Realogy Holdings, a provider of residential real estate services in the United States, has completed the previously announced sale of Title Resources Guaranty Company (TRG), Realogy’s title insurance underwriter, to a subsidiary of Centerbridge Partners, a private management company of investments.
Realogy received $210 million in cash and a 30% interest in the newly formed joint limited partnership that indirectly owns the title insurance underwriter.
TRG will continue to be led by Scott McCall, President and CEO, a role he has held since 2009.
McCall said, “Title Resources Group has grown through our commitment to providing informed and responsive underwriting solutions to support our network of title insurance agents across America, while maintaining quality through integrity and financial stability. We are delighted to form this partnership, a testament to the quality of our company’s people and operations, and to accelerate our trajectory of profitable growth.
“With the support of our partners at Centerbridge, we are excited about the opportunity to broaden our reach and deepen our capabilities, through investment in our people and technology.”
Ryan Schneider, CEO and President of Realogy, said, “As we continue to reinvent and deliver a more integrated real estate transaction, today’s closing allows Realogy to focus even more on our core business, including including critical consumer transaction services in franchising, brokerage, title settlement and escrow, and mortgages.
“We look forward to working with our joint venture partners to further unlock the underwriter’s growth potential as we continue to invest in our strategic priorities and move Realogy and the industry into the next stage.”
Kevin Mahony, Managing Director of Centerbridge added, “We are encouraged by the strong team and platform that Scott has built. We look forward to accelerating TRG’s growth as an independent entity.
“TRG’s Board of Directors will continue to prioritize investments in technology and new services, all with the goal of delivering value to all stakeholders, including agents and employees.”