The fastest growing brokerage in insurance industry history, Acrisure, announced Wednesday that it has acquired title insurance and settlement service provider Tempo Title, marking its entrance into the real estate services business.
Tempo Title is one of the largest private title insurance and settlement service providers in the U.S., with an annual revenue of over $300 million and licenses to operate in 43 states, making it one of the nation’s largest title insurance companies.
In conjunction with this acquisition, the brokerage also announced its launch of Acrisure Real Estate Services, the new name Tempo Title will operate under beginning over the next term. Current partners of Tempo Title will continue operating under their own brand names.
This is the second sector Acrisure has expanded into this year, as it launched Acrisure Asset Management in March.
With this latest expansion, Acrisure hopes to us its AI and tech-forward strategy to provide homeowners, lenders and investors with a broad suite of real estate services. Many of Acrisure’s existing policy holders are in construction, home, real estate and related lines of business.
“Customer needs go beyond our core insurance lines and Acrisure has the team, technology and customer focus to be a singular provider for multiple financial solutions,” Acrisure CEO and co-founder Greg Williams said in a statement.
In the past eight years, Acrisure has grown its revenue from $38 million to $3 billion, but it is sure to face stiff competition from real estate brokerages like Realogy and Compass, which appears to be on a title insurance provider acquisition spree. Competition also includes online platforms, such as Radian Group’s newly expanded titlegenius service, and the traditional “Big Four” title insurance providers, Fidelity National Financial, First American Finance Corp., Old Republic National Title and Stewart Title, who have all been making acquisitions of their own.