Assurant Buys Nebraska-based American Title
July 7, 2016
Assurant Inc. acquired Nebraska-based American Title Inc. (ATI) for approximately $45 million in cash.
American Title will operate as part of Assurant’s Mortgage Solutions business, whose capabilities include property preservation, appraisal and valuation services. ATI’s primary business lines include title services, settlement services and valuation for home equity loans, as well as conventional mortgages and refinancing.
“American Title is a strong fit with our focus on risk management in the housing market,” said Michael Campbell, president, Global Home, Assurant. “As a leader in home equity title and valuation, ATI adds another important dimension to the expansion of our capabilities across the home and mortgage value chain, to more holistically serve our clients.”
According to a press release, American Title’s team of approximately 400 professionals will maintain their current offices in Omaha, Neb., and Palm Bay, Fla.
Privately held, American Title was founded in 1994 and acquired in 2004 by Bill Mackintosh, who led the company until his death earlier this year. Co-owners Mike Mackintosh and Ashley Horgan will continue to lead the business as part of Assurant.
“Joining with a respected Fortune 500 leader builds on our company’s legacy and brings us greater capabilities and resources,” Mackintosh said. “We’ve always been committed to our clients, our people and the communities where we serve. That won’t change now that we’re part of the broader Assurant team.”
American Title, with annualized fee income of approximately $48 million, expands Assurant’s fee-based businesses, and serves the growing home-equity field.
Contact ALTA at 202-296-3671 or [email protected].