While large title insurers like Stewart, First American and Old Republic have been making headlines for their voracious acquisitions appetite, smaller players too are looking to expand their piece of the pie.
On Tuesday, Farmington, Michigan-based ATA National Title Group announced its acquisition of Absolute Title on Tuesday. The firm will be rebranded as Absolute Title Agency.
The transaction closed on February 18 and the terms of the deal were not disclosed.
Absolute Title Agency will maintain its Ann Arbor office as well as its 17 employees. With this acquisition, ATA now operates 41 offices across Michigan.
“As a leading independent title insurance agency in the Midwest, growth is a key part of our vision,” Brian Roberts, the president of ATA, said in a statement. “We have long targeted the Ann Arbor area for expansion.”
ATA National Title Group serves both residential and commercial clients, and provides title searches and escrow services. The firm is licensed to issue title insurance in 30 states and, thanks to partnering relationships, ATA offers title and settlement services in all 50 states. ATA has over 60 offices nationwide and employs over 450 people. It is owned by affiliates of Levine Leichtman Capital Partners, a middle market private equity firm that bought ATA for an undisclosed amount in 2021.
ATA is not the only firm interested in capitalizing on Michigan’s hot housing market. In late December, the smallest of the “Big Four” title insurers, Stewart, announced its acquisition of Devon Title Agency.
As Stewart and other title insurers look to gain scale and increase market share, hot housing markets across the country have the potential to turn into battle grounds not only for home buyers, but also for title insurance companies vying for the business. With refinance transactions starting to drop off due to rising interest rates, purchase transactions are playing a larger role in driving revenue for title insurers.
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