First American Title Insurance Co. on Friday announced the completed acquisition of privately held TransContinental Title Co., a provider of title and settlement services to national mortgage lenders.
The acquisition, originally announced in December 2005, closed on April 1, 2006. Terms of the transaction were not disclosed.
“Through this acquisition we will now offer mortgage originators two, highly efficient channels for complete title and settlement services: First American’s National Lenders Advantage and TransContinental,” said Gary L. Kermott, president of First American Title Insurance Co.
“Increasing First American’s overall presence in the large lender market will help drive revenue growth,” he said.
Established in 1987, TransContinental Title is a licensed title insurance agent in 38 states and has the ability to handle transactions nationwide through its affiliation with First American. Led by its chief executive officer William Baumgart, TransContinental has become a prominent multistate title agency serving many of the nation’s largest mortgage lenders.
TransContinental will continue to operate under its current name and management structure, with Baumgart as its CEO. Baumgart will also hold the position of senior vice president of First American Title Insurance Co.’s National Lenders Advantage Division.
First American Title Insurance Co., the largest subsidiary of The First American Corp., is one of the largest title insurers in the nation, offering title services through more than 1,800 offices.
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