Centerbridge and Realogy Launch Title Insurance Underwriting Joint Venture: Title Resources Group
Title Resources Guaranty Company (TRG) has received approval from the Texas Department of Insurance for its title underwriting joint venture with Centerbridge Partners and Realogy Holdings Corp (NYSE: RLGY). This joint venture aims to enhance TRG's growth, which has seen annual growth rates of 15% in title premiums and 19% in statutory net income over the past 12 years. TRG will operate independently, with a new board chaired by Alan Colberg, and will continue prioritizing investments in technology and services.
- Approval of title underwriting joint venture with Centerbridge Partners.
- TRG has achieved 15% annual growth in title premiums over the past 12 years.
- Statutory net income has grown by 19% annually, indicating strong financial health.
- Formation of an independent board to focus on growth and technology investments.
- None.
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
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
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
Title Resources Group Contact: | Centerbridge Partners Contacts: |
Jonathan McGrain | Daniel Hoadley |
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SOURCE Title Resources Group
FAQ
What is the joint venture between Centerbridge and Realogy Holdings (RLGY)?
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