LandAmerica Announces the Opening of the LandAmerica Title Insurance Company of Mexico, S.A.
May 20, 2008
RICHMOND, Va., -- LandAmerica Financial Group, Inc. (NYSE: LFG) announced the opening of its LandAmerica Title Insurance Company of Mexico, S.A. ("LATIM") subsidiary has received licensing approval from the Mexican government to operate as a title insurance underwriter in Mexico.
LATIM is headquartered in the central Mexican city of San Miguel de Allende with a satellite office in North Baja. Plans call for establishing offices in South Baja and on Mexico's Pacific and Caribbean coasts.
With LATIM receiving licensing approval, LandAmerica becomes one of only two U.S.-based title insurance companies licensed to do business in Mexico. Mexican licensing provides buyers, sellers, developers and lenders several advantages over traditional cross-border policies (also known as "international policies"). These include the legal ability to issue policies and other paperwork directly to Mexican insureds, plus the ability to place human and physical resources in the country.
William D. Signet, President of LATIM, said LandAmerica is committed to giving its customers doing business in Mexico the same superior service they receive in the U.S. "As buyers, developers and lenders continue entering the Mexican market, LATIM is ready to provide them with the full menu of services and solutions they are accustomed to and rely on when purchasing and developing real estate in the U.S.," he said. "They appreciate working with a known and trusted name like LandAmerica."
Signet added that certain differences between the U.S. and Mexican systems exist, making LATIM's expertise valuable for customers considering real estate investments in the country. LATIM has prepared a "Guide to Title Insurance and Related Services in Mexico," which is available at http://www.landam.com/international/mexico/guide
Source: LandAmerica Financial Group, Inc.