Essent Completes Acquisition of Agents National, Boston National
July 11, 2023
Bermuda-based Essent Group Ltd., through its subsidiary Essent U.S. Holdings Inc., completed its acquisition of Agents National Title Holding Co. and Boston National Holdings LLC for $100 million from Incenter LLC.
"The completion of this transaction marks another important step in the execution of Finance of America’s long-term growth strategy designed to help Americans achieve their retirement goals through the use of home equity,” said Graham Fleming, CEO of FOA.
Missouri-based Agents National Title, which is licensed in 44 states, generated $93.4 million in title premiums in 2022. Boston National Title is a title agency based in North Carolina that provides title and settlement services, with licenses in 40 states and the District of Columbia.
Essent Group, through its wholly-owned subsidiary Essent Guaranty Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Headquartered in Radnor, Pa., Essent Guaranty is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd.
“Title insurance is a natural complement to our MI business with relatively low and stable loss ratios historically,” said Mark Casale, chair and chief executive officer of Essent. “The acquisitions of Agents National Title and Boston National Title add a team of seasoned title professionals to Essent and provide a platform to leverage our capital position, lender network and operational expertise across an adjacent real estate sector as we continue to expand our franchise.”
Incenter, which is a subsidiary of Finance of America Companies Inc. (FOA), purchased Agents National Title in 2017 and Boston National Title in 2016. FOA exited the wholesale channel when it shut down its forward mortgage origination unit in 2022.
Contact ALTA at 202-296-3671 or email@example.com.