HOUSTON, May 18 /PRNewswire-FirstCall/ -- Stewart Insurance Solutions, a
wholly owned subsidiary of Stewart Information Services Corp. (NYSE: STC), has
begun operation in Houston. The company will offer home, flood, auto and
other personal insurance coverage through Stewart Title offices in Texas,
Indiana, Illinois, Missouri and Colorado.
"While the insurance crisis may seem to have eased, we knew that offering
our homebuying customers another option for homeowners and other insurance
would help assure a quick, efficient closing," said Glenn Clements, group
president, Stewart Title Co.
A year ago, the Wall Street Journal reported that after two years of huge
losses, homeowners insurance carriers had slowed their rate increases -- but
still recommended shopping around for the best rate. Industry publication
Realty Times noted last fall that the economic burden on consumers has come
not only in higher insurance premiums, but also in reduced coverage, canceled
policies and insurance coverage denials.
And in July 2002 -- in the worst of an insurance crisis -- the Texas
Association of Realtors(R) surveyed its members and reported that 70 percent
who responded had seen one or more real estate transactions delayed because
clients had problems securing coverage. Just over 50 percent said one or more
of their clients was unable to secure homeowners insurance coverage at all,
and 35 percent said a client's homeowners policy was canceled within 90 days
of being issued.
Jerome Magana, president of Stewart Insurance Solutions, works with eight
different carriers for a number of coverages, including home, auto, boat and
umbrella. He is a 12-year insurance industry veteran, who for most of that
time owned his own independent insurance agency in Houston.
"In this environment where increased choices give better options for
finding the best rate for the coverage they need, homebuyers can benefit from
working with an independent agent," said Magana. "At the same time, we can
take care of their needs for auto and other personal insurance coverages."
Magana will be working with Stewart Title offices in Texas, Indiana,
Illinois, Missouri and Colorado, and may be reached by e-mail at
info@stewartinsurancesolutions.com .
Realtor(R) is a registered trademark of the National Association of
Realtors(R).
Stewart Title Co. is a wholly owned subsidiary of Stewart Information
Services Corp., a technology driven, strategically competitive, global real
estate information company. Stewart provides title insurance and related
information services through more than 7,400 issuing locations in the United
States and several international markets. Stewart meets the needs of the real
estate and mortgage industries through the delivery of information services
required for settlement using e-commerce. These services include title
reports, flood determinations, document preparation, property reports and
background checks. Stewart also supplies post-closing services to lenders,
automated county clerk land records, property and land ownership mapping, and
GIS for governmental entities. Stewart provides expertise in tax-deferred
exchanges. More information about Stewart can be found at
http://www.stewart.com/ .
SOURCE Stewart Information Services Corp.
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Related links:
http://www.stewart.com
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AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Ted C. Jones, Director-Investor Relations of
Stewart Information Services Corp., +1-713-625-8014, or
ted@stewart.com
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