Stewart Acquires Devon Title Agency, Gaining Scale in Michigan Market

Rhea-AI Summary

Stewart Information Services Corporation (NYSE: STC) has announced the acquisition of Devon Title Agency, a major title agency in Michigan with over 30 years of experience. This move reinforces Stewart's aim to be a premier title services company and enhances its market position in Michigan. Both companies expect synergies from this partnership, leveraging Devon's strong brand and Stewart’s technology and financial backing. The collaboration is anticipated to create additional opportunities for growth and improved services for customers.

Positive

• Acquisition strengthens Stewart's market position in Michigan.
• Expectations of synergies from Devon’s established brand and Stewart’s technology.
• Collaboration provides financial strength to support growth objectives.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Stewart Information Services Corporation (NYSE-STC) today announced the acquisition of Devon Title Agency (“Devon”). Devon is one of the largest title agencies in Michigan, with more than 30 years of providing superior title services to customers across the state. The transaction highlights Stewart’s continued emphasis on investing in key markets across the country on its path to becoming the Premier Title Services Company.

“The addition of Devon to the Stewart family of companies establishes us as one of the market leaders in Michigan,” said Stewart Group President Steve Lessack. “Devon is a well-respected brand with a great team of associates who deliver outstanding service to residential, commercial and lender customers. The complementary strengths and capabilities they bring will only further strengthen both companies and create additional opportunities for each as we look to their management team to continue building the Devon brand.”

“We are very excited about joining the Stewart family of companies and with the opportunities to work with their industry leading team of title professionals,” said Dan Lievois, CEO, Devon Title Agency. “Having the backing of a company like Stewart also provides financial strength and leading-edge technology that will further enhance our growth objectives throughout the Michigan marketplace. Stewart’s culture, which highlights the importance of teamwork, coupled with their technology, was a key point for us and made joining Stewart a natural fit. I am confident that this new and exciting relationship will bring considerable value to both our customers and our team members.”

About Stewart

Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211216005085/en/

John Chattaway, Stewart Media Relations

(713) 625-8180; mediarelations@stewart.com

Source: Stewart Information Services Corporation

FAQ

What is the significance of Stewart's acquisition of Devon Title Agency?

The acquisition strengthens Stewart's market presence in Michigan and aligns with its strategy to become a premier title services provider.

What are the expected benefits of the acquisition for Stewart (STC)?

The acquisition is expected to create synergies, enhance service quality, and expand market opportunities in Michigan.

How long has Devon Title Agency been operating?

Devon Title Agency has been providing title services for over 30 years in Michigan.

What is Stewart’s strategy following the acquisition?

Stewart aims to leverage Devon’s brand and its own technology to foster growth and improve services.