First American Title Insurance Company Acquires Safeco Land Title
June 28, 2004, SANTA ANA, Calif.
First American Title Insurance Company today announced that it has acquired Safeco Land Title of Fort Worth, Texas. Terms of the transaction, which closed May 31, 2004, were not disclosed.
Comprised of three separate title companies—Safeco Land Title of Tarrant; Parker County Title Company, Inc.; and National Land Title, Inc.—Safeco holds the number three market share position among title service providers in the fast-growing Dallas/Ft. Worth Metroplex area. The company employs approximately 100 people at its 11 office locations in the North Texas counties of Tarrant, Johnson, Parker and Collin.
Eric Musgrove, Safeco’s long-time operations manager, will serve as president of the acquired company, which will operate under the new name First Land Title. Jeff Davis, Safeco’s president since 1995 and primary shareholder, will serve as co-chairman of First Land Title. Safeco’s residential business will remain under Musgrove’s direction at First Land Title, while Davis will integrate the company’s commercial business with commercial services at Dallas-based Republic Title. Republic Title is a wholly owned subsidiary of First American Title Insurance Company and one of the largest title insurers in Texas.
“This acquisition is squarely aligned with our strategic plan for Texas, and offers a tremendous opportunity to expand First American’s presence in the highly competitive Dallas/Ft. Worth market,” said Tom Blackwell, First American Title regional vice president. “Jeff Davis and Eric Musgrove are highly regarded industry veterans who bring additional management strength to our ranks, and we look forward to the continued growth of our area business through their contributions.”
First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through nearly 1,500 offices and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa Ana, Calif. Information about The First American Corporation’s subsidiaries and an archive of its press releases can be found on the Internet at www.firstam.com.