First American Title announces regulatory approval for agreement with North ...


September 6, 1994, SANTA ANA, CALIFORNIA

Walnut Creek-based North American Asset Development Corporation and First American Title Insurance Company announced today that they have received regulatory approval for their previously announced agreement, and have completed the transaction. First American previously owned a 50 percent interest in North American Title Insurance Company. The other 50 pecent was owned by North American Asset Development, the primary subsidiary of which is North American Title Company, a title agency operating throughout California and in the states of Arizona and Colorado. Under the terms of the agreement, First American now owns a 17 percent interest in the combined North American subsidiaries, in exchange for its 50 percent interest in North American Title Insurance Company.

"North American is excited about having the ability to continue the development of its title operations through North American Title Insurance Company," stated North American's Chief Executive Officer Dan R. Wentzel. "We are also pleased to have First American as a significant shareholder in the company."

North American Title Company is the largest independent title agency in the country, with title premium revenues of $79,629,476 for the year ended December 31, 1993.

"We are pleased with this transaction and delighted to continue and strengthen our relationship with North American," said First Amreican President Parker S. Kennedy. "We are confident that North American will increase the value of our investment as it expands into new markets. We look forward to a continuing alliance with North American."

First American Title Insurance Company, principal subsidiary of The First American Financial Corporation, 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 in all 50 states. It also provides title services abroad in the Bahamas, Bermuda, Canada, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and the United Kingdom. The company has its headquarters in Santa Ana, California.

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