LandAmerica Financial Group Inc. plans to merge its Transnation Title Insurance Co. subsidiary into its Lawyers Title Insurance Corp., as the company continues transforming its collection of independent businesses into an integrated and unified operating company.
This process includes consolidating its three largest underwriters into two: Lawyers Title and Commonwealth Land Title Insurance Co. LandAmerica says the merger will enhance the delivery of title, closing and escrow services to its network of agents engaged in residential and commercial real estate transactions through more standardized business practices and operations.
The merger will also increase efficiencies for LandAmerica. Transnation is the smallest of the company's three largest underwriters, and the merger eliminates the capital requirements of maintaining Transnation as a separate entity, while creating additional surplus for the combined operations that would not exist if Transnation and Lawyers Title remained separate, the company explains.
Source: LandAmerica Financial Group
