Berkshire Hathaway Affiliate Joins Title
Insurance Underwriting JV with Centerbridge and Realogy
DALLAS, May 3, 2022
/PRNewswire/ -- Title Resources Group ("TRG" and the "JV"), one of
the nation's leading title insurance underwriters, today announced
that HomeServices of America ("HomeServices") is acquiring a
minority stake in TRG. Financial terms were not disclosed.
HomeServices, an affiliate of Berkshire Hathaway, is the nation's
largest residential real estate company, based on closed
transactions.
HomeServices is joining TRG's other major shareholders,
Centerbridge Partners, L.P. and Realogy Holdings Corp., in
participating in the JV. The expanded roster of joint venture
partners will be instrumental in accelerating TRG's mission and
growth as the title underwriter built for the real estate
industry.
"HomeServices of America is a long-time, valued customer of TRG,
and we're thrilled to welcome them as a significant shareholder to
our joint venture. We look forward to working with their team to
expand our collaboration in the months and years ahead, further
accelerating our growth," said Scott
McCall, president and CEO, Title Resources Group.
"Our strengthened partnership with Title Resources Group further
enhances the ability of HomeServices' sales associates to provide
clients with a one-stop shopping approach to delivering the
American dream of homeownership," said Gino
Blefari, CEO, HomeServices. "We're excited to be a part of
this joint venture with Scott McCall
and his team, as well as our other partners at Centerbridge and
Realogy."
"We are pleased to partner with HomeServices of America on this
compelling JV," said Kevin Mahony,
managing director at Centerbridge. "The investment in TRG by its
long-time customer validates the bright prospects for the business,
and we are excited about the strategic benefits of expanding the
relationship. HomeServices' perspective and track record of success
will be invaluable as we shape and execute TRG's growth and value
creation plan together."
"The continued investment in TRG's future is a powerful
endorsement of Realogy's strategy to unleash the underwriter's
growth potential and reinforces our confidence in the exciting
opportunity of this business," said Ryan
Schneider, CEO and President, Realogy.
About Title Resources Group (TRG)
Title Resources
Group – the underwriter built for the real estate industry – is one
of the nation's largest title insurance underwriters, according to
the American Land Title Association's 2021 market share data. A
joint venture with Centerbridge Partners, L.P. and Realogy Holdings
Corp., TRG serves title insurance agents in 37 states and the
District of Columbia. With
$163 million in liquid assets at
year-end 2021, its financial strength and stability are rated A'
(Unsurpassed) by Demotech, Inc., and B++ (Good) by AM Best Rating
Services, and since its inception, the company has consistently
operated profitably without a net operating loss in any fiscal
year. With a mission to provide knowledgeable and responsive
underwriting solutions, TRG is dedicated to growing lifelong
relationships and maintaining quality through integrity and
financial stability. For more information, please visit
www.titleresources.com.
About HomeServices of America
HomeServices of America,
Inc., through its operating companies, is the nation's largest
residential real estate company based on closed transactions and is
a premier provider of homeownership services, including brokerage,
mortgage, franchising, settlement, property and casualty insurance,
relocation services and more. HomeServices of America is the owner
of the Berkshire Hathaway HomeServices and Real Living Real Estate
residential real estate franchise networks. HomeServices is owned
by Berkshire Hathaway Energy, a consolidated subsidiary of
Berkshire Hathaway Inc. For more information visit
www.homeservices.com.
About Centerbridge Partners, L.P.
Centerbridge
Partners, L.P. is a private investment management firm employing a
flexible approach across investment disciplines — private equity,
credit and real estate — in an effort to develop the most
attractive opportunities for our investors. The Firm was founded in
2005 and as of February 28, 2022 has
approximately $33 billion in capital
under management with offices in New
York and London.
Centerbridge is dedicated to partnering with world-class management
teams across targeted industry sectors and geographies. For more
information, please visit www.centerbridge.com.
About Realogy Holdings Corp.
Realogy (NYSE: RLGY) is
moving the real estate industry to what's next. As the leading and
most integrated provider of U.S. residential real estate services
encompassing franchise, brokerage, relocation, and title and
settlement businesses as well as a mortgage joint venture, Realogy
supported approximately 1.5 million home transactions in 2021. The
company's diverse brand portfolio includes some of the most
recognized names in real estate: Better Homes and Gardens® Real
Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®,
Corcoran®, ERA®, and Sotheby's International Realty®. Using
innovative technology, data and marketing products, high-quality
lead generation programs, and best-in-class learning and support
services, Realogy fuels the productivity of its approximately
196,700 independent sales agents in the U.S. and approximately
136,700 independent sales agents in 118 other countries and
territories, helping them build stronger businesses and best serve
today's consumers. Recognized for eleven consecutive years as one
of the World's Most Ethical Companies, Realogy has also been
designated a Great Place to Work four years in a row, named one of
LinkedIn's 2022 Top Companies in the U.S., and honored on the
Forbes list of World's Best Employers 2021. For more information,
please visit www.realogy.com.
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SOURCE Title Resources Group