Change is in the air First American Financial Corporation. The second largest of the “Big Four” title insurers announced Wednesday that Kenneth DeGiorgio, who has served as the company’s president since May 2021, has been appointed chief executive officer, while current CEO Dennis Gilmore, who has held the position since 2010, transitions to chairman of the board of directors.
DeGiorgio joined First American in 1999 and throughout his time at First American has overseen the company’s banking operations, international division and multiple corporate functions. Most recently, as the company’s president, he assumed responsibility for the company’s operating groups, including its title insurance, specialty insurance and data and analytics businesses.
“Over his 23 years of service to First American’s employees, customers and shareholders, Ken has acquired an in-depth understanding of our business and consistently demonstrated that he has the vision, strategic insight, commitment and skill to lead our company,” Gilmore said in a statement.
Gilmore joined First American in 1993 and has served as the company’s CEO for the past 12 years.
“Long before it became common to tout a ‘digital strategy,’ Dennis had us aggressively investing in the core data assets that now fuel the title insurance and settlement services industry,” said Parker Kennedy, who has chaired First American’s board since 2010 and will claim a seat as an independent director.
During the third quarter of 2021, First American reported a net income of $445.3 million compared to $182.3 million during the same time period a year prior. Additionally, the company reported $2.1 billion in direct title revenue, up 21% from Q3 2020.
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In early January, the company announced that it had acquired California-based title insurance, underwriting and escrow services provider Mother Lode Holding Company.
First American is slated to announce its fourth quarter earnings on Thursday.