Centerbridge and Realogy Launch Title Insurance Underwriting Joint Venture: Title Resources Group

DALLAS, March 29, 2022 /PRNewswire/ — Title Resources Warranty Firm (“TRG” running as “Title Sources Team”) currently announced that it has acquired acceptance from the Texas Section of Insurance to kind and fund its beforehand declared title underwriting joint undertaking with Centerbridge Partners, L.P. (“Centerbridge”) and Realogy Holdings Corp (“Realogy” NYSE: RLGY).

As portion of the transaction the stock of TRG, which conducts underwriting operations, is staying contributed to a new holding company that will be jointly owned by the joint venture partners. Realogy will keep its title businesses in its Realogy Title Group division.

The joint undertaking will speed up TRG’s rewarding advancement trajectory and aid construct on the firm’s solid momentum to day. Above the earlier 12 decades, TRG has accomplished a compound once-a-year growth amount of somewhere around 15% in title premiums and 19% in statutory web profits, although providing superior consumer abilities and outcomes.

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TRG will go on to be led by Scott McCall, President and CEO, a function he has served in given that 2009. “Title Sources Group has developed by way of our perseverance to delivering proficient and responsive underwriting answers to support our network of title insurance plan agents throughout America, when keeping excellent through integrity and economic stability. We’re thrilled to variety this partnership, a testomony to the top-high quality persons and functions at our firm, and speed up our worthwhile growth trajectory,” claimed Mr. McCall, introducing: “With the assistance of our partners at Centerbridge, we are psyched about the possibility to broaden our attain and deepen our abilities, by means of investment in our people and know-how.”

“We’re encouraged by the strong team and system Scott has created,” mentioned Kevin Mahony, Taking care of Director at Centerbridge. “We glance forward to accelerating the growth at TRG as an independent entity. The board of TRG will go on to prioritize investments in technological know-how and new expert services, all with the intention of providing benefit to all stakeholders, which includes agents and staff members.”

As an unbiased entity from Realogy, TRG will have its possess board of directors, chaired by Alan Colberg, former CEO of Assurant, Inc. Prior to Assurant, Alan was at Bain & Company for 22 decades and served as the world-wide practice chief for money products and services. Further independent board users will be additional about the coming months.

About Title Methods Team
Title Methods Team – the underwriter developed for the genuine estate industry – is one particular of the nation’s premier title coverage underwriters, according to the American Land Title Association’s 2021 market share information. Founded in 1984, it has expanded to serve title insurance plan brokers in 37 states and the District of Columbia and carries on to expand. With $163 million in liquid property at 12 months-end 2021, its fiscal strength and balance are rated A’ (Unsurpassed) by Demotech, Inc., and B++ (Fantastic) by AM Ideal Rating Services, and because its inception, the firm has continuously operated profitably with out a internet operating reduction in any fiscal yr. With a mission to offer experienced and responsive underwriting remedies, Title Sources Team is committed to escalating lifelong associations and retaining high-quality via integrity and economic security. For extra information, remember to stop by www.titleresources.com.

About Centerbridge Partners, L.P.
Centerbridge Partners, L.P. is a private financial investment administration organization using a flexible approach across investment decision disciplines — non-public equity, credit and authentic estate — in an work to establish the most appealing options for our traders. The Business was established in 2005 and as of January 31, 2022 has close to $33 billion in capital under administration with places of work in New York and London. Centerbridge is dedicated to partnering with environment-class management groups throughout specific market sectors and geographies. For a lot more information, remember to stop by www.centerbridge.com.