Essent Enters into Agreement to Acquire Title Insurance Operations
02 February 2023 - 10:30PM
Business Wire
Essent to Add Title Insurance and Settlement
Services to Its Business Operations
Essent Group Ltd. (NYSE: ESNT) announced today that it has
entered into an agreement through its subsidiary Essent US
Holdings, Inc. to acquire Agents National Title Holding Company
(“Agents National Title”) and Boston National Holdings LLC (“Boston
National Title”) from Incenter LLC, a subsidiary of Finance of
America Companies Inc. (NYSE:FOA) for $100 million.
Agents National Title, based in Missouri, is a title insurance
underwriter with 44 state licenses, and issues title insurance
products through a network of title insurance agents. Boston
National Title is an independent title agency based in North
Carolina that provides title and settlement services, with licenses
in 40 states and the District of Columbia.
“Title insurance is a natural complement to our MI business with
relatively low and stable loss ratios historically,” said Mark
Casale, Chairman 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.”
The closing of this transaction is subject to regulatory
approvals.
Goldman Sachs & Co. LLC is acting as financial advisor to
Essent.
About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding
company (collectively with its subsidiaries, “Essent”) which,
through its wholly-owned subsidiary, Essent Guaranty, Inc., offers
private mortgage insurance for single-family mortgage loans in the
United States. Essent provides private capital to mitigate mortgage
credit risk, allowing lenders to make additional mortgage financing
available to prospective homeowners. Headquartered in Radnor,
Pennsylvania, Essent Guaranty, Inc. 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.
Essent is committed to supporting environmental, social and
governance (“ESG”) initiatives that are relevant to the company and
align with the companywide dedication to responsible corporate
citizenship that positively impacts the community and people
served. Additional information regarding Essent may be found at
www.essentgroup.com and www.essent.us.
Source: Essent Group Ltd.
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Media 610.230.0556 media@essentgroup.com
Investor Relations Philip Stefano Vice President,
Investor Relations 855-809-ESNT ir@essentgroup.com
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