

 

$

3,940,313

 

$

(1,589,146)

 

$

1,722,672

 

$

153,723

 

114.37

 

117.11

 

$

162.30

 

7.60%  

2021

 

$

5,147,655

 

$

10,064,576

 

$

2,132,088

 

$

3,589,953

 

206.56

 

123.24

 

$

323.20

 

13.10%  

2020

 

$

4,037,845

 

$

5,933,605

 

$

1,557,325

 

$

2,381,666

 

122.55

 

94.84

 

$

154.90

 

9.50%  

(1)      Mr. Eppinger was the CEO for 2020, 2021, 2022, 2023, and 2024.

(2)      Messrs. Hisey, Lessack, and John Killea, and Ms. Tara Smith were non-CEO NEOs for 2020, 2021, and 2022. Mr. Hisey, Mr. Lessack, Ms. Smith, and Ms. Giddens were non-CEO NEOs for 2023. Mr. Hisey, Mr. Lessack, Ms. Giddens, and Mr. Rable were non-CEO NEOs for 2024.

(3)      Peer Group used in 2024 calculations is the group of companies disclosed in the “Pay Comparator Group” section of the CD&A portion of the 2025 Stewart Information Services Corp. proxy filing, which discusses the companies that were added and removed from the peer group in 2024 and the criteria used to make such determinations.

Peer Group used in 2023 calculations is the group of companies disclosed in the “Pay Comparator Group” section of the CD&A portion of the 2024 Stewart Information Services Corp. proxy filing, which discusses the companies that were added and removed from the peer group in 2023 and the criteria used to make such determinations.

Peer Group used in 2022 calculations, for fiscal year ended December 31, 2022, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

Argo Group International Holdings, Ltd.

 

Old Republic International Corporation

   
   

CNO Financial Group, Inc.

 

ProAssurance Corporation

   
   

Employers Holdings, Inc.

 

Radian Group Inc.

   
   

Enstar Group Limited

 

RLI Corp.

   
   

First American Financial Corporation

 

Safety Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

Selective Insurance Group, Inc.

   
   

Horace Mann Educators Corporation

 

The Hanover Insurance Group, Inc.

   
   

James River Group Holdings, Ltd.

 

United Fire Group, Inc.

   
   

Mercury General Corporation

       

State Auto Financial Corporation was removed from the 2022 peer group since it was taken private and is no longer publicly traded.

Peer Group used in 2021 calculations, for fiscal year ended December 31, 2021, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

American National Insurance Company

 

Old Republic International Corporation

   
   

Argo Group International Holdings, Ltd.

 

ProAssurance Corporation

   
   

CNO Financial Group, Inc.

 

Radian Group Inc.

   
   

Employers Holdings, Inc.

 

RLI Corp.

   
   

Enstar Group Limited

 

Safety Insurance Group, Inc.

   
   

First American Financial Corporation

 

Selective Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

State Auto Financial Corporation

   
   

Horace Mann Educators Corporation

 

The Hanover Insurance Group, Inc.

   
   

James River Group Holdings, Ltd.

 

United Fire Group, Inc.

   
   

Mercury General Corporation

       

National General Holdings Corporation was removed from the 2021 peer group, as it was acquired and is no longer publicly traded.

Peer Group used in 2020 calculations, for fiscal year ended December 31, 2020, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

American National Insurance Company

 

National General Holdings Corporation

   
   

Argo Group International Holdings, Ltd.

 

Old Republic International Corporation

   
   

CNO Financial Group, Inc.

 

ProAssurance Corporation

   
   

Employers Holdings, Inc.

 

Radian Group Inc.

   
   

Enstar Group Limited

 

RLI Corp.

   
   

First American Financial Corporation

 

Safety Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

Selective Insurance Group, Inc.

   
   

Horace Mann Educators Corporation

 

State Auto Financial Corporation

   
   

James River Group Holdings, Ltd.

 

The Hanover Insurance Group, Inc.

   
   

Mercury General Corporation

 

United Fire Group, Inc.

   

(4)      The following table reflects the adjustments made to the Summary Compensation Table to determine Compensation Actually Paid.

 

2024

 

2023

 

2022

 

2021

 

2020

Adjustments

 

CEO

 

Average
non-CEO
NEOs

 

CEO

 

Average
non-CEO
NEOs

 

CEO

 

Average
non-CEO
NEOs

 

CEO

 

Average
non-CEO
NEOs

 

CEO

 

Average
non-CEO
NEOs

Summary Compensation Table Total

 

$

5,426,566

 

$

1,829,348

 

$

4,162,926 

 

$

1,480,871 

 

$

3,940,313 

 

$

1,722,672 

 

$

5,147,655 

 

$

2,132,088 

 

$

4,037,845

 

$

1,557,325  

(-) Grant Date Fair Value of Stock Awards Granted in FY

 

$

2,489,672

 

$

764,037

 

$

2,144,190 

 

$

602,729 

 

$

2,144,198 

 

$

786,920 

 

$

1,583,464 

 

$

533,345 

 

$

764,982

 

$

197,905  

(-) Grant Date Fair Value of Option Awards Granted in FY

 

$

0

 

$

0

 

$

 

$

 

$

 

$

58,070 

 

$

406,440 

 

$

120,859 

 

$

763,085

 

$

197,429  

(+) Stock Awards Granted in CFY and Unvested as of end of CFY

 

$

2,734,830

 

$

839,272

 

$

3,080,733 

 

$

865,990 

 

$

1,422,695 

 

$

522,129 

 

$

2,371,330 

 

$

798,715 

 

$

930,446

 

$

240,712  

(+) Option Awards Granted in CFY and Unvested as of end of CFY

 

$

0

 

$

0

 

$

 

$

 

$

 

$

 

$

1,254,522 

 

$

373,045 

 

$

2,381,299

 

$

616,102  

(+) Stock Awards Granted in Prior Years and Unvested as of end of CFY

 

$

436,012

 

$

118,462

 

$

(685,382)

 

$

(141,837)

 

$

(1,154,548)

 

$

(334,147)

 

$

866,847 

 

$

141,439 

 

$

112,081

 

$

65,028  

(+) Option Awards Granted in Prior Years and Unvested as of end of CFY

 

$

0

 

$

0

 

$

221,475 

 

$

51,955 

 

$

(2,806,312)

 

$

(751,583)

 

$

2,471,764 

 

$

639,508 

 

$

0

 

$

0  

(+) Stock Awards Granted in Prior Years and Vested during CFY

 

$

69,646

 

$

21,558

 

$

24,358 

 

$

3,704 

 

$

(500,682)

 

$

(67,164)

 

$

(1,475)

 

$

173,892 

 

$

0

 

$

297,834  

(+) Option Awards Granted in Prior Years and Vested during CFY

 

$

42,009

 

$

12,942

 

$

402,738 

 

$

78,469 

 

$

(346,414)

 

$

(93,194)

 

$

(56,163)

 

$

(14,531)

 

$

0

 

$

0  

= Compensation Actually Paid

 

$

6,219,391

 

$

2,057,545

 

$

5,062,657 

 

$

1,736,423 

 

$

(1,589,146)

 

$

153,723 

 

$

10,064,576 

 

$

3,589,953 

 

$

5,933,605

 

$

2,381,666  

       
Peer Group Issuers, Footnote

(3)      Peer Group used in 2024 calculations is the group of companies disclosed in the “Pay Comparator Group” section of the CD&A portion of the 2025 Stewart Information Services Corp. proxy filing, which discusses the companies that were added and removed from the peer group in 2024 and the criteria used to make such determinations.

Peer Group used in 2023 calculations is the group of companies disclosed in the “Pay Comparator Group” section of the CD&A portion of the 2024 Stewart Information Services Corp. proxy filing, which discusses the companies that were added and removed from the peer group in 2023 and the criteria used to make such determinations.

Peer Group used in 2022 calculations, for fiscal year ended December 31, 2022, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

Argo Group International Holdings, Ltd.

 

Old Republic International Corporation

   
   

CNO Financial Group, Inc.

 

ProAssurance Corporation

   
   

Employers Holdings, Inc.

 

Radian Group Inc.

   
   

Enstar Group Limited

 

RLI Corp.

   
   

First American Financial Corporation

 

Safety Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

Selective Insurance Group, Inc.

   
   

Horace Mann Educators Corporation

 

The Hanover Insurance Group, Inc.

   
   

James River Group Holdings, Ltd.

 

United Fire Group, Inc.

   
   

Mercury General Corporation

       

State Auto Financial Corporation was removed from the 2022 peer group since it was taken private and is no longer publicly traded.

Peer Group used in 2021 calculations, for fiscal year ended December 31, 2021, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

American National Insurance Company

 

Old Republic International Corporation

   
   

Argo Group International Holdings, Ltd.

 

ProAssurance Corporation

   
   

CNO Financial Group, Inc.

 

Radian Group Inc.

   
   

Employers Holdings, Inc.

 

RLI Corp.

   
   

Enstar Group Limited

 

Safety Insurance Group, Inc.

   
   

First American Financial Corporation

 

Selective Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

State Auto Financial Corporation

   
   

Horace Mann Educators Corporation

 

The Hanover Insurance Group, Inc.

   
   

James River Group Holdings, Ltd.

 

United Fire Group, Inc.

   
   

Mercury General Corporation

       

National General Holdings Corporation was removed from the 2021 peer group, as it was acquired and is no longer publicly traded.

Peer Group used in 2020 calculations, for fiscal year ended December 31, 2020, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

American National Insurance Company

 

National General Holdings Corporation

   
   

Argo Group International Holdings, Ltd.

 

Old Republic International Corporation

   
   

CNO Financial Group, Inc.

 

ProAssurance Corporation

   
   

Employers Holdings, Inc.

 

Radian Group Inc.

   
   

Enstar Group Limited

 

RLI Corp.

   
   

First American Financial Corporation

 

Safety Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

Selective Insurance Group, Inc.

   
   

Horace Mann Educators Corporation

 

State Auto Financial Corporation

   
   

James River Group Holdings, Ltd.

 

The Hanover Insurance Group, Inc.

   
   

Mercury General Corporation

 

United Fire Group, Inc.

   
       
PEO Total Compensation Amount [1] $ 5,426,566 $ 4,162,926 $ 3,940,313 $ 5,147,655 $ 4,037,845
PEO Actually Paid Compensation Amount [1],[2] 6,219,391 5,062,657 (1,589,146) 10,064,576 5,933,605
Non-PEO NEO Average Total Compensation Amount [3] 1,829,348 1,480,871 1,722,672 2,132,088 1,557,325
Non-PEO NEO Average Compensation Actually Paid Amount [2],[3] $ 2,057,545 1,736,423 153,723 3,589,953 2,381,666
Compensation Actually Paid vs. Net Income

       
Compensation Actually Paid vs. Company Selected Measure

       
Total Shareholder Return Vs Peer Group

       
Tabular List, Table

Company-selected performance measures

Pre-Tax Margin

Company Total Revenue

Title Segment Operating Revenue

Title Market Share

Diluted EPS

Employee Engagement

       
Total Shareholder Return Amount $ 193.81 163.93 114.37 206.56 122.55
Peer Group Total Shareholder Return Amount [4] 201.73 161.31 117.11 123.24 94.84
Net Income (Loss) $ 73.3 $ 30.4 $ 162.3 $ 323.2 $ 154.9
Company Selected Measure Amount 4.6 2.7 7.6 13.1 9.5
PEO Name Mr. Eppinger Mr. Eppinger Mr. Eppinger Mr. Eppinger Mr. Eppinger
Measure:: 1          
Pay vs Performance Disclosure          
Name Pre-Tax Margin        
Measure:: 2          
Pay vs Performance Disclosure          
Name Company Total Revenue        
Measure:: 3          
Pay vs Performance Disclosure          
Name Title Segment Operating Revenue        
Measure:: 4          
Pay vs Performance Disclosure          
Name Title Market Share        
Measure:: 5          
Pay vs Performance Disclosure          
Name Diluted EPS        
Measure:: 6          
Pay vs Performance Disclosure          
Name Employee Engagement        
PEO [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 5,426,566 $ 4,162,926 $ 3,940,313 $ 5,147,655 $ 4,037,845
PEO Actually Paid Compensation Amount 6,219,391 5,062,657 (1,589,146) 10,064,576 5,933,605
Non-PEO NEO [Member]          
Pay vs Performance Disclosure          
Non-PEO NEO Average Total Compensation Amount 1,829,348 1,480,871 1,722,672 2,132,088 1,557,325
Non-PEO NEO Average Compensation Actually Paid Amount 2,057,545 1,736,423 153,723 3,589,953 2,381,666
PEO [Member] | Grant Date Fair Value of Stock Awards Granted in FY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,489,672 2,144,190 2,144,198 1,583,464 764,982
PEO [Member] | Grant Date Fair Value of Option Awards Granted in FY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 406,440 763,085
PEO [Member] | Stock Awards Granted in CFY and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,734,830 3,080,733 1,422,695 2,371,330 930,446
PEO [Member] | Option Awards Granted in CFY and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 1,254,522 2,381,299
PEO [Member] | Stock Awards Granted in Prior Years and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 436,012 (685,382) (1,154,548) 866,847 112,081
PEO [Member] | Option Awards Granted in Prior Years and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 221,475 (2,806,312) 2,471,764 0
PEO [Member] | Stock Awards Granted in Prior Years and Vested during CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 69,646 24,358 (500,682) (1,475) 0
PEO [Member] | Option Awards Granted in Prior Years and Vested during CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 42,009 402,738 (346,414) (56,163) 0
Non-PEO NEO [Member] | Grant Date Fair Value of Stock Awards Granted in FY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 764,037 602,729 786,920 533,345 197,905
Non-PEO NEO [Member] | Grant Date Fair Value of Option Awards Granted in FY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 58,070 120,859 197,429
Non-PEO NEO [Member] | Stock Awards Granted in CFY and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 839,272 865,990 522,129 798,715 240,712
Non-PEO NEO [Member] | Option Awards Granted in CFY and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 373,045 616,102
Non-PEO NEO [Member] | Stock Awards Granted in Prior Years and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 118,462 (141,837) (334,147) 141,439 65,028
Non-PEO NEO [Member] | Option Awards Granted in Prior Years and Unvested as of end of CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 51,955 (751,583) 639,508 0
Non-PEO NEO [Member] | Stock Awards Granted in Prior Years and Vested during CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 21,558 3,704 (67,164) 173,892 297,834
Non-PEO NEO [Member] | Option Awards Granted in Prior Years and Vested during CFY [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 12,942 $ 78,469 $ (93,194) $ (14,531) $ 0
[1] Mr. Eppinger was the CEO for 2020, 2021, 2022, 2023, and 2024.
[2] The following table reflects the adjustments made to the Summary Compensation Table to determine Compensation Actually Paid.
[3] Messrs. Hisey, Lessack, and John Killea, and Ms. Tara Smith were non-CEO NEOs for 2020, 2021, and 2022. Mr. Hisey, Mr. Lessack, Ms. Smith, and Ms. Giddens were non-CEO NEOs for 2023. Mr. Hisey, Mr. Lessack, Ms. Giddens, and Mr. Rable were non-CEO NEOs for 2024.
[4] Peer Group used in 2024 calculations is the group of companies disclosed in the “Pay Comparator Group” section of the CD&A portion of the 2025 Stewart Information Services Corp. proxy filing, which discusses the companies that were added and removed from the peer group in 2024 and the criteria used to make such determinations.

Peer Group used in 2023 calculations is the group of companies disclosed in the “Pay Comparator Group” section of the CD&A portion of the 2024 Stewart Information Services Corp. proxy filing, which discusses the companies that were added and removed from the peer group in 2023 and the criteria used to make such determinations.

Peer Group used in 2022 calculations, for fiscal year ended December 31, 2022, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

Argo Group International Holdings, Ltd.

 

Old Republic International Corporation

   
   

CNO Financial Group, Inc.

 

ProAssurance Corporation

   
   

Employers Holdings, Inc.

 

Radian Group Inc.

   
   

Enstar Group Limited

 

RLI Corp.

   
   

First American Financial Corporation

 

Safety Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

Selective Insurance Group, Inc.

   
   

Horace Mann Educators Corporation

 

The Hanover Insurance Group, Inc.

   
   

James River Group Holdings, Ltd.

 

United Fire Group, Inc.

   
   

Mercury General Corporation

       

State Auto Financial Corporation was removed from the 2022 peer group since it was taken private and is no longer publicly traded.

Peer Group used in 2021 calculations, for fiscal year ended December 31, 2021, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

American National Insurance Company

 

Old Republic International Corporation

   
   

Argo Group International Holdings, Ltd.

 

ProAssurance Corporation

   
   

CNO Financial Group, Inc.

 

Radian Group Inc.

   
   

Employers Holdings, Inc.

 

RLI Corp.

   
   

Enstar Group Limited

 

Safety Insurance Group, Inc.

   
   

First American Financial Corporation

 

Selective Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

State Auto Financial Corporation

   
   

Horace Mann Educators Corporation

 

The Hanover Insurance Group, Inc.

   
   

James River Group Holdings, Ltd.

 

United Fire Group, Inc.

   
   

Mercury General Corporation

       

National General Holdings Corporation was removed from the 2021 peer group, as it was acquired and is no longer publicly traded.

Peer Group used in 2020 calculations, for fiscal year ended December 31, 2020, below:

 

American Equity Investment Life Holding Company

 

MGIC Investment Corporation

   
   

American National Insurance Company

 

National General Holdings Corporation

   
   

Argo Group International Holdings, Ltd.

 

Old Republic International Corporation

   
   

CNO Financial Group, Inc.

 

ProAssurance Corporation

   
   

Employers Holdings, Inc.

 

Radian Group Inc.

   
   

Enstar Group Limited

 

RLI Corp.

   
   

First American Financial Corporation

 

Safety Insurance Group, Inc.

   
   

Hilltop Holdings Inc.

 

Selective Insurance Group, Inc.

   
   

Horace Mann Educators Corporation

 

State Auto Financial Corporation

   
   

James River Group Holdings, Ltd.

 

The Hanover Insurance Group, Inc.

   
   

Mercury General Corporation

 

United Fire Group, Inc.