LandAmerica to Merge Underwriting Subsidiaries
June 30, 2008
RICHMOND, Va., -- LandAmerica Financial Group, Inc. (NYSE: LFG) plans to merge its Transnation Title Insurance Company subsidiary into its Lawyers Title Insurance Corporation subsidiary. LandAmerica will continue transforming its collection of independent businesses into an integrated and unified operating company.
LandAmerica stated this process includes consolidating its three largest underwriters into two: Lawyers Title and Commonwealth Land Title Insurance Company. The merger will enhance the delivery of title, closing and escrow services to its network of agents engaged in residential and commercial real estate transactions through more standardized business practices and operations.
The merger will also increase efficiencies for LandAmerica. Transnation is the smallest of the company's three largest underwriters, and the merger eliminates the capital requirements of maintaining Transnation as a separate entity, while creating additional surplus for the combined operations that would not exist if Transnation and Lawyers Title remained separate.
"Combining Transnation and Lawyers Title strengthens LandAmerica and brings the full force of our competitive advantages to the marketplace," said Theodore L. Chandler, Jr., Chairman and Chief Executive Officer. "Upon completion of this merger, our customers will benefit from a concentration of best practices, operating procedures and technology delivered to them seamlessly and underlined by our commitment to superior service."
Source: LandAmerica Financial Group, Inc.