The First American Financial Corporation holds its 98th annual meeting


May 15, 1987, SANTA ANA, CALIFORNIA

The First American Financial Corporation held its 98th annual meeting at the company offices in Santa Ana on April 22. President D.P. Kennedy advised shareholders that while earnings and revenue for 1987 are not expected to meet the record levels of 1986, the company expects its strong performance to continue at least through the first three quarters of the year.

Re-elected to the board of directors were Kennedy; Stanley L. Bauer, Los Angeles attorney; W.F. Croddy, president of Croddy Realty, Inc., Tustin, California; Lewis W. Douglas, Jr., San Francisco real estate developer; Paul B. Fay, Jr., president of The Fay Improvement Company, San Francisco; Frank Harrington, president of Harrington Development Company, Newport Beach, California; Harold C. Kean, chairman of Washington Federal Savings and Loan Association, Seattle; John C. Kerr, chairman and CEO of American Century Corporation, San Antonio; Robert B. McLain, president of McLain Development Company, Newport Beach, California; R.J. Munzer, retired chairman of Petrolane Incorporated, Long Beach; Esther Peterson, representative to ECOSOC/U.N., International Organization of Consumers Unions, Washington, D.C.; Gregor G. Peterson, chairman of Hogan Systems, Inc., Dallas, Texas; John H. Scully, managing partner of San Francisco Partners and Texas Partners, Mill Valley, California; and Gerald H. Stool, private investor and director of American Century Corporation, San Antonio, Texas.

Kennedy also reported that First American Title Insurance Company did more title business in 1986 than any other title insurance company in the country. He said that based on official reports submitted by all of the companies to the insurance departments throughout the country, the First American family of title insurance companies reported a higher number of direct premiums written, $461,545,000, both directly and through its agencies, than any other company in the nation.

In addition, he said, the First American family of companies reported consolidated statutory operating revenue of $494,347,000, which is approximately $11,000,000 more than was reported by any other group of title insurance companies.

"We feel that the company's performance in 1986 is a great tribute to our staff and to the competency and loyalty of our people located throughout the country." Kennedy said.

The First American Financial Corporation, based in Santa Ana, California, operates its title insurance business through its principal subsidiary, First American Title Insurance Company. The firm offers title services through a network of more than 2,500 offices or agents in all 50 states. It also provides title services abroad in Guam, Mexico, Puerto Rico, the Virgin Islands and England.

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