First American Financial’s primary subsidiary, First American Title Insurance ...
March 23, 1998, SANTA ANA, CALIFORNIA
Effective January 1, 1998, Penn Title Insurance Company retired its license to conduct business as an underwriter, and amended its charter to act as a title agency and management company. The company will provide underwriting and other support services for former agents of Penn.
Penn Title Insurance Company has eight branch offices and agencies throughout Pennsylvania and New Jersey. The company will operate as PennTitle, Inc. with David E. Carlino serving as president. Carlino, a 27-year veteran of the title industry, was appointed president of the company in 1982.
According to Carlino the decision to form a strategic alliance with First American was based on growth strategies to provide broader markets and services for the future.
"This union provides the best of both worlds for our agents and customers," said Carlino. "It provides them the advantages of dealing with a small company, combined with the power of commitments and policies of one of the largest underwriters in the country."
Penn Title Insurance Company was founded in 1929 in Reading, Pennsylvania, by a group of local attorneys. The company was owned by a small group of shareholders until 1969, when it was purchased by the Carlino Group.
Michael F. Frederick, Jr., the regional vice president of First American’s North Atlantic region was pleased with the advantage in market share that this new relationship brings, noting, "1998 just might be the year for First American to make a serious challenge and possibly move to the top of Pennsylvania’s leader board in title services."
The First American Financial Corporation, based in Santa Ana, California, is the nation’s leading provider of real estate-related financial and information services. The corporation’s subsidiaries include First American Title Insurance Company, a national and international title insurer; First American Real Estate Information Services, Inc., which offers tax monitoring, credit reporting, property data services, flood certification, field inspection services, appraisal services, mortgage loan servicing systems, and mortgage document preparation nationally; First American Home Buyers Protection Corporation, a home warranty company; and First American Capital Management, an investment advisory firm. The Corporation also operates First American Trust Company and First Security Thrift Company in Southern California. First American Financial has more than 13,000 employees in over 400 branch offices in the United States and abroad. Information about the company’s subsidiaries and an archive of its press releases can be found at http://www.firstam.com on the Internet.