HOUSTON (Oct. 16, 2003) -Stewart Information Services Corp. (NYSE-STC) has formed a new corporation, Stewart REI Data Inc., to provide comprehensive information solutions to title agents, lenders, real estate agents and brokers, federal, state and local governments, and other markets with related needs.
Stewart REI Data's business will focus on three primary principles: data access, data and application integration, and product distribution. Stewart REI Data will facilitate the delivery of real estate data, document images and other mission critical database information to the target markets to improve efficiency, reduce costs, and to improve the quality of information used throughout the real estate transaction process.
"Placing this wide range of products and services under the Stewart brand will better position us in the marketplace, allowing us to build our standards for quality customer service on the Stewart reputation for financial strength and a 110-year history in delivering security of land ownership," said Don O'Neill, Stewart REI group president. "More importantly, this move allows us to provide more consistent direction to our REI product lines and to expand our market presence."
Max Harris and Steve Otto will serve as division presidents of Stewart REI Data, with Harris focusing on the market and Otto focusing on the operations of the diversified products and databases of the business.
Harris joined Stewart in December 2002. He brings to Stewart more than 25 years of experience in the real estate information industry. Throughout his career he has participated in the successful establishment, growth and geographic expansion of some of the most dominant players in the database industry today. Otto has served as chief operations officer for Landata Group Inc. since 2002. Otto brings more than 25 years experience in product development and management for several specialized information technology firms.
"By adding Max and Steve to the management team at the REI Group, we have significantly enhanced the depth of the market knowledge and operational skills within our group," said O'Neill. "Their leadership and experience will greatly enhance our success."
Stewart REI Data will be based in Houston, Texas.
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 6,900 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.