First American Title and Jefferson-Pilot Corporation announce agreement for ...


August 19, 1994, SANTA ANA, CALIFORNIA

First American Title Insurance Company and Jefferson-Pilot Corporation announced today an agreement for First American to purchase Jefferson-Pilot Title Insurance Company, based in Greensboro, North Carolina. The terms of the transaction were not disclosed. Completion of the transaction is subject to regulatory approval.

Jefferson-Pilot Title, which was founded in 1962, operates through branches in Charlotte, Greensboro and Goldsboro. David A. Stonecipher, Jefferson-Pilot Corporation's Chief Executive Officer, stated, "Jefferson-Pilot Title is an excellent company, but title insurance is not one of our primary businesses. The sale is a part of our continuing work to focus more closely on the company's core businesses. We are pleased to be able to announce a transaction with such an outstanding buyer."

According to First American President Parker S. Kennedy, Jefferson-Pilot Title currently enjoys a strong market position in the state, and is poised for growth. Joseph M. Ritter will continue as manager of the company. He will also serve as state manager for First American Title, reporting to Southeastern Regional Vice President John N. Casbon.

"Jefferson-Pilot Title has an excellent reputation in the industry," Kennedy said. "I have known Joe for a number of years through our industry association and he is a great addition to our company."

First American Title Insurance Company, principal subsidiary of The First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, it offers title services through a network of more than 300 offices and 4,000 agents throughout the United States. It also provides title services abroad in the Bahama Islands, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. The company has its headquarters in Santa Ana, California.

Jefferson-Pilot Corporation, a holding company, is one of the nation's largest shareholder-owned life insurance companies. The company's largest subsidiary, Jefferson-Pilot Life Insurance Company, offers a full line of individual and group life and health insurance and annuity products. Other subsidiaries offer fire and casualty insurance and mutual fund sales. Jefferson-Pilot Communications Company owns and operates three network television stations, 13 radio stations, and produces sports programming. The company and its predecessor have paid cash dividends in every year since 1913.

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