The Orogen Group has entered into a definitive agreement to acquire a majority stake in Westcor Land Title Insurance Company for an undisclosed sum.
The transaction is subject to customary regulatory approvals.
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Westcor, which has an extensive independent agent network, offers products and services for independent title agents, their customers, and consumers. The company has regional offices across the US.
Orogen chairman and CEO Vikram Pandit 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.
“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.”
Westcor president and CEO Mary O’Donnell 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.
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By GlobalData“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.”
As part of the transaction, Citigroup acted as financial advisor to Westcor, and Mayer Brown acted as legal counsel. Davis Polk & Wardwell served as legal counsel to Orogen and Greenberg Traurig served as regulatory counsel.
