Addition Makes Chicago Title the Market Leader in Cuyahoga County
CHICAGO, May 17 /PRNewswire/ -- Chicago Title Corporation (NYSE: CTZ)
announced today that the largest of its title insurance subsidiaries, Chicago
Title Insurance Co., has purchased Executive Title Agency Corp., making
Chicago Title the largest residential title insurer in the Greater Cleveland
area.
Executive Title, based in Cleveland, is the second largest residential
title insurer in the market, operating in Cuyahoga, Geauga, Lake, Lorain,
Medina and Summitt counties. The northern Ohio market -- the largest in the
state -- has a combined population of approximately 3.5 million. The acquired
company will retain the Executive Title name.
"The acquisition of Executive Title allows us to expand in this important
market," said John Rau, president and chief executive officer of Chicago
Title. "Ohio consistently ranks among the top revenue generating states for
the title insurance industry. We are particularly pleased to establish a
direct presence in Medina County, one of the fastest growing counties in
Ohio."
"Chicago Title is a leader and one of the most recognized names in the
real estate services industry. Being a part of their operation will give
Executive Title customers access to more services and technology than ever
before," said Joe Sbrocco, president of Executive Title.
"To us, a key to this deal was retaining the services of Joe Sbrocco and
his management team," Rau added. "They have an excellent reputation for
quality customer service. We are very proud to welcome Executive 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., 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 Exchange 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 may affect the results achieved by
Chicago Title.
For more information on Chicago Title Corporation via fax, free of charge,
dial 1-800-PRO-INFO and enter the ticker "CTZ"
SOURCE Chicago Title Corporation
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Related links:
http://www.ctt.com
CONTACT:
Stephen Flanagan, 312-223-2959, or Toshie
Davis, 312-223-4788, both of Chicago Title Corporation
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