Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
Stewart Title is resuming its acquisition strategy. The Elite Family of Companies was acquired, according to a Tuesday announcement from the smallest of the Big Four title insurers.
The acquisition’s financial information was kept under wraps.
Elite Land Title, LLC, Aspen Land Title Agency, LLC, and Citizens Land Title Agency, LLC are all part of the Elite Family of Companies. The company has locations all over Ohio, including Columbus, Circleville, and Dayton.
The Elite Family of Companies has developed into one of the best service providers in the area, according to Steve Lessack, president of Stewart Group.
The addition of the Elite Family of Companies team by Stewart emphasizes their dedication to making investments in lucrative markets both in Ohio, where they are a leader in the top three markets and across the nation.
All of this is a part of their journey to become the top title services provider.
The company has been catering to customers in Ohio for more than 20 years, according to the press release.
The combination of their team with the larger Stewart team throughout the region presents tremendous opportunities for all of them in Central Ohio, according to Shannon Corwin, president of Elite Land Title. They anticipate having a successful future together as members of the Stewart family.
In comparison to the same period last year, Stewart made $716.4 million less in revenue during the third quarter of 2022. In comparison to the same period last year, the title insurer’s net income decreased from $88.7 million to $29.4 million.
Additionally, the company’s title segment reported operating revenue of $647.9 million, down 16% from the previous year, and pretax income of $51.8 million, down 56% from the previous year.
Furthermore, the revenue from non-commercial and commercial titles declined, falling by 18% and 5% annually, respectively.
Chief Executive Officer of Stewart, Fred Eppinger, stated in a statement that their third-quarter results reflect the market headwinds brought on by higher mortgage interest rates. Despite the difficulties, they are managing their business with discipline.
Reference Source: Housing Wire
