Investors Title Company is engaged primarily in the issuance of title insurance through two title insurance subsidiaries, Investors Title Insurance Company (ITIC) and Northeast Investors Title Insurance Company (NE-ITIC), which are licensed to insure titles to residential, institutional, commercial and industrial properties. The majority of the Companys business is concentrated in Michigan, New York, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia. Its second segment provides tax-free exchange services through its two subsidiaries, Investors Title Exchange Corporation (ITEC) and Investors Title Accommodation Corporation (ITAC). ITEC acts as an intermediary in tax-free exchanges of property held for productive use in a trade or business or for investments, while ITAC serves as an exchange accommodation titleholder, offering a vehicle for accomplishing a reverse exchange, when a taxpayer must acquire replacement property before selling the relinquished property.