Stewart Title Partners with Willis Group Holdings to Launch in Italy, Donazione Facile, an Insurance Product for Donated Properties
LONDON (December 3, 2015) -- Stewart Title Ltd., the underwriter for Stewart’s transactions in the United Kingdom, Europe and Australia, announced today that it is providing Donazione Facile, an insurance product for Italy that facilitates the transfer and commercialisation of donated properties. This insurance covers financial losses arising from claims filed by the donee’s legitimate heirs challenging the donation. Stewart Title Limited’s Italian branch will provide the cover with Willis Group Holdings plc, a leading global risk advisor, insurance and reinsurance broker, undertaking the policy processing.
“Our partnership with the Willis Group enables us to offer a product that can provide property owners and lenders in Italy with peace of mind,” said Steven Lessack, group president, international operations. “We know from our experience in underwriting property transactions across numerous international markets, that this product will be beneficial to Italian owners, buyers and lenders, alike. We’re excited about the opportunities it will create in the Italian real estate market.”
Under Italian inheritance laws, the values of donated assets are attributed to the estate and, in the event of a shortfall in their statutory entitlement, certain heirs can claim under specific circumstances the restitution of the donated property free from any mortgages eventually registered therein after the donation occurred. This makes properties donated, less attractive to buyers and financing institutions.
Guido De Spirt, chief executive officer, Willis Italy commented, “We are pleased to be working with Stewart Title, a company with strong financial backing and ample European experience, to bring this product to market. The combination of Stewart Title’s cover and our proprietary on-line ordering system helps facilitate the conveyancing and mortgage process when there is a donation in the title chain.”
Cover is available for a one-time fee and can be transferred with the property and is available to purchasers and mortgage lenders. Both a standard policy and bespoke underwriting are available. Policies can be conveniently purchased and issued using Willis Italy’s proprietary on-line ordering system http://www.donazionefacile.it.*
About Willis Group
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. The recent offer for the acquisition of Gras Savoye, France's first broker of which Willis Group until now hold 33% share, will allow Willis in 2016 to reach the utmost performances in client servicing models. In Italy, Willis has more than 400 employees; the Chairman is Claudio Ades and it is led by two CEO, Walter Albini and Guido De Spirt.
About Stewart Title Ltd.
Stewart Title Ltd. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. As a wholly owned subsidiary of Stewart Title Guaranty Company, Stewart Title Ltd. is the underwriter of UK, European and Australian transactions. The company’s operations are headquartered in London with offices throughout the UK, Europe and Australia. Stewart Title Ltd. delivers a host of title insurance products, streamlining the conveyancing and closing process and helping customers creatively overcome difficult title situations. More information can be found at http://www.stewarteu.com.
Stewart Information Services Corporation (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage industry, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we believe in building strong relationships – and these partnerships are the cornerstone of every closing, every transaction and every deal. Stewart. Real partners. Real possibilities.™ More information can be found at http://www.stewart.com, subscribe to the Stewart blog at http://blog.stewart.com or follow Stewart on Twitter® @stewarttitleco.
For further information, contact:
Stewart Title Limited