DIRECT-TO-CONSUMER TITLE INSURER ONETITLE EXPANDS TO NEW JERSEY THE POTENTIAL COST OF MISUNDERSTANDING TITLE INSURANCE FINANCING

Transcription

1 DIRECT-TO-CONSUMER TITLE INSURER ONETITLE EXPANDS TO NEW JERSEY Acquires significant interest in New Jersey s Sovereign Title January 16, 2018 By Ben Lane > READ MORE THE POTENTIAL COST OF MISUNDERSTANDING TITLE INSURANCE FINANCING New York State real estate buyers spent an estimated $817 million on title insurance in 2015 July 13, 2016 By Daniel C. Price > READ MORE DIRECT-TO-CONSUMER TITLE INSURER ONETITLE SECURES $13 MILLION INVESTMENT White Mountains Insurance Group acquires minority stake April 22, 2015 By Ben Lane > READ MORE info@onetitle.com Tel: Fax:

2 Direct-to-consumer title insurer OneTitle expands to New Jersey Acquires significant interest in New Jersey s Sovereign Title Until now, direct-to-consumer title insurer OneTitle National Guaranty Company operated only in the state of New York. But thanks to a strategic partnership between OneTitle and New Jersey s Sovereign Title Agency, OneTitle is expanding into the Garden State. OneTitle bills itself as the only 100% direct title insurer in the country. Through OneTitle, homebuyers (along with their lenders or attorneys), investors, and developers can buy title insurance directly, which OneTItle claims can result in up to 25% lower premiums. Through this new agreement, the companies will now jointly serve clients throughout the New York/New Jersey region. When asked about the nature of the partnership, Daniel Price, CEO of OneTitle, told HousingWire that OneTitle acquired a significant interest in Sovereign plus signed significant management and operating agreements. Sovereign Title will now operate as an affiliate of OneTitle, and through that affiliation, OneTitle is now able to offer title insurance policies for residential and commercial properties in New Jersey.

3 Additionally, Sovereign Title clients will now be able to work with OneTitle for New York transactions. According to the companies, the out-of-state expansion is a first for both. Sovereign Title has been growing as greater numbers of commercial and residential real estate buyers, lenders and attorneys show a more sophisticated understanding of title insurance, said Paul Mascera, President and CEO of Sovereign Title. By joining forces with OneTitle, we will be able to serve our clients in both New York and New Jersey, Mascera added. We know that we will be able to build on our outstanding service by joining forces with a company like OneTitle that has truly distinguished itself in this space. Price also told HousingWire that for the time being, Sovereign will continue to issue policies through its existing underwriters. OneTitle has long planned to extend our services to the New Jersey real estate market, but first we needed to find the right partner, Price said in a separate statement. Sovereign Title and its CEO Paul Mascera perfectly complement OneTitle. Both of our companies are wholly dedicated to serving as trusted and valued partners to our customers, Price continued. We are thrilled to welcome Paul and his team to the OneTitle family and excited that Paul will continue his leadership in the New Jersey market.

4

5

6

7 5/13/2015 Direct to consumer title insurer OneTitle secures $13 million investment HousingWire Home Direct to consumer title insurer OneTitle secures $13 million investment White Mountains Insurance Group acquires minority stake Ben Lane April 22, 2015 Direct to consumer title insurer OneTitle National Guaranty Company announced that it secured a $13 million investment from White Mountains Insurance Group, which it plans to use to expand beyond New York. As part of the deal, White Mountains Insurance acquired a minority stake in OneTitle. Reid Campbell, managing director of White Mountains Capital and president of White Mountains Advisors, will also be added to the board of OneTitle Holdings as part of the transaction. Touting lower rates, improved safety and transparency, and unbeatable customer service, OneTitle works directly with attorneys, lenders, developers and homeowners to offer title insurance without any middlemen, and claims that it can save homeowners, homebuyers and investors a total of 20% or more through a combination of lower filed premium rates and lower closing costs on most transactions. White Mountains s commitment marks a true sign of disruption in the title insurance industry, said Daniel Price, founder, president and chief executive officer of OneTitle. Leveraging this investment and their insurance expertise, we will be able to bring better service and lower rates to even more attorneys, lenders, real estate investors and homeowners. Campbell said that White Mountains elected to invest in OneTitle because of its unique business model. In our search for innovative companies, we chose OneTitle because it is uniquely positioned in the title insurance industry, Campbell said. We are excited by our investment in OneTitle and look forward to bringing our resources and experience to bear in supporting Dan and the rest of his talented team. B. Lance Sauerteig, chairman of the board of OneTitle and president of BLS Strategic Capital, said that the injection of funding from White Mountains will allow OneTitle to continue its growth. The investment by White Mountains is an exciting milestone in the development of OneTitle, Sauerteig said. The current board members are looking forward to Reid Campbell joining us and to the opportunity to work with the entire White Mountains team. Their industry expertise and support will give tremendous impetus to our strategic growth plan in New York and expansion beyond. direct to consumer title insurer onetitle secures 13 million investment 1/2