HOUSTON (March 10, 2003) - Stewart Title Ltd., a subsidiary of Stewart Title Guaranty Co., has received its license to issue title insurance in Australia. Stewart's head office for the country is located in Sydney.
"Our acceptance in Australia confirms our assertion that title insurance benefits lenders, buyers and all the other members of the real estate transaction process," said Stewart Morris, chairman, Stewart Information International, Inc. "Title insurance reduces the time to close a mortgage loan and covers risks that can endanger the financial investment in a residential, commercial or agricultural property."
"Just as we offer title insurance or title guarantees for registered titles in Canada, the United Kingdom, Mexico, Costa Rica and other nations around the globe, Stewart is pleased to now be able to offer title insurance for the residential and commercial real estate community throughout Australia," said Jeannie Osborne, president and chief operating officer, Stewart Information International. "Stewart has been in the business of providing security of land ownership since 1893. It's a real passion for us."
"Stewart has been working for the past two years in preparation for this approval," said Steve Lessack, senior vice president, director of International Title Operations for Stewart International. "We will be partnering with Australia's legal network to facilitate and enhance the title conveyancing process. The legal community will now have the ability to issue Stewart title insurance policies to both property owners and lenders. We look forward to the many opportunities awaiting us as we embrace the entire real estate community in Australia."
The Sydney office for Stewart Title Ltd. is located at Level 1, Suite 102, 64 Castlereagh Street, NSW 2000, and the telephone number is 61 2 9233 6888. The office plans to hold a grand opening celebration in May.
Stewart Title Guaranty Co. and Stewart Information International, Inc. are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE-STC). Stewart International provides the oversight and leadership for the Stewart organization's expansion to markets outside of the United States. Currently, Stewart provides title guaranty and/or insurance, escrow services and real estate information services in Canada, the United Kingdom, Costa Rica, Czech Republic, Dominican Republic, El Salvador, Guatemala, Honduras, Hungary, Italy, Jamaica, Japan, Mexico, Panama, Philippines, Poland, Slovakia, St. Lucia, Trinidad & Tobago, Turks & Caicos, and reinsurance in Belize.
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 6,400 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, background checks and online property auctions. Stewart also supplies post-closing services to lenders, automated county clerk land records, property and land ownership mapping, and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.