First American to Acquire Pennsylvania-Based Title Alliance, Ltd. and Affiliated Companies
May 20, 2004
SANTA ANA, Calif., /PRNewswire-FirstCall/ -- The First American Corporation (NYSE: FAF) has signed a formal agreement to acquire Media, Penn.-based T.A. Holdings Inc., and its subsidiary companies, including Title Alliance(R), Ltd., T.A. Title Insurance Company, Title Abstract Company of Pennsylvania, TA Financial Services, and 1031 Corp. The transaction, which is subject to normal regulatory approval by the Pennsylvania Department of Insurance, is expected to close early in the third quarter of 2004.
Title Alliance, Ltd. specializes in the creation and management of title insurance joint ventured offices with Realtors(R), lenders, mortgage brokers and builders. Since its inception, Title Alliance, Ltd. has created over 60 successful, Real Estate Settlement Procedures Act (RESPA)-compliant joint ventures.
T.A. Title Insurance Company is a licensed insurance underwriter in Delaware, Maryland, New Jersey, New York, Ohio and Pennsylvania. The company also serves as an agent in those states, as well as for Florida, Indiana, Kentucky, Michigan, Virginia and West Virginia."Title Alliance is a well-respected and well-managed company that does a significant amount of business in key markets across the eastern United States," said Robert J. Hauser, regional vice president for First American's largest subsidiary, First American Title Insurance Company.
"We are glad to reach this agreement, which will strengthen First American's market share in these areas and allow us to introduce technology efficiencies and additional products to T.A. operations and their long-time customers."
J. William Cotter Jr., president of T.A. Holdings and son of its founder, will continue to manage operations of Title Alliance and its affiliated operations. Cotter, a 40-year veteran of the title insurance industry, has been very influential in the Pennsylvania region, as well as the national title arenas. He was the founding president of the Pennsylvania Title Agents Association, a founding board member of the Pennsylvania Land Title Institute, president of the Pennsylvania Land Title Association and chairman of the Real Estate Services Providers Council (RESPRO(R)).
"First American is an industry leader, and I have admired the company, and the reputation of the Kennedy family, for more than 30 years," said Cotter.
"We recognize that the ability to offer bundled services will have a significant impact on us and our partners. Becoming a First American subsidiary will enable us to offer our partners and customers world-class products and services and deliver them through the most advanced technology available in the industry."
SOURCE The First American Corporation