Orogen to Obtain Majority Stake of Westcor
September 22, 2020
The Orogen Group has entered into an agreement to acquire a majority stake in Westcor Land Title Insurance Co. Terms of the agreement were not disclosed. The transaction is subject to customary regulatory approvals.
Since Mary O’Donnell was appointed CEO of Westcor in 2004, the company has grown from a three-state underwriter to the fifth largest underwriter of title insurance in the United States.
“We are thrilled to partner with Orogen and look forward to working with Vikram and his team to execute on our long-term vision for Westcor,” O’Donnell said. “We believe that the values and vision we share with Orogen will allow us to continue to expand our business and deliver exceptional service to our customers. I am personally grateful to our team members and customers for their years of dedication.”
Wesctor grabbed 5.9 percent of title premium volume during the second quarter of 2020, according to ALTA’s latest market-share report. This is up from 3.4 percent of market share during the same period a year ago.
New York-based Orogen is a private operating company focused on making significant long-term control and other strategic investments in financial services companies and related businesses. Orogen delivers extensive resources and strategic and operational expertise to help its partner companies achieve their growth potential.
“Under Mary O’Donnell’s leadership, Westcor has grown into the nation’s largest independent title insurance business, playing a critical role in facilitating real estate transactions for millions of consumers,” said Vikram Pandit, Orogen’s chairman and chief executive officer. “Westcor’s world-class management team is committed to providing exceptional support and service to independent title agents and other participants in the title insurance process. Most aspects of the financial services landscape are being modernized, and we believe Westcor is at the forefront of bringing new and innovative approaches to the title insurance industry. We see a tremendous opportunity to leverage technology to improve efficiency, make agents’ lives easier, and enhance the customer experience. We have been very impressed with Mary and the Westcor team and look forward to partnering with them to drive their next chapter of success.”
Contact ALTA at 202-296-3671 or [email protected].