First American Acquires 1031 Solutions

Rhea-AI Summary

First American Financial Corporation (NYSE: FAF) has successfully acquired the assets of 1031 Solutions, LLC, a full-service 1031 exchange company based in Boulder, Colorado. This acquisition aims to enhance First American's service capabilities in the Rocky Mountain region. Founded in 2002, 1031 Solutions has over 50 years of combined experience in facilitating tax-deferred exchanges. The acquisition is expected to drive growth opportunities and improve customer service under the First American Exchange Company brand. This strategic move reinforces First American's position in the real estate transaction industry.

Positive

• Acquisition strengthens service capabilities in the Rocky Mountain region.
• 1031 Solutions has over 50 years of combined experience, enhancing expertise.
• Expected growth opportunities and improved customer service.

Negative

• None.

—Purchase expands First American’s ability to service customers in Rocky Mountain region and surrounding markets—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, announced today the completion of First American’s acquisition of assets of 1031 Solutions, LLC, a full-service 1031 exchange company that provides qualified intermediary services for real estate exchanges, including reverse and improvement exchanges, to attorneys, tax advisors, real estate professionals and investors. All of 1031 Solutions’ capabilities will now be positioned under the First American Exchange Company brand.

“We are pleased to welcome 1031 Solutions and its deep expertise to the First American family,” said Julie Baird, president of First American Exchange Company. “The addition of 1031 Solutions will augment our ongoing efforts to offer customers in the Rocky Mountain region and surrounding markets superior service, and we’re looking forward to pursuing new opportunities for growth.”

Based in Boulder, Colorado and founded in 2002, 1031 Solutions’ expert staff has more than 50 years combined experience facilitating 1031 tax-deferred exchanges. 1031 Solutions’ founders Richard and Linda Levy will assist with the transition of the business and customer relationships.

“Joining First American will provide new opportunities to serve our customers,” said Richard Levy. “We’re also pleased our staff will join a company that shares a similar employee-centric culture, which is reflected in First American's being named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune magazine for the seventh consecutive year.”

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $9.2 billion in 2021, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2022, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the seventh consecutive year. More information about the company can be found at www.firstam.com.

About 1031 Solutions, LLC

1031 Solutions, LLC is a full-service 1031 exchange company that provides qualified intermediary services for real estate exchanges, including reverse and improvement exchanges. Based in Boulder, Colorado and founded in 2002, 1031 Solutions serves as a resource for 1031 tax-deferred exchanges to attorneys, tax advisors, real estate professionals and investors in the Rocky Mountain region and across the nation.

Forward-Looking Statements

Certain statements made herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain the words “believe,” “anticipate,” “expect,” “intend,” “plan,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” or other similar words and phrases or future or conditional verbs such as “will,” “may,” “might,” “should,” “would,” or “could.” These forward-looking statements include, without limitation, statements regarding anticipated benefits from the transaction. These forward-looking statements are based on current expectations and assumptions that may prove to be incorrect. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, without limitation, regulatory-, technology- or business-related challenges. These forward-looking statements speak only as of the date they are made. First American does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230202005293/en/

Media Contact:

Marcus Ginnaty

Corporate Communications

First American Financial Corporation

(714) 250-3298

Investor Contact:

Craig Barberio

Investor Relations

First American Financial Corporation

(714) 250-5214

Source: First American Financial Corporation

FAQ

What is the purpose of First American's acquisition of 1031 Solutions?

The acquisition aims to enhance First American's service capabilities in the Rocky Mountain region and drive new growth opportunities.

What are the key components of the acquisition of 1031 Solutions?

First American acquired the assets of 1031 Solutions, which specializes in qualified intermediary services for real estate exchanges.

How will the acquisition impact First American's operations?

The acquisition will position all of 1031 Solutions' capabilities under the First American Exchange Company brand, improving service delivery.

What is the significance of 1031 Solutions joining First American?

Joining First American provides 1031 Solutions with new opportunities to serve customers and access a larger market.

What is First American's financial performance related to this acquisition?

In 2021, First American reported total revenue of $9.2 billion, indicating strong financial strength as it integrates 1031 Solutions.