CHICAGO, July 29 /PRNewswire/ -- The board of directors of Chicago Title
Corporation (NYSE: CTZ) declared its first regular quarterly dividend on
common stock of $0.34 per share. This dividend will be payable in cash on
Sept. 15, 1998, to stockholders of record at the close of business on Sept. 1,
1998. A dividend reinvestment plan was also approved.
John Rau, president and chief executive officer, commented, "We obviously
are pleased to announce our first regular quarterly dividend, equivalent to
$1.36 per share of common stock on an annualized basis. Our confidence in
Chicago Title's financial strength allows us to pay out the highest dividend
yield in the title insurance industry and underscores our commitment to
delivering value to our stockholders."
The board of directors also authorized the purchase in the market of up to
two million shares of Chicago Title common stock over the next five years to
provide shares for various employee and director benefit plans.
Chicago Title was spun off by Alleghany Corporation on June 17, 1998
through the distribution of shares of Chicago Title stock to holders of
Alleghany stock. The corporation had its first day of regular trading on the
New York Stock Exchange on June 18, 1998.
The Chicago Title Family of Companies is the source of real estate
services, providing 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 300 offices and
approximately 3,800 agents nationwide. The Chicago Title Family -- including
Chicago Title Insurance Co., Ticor Title Insurance Co. and Security Union
Title Insurance Co. -- issues approximately one in every five title insurance
policies in the United States. Other members of the family 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 conditions 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 Statements 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.
Editor's Note: For further information on CT&T Family'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:
Michael J. Powers, VP, Financial Planning,
312-223-4783, or Stephen W. Flanagan, AVP, Corporate
Communications, 312-223-2959, both of Chicago Title Corporation
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