Essent Group Ltd. has entered into an agreement through its subsidiary Essent US Holdings Inc. to acquire Agents National Title Holding Company and Boston National Holdings LLC from Incenter LLC, a subsidiary of Finance of America Companies Inc. for $100 million.
Agents National Title, based in Missouri, is a title insurance underwriter with 44 state licenses, and issues title insurance products through a network of title insurance agents. Boston National Title is an independent title agency based in North Carolina that provides title and settlement services, with licenses in 40 states and the District of Columbia.
“Title insurance is a natural complement to our MI business with relatively low and stable loss ratios historically,” said Mark Casale, Chairman and CEO of Essent. “The acquisitions of Agents National Title and Boston National Title add a team of seasoned title professionals to Essent and provide a platform to leverage our capital position, lender network and operational expertise across an adjacent real estate sector as we continue to expand our franchise.”
Casale is the founder, CEO, and Chairman of the Board of Directors of Essent Group Ltd. He has more than 25 years of financial services experience, which includes senior roles in mortgage banking, mortgage insurance, bond insurance and capital markets.
Founded in 2008 by Casale with $500 million of equity funding, Essent Group has grown to a market capitalization of approximately $5 billion, and manages more than $200 billion of insurance in force. Headquartered in Radnor, Pennsylvania, Essent Guaranty is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd.
The closing of this transaction is subject to regulatory approvals, and Goldman Sachs & Company LLC is acting as financial advisor to Essent.