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���������ֳ�’ 2023 sector outlook for U.S. title insurance is deteriorating, led by an increase in mortgage rates that caused home price appreciation to stall and a reduction in sales activity, which will pressure operating margins over calendar-year 2023. The sector outlook considers the underlying economic fundamentals expected in 2023 relative to those present in 2022, and reflects the expectation that key housing market activity will continue to deteriorate in 2023. The U.S. title insurance market is concentrated, with four national underwriters accounting for approximately 81% of total industry premiums as of 9M22. This group includes industry leaders Fidelity National Financial, Inc. (FNF); First American Financial Corporation (FAF); Stewart Information Services Corporation (STC); and Old Republic International Corp. (ORI), which is not rated by ���������ֳ�.