DALLAS, March 29, 2022 /PRNewswire/ — Title Resources Guaranty Company (“TRG” doing business as “Title Resources Group”) announced today that it has received approval from the Texas Department of Insurance to form and fund its previously announced securities subscription with Centerbridge Partners, LP (“Centerbridge”) and Realogy Holdings Corp (“Realogy” NYSE: RLGY).
As part of the transaction, the shares of TRG, which performs underwriting operations, are contributed to a new holding company which will be jointly owned by the joint venture partners. Realogy will retain its title agencies in its Realogy Title Group division.
The joint venture will accelerate TRG’s profitable growth trajectory and help build on the company’s strong momentum to date. Over the past 12 years, TRG has achieved a compound annual growth rate of approximately 15% in title premiums and 19% in statutory net income, while delivering superior capabilities and results to its clients.
TRG will continue to be led by Scott McCallPresident and Chief Executive Officer, a position he has held since 2009. “Title Resources Group has grown through our commitment to providing informed and responsive underwriting solutions to support our network of title insurance agents across the “America, while maintaining quality through integrity and financial stability. We are thrilled to form this partnership, a testament to the quality of our company’s people and operations, and to accelerate our trajectory of profitable growth.” said McCall, adding, “With the support of our partners at Centerbridge, we are excited about the opportunity to expand our reach and deepen our capabilities, investing in our people and technology.”
“We are encouraged by the strong team and platform that Scott has built,” said Kevin Mahony, CEO of Centerbridge. “We look forward to accelerating TRG’s growth as an independent entity. The TRG Board of Directors will continue to prioritize investments in technology and new services, all with the goal of delivering value to all stakeholders, including agents and employees.
As an independent entity from Realogy, TRG will have its own Board of Directors, chaired by Alan Colberg, former CEO of Assurant, Inc. Prior to Assurant, Alan worked at Bain & Company for 22 years and was the global leader in the financial services practice. Other independent members of the Board of Directors will be added over the coming months.
About the Titles Resource Group
Title Resources Group — the underwriter designed for the real estate industry — is one of the largest underwriters of title insurance in the nation, according to 2021 market share data from the American Land Title Association. Founded in 1984, it has grown to serve title insurance agents in 37 states and the District of Colombia and continues to grow. With $163 million of liquid assets at the end of 2021, its financial strength and stability is rated A’ (Unsurpassed) by Demotech, Inc., and B++ (Good) by AM Best Rating Services, and since its inception, the company has always operated profitably without a net operating loss in a fiscal year. With a mission to provide informed and responsive underwriting solutions, Title Resources Group is dedicated to developing lasting relationships and maintaining quality through integrity and financial stability. For more information, please visit www.titleresources.com.
About Centerbridge Partners, LP
Centerbridge Partners, LP is a private investment management firm that uses a flexible approach across all investment disciplines – private equity, credit and real estate – with the goal of developing the most attractive opportunities for our investors. The Firm was founded in 2005 and since January 31, 2022 at about $33 billion in capital under management with offices in new York and London. Centerbridge is committed to partnering with world-class management teams in targeted industries and geographies. For more information, please visit www.centerbridge.com.
SOURCE Title Resource Group