Stewart Purchases Majority Interest in The InterCity Companies
|February 12, 2003|
HOUSTON, /PRNewswire-FirstCall/ -- Stewart Title Co., a wholly owned subsidiary of Stewart Information Services Corp. (NYSE: STC), has purchased a majority interest in The InterCity Companies, a firm that provides escrow services for vacation ownership properties.
"InterCity will be the centerpiece of Stewart's national and international timeshare market strategy," said Stewart Morris Jr., president of Stewart Title Co. "InterCity's broad service menu fits well with our innovative transaction management technology, and with our network of offices and agents in the pursuit of Stewart's mission to enhance the real estate transaction process in the timeshare arena."
"The timeshare experience InterCity brings will be invaluable to Stewart," said Allan Wasserman, group president, Stewart Title Co., and president, Stewart Title of Calif. "We are impressed by the caliber and expertise of InterCity's management and staff, and we believe that combining our forces will enable the highly talented professionals in both organizations to provide even better service. We look forward to expanding Stewart Title's relationships in the hospitality industry through the knowledge and capabilities InterCity brings to our organization."
"Our clients' needs have always driven our strategy, and our paramount goal has been the development of flexible approaches to their differing transaction management requirements," said Brian Hurley, president of InterCity. "Our dedication to quality is reflected in our work and in our clients' loyalty.
"InterCity's role in the timeshare industry dates from 1983," Hurley said.
" Through more than 70,000 timeshare escrow closings, we have grown with the dynamic and exciting vacation ownership market. But to continue that growth, and to ensure our high-quality service, we needed to partner with a title company that shares our commitments and values. With Stewart, we can now provide the entire portfolio of transaction services needed in the vacation ownership marketplace."
Based in San Ramon, Calif., InterCity develops and delivers customized financial and transaction management services to timeshare developers, lenders, resale brokers, homeowners' associations, and private buyers and sellers. The company's service portfolio includes development escrow services, regulatory compliance consulting, resale escrow processing, deeded and non-deeded inventory management, and foreclosure and deed in lieu facilitation.
Source: Stewart Information Services Corp.