Essent adds to business operations
Essent Group Ltd, the mortgage re/insurer based in Bermuda, has made two acquisitions that add title insurance and settlement services to its business operations.
The company has entered into an agreement through its subsidiary Essent US Holdings Inc to acquire Agents National Title Holding Company and Boston National Holdings LLC from Incenter LLC, a subsidiary of Finance of America Companies Inc, 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.
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