First American Announces Entry Into Property and Casualty Insurance Book Transfer Agreements
First American Financial Corporation (NYSE: FAF), a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, announced today that its property and casualty insurance subsidiaries have entered into book transfer agreements with Safeco Insurance (Safeco), a Liberty Mutual Company, and Heritage Insurance Holdings, Inc. (Heritage). The agreements provide qualifying First American property and casualty insurance agents and customers an opportunity to efficiently transfer their policies to Safeco or, in certain circumstances, Heritage.
The entry into these agreements is the result of the initiation of a process by the company, announced in October of last year, to exit its property and casualty business and to maintain focus on its core business.
“Safeco and Heritage are leaders in book transfer arrangements and have a strong commitment to serving independent agents,” said Dennis J. Gilmore, CEO, First American Financial Corporation. “These agreements allow us to exit our property and casualty operations, while providing a valuable option for many of our agents and customers to move forward with established and well-respected carriers.”
The company expects the transfer to be completed by the end of the third quarter of 2022.
Merger & Acquisition Services Inc. served as the sole financial advisor to First American Financial Corporation.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; banking, trust and wealth management services; and other related products and services. With total revenue of $6.2 billion in 2019, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2020, First American was named to the Fortune 100 Best Companies to Work For list for the fifth consecutive year. More information about the company can be found at www.firstam.com.