Realogy Holdings, a provider of U.S. residential real estate services, has closed the previously announced sale of Title Resources Guaranty Company (TRG), Realogy’s title insurance underwriter, to an affiliate of Centerbridge Partners, a private investment management firm.
Realogy received $210 million in cash and a 30% equity interest in the newly formed limited partnership joint venture that indirectly owns the Title Insurance Underwriter.
TRG will continue to be led by Scott McCall, President and CEO, a role he has served in since 2009.
McCall, said: “Title Resources Group has grown through our dedication to providing knowledgeable and responsive underwriting solutions to support our network of title insurance agents across America, while maintaining quality through integrity and financial stability. We’re thrilled to form this partnership, a testament to the top-quality people and operations at our firm, and accelerate our profitable growth trajectory.
“With the support of our partners at Centerbridge, we’re excited about the opportunity to broaden our reach and deepen our capabilities, through investment in our people and technology.”
Ryan Schneider, Realogy’s chief executive officer and president said: “As we continue to reimagine and deliver a more integrated real estate transaction, today’s closing enables Realogy to be even more focused on our core business, including critical consumer-facing transaction services in franchise, brokerage, title settlement and escrow, and mortgage.
“We look forward to working with our joint venture partners to more fully unleash the underwriter’s growth potential as we continue to invest in our strategic priorities and move both Realogy and the industry to what’s next.”
Kevin Mahony, Managing Director at Centerbridge added: “We’re encouraged by the strong team and platform Scott has built. We look forward to accelerating the growth at TRG as an independent entity.
“The board of TRG will continue to prioritize investments in technology and new services, all with the goal of delivering value to all stakeholders, including agents and employees.”
