CHICAGO, Dec. 23 /PRNewswire/ -- Chicago Title Corporation (NYSE: CTZ)
today announced a new strategic partnership with Cendant Corporation
(NYSE: CD), the world's premier provider of consumer and business services.
As a Preferred Alliance, Chicago Title will facilitate title insurance
transactions for Cendant's COLDWELL BANKER(R), CENTURY 21(R), and ERA(R)
franchisees and their clients.
Chicago Title -- one of the nation's oldest and largest title insurance
and real estate services companies -- began its new association with Cendant
on December 1, 1998. This marketing alliance will unite two companies at the
forefront of the real estate services industry. Approximately 25 percent of
the residential real estate business is handled by a franchised real estate
office of one of the three Cendant owned real estate brands, and Chicago
Title'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.
Chicago Title will provide the Cendant franchised offices a readily accessible
and reputable source for title insurance, escrow/settlement services and other
title-related services.
"The Cendant -- Chicago Title relationship should bring even more value to
the real estate transaction process," said Chuck Fallon, senior vice president
in charge of Cendant's Preferred Alliance division. "Our brands will have a
tremendous opportunity to provide their franchisees with greater access to
quality real estate-related services."
"We're proud to align with Cendant -- a company on the cutting-edge of
real estate services. I'm confident this alliance will be mutually beneficial
for both companies," said John Rau, president and chief executive officer of
Chicago Title. "We're always looking for new and innovative ways to expand
our business. As a Cendant Preferred Alliance, we will have the opportunity
to market our services to a huge customer base."
Cendant (NYSE: CD) is one of the world's foremost providers of consumer
and business services. Cendant operates in three principal segments: Real
Estate, Travel and Alliance Marketing. Through the CENTURY 21, Coldwell
Banker, and ERA brands, the Cendant Real Estate Division's 12,000 plus
franchised offices participate in over 1.5 million real estate transactions
annually. The Cendant Real Estate Division also includes Cendant Mobility,
the largest relocation company in the world with over 1,700 corporate clients,
and Cendant Mortgage, the 11th largest mortgage originator in the United
States with $11.7 billion in loans closed in 1997. Cendant Corporation has
more than 40,000 employees and operates in over 100 countries.
Chicago Title Corporation, through its subsidiaries, provides title
insurance, escrow and closing services, as well as property valuation, credit
information, flood compliance and property inspection products through a
network of more than 300 offices and approximately 3,800 agents nationwide.
Other real estate-related service subsidiaries 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.
Note: For further information on Chicago Title's products and services,
visit their web site at http://www.ctt.com
SOURCE Chicago Title Corporation
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Related links:
http://www.ctt.com
CONTACT:
Stephen Flanagan, 312-223-2959 or Bill Scott,
312-223-5030, both of Chicago Title Corporation
NOTE TO EDITORS: For more information on Chicago Title
Corporation via fax, free of charge, dial 800-PRO-INFO and enter
the ticker "CTZ"
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