Island Title Joins Chicago Title as Direct Operation
CHICAGO, Feb. 24 /PRNewswire/ -- Chicago Title Corporation (NYSE: CTZ)
announced today that its primary title insurance subsidiary, Chicago Title
Insurance Co. (CTIC), has purchased the business of Island Title Co.
Based in Oak Harbor, Wash., Island Title provides title and escrow
services in the metropolitan area north of Puget Sound. As a Chicago Title
direct operation, the company's officers and 80-plus employees will continue
to function as Island Title. Dennis Sherman and Bob Severns, former president
and vice president of Island Title respectively, will oversee day-to-day
operations.
"This latest transaction helps us enhance our presence in the Pacific
Northwest," said John Rau, president and chief executive officer, Chicago
Title. "Island Title services nearly 50 percent of title insurance
transactions in Island, Skagit and San Juan counties, and about 20 percent in
Whatcom County."
"This is a win-win situation -- we get the support of an industry leader
like Chicago Title, and they get the expertise and great local reputation of
Island Title's dedicated employees," said Sherman. "Our operating style is a
good fit with Chicago Title."
"To us, a key to this deal was retaining the services of Dennis Sherman
and his management team," Rau added. "They have an excellent reputation for
quality customer service. We're very proud to welcome Island Title to the
Chicago Title family."
Chicago Title Corporation, through its subsidiaries, provides title
insurance, escrow and closing services, as well as property valuation, credit
information, flood compliance, property information/inspections and default
services through a network of more than 340 offices and approximately 4,100
agents nationwide. Chicago Title Corporation's title insurance subsidiaries
-- including Chicago Title Insurance Co. -- issue approximately one in every
five title insurance policies in the United States. Other real estate-related
services subsidiaries include Chicago Title Flood Services Inc., Chicago Title
Credit Services Inc., Chicago Title -- Market Intelligence Inc., Chicago Title
Field Services Inc. and Consolidated Reconveyance, a division of Chicago Title
Insurance Co.
The statements made in this press release contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934 that involve a number of
uncertainties and risks that could significantly affect current plans and
anticipated actions and Chicago Title's future financial condition and
results. In addition to the matters described in this press release, risk
factors listed from time to time in Chicago Title's reports and filings with
the Securities and Exchange Commission, including the Information Statement
included in its Registration Statement on Form 10 (File No. 1-13995) and
furnished to the stockholders of Chicago Title's former parent Alleghany
Corporation in connection with the spin-off of Chicago Title by Alleghany, may
affect the results achieved by Chicago Title.
Note: For further information on the Chicago Title Corporation's products
and services, visit the web site at http://www.ctt.com.
SOURCE Chicago Title Corporation
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Related links:
http://www.ctt.com
CONTACT:
Media, Bill Scott, 312-223-5030, or Analysts,
Toshie Davis, 312-223-4788, both of Chicago Title Corporation
NOTE TO EDITORS: For more information on Chicago Title
Corporation via fax, free of charge, dial 1-800-PRO-INFO and
enter the ticker "CTZ"
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