SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: November 15, 1996
(Date of earliest event reported)
LAWYERS TITLE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Virginia 0-13990 54-1589611
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
6630 West Broad Street 23230
Richmond, Virginia (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code:
(804) 281-6700
<PAGE>
Item 5. Other Events.
The press release issued by the Registrant on November 15, 1996 and
attached hereto as Exhibit 99 is incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit No. Description
----------- -----------
99 Press release issued by the Registrant on
November 15, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LAWYERS TITLE CORPORATION
(Registrant)
Date: November 22, 1996 By: /s/ G. William Evans
----------------------------------
G. William Evans
Vice President and Treasurer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99 Press release issued by the Registrant on November 15, 1996.
LAWYERS TITLE CORPORATION CONTACT: H. Randolph Farmer
6630 West Broad Street, Richmond, Virginia 23230 804-281-6855
Telephone: 804-281-6700; FAX: 804-282-5453
G. William Evans
804-281-6752
FOR IMMEDIATE RELEASE
November 15, 1996
Lawyers Title Corporation announces securities portfolio restructuring
Lawyers Title Corporation (NYSE:LTI), headquartered in Richmond,
Virginia, announced today a change in investment strategy for the investment
portfolios of its title insurance subsidiaries. This change will result in a
shift away from investments in equity securities and into fixed-income
securities.
This shift, which is expected to be completed during the current
quarter which ends December 31, 1996 and will involve the sale of approximately
$60 million in equity securities, is expected to result in one-time after-tax
capital gains of approximately $10.5 million, or $1.18 per share, for the fourth
quarter of 1996. Proceeds of the sale of the equity securities will be
reinvested in fixed-income securities.
This repositioning of the portfolio will eliminate the exposure that
the regulated surplus of the insurance companies have to market fluctuations
inherent in equity portfolios. Additionally, the commensurate increase in fixed
income securities will increase the level of more stable, predictable interest
income earned by the company.
Lawyers Title offers a full line of title insurance services to
residential and commercial customers through its network of subsidiaries, branch
offices, agents and approved attorneys in the U.S., Canada, and the Caribbean.
In addition to title insurance, the company offers access to a broad range of
real estate services, including environmental insurance, document preparation,
tax disbursement and reporting, property appraisals, credit reporting, single
and multisite surveys, flood certifications, relocation services and
tax-deferred property exchanges under Section 1031 of the Internal Revenue Code.
