Orogen Acquires Majority Stake
The Orogen Group ("Orogen") and Westcor Land Title Insurance Company ("Westcor") today announced they have completed their previously announced transaction following the receipt of regulatory approval. As a result of the transaction, Orogen has acquired a majority stake in Westcor, the nation’s largest privately-held title insurance company with an extensive independent agent network and an A" (A Double-Prime) Financial Stability Rating® (FSR) from Demotech Inc. Terms of the transaction were not disclosed.
Vikram S. Pandit, Orogen’s Chairman and Chief Executive Officer, said, "Westcor plays a critical role in facilitating real estate transactions for millions of consumers. Mary O’Donnell and her team are at the forefront of bringing new and innovative approaches to the title insurance industry by leveraging technology to improve efficiency, make agents’ lives easier, and enhance the customer experience. We look forward to working with Mary and the Westcor team to help drive their next chapter of success."
Mary O’Donnell, Westcor’s President and Chief Executive Officer, said, "I couldn’t be more excited about partnering with Vikram and the Orogen team as we execute our long-term vision for Westcor and embark on this next phase of growth for our company."
The Orogen Group was created by Vikram S. Pandit and Atairos as a private operating company focused on making significant long-term control and other strategic investments in financial services companies and related businesses. Orogen delivers extensive resources and strategic and operational expertise to help its partner companies achieve their growth potential. The Orogen Group is based in New York. Additional information can be found at www.orogengroup.com.
About Westcor Land Title Insurance Company
Westcor Land Title Insurance was founded by agents for the purpose of bringing innovative solutions to the title insurance agency market. Westcor is the only top national underwriter that never competes with its agents; it forms strong, collaborative partnerships. Westcor focuses on delivering products and services to support the continued success of the independent title agents, their customers, and consumers. Westcor Land Title Insurance Company is rated B+ (Sound Financials) by Kroll and A" (A Double Prime) by Demotech Rating Inc. Based in Maitland, FL, Westcor has regional offices throughout the United States. For more information, visit www.wltic.com or connect with us on Facebook and LinkedIn.
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