Industry News

First American Corp. to split in two

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First American Corp. announced today that it will separate its financial and real estate information segments by spinning off its title insurance and related businesses into a separate company. The new company, to be known as First American Financial Corp., will include First American's residential and commercial title operations, its home warranty and homeowners insurance businesses, and its trust and banking services. The transaction, expected to close in the third quarter, will leave First American's property and mortgage information segments under the umbrella of the existing holding company, which will be renamed. The real estate information company will retain First American Corp.'s 75 percent interest in First Advantage Corp., and include three other groups: Data and analytic solutions, including real property data and analytics, and mortgage risk analytics. Origination solutions, including appraisal, broker price opinion and joint venture businesses. Servicing ...