Assurant Buys Settlement Services Provider
Assurant Inc. in Atlanta has acquired American Title, a title and valuation services provider.
American Title will become part of Assurant's Mortgage Solutions unit, which specializes in property preservation, appraisal and valuation services, the companies said in a news release Wednesday. American Title primarily provides title, settlement and valuation services for home equity loans, conventional mortgages and refinancing.
"American Title is a strong fit with our focus on risk management in the housing market," Michael Campbell, president of Assurant's Global Home division, said in the release. American Title "adds another important dimension to the expansion of our capabilities across the home and mortgage value chain, to more holistically serve our clients."
Assurant paid $45 million in cash for American Title, with the possibility of an earn-out based on future performance. Assurant said it expects the deal will be accretive to 2017 earnings.
The companies said in the news release that they will maintain American Title's current offices in Omaha, Neb., and Palm Bay, Fla., which employ 400 people. Additionally, American Title's current co-owners, Mike Mackintosh and Ashley Horgan, will continue to lead the business as part of Assurant.