CHICAGO, June 11 /PRNewswire/ -- Today, Chicago Title and Trust Co. (CT&T)
and Jeffrey T. Harris, President of United Title of Nevada, Inc. (UTN),
announced that UTN has joined the Chicago Title and Trust Family of Companies
(CT&T Family).
CT&T is one of the nation's leading real estate transaction services
companies.
"This acquisition is part of our overall strategic plan to expand Chicago
Title's operations in the West. We are proud to add a fine company such
as United Title to our Family. Jeff Harris and his staff during the last
10 years have built UTN into a company with an impeccable reputation," said
John Rau, CT&T president and chief executive officer.
"This is an exciting time for us. Chicago Title's industry leadership
provides us with unique opportunities for growth. Chicago Title is a strong
company with a great reputation. Becoming a part of the Chicago Title and
Trust Family only enhances our reputation throughout Nevada as the title
company of choice," said Harris.
The acquisition builds upon the two companies' previous agency
relationship, bringing UTN into the CT&T Family. While UTN is a wholly-owned
subsidiary of CT&T, it will continue operating under the United Title of
Nevada name. Harris, who has led the operation since 1988, will continue in
his managerial role and retain the title of President of UTN. A leading title
agency in Nevada, UTN has operations throughout the state. The company is
headquartered in Las Vegas with 11 offices and more than 200 employees.
The Chicago Title and Trust Family of Companies is the source of real
estate services, providing title insurance, escrow and closing services, as
well as valuation, credit and flood certification products through a network
of more than 300 full-service offices and approximately 3,800 agents
nationwide.
The CT&T Family -- including Chicago Title Insurance Co., Ticor Title
Insurance Co. and Security Union Title Insurance Co. -- issues approximately
one in every four title insurance policies in the United States with annual
gross revenues in excess of $1.46 billion.
Chicago Title and Trust Co. is a wholly owned subsidiary of Alleghany
Corporation (NYSE: Y). Alleghany reported on May 26 that the effective
date for the previously announced spin-off of Chicago Title Corporation
("Chicago Title"), a newly formed holding company for Chicago Title and Trust
Company, will be June 17, 1998. Chicago Title will begin regular trading on
the New York Stock Exchange Thursday, June 18 under the ticker symbol "CTZ."
SOURCE Chicago Title and Trust Co.
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Related links:
http://www.ctt.com
CONTACT:
Barbara J. Harms of Chicago Title and Trust
Co., 312-223-2461; or Jeffrey T. Harris of United Title Nevada,
Inc., 702-836-8000
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