Stewart Title has acquired Las Cruces Abstract and Title according to an announcement made Friday. Founded in 1926, Las Cruces Abstract and Title serves Dona Ana, Hidalgo and Luna Counties in southern New Mexico.
This purchase is just the latest in Stewart’s string of acquisition, as the company has looked to expand its share of the title insurance market. Earlier this month, the firm announced its acquisition of Rainier Title, bolstering its presence in the Pacific Northwest.
“The addition of Rainier creates additional growth opportunities for both teams and builds upon the momentum we’ve created across the country,” Stewart Group President Steve Lessack said in a statement.
Both of these acquisitions come just months after acquiring Stewart Title of Sacramento (STS) and Stewart Title of Placer (STP), two independently branded agents of Stewart Title Guaranty Company serving Sacramento, Placer, El Dorado and Yolo counties in September, and Title First Agency Inc, which is licensed to operate in 34 states and has strategic partnerships throughout the country, in July.
“Title First has grown into one of the largest independent title agencies in the nation, building strong partnerships across the United States to serve its residential, commercial, and lender customers in their purchase and refinance transactions,” Lessack said in a statement at the time of the acquisition.
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In addition, Stewart has been working to expand its data and analytics capabilities. Earlier this month it announced its acquisition of PropStream, a real estate data and analytics aggregator, for $175 million. This comes just a little over two months after the company announced its acquisition of Informative Research, a mortgage-focused data and analytics tech company based in Houston, for $192 million.
During the third quarter of 2021, Stewart reported a net income of $88.7 million compared to $55.9 million during the same time period a year prior. Additionally, the company reported $366.1 million in direct title revenue, up 31% from Q3 2020.