First Title Enters Russian Market
March 5, 2009, LONDON
First Title Insurance plc, a subsidiary of First Title plc (First Title) and First American Title Insurance Company, and the largest provider of title insurance in the United Kingdom and Europe, announced its entry into the Russian market with the availability of title insurance coverage on real estate assets in Russia.
The expansion into Russia follows the recent acquisition of 38 percent of Turkey’s largest mortgage business process outsourcing (BPO) company, FU Gayrimenkul Danışmanlık AS, the October 2008 launch of its New York–based Central and Eastern Europe (CEE) property investment advice service and the further build-out of sales support staff in First Title’s CEE headquarters in Budapest. First Title Insurance can provide title insurance for nearly all European Union countries, as well as Croatia, Serbia, Turkey and now Russia. This brings to 91 the total number of countries where First American Title Insurance Company and its subsidiaries offer title insurance.
Concentrating on Moscow and St. Petersburg initially, First Title will work with international investors, property owners, lenders and developers to provide property risk management solutions in Russia’s two largest real estate markets. The business development efforts for Russia will be led by First Title’s CEE office in Budapest. Andrew Jackson, managing director of First Title CEE said, “Entering the Russian market is an exciting and logical step in First Title’s continual growth in the region and will support North American, European and other international investors as they continue to enter this market.”
Entering the Russian market and continuing to grow elsewhere in Europe positions First Title Insurance as the region’s leading title insurance provider.
About First Title plc
First Title plc has nine offices throughout Europe—five offices in the United Kingdom and elsewhere in Germany, Poland, Hungary and Turkey—with more than 600 employees. It provides a wide range of innovative products that enable lawyers, mortgage lenders and estate agents to deliver more efficient and advanced service to their property clients. More information about the company can be found at www.firsttitle.eu. First Title Insurance Plc is a wholly owned subsidiary of First American Title Insurance Company, part of The First American Corporation (NYSE: FAF), a FORTUNE 500Â® company that traces its history to 1889. First American is America’s largest provider of business information, supplying businesses and consumers with valuable information products to support the major economic events of people’s lives. Additional information about the First American Family of Companies can be found at www.firstam.com.
Certain statements made in this press release, including those relating to the growth of Russia and CEE countries, and the growth and success of the company in the region, are forward-looking statements within the meaning of Section 27A of the United States’ Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These and other forward-looking statements may contain the words “believe,” “anticipate,” “expect,” “predict,” “estimate,” “project,” “will be,” “will continue,” “will likely result,” and other similar words and phrases. Risks and uncertainties exist that may cause results to differ materially from those set forth in these forward-looking statements. The forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.