Mortgage re/insurer Essent buys two US businesses
Subject to regulatory approvals, the transaction, by the group’s subsidiary Essent US Holdings, will be for $100 million.
Agents National Title, based in Missouri, is a title insurance underwriter with 44 state licenses and issues title insurance products through a network of title insurance agents. Boston National Title is an independent title agency based in North Carolina that provides title and settlement services, with licenses in 40 states and the District of Columbia.
“Title insurance is a natural complement to our MI business with relatively low and stable loss ratios historically,” said Mark Casale, Essent’s chairman and chief executive officer. “The acquisitions of Agents National Title and Boston National Title add a team of seasoned title professionals to Essent and provide a platform to leverage our capital position, lender network and operational expertise across an adjacent real estate sector as we continue to expand our franchise.”