Another week, another sign of consolidation in the housing title industry. Old Republic Title announced Monday that its subsidiary, Old Republic National Title Insurance Company, acquired the operating assets of Mountain View Title & Escrow, Inc. on Friday. The financial terms of the deal were not disclosed.
This acquisition adds nine office locations and 86 employees to Old Republic’s existing network that includes more than 270 branch and subsidiary office locations nationwide.
Since 1979, the Utah-based Mountain View has been run by firm president Michael Hendry, who will now hold the title of vice president, senior escrow officer and manager at Old Republic Title.
“We are delighted to welcome Mountain View to the Old Republic family where they will benefit through their alignment with our Title Group’s national network of operations, underwriting expertise and financial strength,” Carolyn Monroe, the president of Old Republic Title, said in a statement. “This significant acquisition also accelerates Old Republic Title’s growth plans in Utah.”
Old Republic is not the only member of the “Big Four” title insurers starting the year off with acquisitions. Earlier this month, Stewart Title, the smallest of the “Big Four” by market share, acquired Nashville-based Homeland Title and a majority interest in Houston-based Great American Title Company. Meanwhile First American Financial Corporation, the second largest of the “Big Four,” announced plans to acquire Mother Lode Holding Company and its subsidiaries, expanding its footprint in 11 states.
During the third quarter of 2021, Old Republic’s market share was 14.8%, making it the third largest underwriter by market share, according to the American Land Title Association. In Q3 2021, Old Republic reported a net income of $88.7 million compared to $246.0 million during the same time period a year prior. Additionally, the company reported $1.142 billion in direct title revenue, up 33% from Q3 2020.