The First American Financial Corporation announces an increase in national ...
June 20, 1995, SANTA ANA, CALIFORNIA
First American's market share increased to 19.5 percent in 1994 from 19.2 percent in 1993, enhancing First American's strong number two industry position during a year when many national title insurers lost market share.
The company strengthened its market share and retained its number one position in California, which, despite the continuing real estate downturn, is still the largest market for title insurance. First American now has the largest or second largest share of the title insurance market in 33 states and in the District of Columbia.
"Since becoming a national company in 1982, First American's market share has more than doubled," said President Parker S. Kennedy. "We are proud of our operations across the country and their success in increasing our customer base during a difficult year. We believe that market share is a meaningful measure of customer satisfaction, and we appreciate our customers' continuing confidence in the company's servicing capabilities."
"The first half of 1995 has proven to be a challenge for the real estate industry," Kennedy continued. "The state of the national economy and lack of consumer confidence will result in marginal profits for the second quarter. However, we are beginning to see improvements on all levels--order counts, commercial/residential mix, and income per transaction. These promising signs should positively affect the company's revenues and profits in the third quarter."
The First American Financial Corporation, based in Santa Ana, California, is a leading provider of real estate-related financial services, including title insurance, tax monitoring, home warranty, credit reporting, flood compliance 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.