Stewart starts 2022 with yet another acquisition
Stewart Title appears to be starting 2022 exactly where it left off in 2021. The fourth largest title insurance underwriter by market share announced its acquisition of Nashville-based Homeland Title on Thursday.
Homeland Title has served homebuyers and sellers in middle Tennessee since 2003.
The terms of the deal were not disclosed.
This latest acquisition expands Stewart’s presence in the Nashville area.
“Nashville and the surrounding areas are some of the fastest growing markets in the country, and this acquisition provides further scale and adds to the progress we’ve made in this market,” Stewart Group president Steve Lessack said in a statement. “This is just another example of how we are investing in key markets to enhance our ability to provide best-in-class products and services nationwide.”
In the final months of 2021, Stewart acquired Michigan-based Devon Title Agency, New Mexico-based Las Cruces Abstract and Title, Washington-based Rainier Title and Chicago-based Greater Illinois Title Co. and its subsidiaries which do business in Indiana, Michigan, Wisconsin, Missouri, Florida, Arizona, Colorado, Georgia, Kansas, Mississippi, Montana, Nebraska, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Tennessee and West Virginia.
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Earlier in 2021 Stewart acquired Stewart Title of Sacramento (STS) and Stewart Title of Placer (STP), two independently branded agents of Stewart Title Guaranty Company serving Sacramento, Placer, El Dorado and Yolo counties, and Title First Agency Inc, which is licensed to operate in 34 states and has strategic partnerships throughout the country, in July.
By investing in key markets across the country, Stewart looks to regain some of its market share. During the third quarter of 2021, Stewart’s market share was 8.2%. This is down from 9.6% at the end of 2020 and 10.6% at the close of 2019, according to the American Land Title Association, the industry’s primary trade group.
In addition, Stewart has been working to expand its data and analytics capabilities. Earlier this month it announced its acquisition of PropStream, a real estate data and analytics aggregator, for $175 million. This comes just a little over two months after the company announced its acquisition of Informative Research, a mortgage-focused data and analytics tech company based in Houston, for $192 million.
During the third quarter of 2021, Stewart reported a net income of $88.7 million compared to $55.9 million during the same time period a year prior. Additionally, the company reported $366.1 million in direct title revenue, up 31% from Q3 2020.
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