Realogy closes sale of title insurance underwriter

Integrated provider of residential real estate services Realogy Holdings announced the closing of the previously announced sale of Title Resources Guaranty Company, Realogy’s title insurance underwriter, to an affiliate of Centerbridge Partners, a private investment management firm. Realogy received $210 million in cash and a 30% equity interest in the newly formed limited partnership joint venture that indirectly owns the Title Insurance Underwriter.

Realogy continues to own and operate its national scale title settlement and escrow services that helped agents and consumers close 220,000 transactions in 2021. Realogy’s title and escrow services operate across 44 states under 45 different brand names and in 2021, represented the majority of Operating EBITDA generated by the Realogy Title Group segment, excluding the company’s share of equity earnings from its mortgage origination joint venture.

“As we continue to reimagine and deliver a more integrated real estate transaction, today’s closing enables Realogy to be even more focused on our core business, including critical consumer-facing transaction services in franchise, brokerage, title settlement and escrow, and mortgage. We look forward to working with our joint venture partners to more fully unleash the underwriter’s growth potential as we continue to invest in our strategic priorities and move both Realogy and the industry to what’s next.” – Ryan Schneider, Realogy’s chief executive officer and president.