Stewart Title is back on the acquisition wagon. The smallest of the Big Four title insurers announced Tuesday that it had acquired the Elite Family of Companies.
The financial details of the acquisition were not disclosed.
The Elite Family of Companies includes Elite Land Title, LLC, Aspen Land Title Agency, LLC, and Citizens Land Title Agency, LLC. The firm has locations throughout Ohio, including Columbus, Circleville and Dayton.
“The Elite Family of Companies have grown into one of the highest quality service providers in the region,” Steve Lessack, Stewart Group’s president, said in a statement. “With the addition of the Elite Family of Companies team, Stewart further highlights our commitment to investing in attractive markets, both in Ohio, where we are a leader in the top three markets, and across the country. This is all part of our journey to become the premier title services company.”
According to the release, the firm has served customers throughout Ohio for over 20 years.
“The combination of our team with the broader Stewart team across the region presents tremendous opportunities for all of us in Central Ohio,” Shannon Corwin, president of Elite Land Title, said in a statement. “We’re looking forward to a bright future together as part of the Stewart family.”
Stewart generated $716.4 million in revenue during the third quarter of 2022, down from $836.7 million one year ago. The title insurer’s net income during that same time was $29.4 million, down from $88.7 million last year.
The firm’s title segment also reported an operating revenue of $647.9 million, down 16% year over year, and a pretax income of $51.8 million, which represents a 56% annual decline. In addition, both non-commercial and commercial title revenue were down, with yearly decreases of 18% and 5%, respectively.
“Our third quarter results reflect the headwinds experienced from increased mortgage interest rates that have significantly impacted the market. We are managing our operations in a disciplined manner during these challenging times,” Fred Eppinger, Stewart’s chief executive officer, said in a statement.