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Assurant Inc. has announced its acquisition of American Title Inc. (ATI). American Title will operate as part of Assurant’s Mortgage Solutions business, whose capabilities include property preservation, appraisal and valuation services. ATI’s primary business lines include title services, settlement services and valuation for home equity loans, as well as conventional mortgages and refinancing.
American Title, with annualized fee income of approximately $48 million, expands Assurant’s fee-based businesses, and serves the growing home-equity field. The company was acquired for $45 million in cash, with a potential earnout based on future performance. Assurant expects the transaction to be modestly accretive to earnings in 2017.
“American Title is a strong fit with our focus on risk management in the housing market,” said Michael Campbell, president of Global Home for Assurant. “As a leader in home equity title and valuation, ATI adds another important dimension to the expansion of our capabilities across the home and mortgage value chain, to more holistically serve our clients.”
American Title’s team of approximately 400 professionals will maintain their current offices in Omaha, Neb. and Palm Bay, Fla.
American Title was founded in 1994 and acquired in 2004 by Bill Mackintosh, who led the company until his death earlier this year. Co-owners Mike Mackintosh and Ashley Horgan will continue to lead the business as part of Assurant. Assurant and the American Title team will work to ensure a seamless transition for employees, clients and customers following the acquisition.
“We have the highest regard for the business the Mackintosh family and their team have built in ATI, and we welcome them to Assurant,” Campbell said.
“Joining with a respected Fortune 500 leader builds on our company’s legacy and brings us greater capabilities and resources,” Mackintosh said. “We’ve always been committed to our clients, our people and the communities where we serve. That won’t change now that we’re part of the broader Assurant team.”