Essent Enters into Agreement to Acquire Title Insurance Operations
Essent Group Ltd. (NYSE: ESNT) announced today that it has entered into an agreement through its subsidiary Essent US Holdings, Inc. to acquire Agents National Title Holding Company (“Agents National Title”) and Boston National Holdings LLC (“Boston National Title”) from Incenter LLC, a subsidiary of Finance of America Companies Inc. (NYSE:FOA) 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.
Goldman Sachs & Co. LLC is acting as financial advisor to Essent.
About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which, through its wholly-owned subsidiary, Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Essent is committed to supporting environmental, social and governance (“ESG”) initiatives that are relevant to the company and align with the companywide dedication to responsible corporate citizenship that positively impacts the community and people served. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us.
Source: Essent Group Ltd.
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