Centerbridge and Realogy Launch Title Insurance Underwriting Joint Venture: Title Resources Group | 2022-03-29 | Press Releases3 min read
DALLAS, March 29, 2022 /PRNewswire/ — Title Resources Guaranty Company (“TRG” operating as “Title Resources Group”) today announced that it has received approval from the Texas Department of Insurance to form and fund its previously announced title underwriting joint venture with Centerbridge Partners, L.P. (“Centerbridge”) and Realogy Holdings Corp (“Realogy” NYSE: RLGY).
As part of the transaction the stock of TRG, which conducts underwriting operations, is being contributed to a new holding company that will be jointly owned by the joint venture partners. Realogy will retain its title agencies in its Realogy Title Group division.
The joint venture will accelerate TRG’s profitable growth trajectory and help build on the company’s strong momentum to date. Over the past 12 years, TRG has achieved a compound annual growth rate of approximately 15% in title premiums and 19% in statutory net income, while delivering superior customer capabilities and outcomes.
TRG will continue to be led by Scott McCall, President and CEO, a role he has served in since 2009. “Title Resources Group has grown through our dedication to providing knowledgeable and responsive underwriting solutions to support our network of title insurance agents across America, while maintaining quality through integrity and financial stability. We’re thrilled to form this partnership, a testament to the top-quality people and operations at our firm, and accelerate our profitable growth trajectory,” said Mr. McCall, adding: “With the support of our partners at Centerbridge, we’re excited about the opportunity to broaden our reach and deepen our capabilities, through investment in our people and technology.”
“We’re encouraged by the strong team and platform Scott has built,” said Kevin Mahony, Managing Director at Centerbridge. “We look forward to accelerating the growth at TRG as an independent entity. The board of TRG will continue to prioritize investments in technology and new services, all with the goal of delivering value to all stakeholders, including agents and employees.”
As an independent entity from Realogy, TRG will have its own board of directors, chaired by Alan Colberg, former CEO of Assurant, Inc. Prior to Assurant, Alan was at Bain & Company for 22 years and served as the global practice leader for financial services. Additional independent board members will be added over the coming months.
About Title Resources Group
Title Resources Group – the underwriter built for the real estate industry – is one of the nation’s largest title insurance underwriters, according to the American Land Title Association’s 2021 market share data. Founded in 1984, it has expanded to serve title insurance agents in 37 states and the District of Columbia and continues to grow. With $163 million in liquid assets at year-end 2021, its financial strength and stability are rated A’ (Unsurpassed) by Demotech, Inc., and B++ (Good) by AM Best Rating Services, and since its inception, the company has consistently operated profitably without a net operating loss in any fiscal year. With a mission to provide knowledgeable and responsive underwriting solutions, Title Resources Group is dedicated to growing lifelong relationships and maintaining quality through integrity and financial stability. For more information, please visit www.titleresources.com.
About Centerbridge Partners, L.P.
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — private equity, credit and real estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and as of January 31, 2022 has approximately $33 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.
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SOURCE Title Resources Group