First American Financial Corporation Appoints Paul Hurst Chief Innovation Officer

Rhea-AI Summary

First American Financial Corporation (NYSE: FAF) has appointed Paul Hurst as the new chief innovation officer. Hurst aims to leverage the company's strong capital position and extensive data assets to enhance innovation in real estate. He will oversee strategic investments and partnerships, continuing his previous role managing the venture investing arm, which has seen significant gains of $355 million from investments in 20 proptech companies. Endpoint, a digital title company launched under his guidance, now operates in 20 markets across seven states.

Positive

• Appointment of Paul Hurst as Chief Innovation Officer expected to bolster innovation leadership.
• Hurst's history of guiding $355 million gains from proptech investments enhances growth prospects.
• Launch and expansion of Endpoint under Hurst's direction signifies strong market positioning.

Negative

• Potential continuity risks as new leadership transitions may cause initial disruptions.

—Venture and tech executive takes on new position focused on enhancing First American’s leadership in driving real estate innovation—

SANTA ANA, Calif.--(BUSINESS WIRE)-- First American Financial Corporation (NYSE: FAF), the premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today announced the appointment of Paul Hurst as chief innovation officer. Hurst will report to Ken DeGiorgio, chief executive officer of First American Financial Corporation.

“In this new position, Paul will identify additional opportunities to leverage our strong capital position, nationwide distribution channels, industry-leading data assets, and proprietary technologies, on which we hold more than 30 active patents, to help accelerate our already extensive innovation investments,” said DeGiorgio. “Paul’s insightful approach to the rapidly evolving real estate and mortgage finance landscape and his expertise in the process of innovation make him ideally suited for this new role, which will strengthen our position as the leader in the digital transformation of the title and settlement industry.”

Hurst will also be responsible for identifying opportunities to innovate through strategic venture investments, partnerships, and mergers and acquisitions. He will continue to serve as the managing director of the company’s venture investing arm. In that role, Hurst has guided investments in 20 high-growth proptech companies. Many of the proptech companies within First American’s venture portfolio have become strategic partners, positioning First American at the forefront of real estate innovation. As of the end of 2021, the company’s venture investments had produced $355 million in gains.

“Our investments internally and externally connect to a larger, comprehensive strategy that leverages First American’s position as the leading innovator in title and settlement,” said Hurst. “Through sustained, significant investments in our operations and external third parties, we are well positioned to further automate processes, extend our leadership in data breadth and quality, attract and retain top talent, and create products that significantly improve the experience of our customers and all the parties involved in real estate transactions.”

Hurst also helped develop and launch Endpoint, a digital title and settlement company funded by First American that streamlines home closing for real estate agents, buyers and sellers, and empowers proptech companies and investors looking to scale their closing operations. Launched in 2018, Endpoint has rapidly expanded and is currently operating in 20 markets across seven states.

Prior to joining First American, Hurst was a partner at a leading international consulting firm, where he applied a process-based approach to innovation to launch and scale five venture-backed companies across three continents, spanning insurance, financial services and real estate. Before that he advised Fortune 100 companies on corporate strategy, mergers and acquisitions, and digital transformation. He holds a doctoral degree from the University of Cambridge and master’s and undergraduate degrees in economics and pharmacology.

About First American

First American Financial Corporation (NYSE: FAF) is the premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. Tracing its heritage back to 1889, 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 2021, First American was named to the Fortune 100 Best Companies to Work For^® list for the sixth consecutive year. More information about the company can be found at www.firstam.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220310005314/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

Who is the new Chief Innovation Officer of First American Financial Corporation?

Paul Hurst has been appointed as the new Chief Innovation Officer.

What are the expected impacts of Paul Hurst's appointment on First American?

Hurst's appointment is expected to strengthen innovation and enhance the company's market position in real estate.

What is the significance of Endpoint in First American's strategy?

Endpoint, launched under Hurst's guidance, streamlines real estate transactions and has rapidly expanded its market presence.

How much have First American's venture investments gained?

First American’s venture investments have produced $355 million in gains.