Essent to Acquire Agents National, Boston National for $100M
February 2, 2023
Bermuda-based Essent Group Ltd. has entered into an agreement through its subsidiary Essent US Holdings Inc. to acquire Agents National Title Holding Co. and Boston National Holdings LLC for $100 million from Incenter LLC.
Closing of the transaction is subject to regulatory approvals.
Missouri-based Agents National Title, which is licensed in 44 states, generated $144.1 million in title premiums in 2021. Boston National Title is a title agency based in North Carolina that provides title and settlement services, with licenses in 40 states and the District of Columbia.
Essent Group, through its wholly-owned subsidiary Essent Guaranty Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Headquartered in Radnor, Pa., Essent Guaranty is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd.
“Title insurance is a natural complement to our MI business with relatively low and stable loss ratios historically,” said Mark Casale, chair and chief executive officer of Essent. “The acquisitions of Agents National Title and Boston National Title add a team of seasoned title professionals to Essent and provide a platform to leverage our capital position, lender network and operational expertise across an adjacent real estate sector as we continue to expand our franchise.”
Incenter, which is a subsidiary of Finance of America Companies Inc. (FOA), purchased Agents National Title in 2017 and Boston National Title in 2016. Finance of America exited the wholesale channel when it shut down its forward mortgage origination unit in 2022.
FOA Interim Chief Executive Officer Graham Fleming said the company’s long-term growth initiatives are centered on providing solutions to help Americans achieve their retirement goals through the use of their home equity.
“This transformation has included the decision to discontinue the operations of our forward mortgage originations segment," he added. “Today’s transaction is part of our continued execution of this strategy which is supported by some of the industry’s most powerful macro themes.”
Contact ALTA at 202-296-3671 or [email protected].