Stewart Acquires Majority Interest in Great American Title Company

Rhea-AI Summary

Stewart Information Services Corporation (NYSE:STC) announced its acquisition of a majority stake in Great American Title Company (GATCO), a key player in title and escrow services in the Greater Houston area. This acquisition enhances Stewart's presence across 38 Texas counties, aligning with its strategic goal to become the premier title services company. GATCO's established customer service and local relationships are expected to bolster Stewart's offerings, while both companies emphasize a commitment to customer excellence and seamless transaction processes.

Positive

• Acquisition expands Stewart's presence in the Greater Houston area.
• Strengthens operational scale across 38 counties in Texas.
• Leverages GATCO's strong local reputation and customer relationships.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Stewart Information Services Corporation (NYSE-STC) today announced the acquisition of a majority interest in Great American Title Company (GATCO). GATCO is a leading provider of title and escrow services in the Greater Houston Metropolitan area, with the ability to operate in 38 counties across Texas. The acquisition creates additional scale in the area and continues to demonstrate Stewart’s commitment to investing in key markets on its mission to become the Premier Title Services Company.

“By adding GATCO to the Stewart family of companies, we join forces with one of the area’s most respected brands and further strengthen our presence throughout the Greater Houston area,” said Stewart Group President Steve Lessack. “GATCO’s long history of providing high-quality customer service and their established local relationships are a testament to the teams they’ve built. This acquisition further enhances Stewart’s ability to provide best-in-class products and services throughout the area, and emphasizes our commitment to investing in key markets across the country.”

“GATCO is invested in each of our customer’s success, and as we’ve gotten to know Stewart’s leadership, we have seen the same commitment to customer excellence,” said Ronnie Matthews, Chairman and Principal of GATCO. “This acquisition only strengthens our core philosophy of making the transaction process seamless and efficient. With the ability to leverage Stewart’s financial strength and an expanded set of tools, we can continue to improve the transaction experience. We are excited about the opportunities joining the Stewart family presents for our employees, leadership team and customers.”

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/20220111005117/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 Great American Title Company (GATCO)?

The acquisition enhances Stewart's market presence in the Greater Houston area and adds operational scale across 38 Texas counties, supporting its goal of becoming a premier title services company.

How will the acquisition of GATCO impact Stewart's services?

It is expected to improve Stewart's service offerings by leveraging GATCO's established local relationships and customer service capabilities.

When was the acquisition of GATCO by Stewart announced?

The acquisition was announced on January 11, 2022.

What is the stock symbol for Stewart Information Services Corporation?

The stock symbol for Stewart Information Services Corporation is STC.

How does Stewart plan to invest in key markets following the GATCO acquisition?

Stewart aims to continue investing in strategic markets to enhance its service capabilities and expand its operational footprint.