Cendant to Buy Title Agencies

Cendant Settlement Services Group, Mount Laurel, N.J., has agreed to acquire American Title Co. of Houston, Texas American Title Co., Title Resources Guaranty Co., and their related title agencies based in Texas, from Herbert L. Williams, their owner.The terms of the deal were not disclosed. The deal gives CSSG its initial venture as a sole owner and operator of a title insurance underwriting business, namely Dallas-based Title Resources Guaranty. Texas American is the largest independent title agency in Texas. "Today's acquisition is a complementary addition to our real estate services value circle," said Richard A. Smith, chairman and chief executive of the Cendant Real Estate Services Division. "These title entities are located in local markets where they already have a leading position as a service provider for independent residential real estate brokerages. They are also well positioned to serve both our existing company-owned residential real estate brokerage offices and our franchise affiliates' independently owned offices in the future." Mr. Williams and his management team will remain in place, and the entities to be acquired will retain their current names. The firms collectively serve as a regional closing center for Cendant Mobility, a relocation company.