The Orogen Group (“Orogen”) and Westcor Land Title Insurance Company (“Westcor”) today announced a definitive agreement in which Orogen will acquire a majority stake in Westcor, the nation’s largest privately-held title insurance company with an extensive independent agent network and an A” (A Double-Prime) Financial Stability Rating® (FSR) from Demotech Inc. Terms of the agreement were not disclosed. The transaction is subject to customary regulatory approvals.
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Vikram S. Pandit, Orogen’s Chairman and Chief Executive Officer, said, “Under Mary O’Donnell’s leadership, Westcor has grown into the nation’s largest independent title insurance business, playing a critical role in facilitating real estate transactions for millions of consumers. Westcor’s world-class management team is committed to providing exceptional support and service to independent title agents and other participants in the title insurance process. Most aspects of the financial services landscape are being modernized, and we believe Westcor is at the forefront of bringing new and innovative approaches to the title insurance industry. We see a tremendous opportunity to leverage technology to improve efficiency, make agents’ lives easier, and enhance the customer experience. We have been very impressed with Mary and the Westcor team and look forward to partnering with them to drive their next chapter of success.”
Mary O’Donnell, Westcor’s President and Chief Executive Officer, said, “We are thrilled to partner with Orogen and look forward to working with Vikram and his team to execute on our long-term vision for Westcor. Every day, our employees and agents provide peace of mind to consumers and play an essential role in the largest personal financial investment many of them will ever make. We believe that the values and vision we share with Orogen will allow us to continue to expand our business and deliver exceptional service to our customers. I am personally grateful to our team members and customers for their years of dedication, and I couldn’t be more excited about the next stage of growth for our company.”
Mary O’Donnell was appointed CEO of Westcor in 2004 and has grown the company from a three-state underwriter to the fifth largest underwriter of title insurance across the United States. In addition to her role with Westcor, Ms. O’Donnell serves as President of the American Land Title Association (“ALTA”), the national trade association for more than 6,000 title insurance agents and underwriters. She also is a member of the ALTA Board of Governors and is a member of the New York and Florida Bar Associations.
Citigroup served as financial advisor to Westcor in the transaction, and Mayer Brown served as legal counsel. Davis Polk & Wardwell served as legal counsel to Orogen and Greenberg Traurig served as regulatory counsel.
The Orogen Group was created by Vikram S. Pandit and Atairos as a private operating company focused on making significant long-term control and other strategic investments in financial services companies and related businesses. Orogen delivers extensive resources and strategic and operational expertise to help its partner companies achieve their growth potential. The Orogen Group is based in New York. Additional information can be found at www.orogengroup.com.
About Westcor Land Title Insurance Company
Westcor Land Title Insurance was founded by agents for the purpose of bringing innovative solutions to the title insurance agency market. Westcor is the only top national underwriter that never competes with its agents; it forms strong, collaborative partnerships. Westcor focuses on delivering products and services to support the continued success of the independent title agents, their customers, and consumers. Westcor Land Title Insurance Company is rated B+ (Sound Financials) by Kroll and A” (A Double Prime) by Demotech Rating Inc. Based in Maitland, FL, Westcor has regional offices throughout the United States. For more information, visit www.wltic.com or connect with us on Facebook and LinkedIn.
The Orogen Group
Susan A. Green
Westcor Land Title Insurance Company