LandAmerica to Contribute $1mm to Arizona Red Cross Hurricane Relief to Resolve Discussions With Arizona Insurance Regulators
September 9, 2005
RICHMOND, Va., /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE:LFG) reached an agreement with the Arizona Department of Insurance (DOI) under which the company will voluntarily contribute $1,000,000 to the Arizona chapters of the American Red Cross to benefit Arizona citizens and the victims of Hurricane Katrina recently evacuated to Arizona. LandAmerica and the Arizona DOI have been engaged in discussions over the propriety and legality of captive reinsurance transactions in that state. Because the Arizona DOI agreed that no Arizona consumer paid more for title insurance under these arrangements, the company, Insurance Director Christina Urias, and the Arizona DOI worked cooperatively and creatively to resolve their differences while maximizing consumer benefit to those who need it most.
"This is a time for Americans to pull together to help those affected the most by Hurricane Katrina. We are pleased to join with Insurance Director Urias and the Arizona DOI to provide extraordinary resources to those in greatest need from the Gulf Coast area as well as to those areas providing refuge to thousands of displaced individuals and families. We especially appreciate the willingness of the Arizona DOI to seek a creative resolution to our discussions and are grateful for this novel approach in a time of crisis for so many," said President and Chief Executive Officer Theodore L. Chandler, Jr.
In addition to the $1,000,000 voluntary contribution to the Arizona chapters of the American Red Cross, LandAmerica will partner with the Arizona DOI to implement a pilot program designed to educate Arizona consumers about title insurance. Components of the educational program include a website as well as brochures in English and Spanish explaining the value that title insurance provides property owners. An ad campaign is planned that will run five times in each of the major daily newspapers in Arizona that will reach millions of Arizona consumers.
Chandler continued, "We are excited about the opportunity to work with Insurance Director Urias and the Arizona DOI to educate consumers on the value of title insurance and on their ability to choose a title insurance provider. Together, we will work to ensure that homeowners all across Arizona understand that title insurance protects what is likely the largest investment most homeowners will ever make."
Source: LandAmerica Financial Group, Inc.