CHICAGO, June 23 /PRNewswire/ -- Chicago Title Insurance Co. (CTIC) has
entered into a reinsurance treaty with Grupo Nacional Provincial (GNP), one of
the largest insurance companies in Mexico, to offer title insurance in Mexico.
The title insurance policies offered are similar in coverage to American Land
Title Association policies and are now the only title insurance policies
registered with and approved by the Mexican Insurance Commission.
"We feel that our partnership with GNP provides a title insurance product
unlike any other currently offered for Mexican properties, offering
policyholders unparalleled financial strength combined with superior insurance
expertise," said James Ryan, CTIC senior vice president, Strategic Business
Development. "It is very important for Chicago Title and our customers to
have a relationship with GNP, especially because, by Mexican insurance law, it
is illegal for a Mexican entity to seek any type of insurance from foreign
sources if that form of insurance is available in Mexico."
GNP offers Owner and Mortgagee policies insuring commercial and
residential properties throughout Mexico, including beachfront and border
properties. Policies can be issued in either U.S. dollars or Mexican pesos
and can be written to insure fee simple, leasehold, trust or beneficial
ownership (fideicomiso), or any other recognized interest in Mexico.
CTIC is the primary underwriting subsidiary of Chicago Title and Trust Co.
(CT&T), a 150-year-old Chicago-based organization that provides title
insurance and real estate-related services throughout the United States,
Canada and now, Mexico. The Chicago Title and Trust Family of Companies
issues more than one in every five title insurance policies in the United
States with annual gross revenues in excess of $1.3 billion.
Chicago Title and Trust Co. also is the parent company of National Flood
Information Services Inc. of Arlington, Texas; Credit Data Reporting Services
Inc. of Kingston, N.Y.; and Market Intelligence Inc. of Hopkinton, Mass. CT&T
is a wholly owned subsidiary of Alleghany Corp. (NYSE: Y).
GNP was founded in 1901. During its 96-year history, GNP has become
recognized as the most financially sound and respected Mexican insurance
company in the industry. GNP is a division of the business conglomerate known
as Grupo Bal, headquartered in Mexico City and ranked the 25th largest
business group in Mexico. Since 1974, GNP has been the industry leader in
sales with over $630 million in premiums written in 1995. With total assets
exceeding $1.8 billion and technical reserves of more than $560 million, it is
the second largest insurance company in Latin America.
SOURCE Chicago Title Insurance Co.
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CONTACT:
Stephen Flanagan, 312-223-2959, or Amy
Sekili, 312-223-2459, both of Chicago Title and Trust Co.
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