First American Title Insurance Company, a provider of title insurance and settlement services and the largest subsidiary of First American Financial (FAF), is set to expand its operations in New York.
On Thursday, the company announced the acquisition of TitleVest Holdings Group, a New York City-based title agency that offers “a full range” of title insurance and related services.
Financial terms of the deal were not disclosed.
“As one of the country's largest title insurance underwriters, First American's acquisition of TitleVest will expand the company's operations in the New York area,” First American said in a release.
"We've worked with TitleVest for years, so we know firsthand that our companies share a common vision to deliver industry-leading service and innovative products to our customers," said Chris Leavell, chief operating officer of First American Title Insurance Company.
"TitleVest is an important addition to the First American family in New York, where our commitment to our customers and our agent partners across the state is strong," Leavell added.
Brian Tormey, TitleVest's current chief operating officer, will continue to lead TitleVest’s operations upon the completion of the acquisition, and Bill Baron, TitleVest’s chief executive officer, will retire following the acquisition.
"We are grateful for our clients' trust and loyalty and we're confident that being a part of the First American family will only increase our opportunity to provide our award-winning customer service to an even broader audience," Tormey said.
"First American has a well-earned reputation for industry leadership, from its innovative technology to its high standards for customer service," Baron said. "I'm pleased that our customers will benefit from this and from the outstanding service they will continue to receive from Brian and the TitleVest team."