CHICAGO, April 8 /PRNewswire/ -- Chicago Title Corporation (NYSE: CTZ),
announced today that its primary subsidiary, Chicago Title and Trust Co., has
purchased the business and assets of Continental Home Warranty Inc. (CHW).
CHW, headquartered in Walnut Creek, Calif., has been a leading underwriter
of home warranty insurance policies throughout California for the last
25 years. In 1998, CHW's market share of home resale transactions was strong
throughout the entire state of California, but particularly in CHW's Northern
California territory, where the market share is estimated to be nearly
20 percent. Shelly Lind, president of CHW, the rest of the management team
and the nearly 50 employees will stay with the company after the transaction.
"The acquisition of Continental Home Warranty is exciting because it
expands on our strategy of offering other services to our customers in
addition to our core product of title insurance," said John Rau, president and
chief executive officer of Chicago Title.
"We have been growing steadily over the past few years, but as a Chicago
Title operation we can function at a higher level," said Lind. "Chicago
Title's marketing prowess and nationally recognized brand name will enable us
to provide more expertise and service to our customers."
"CHW generates the majority of its business through the references of
individual real estate agents," said Rau. "Considering the strength of its
business, CHW is obviously held in high regard by California's real estate
community."
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., 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
other real estate-related products 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.
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", or for product and service information,
visit the web site at http://www.ctt.com
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