Entitle Receives $19 Million Investment from PartnerRe
|October 25, 2012|
Entitle Direct Group, Inc., the parent company of EnTitle Insurance Co., received a $19 million investment by an affiliate of PartnerRe Ltd., a global reinsurer.
Proceeds from the investment will be used to increase the surplus of EnTitle Insurance Company and to help grow the company's direct-to-consumer title insurance distribution channel. Existing shareholders invested an addition $2 million.
As a global reinsurance group with total capital of $7.5 billion as of June 30, 2012, PartnerRe is investing in the title insurance industry for the first time. PartnerRe will provide the EnTitle with guidance and oversight as it grows. EnTitle Insurance Co. is licensed in 40 jurisdictions throughout the country.
"This investment from PartnerRe validates the Company's mission and fortifies our capital base, enabling us to grow our consumer-centric model, which will result in more consumers lowering their title insurance costs and enhancing their closing experiences,” said Timothy Dwyer, CEO of Entitle Direct Group.
Entitle Direct is on pace to grow order volume by approximately 75 percent over 2011, the company stated in a release.