HOUSTON (Feb. 16, 2004) - Stewart Information Services Corp. (Stewart) (NYSE-STC) has acquired Title Associates Inc. of New York City. The terms of the acquisition were not disclosed. Key management and staff will remain with the office.
"There is no finer team than Title Associates and we are happy they have joined Stewart," said Malcolm S. Morris, chairman and co-chief executive officer, Stewart Information Services Corp. "Together we will significantly expand our presence in the commercial market in New York City."
Title Associates was founded in 1987 by principals Jeff Gurren and Tom Vinci. The firm will operate as a division of Stewart Title Insurance Co., a wholly owned Stewart subsidiary. Gurren will serve as president and Vinci as executive vice president of the division.
"Title Associates is the pre-eminent title insurance agency in New York City," said John Welling, president, Stewart Title Insurance Co. "We are pleased to have this key player on board with us in this crucial market."
"We are proud to be united with the Stewart Title group," said Gurren. "We believe that our common goals of providing quality work and service will ensure our continued growth in the marketplace."
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 7,200 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records, property ownership mapping, and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at http://www.stewart.com/.