OneTitle Announces Investment from White Mountains Insurance Group
White Mountains to provide up to $13 million to OneTitle
Significant investment will accelerate OneTitle's continued growth and spur change in title insurance industry
Apr 22, 2015, 02:55 ET
NEW YORK, April 22, 2015 /PRNewswire/ -- OneTitle National Guaranty Company, Inc. (www.onetitle.com) announced today that White Mountains Insurance Group, Ltd. (NYSE: WTM) has agreed to provide up to $13 million to OneTitle and will take a minority stake in the company. The transaction will close upon receipt of regulatory approval.
OneTitle is a licensed New York title insurance underwriter with a new business model: by working directly with attorneys, lenders, developers and homeowners—without any middlemen—OneTitle offers lower rates, improved safety and transparency and unbeatable customer service. With this new commitment from White Mountains, OneTitle will be able to significantly expand its footprint beyond New York and accelerate its continued growth.
"We are thrilled to have White Mountains as a partner and welcome Reid Campbell, Managing Director of White Mountains Capital, Inc. and President of White Mountains Advisors LLC, to the Board of OneTitle Holdings. White Mountains's commitment marks a true sign of disruption in the title insurance industry. Leveraging this investment and their insurance expertise, we will be able to bring better service and lower rates to even more attorneys, lenders, real estate investors and homeowners," said Daniel Price, Founder, President and CEO of OneTitle.
White Mountains has a proven track record of backing successful innovators in the insurance industry, most notably as the owner of Esurance from 2000 until its sale to Allstate in 2011. White Mountains's significant operating segments include Sirius Group, OneBeacon and HG Global/BAM. White Mountains also maintains ownership in several other businesses including its wholly owned investment management subsidiary White Mountains Advisors LLC, Tranzact Holdings LLC and QL Holdings LLC, among others. As of December 31, 2014, White Mountains had a market capitalization of approximately $3.8 billion, total assets of $10.5 billion, and common shareholders' equity of $4.0 billion.
"In our search for innovative companies, we chose OneTitle because it is uniquely positioned in the title insurance industry. We are excited by our investment in OneTitle and look forward to bringing our resources and experience to bear in supporting Dan and the rest of his talented team," said Reid Campbell.
"The investment by White Mountains is an exciting milestone in the development of OneTitle. The current board members are looking forward to Reid Campbell joining us and to the opportunity to work with the entire White Mountains team. Their industry expertise and support will give tremendous impetus to our strategic growth plan in New York and expansion beyond," said B. Lance Sauerteig, Chairman of the Board of OneTitle and President of BLS Strategic Capital.
One year after OneTitle launched and shook up the title insurance industry, this announcement is a major milestone not just in the company's growth but a marker of change in the industry. For decades, title insurers have filed rates together – the same rates. OneTitle took a different path and instead filed its own, lower rates and developed a unique business model. By eliminating the middleman – the title insurance agent – OneTitle represents the first real competition in the New York title insurance market in decades, bringing not just lower rates but radically improved service and a safeguard against fraud, waste and delays in real estate transactions.
About OneTitle National Guaranty Company, Inc.
OneTitle National Guaranty Company, Inc. is a direct title insurance underwriter that saves homeowners, homebuyers and investors a total of 20% or more through a combination of lower filed premium rates and lower closing costs on most transactions. By working directly with real estate attorneys, lenders, investor and homeowners—without any middlemen or intermediaries—OneTitle is able to offer an unbeatable level of service and significantly improve safety and security for the company's clients. OneTitle clients have direct, immediate access to the ultimate underwriting decision makers. OneTitle is licensed by the New York State Department of Financial Services and backed by a significant reinsurance treaty.
For more information, visit www.onetitle.com.
About White Mountains Insurance Group, Ltd.
White Mountains Insurance Group, Ltd. is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM.
Additional financial information and other items of interest are available on the company's website at www.whitemountains.com.
Contact: Jeremy Soffin or Jovana Rizzo, BerlinRosen, 646-452-5637
SOURCE OneTitle National Guaranty Company, Inc.