Centerbridge and Realogy Launch Title Insurance Underwriting Joint Venture: Title Resources Group

ByMargie D. Moore

Apr 5, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

DALLAS, March 29, 2022 /PRNewswire/ — Title Assets Warranty Firm (“TRG” operating as “Title Assets Team”) now announced that it has been given approval from the Texas Section of Insurance to type and fund its formerly introduced title underwriting joint enterprise with Centerbridge Associates, L.P. (“Centerbridge”) and Realogy Holdings Corp (“Realogy” NYSE: RLGY).

Title Resources Group

Title Methods Group

As aspect of the transaction the stock of TRG, which conducts underwriting functions, is getting contributed to a new keeping firm that will be jointly owned by the joint undertaking associates. Realogy will retain its title organizations in its Realogy Title Group division.

The joint venture will accelerate TRG’s worthwhile growth trajectory and aid construct on the company’s solid momentum to day. More than the earlier 12 yrs, TRG has attained a compound yearly development price of roughly 15% in title premiums and 19% in statutory web income, when providing superior consumer abilities and results.

TRG will keep on to be led by Scott McCall, President and CEO, a job he has served in since 2009. “Title Means Group has developed as a result of our determination to offering educated and responsive underwriting solutions to support our community of title insurance plan agents throughout America, even though sustaining high-quality as a result of integrity and economic steadiness. We are thrilled to kind this partnership, a testomony to the leading-top quality people and functions at our firm, and accelerate our worthwhile progress trajectory,” claimed Mr. McCall, adding: “With the help of our partners at Centerbridge, we’re enthusiastic about the option to broaden our attain and deepen our abilities, by way of financial commitment in our persons and engineering.”

“We’re encouraged by the sturdy team and system Scott has created,” explained Kevin Mahony, Handling Director at Centerbridge. “We glimpse ahead to accelerating the progress at TRG as an unbiased entity. The board of TRG will continue to prioritize investments in technological innovation and new solutions, all with the purpose of providing value to all stakeholders, together with brokers and employees.”

As an unbiased entity from Realogy, TRG will have its own board of directors, chaired by Alan Colberg, former CEO of Assurant, Inc. Prior to Assurant, Alan was at Bain & Corporation for 22 a long time and served as the global apply leader for financial companies. Extra unbiased board users will be included about the coming months.

About Title Means Team
Title Resources Group – the underwriter developed for the authentic estate marketplace – is just one of the nation’s largest title insurance plan underwriters, according to the American Land Title Association’s 2021 current market share info. Established in 1984, it has expanded to serve title insurance plan agents in 37 states and the District of Columbia and proceeds to increase. With $163 million in liquid belongings at calendar year-finish 2021, its fiscal toughness and balance are rated A’ (Unsurpassed) by Demotech, Inc., and B++ (Excellent) by AM Greatest Rating Solutions, and due to the fact its inception, the corporation has continuously operated profitably without a web functioning decline in any fiscal yr. With a mission to supply professional and responsive underwriting options, Title Means Team is devoted to rising lifelong interactions and keeping top quality via integrity and monetary steadiness. For additional facts, please take a look at www.titleresources.com.

About Centerbridge Companions, L.P.
Centerbridge Associates, L.P. is a personal investment administration agency utilizing a adaptable method across financial commitment disciplines — personal equity, credit history and true estate — in an energy to build the most interesting alternatives for our traders. The Company was established in 2005 and as of January 31, 2022 has about $33 billion in capital under administration with workplaces in New York and London. Centerbridge is committed to partnering with world-class administration teams throughout targeted sector sectors and geographies. For additional information and facts, you should pay a visit to www.centerbridge.com.

Cision

Cision

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Source Title Sources Group