Fidelity National Title Insurance Co. has acquired the assets of STG Associates, one of its premier title insurance agency relationships, Fidelity said today.
New York-based STG Associates will operate as a division of FNTIC and will continue its customer relationships in Floral Park, N.Y., according to Fidelity National.
The principals of STG Associates, Paul Holmes, Margaret “Peggy” Dato and Richard Frey, will continue in their respective management leadership roles, Fidelity said.
“This strategic acquisition signifies our commitment to the expansion of our FNTIC direct operations in the state of New York,” said Raymond Quirk, president of Fidelity National Financial, which owns FNTIC.
“We have had a long and beneficial agency relationship with the principals of STG Associates and we are very pleased to have that relationship continue as a direct operation of FNTIC,” Quirk said.
Paul Holmes, STG’s president, said he was “very pleased” at the acquisition.
“Operating as a division of FNF will provide significant long-term benefits for both our title insurance customers and our employees,” Holmes said.
Fidelity National Financial provides products and outsourced services and solutions to financial institutions and the real estate industry. FNF had total revenue of nearly $8.3 billion and earned more than $740 million in 2004. It is the nation’s largest title insurance company, with nearly 31 percent national market share.
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