First American Title Insurance Co. has acquired TitleVest Holding Group LLC, as the insurance sector continues consolidating.
TitleVest, headquartered in New York, provides title insurance and related services for property purchases and refinancing transactions.
First American is a Santa Ana, California-based insurance company. The TitleVest deal expands the business' operations in New York. The company is the largest subsidiary of First American Financial Corp. (NYSE: FAF).
The insurance sector has been consolidating for years. Recent deals include Hub International Ltd.'s acquisition of Laubacher Insurance Agency Inc. earlier in March, and KKR-backed Alliant Insurance Services purchase of Kassa Insurance Services Inc., also in March. For more on the trend, see Insurance Firms Find that Bigger May Be Better.