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Showing posts from December 28, 2008

ALPHA-OMEGA BUYS OUT FLORIDA TITLE INSURANCE

Fewer real estate closings and a continuing credit squeeze has prompted Alpha-Omega Title Insurance Co. to purchase full control of Florida Title Insurance Agency LLC.
“We want people to know that Florida Title Insurance Agency didn’t just disappear, and that Alpha-Omega Title is serving the former clients of Florida Title,” said Byron “Gibbs” Wilson Jr., founder and president of Alpha-Omega Title, in a release.
Terms of the deal were not released, but Florida Title would be dissolved by the end of the year, Wilson said.
Until its buyout Thursday, Alpha-Omega owned 25 percent of Florida Title and served as its managing partner through an affiliated business arrangement. Florida Title was launched in 2002, and was formed through investments by Realtors, mortgage brokers, developers and other real estate professionals.
Investors had been earning dividends from Florida Title through the third quarter of 2008, with revenue doubling every year between 2002 and 2007, Wilson said. But the h…

FIRM SELLS TITLE INSURANCE DIRECTLY TO CONSUMERS.

An Ohio-based company now markets and sells title insurance directly to consumers.
Entitle Insurance Co. is using its digital platform, Entitle Direct, to educate and empower consumers to monitor their home closings and save on their title insurance.Typically, title insurance companies and their agents work directly with Realtors, attorneys or lenders, who order the title search and title insurance on a customer’s behalf early in the closing process. This insurance is required by most lenders before they will lend money (for either purchases or refinances). Consumers typically pay for the insurance at closing.Timothy Dwyer, president and chief executive officer of Entitle Direct Group, said “Numerous federal and state regulatory authorities and consumer advocates are vocally critical of the high cost consumers pay for title insurance and a real estate process that keeps consumers in the dark."Entitle Direct was created for consumers by consumers to address these concerns. Whether …