The Real Deal New York

Realogy subsidiary buys NY-based title insurance firm

Parent company of Corcoran, Citi Habitats want to boost commercial RE services
July 13, 2017 05:55PM

Realogy’s Donald Casey and EAM’s Chris McKenna

Realogy Group — the parent company of Corcoran Group and Citi Habitats — is taking a bigger bite out of the title insurance business.

The firm’s Title Resource Group subsidiary, has acquired Syosset-based EAM Land Services, in order to boost its title services in commercial real estate, the company said. Financial terms of the deal were not disclosed.

In a statement, Realogy said EAM would merge with TRG’s existing title operation, called Skyline Title. The combined entity will be renamed Pro National Title Agency, Housing Wire reported. EAM principals Chris McKenna and Eric Fein will be co-CEOs of the new company.

TRG president and CEO Don Casey called the acquisition a “catalyst” to build a national commercial business. “We saw a strategic opportunity to reach across our local operations in 40 markets and align our commercial title operations into one division,” he said.

Last year, TRG revenue rose by $86 million last year to $573 million — still a small slice of Realogy’s $5.8 billion in revenue for 2016. In 2016, TRG acquired Boise, Idaho-based TitleOne Corporation for $34 million, including $24 million in cash. [HousingWire]E.B. Solomont