LandAmerica to Buy Capital Title

Looking to increase its market share in the west, LandAmerica Financial Group Inc., Richmond, Va., has agreed to buy Capital Title Group Inc., Scottsdale, Ariz., in a deal valued at $251 million.Ted Chandler, LandAmerica's president and chief executive said Capital has market shares of 4.4% in Arizona, 3.9% in California and 2.4% in Nevada. In those same states, LandAmerica has market shares of 22.7%, 11.6% and 16.8%. Among the approvals needed for completion of the deal, one has to come from the California Department of Insurance. Mr. Chandler told a conference call that LandAmerica has already reached out to the staff of Commissioner John Garamendi, who has been a critic of the industry. He said that much of Mr. Garamendi's comments about pricing have come regarding refinancings. Capital Title Group gets most of its business from buy/sell transactions. LandAmerica's website is http://www.landam.com.