Highest Dividend Yield in the Title Insurance Industry
CHICAGO, Oct. 28 /PRNewswire/ -- The board of directors of Chicago Title
Corporation (NYSE: CTZ) declared a fourth quarter dividend on its common stock
of $0.34 per share. This dividend will be payable in cash on December 15,
1998, to stockholders of record at the close of business on December 1, 1998.
John Rau, president and chief executive officer, commented, "Following our
announcement last week of record third quarter earnings, we are pleased to
declare a fourth quarter dividend. This is equivalent to $1.36 per share of
common stock on an annualized basis and represents the highest dividend yield
in the title insurance industry. Chicago Title's financial strength makes
this possible. We hold the largest portfolio of cash and marketable
securities, generate the highest level of investment income and have the
highest reserve for title losses when compared with all industry competitors."
Under the Chicago Title Corporation Dividend Reinvestment/Stock Purchase
Plan, cash dividends can be automatically applied toward the purchase of
additional shares of Chicago Title common stock. Dividends are reinvested
without any brokerage commission or fees. Registered stockholders must
complete an authorization form and mail it to Harris Trust and Savings Bank to
participate in the plan. Harris can be contacted at 877-424-1981.
Chicago Title was spun off by Alleghany Corporation (NYSE: Y) on June 17,
1998 through the distribution of shares of Chicago Title stock to holders of
Alleghany stock. Chicago Title had its first day of regular way trading on
the New York Stock Exchange on June 18, 1998.
Chicago Title provides 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. Chicago Title's 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. Other subsidiaries 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 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), may
affect the results achieved by Chicago Title.
SOURCE Chicago Title Corporation
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Related links:
http://www.ctt.com
Company News On-Call:
http://www.prnewswire.com/comp/117465.html or fax,
800-758-5804, ext. 117465
CONTACT:
Analysts, Michael J. Powers, Vice President,
Financial Planning, 312-223-4783, or Toshie Y. Davis, Vice
President, Investor Relations, 312-223-4788, or Media, Barbara
Harms, Vice President, Corporate Communications, 312-223-2461,
all of Chicago Title Corporation
NOTE TO EDITORS: For further information on Chicago Title's
products and services, visit their web site at http://www.ctt.com
For more information on Chicago Title Corporation via fax, free
of charge, dial 1-800-PRO-INFO and enter the ticker "CTZ"
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