First American Title Insurance Company of New York Acquires Modern Abstract Corporation
April 5, 2004, NEW YORK
First American Title Insurance Company of New York, a subsidiary of First American Title Insurance Company, today announced that it has acquired Modern Abstract Corporation from owners Steven and Eva Marie Davis. Terms of the transaction, which closed on April 1, 2004, were not disclosed.
Based in lower Manhattan, Modern Abstract specializes in lien searches on cooperative properties in New York City and performs more than 10,000 searches annually. Eva Marie Davis, who has served as president of Modern Abstract since the company’s inception in 1984, will remain with the company and will assume responsibility for marketing First American’s Co-op Eagle and Leasehold policies.
“Our plan is to combine our Co-op Eagle Policy with Modern Abstract’s cooperative search report to create a superior product at an attractive price,” said James M. Orphanides, regional vice president for First American Title Insurance Company. “With this improved product we expect to capture a larger portion of the market resulting in significant additional revenue.”
Founded in 1973, First American Title Insurance Company of New York operates through four offices and more than 180 agents throughout the state of New York. The company is the preferred source for title insurance as well as a wide range of complementary products and services. First American Title Insurance Company of New York is a wholly owned subsidiary of First American Title Insurance Company, the largest subsidiary of The First American Corporation (NYSE: FAF), which traces its history to 1889. First American Title is one of the largest title insurers in the nation, offering 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.