In a joint announcement today, Prudential, Orange Coast Title and First American Title Insurance Company, all three leaders in their market segments, described their stake in California Title as "a first-of-its-kind strategic alliance" to provide title insurance and transaction closing services in the Golden State."
The terms of the transaction were not disclosed.
Prudential California Realty is the nation's fifth largest real estate brokerage and the largest privately owned residential real estate company in California with more than $12 billion in sales in 2001. Orange Coast Title is one of the largest title agencies in the country, and Santa Ana-based First American Title Insurance has been a leading national title insurance underwriter for nearly 113 years.
The partnership allows each firm to maximize their resources and leverage their expertise, says Steve Games, president and chief executive officer of Prudential California Realty.
"When buying a home or property, consumers want a streamlined transaction," Gaines says. "The addition of First American to this unique partnership is momentous for the title industry and confirms the proposition that the real estate transaction is the hub of many consumer-driven purchases."
The alliance gives First American a chance to participate directly with one of the nation's leading real estate companies to bring title products and services to market in a convenient and efficient package, adds Gary L. Kermott, president of First American Title. John Marconi, president of Orange Coast Title, added he was "delighted" with the transaction.
Robert Neville, who currently serves as president of California Title, Southern California Division, will continue in that capacity as the company expands its operations in the many markets served by Prudential California Realty.
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