Primary Colorado title insurer sells business
By John Rebchook, Rocky Mountain News (Contact)
Published August 4, 2008 at 9:41 a.m.
Updated August 4, 2008 at 9:41 a.m.
Denver-based Mercury Cos. said it is negotiating to sell its title insurance companies that account for about 30 percent of the title business in Colorado to First American Title.
The amount of the pending purchase was not disclosed.
First American, based in Santa Ana, Calif., is negotiating to buy Security Title, First American Herigate, Title America and United Title Co.
In addition, First American Title and Mercury are negotiating interim financing pending completion of the sale.
For more than 30 years, Mercury has had a working relationship with First American Trust, the company said in a statement.
First American Trust underwrites Security Title, First American Heritage, Title America and United Title Company.
While rising economic pressures and a declining real estate market forced Mercury Companies to close its operations in Arizona, Texas and California, its 60-year-old Colorado title companies continue to remain profitable.
Mercury said it s remains committed to its Colorado companies and sees this potential purchase as a way to strengthen the already thriving companies during challenging economic times.
During the Colorado title companies will continue to process transaction.
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