HOUSTON (Sept. 6, 2006) - Stewart Information Services Corp. (Stewart) (NYSE-STC) is combining its diverse real estate information operating subsidiaries under a new subsidiary, PropertyInfo Corp., under the leadership of industry veteran, Patrick Vaden.
"Stewart's vision is for PropertyInfo to be a leading online provider of integrated real estate information (REI) and technology to real estate professionals and title agencies," said Stewart Morris Jr., Stewart president and co-chief executive officer. "Combining and coordinating several related REI efforts under one leadership umbrella better organizes Stewart to effectively deploy REI directly to real estate agents, brokers and other customer segments.
"In addition, this move will integrate REI with title search analysis services and other title agent products for use by our national title agency network and other interested businesses," added Morris. "We will now have a complete and integrated production and title information offering for title agencies with a growing geographic footprint whereby they can go to the Internet to get everything they need to do the title business, gain higher productivity and provide better service to their customers."
The reorganization will bring Stewart subsidiaries REIData Inc., First Data Systems Inc., Ultima Corp., Stewart Re-Source Inc. and Information Services of Illinois LLC together under PropertyInfo Corp. Its president and CEO, Patrick Vaden, most recently has served as a senior-level manager over Stewart affiliated offices and independent agencies in Arkansas and Tennessee, and will continue in that position. He is a 30-year title industry and title technology veteran.
"By bringing the leadership, technology and associates of these entities together, we will significantly impact our ability to meet our customers needs and enhance their productivity," said Vaden.
Vaden was the founder, president and CEO of Cumberland Title and First Data Systems Inc., two Nashville companies acquired by Stewart in late 2002. Cumberland Title is one of the oldest and largest real estate closing operations in Tennessee. First Data Systems, Inc. had a long-term relationship with Stewart as the largest distributor of the AIM® for Windows® and had been acting as the MIS arm of Stewart's mid-America region.
Stewart Information Services Corp. is a technology-driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,000 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, mortgage default management solutions, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.