REDC Enters Title Insurance with Commerce Acquisition
Real Estate Disposition (REDC), a real estate services company and auction platform, signed a definitive agreement with Pulte Homes (PHM) to acquire Commerce Title retail title insurance agency platform. Included in the sale are Commerce Title’s brand, its retail branch network and some additional assets. The sale is expected to close in Q110 pending regulatory and licensing approvals. REDC is partly-owned by Stone Point Capital, a private equity firm helping to expand REDC internationally. “REDC is excited about its entry into the title insurance agency segment,” said Jeffrey Frieden, CEO of REDC. “The Commerce Title retail platform, with its seasoned and successful team, is a great launching pad for our expansion into this market and will complement our other businesses nicely. We’re very excited about the opportunities ahead.” Roughly 130 Commerce Title retail employees will transition with the sale. Its headquarters will be located in Dallas, Texas. Pulte will keep the portion of Commerce Title operations that supports its new home sales. Before merging with Pulte in August, Centex Corporation owned Commerce Title. “This is a good transaction for both companies as it allows Pulte to focus on its builder title operations while providing new growth opportunities for the Commerce Title retail team,” said Debra Still, who oversees Pulte’s financial services operations. Write to Jon Prior.