First American Title Insurance Co. on Monday announced that it has acquired Safeco Land Title of Fort Worth, Texas. Terms of the transaction, which closed May 31, 2004, were not disclosed.
Comprised of three separate title companies – Safeco Land Title of Tarrant; Parker County Title Co. Inc.; and National Land Title, Inc. – Safeco holds the number three market share position among title service providers in the fast-growing Dallas/Ft. Worth Metroplex area, according to a press statement. The company employs approximately 100 people at its 11 office locations in the North Texas counties of Tarrant, Johnson, Parker and Collin.
Eric Musgrove, Safeco’s long-time operations manager, will serve as president of the acquired company, which will operate under the new name First Land Title. Jeff Davis, Safeco’s president since 1995 and primary shareholder, will serve as co-chairman of First Land Title. Safeco’s residential business will remain under Musgrove’s direction at First Land Title, while Davis will integrate the company’s commercial business with commercial services at Dallas-based Republic Title. Republic Title is a wholly owned subsidiary of First American Title Insurance Co. and one of the largest title insurers in Texas.
Santa Ana, Calif.-based First American Title Insurance Co., the largest subsidiary of The First American Corp. (NYSE:FAF), offers title services through nearly 1,500 offices and an extensive network of agents throughout the United States and abroad.
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