First American Launches New Title Division
February 27, 2003
SANTA ANA, /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF), a national diversified provider of business information and related products and services, announced that its largest subsidiary, First American Title Insurance Company, will launch a new operating division designed to aggressively compete for market share in key regions across the United States.
The new division, The Talon Group, will provide high-quality title and settlement services in the nation's top real estate markets. While other national title insurance underwriters have kept multiple brands following acquisitions, this is the first time a company in the title industry has intentionally established a competitive brand in order to gain market share and improve long-term profitability.
"First American is committed to improving the overall profitability of our title operations and expanding our presence in the marketplace," said Parker S. Kennedy, president of The First American Corporation. "Building parallel title operations allows us to quickly grow market share and leverage our automated title production systems to spread fixed costs; doubling the impact of our sales force and contributing to improved margins."
The Talon Group will issue title insurance policies underwritten by First American Title Insurance Company and will provide First American's other title-related products and services. The Talon Group will focus its efforts on key areas of the nation where nearly 70 percent of the country's real estate transactions occur. These high-volume areas have centralized title production where The Talon Group can take full advantage of First American's industry-leading FAST Transaction System to speed title production.
William T. Halvorsen, president of the new title division said: "The Talon Group will offer a service-oriented approach unlike anything the industry has seen before. The Talon Group will attract new customers to its own unique culture and through a national network of existing business relationships. Our team of industry veterans is experienced in a variety of geographic markets and understands the title business, both as a national underwriter and as a large agent. We believe this perspective will greatly benefit our customers and give us an advantage over the competition."
Source: The First American Corporation