CHICAGO, March 3 /PRNewswire/ -- Chicago Title Corporation (NYSE: CTZ),
announced today that its primary subsidiary, Chicago Title and Trust Co., has
acquired the business of Security Title Agency, a leading title insurance
agency serving the Phoenix metropolitan area. The announcement was made
jointly by John Rau, president and chief executive officer of Chicago Title,
and LeRoy Schneider, chairman of Security Title Agency.
"This most recent strategic transaction, the 10th since early 1998,
adheres to Chicago Title's growth strategy of focusing on high-growth markets
with higher-than-average housing turnover rates," said Rau. "As we continue
to expand Chicago Title's presence in the Western region of the United States,
we are excited to add another excellent acquisition to Chicago Title."
"Our strong customer commitment will only increase by being part of an
industry leader such as Chicago Title," said Schneider. "Together, we feel we
can provide enhanced service to our customers in a very dynamic market."
With almost 500 employees, Security Title Agency was recognized as the
largest independently owned title agency in the state and there is no plan to
merge it into Chicago Title's Arizona operations. Security Title Agency will
continue to operate independently under its current name alongside other
Chicago Title units in Phoenix. Existing senior management shall stay in
place, headed by Ned Fajkowski, as president, a position he has held for the
past 15 years.
The acquisition gives the Chicago Title organization the largest market
share in Maricopa County, several percentage points ahead of First American
Title Insurance Co., the company's nearest competitor in the county.
In addition to selling title insurance policies, which it will continue to
do under Ticor Title -- another Chicago Title company -- Security Title Agency
also provides trust, escrow and account services. Founded in 1974, its main
customer groups include residential 're-sale' brokers, residential and
commercial brokers, homebuilders, and mortgage financing companies.
Chicago Title provides title insurance, escrow and closing services as
well as property valuation, credit information, default management and flood
compliance products through a network of more than 340 offices and
approximately 4,100 agents nationwide. Chicago Title's subsidiaries --
including Chicago Title Insurance Co., Ticor Title Insurance Co. and Security
Union Title Insurance Co. -- issue approximately one in every five title
insurance policies in the United States. Subsidiaries furnishing real
estate-related products include Chicago Title Flood Services Inc., Chicago
Title Credit Services Inc., Chicago Title -- Market Intelligence Inc. and
Chicago Title Field Services Inc.
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 Chicago Title's products and services,
visit our web site at http://www.ctt.com.
SOURCE Chicago Title Corporation
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Related links:
http://www.ctt.com
CONTACT:
Analysts, Toshie Davis, 312-223-4788, or
Media, Steve Flanagan, 312-223-2959, of Chicago Title Corporation
NOTE TO EDITORS: For more information on Chicago Title
Corporation via fax, free of charge, dial 800- PRO-INFO and enter
the ticker "CTZ."
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