Capital Title Group Subsidiary Acquires Flood Zone Determination Business
|January 31, 2006|
SCOTTSDALE, Ariz. Capital Title Group, Inc. (Nasdaq:CTGI) a national provider of title, appraisal, flood and other transaction services to the real estate and mortgage lending industries announced that its subsidiary, CTG Real Estate Information Services (CTG REIS), has acquired the flood zone determination business of America's Flood Services, Inc. (AFS), a Rancho Cordova, California-based company. AFS has been serving the lending industry since 1989 providing both flood zone determination and flood insurance services. The flood zone determination business segment acquired from AFS will be merged into Nationwide TotalFlood, a service subsidiary of CTG REIS. AFS will retain their core business unit, Flood Insurance Agency and Insurance Tracking.
The flood zone determination business segment of AFS is a solid, well-managed business," said Richard A. Alexander, president and chief executive officer of CTG REIS. "This acquisition provides us with an enhanced revenue base and will allow us to provide these newly acquired customers access to a full bundle of origination services including appraisal, title, closing and foreclosure services, all available through Nationwide Appraisal Services, another service subsidiary of CTG REIS."
John Gibson, president of America's Flood Services commented, "We have been utilizing the Nationwide TotalFlood system for the past two years to handle our customer's flood zone determinations and have been very impressed with their service and accuracy. We feel this is a good time for us to divest this segment of our business and concentrate on our flood insurance agency."
Source: Capital Title Group, Inc.