UNITED GENERAL TITLE INSURANCE COMPANY TO ACQUIRE ATTORNEYS TITLE INSURANCE AGENCY
—North Carolina Acquisition to Accelerate Company’s Southeastern Expansion—
DENVER, June 9, 2006 – United General Title Insurance Company, a subsidiary of First American Title Insurance Company, today announced that it has signed a definitive agreement to acquire Raleigh, N.C.-based Attorneys Title Insurance Agency and its offices in seven cities across North Carolina. Terms of the transaction, which is expected to close July 1, 2006, were not disclosed.
The newly acquired company, which will be a wholly owned subsidiary of United General, will retain the Attorneys Title name in the markets it serves.
“The Attorneys Title team is one of the strongest around,” said Bryan Rosenberg, United General’s SVP, Region Manager-Division. “We’re continuing to grow our business in North Carolina and throughout the Southeast, and this acquisition is just one example of how we plan to do that successfully.”
The acquisition will give United General complete coverage in North Carolina, one of the nation’s fastest-growing residential real estate markets. Currently, the First American Family of Companies, which includes United General, has approximately 15 percent title market share in North Carolina. With the addition of Attorneys Title, the family’s North Carolina market share will increase to roughly 19 percent. United General plans to add employees and offices in the state to help handle further anticipated growth.
All management and staff of Attorneys Title will stay on as employees of United General. Attorneys Title chief executive officer and founder, Charles B. Davis III, will remain with the company in an advisory capacity through the transition. Rosenberg will direct operations at the newly acquired offices. In addition to overseeing United General’s North Carolina operations, Rosenberg is also responsible for expanding the company’s direct and agency operations across the Southeast. Rosenberg joined United General in 2005.
About Attorneys Title Insurance Agency
Charles B. Davis III founded Attorneys Title Insurance Agency, formerly known as Commonwealth Land Title Company of North Carolina, in 1980. The company currently serves more than 4,000 attorneys across North Carolina and provides both commercial and residential title insurance. Attorneys Title has 38 employees.
About United General Title Insurance Company
United General Title Insurance Company is a subsidiary of First American Title Insurance Company, one of the largest title insurers in the nation. As part of the First American family, United General is able to offer many new exciting products and services and can provide coverage on the largest of commercial transactions. One of the fastest growing title insurers with a national scope, United General is dedicated to increasing the productivity and profitability of its customers. The company is qualified in 49 states and the District of Columbia, and its services are marketed through a network of carefully selected agents and direct offices. Further information on the company can be found at www.ugtic.com.