Stewart Title makes second acquisition in less than a week
Less than a week after acquiring the Nashville-based company Homeland Title, Title Stewart is again. On Tuesday, the smallest of the “big four” title insurers announced that it had acquired a majority stake in the Houston-based company Great American Title Company (GATCO).
GATCO was founded in 2006 and operates in 38 counties across Texas, providing title and escrow services to the Greater Houston metropolitan area. Stewart is based in Houston.
Terms of the agreement were not disclosed.
“By adding GATCO to the Stewart family of companies, we are joining forces with one of the region’s most respected brands and further strengthening our presence throughout the Greater Houston Area,” said Stewart Group President, Steve Lessack, in a press release.
Ronnie Matthews, President and Director of GATCO, added: “This acquisition only reinforces our core philosophy of making the transaction process transparent and efficient. With the ability to leverage Stewart’s financial strength and expanded toolset, we can continue to improve the transactional experience.
3 Instant Title Lender Myths You Should Stop Believing
Despite advances in securities technology, there are still many misconceptions in the mortgage industry. Here’s a look at three instant title myths and how lenders will benefit from debunking them.
Presented by: Service Link
After completing two acquisitions in the first two weeks of 2022, it looks like Stewart is starting the new year where it left off in 2021. In the final months of 2021, Stewart acquired the Michigan-based company. Devon Title Agencybased in New Mexico Summary and title of Las CrucesWashington-based Rainier title and based in Chicago Greater Illinois Title Society.
Through Greater Illinois Title subsidiaries alone, Stewart will expand its reach in Indiana, Michigan, Wisconsin, Missouri, Florida, Arizona, Colorado, Georgia, Kansas, Mississippi, Montana, Nebraska, New Jersey, New York, North Carolina and North Dakota. , Ohio, Oklahoma, South Carolina, Tennessee and West Virginia.
Earlier in 2021, Stewart acquired Title Stewart of Sacramento (STS) and Stewart Placer Title (STP)two brand agents independent of Stewart Title Guarantee Company serving Sacramento, Placer, El Dorado and Yolo counties in California, and Title First Agency Inc.which is licensed to operate in 34 states and has strategic partnerships nationwide, as of July.
By investing in key markets across the country, Stewart is looking to regain some of its market share. During the third quarter of 2021, Stewart’s market share was 8.2%. This figure is down from 9.6% at the end of 2020 and 10.6% at the end of 2019, according to the American Land Titles Association.
Additionally, Stewart has worked to expand its data and analytics capabilities. Earlier this month, it announced its acquisition of PropStream, a real estate data and analytics aggregator, for $175 million. This comes just over two months after the company announced its acquisition of Informative researcha Houston-based mortgage-focused data and analytics technology company for $192 million.
During the third quarter of 2021, Stewart reported net income of $88.7 million, compared to $55.9 million in the same period a year prior. Additionally, the company reported $366.1 million in direct securities revenue, up 31% from the third quarter of 2020.