The First American Financial Corporation announces a substantial increase in ...


The First American Financial Corporation (NYSE: FAF) and its principal subsidiary, First American Title Insurance Company, announced today that, based on recently released 1993 American Land Title Association (ALTA) statistics, its national title insurance market share substantially increased from 17.8 percent for 1992 to 19.2 percent for 1993. This increase in the company's overall national market penetration builds upon its firmly established number two industry position and supports future opportunities for growth.

"Since 1990, our market share has increased from 15.0 percent to its current level," said President Parker S. Kennedy. "We are extremely pleased with this latest gain in market share. Based upon 1993 statistics, we currently have the largest or second largest share of the title insurance market in 30 states and in the District of Columbia."

"We are proud of our operations across the country and their success in increasing our customer base," Kennedy continued. "It is gratifying to see such continued growth in market share without losing or reducing the high level of service we seek to provide all of our customers. Although there is short term uncertainty in the real estate and financial markets, we believe our market share position affords us the ability to maintain satisfactory profit levels throughout the year. The current improvement in our mix of orders to the more profitable residential and commercial transactions continues to support this expectation."

The First American Financial Corporation, based in Santa Ana, California, is a leading provider of real estate financial services, including title insurance, tax monitoring, home warranty, credit reporting and property information services, to real property buyers and mortgage lenders. The company also operates a trust and banking business in Southern California. The company offers its 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.


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