It’s been a busy week for Pennsylvania-based Title Alliance.
Nine days after officially announcing a new branch in Washington, the title company has made another move in a big market, expanding its Arizona footprint into Phoenix and Mesa.
The offices, to be named Title Alliance of Gilbert and Title Alliance of America in Mesa, are the ninth and tenth Arizona locations for the family of title insurance and escrow companies, said Jim Campbell, Title Alliance CEO.
“Arriving in the Southwest [five years ago] was a true leap of faith for our company, and the opening of the Gilbert and Mesa offices in the family-friendly Arizona East Valley is exciting for all of us,” Campbell said. “Ensuring our customers have the best closing and escrow services is priority number one for us. Our innovative business model allows us to boost the customer experience while also increasing profitability through strategic partnerships between Realtors and our title experts.”
Fresh off the launch of the company branch in Tacoma, Washington, Title Alliance now has a presence in 11 states. The company reported its highest profits in company history in 2020, increasing gross revenue 15.9% year over year. In total, company profits for 2020 increased 48.3% year-over-year, the firm said.
Title Alliance’s Southwest region offices, which includes Arizona and New Mexico, reported an 83.7% increase in profits; the Northeast region, which includes Pennsylvania and New Jersey, had an increase of 49.6%; the Midwest region had an increase of 22.4%; and the Southeast region had an increase of 26.5%.
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Industry-wide, smaller regional title companies as well as “the big four” of Fidelity National Financial, First American Finance Corp., Old Republic National Title and Stewart Title have been acquisitive over the past year to capitalize on a booming market. Just how fruitful was 2020 for title insurers? The $19.2 billion underwritten in 2020 was a nearly 22% increase from $15.8 billion in 2019.
“We are thrilled to welcome our newest joint ventures to the Title Alliance family and are looking for additional growth opportunities in Arizona and across the Southwest,” said Lindsay Smith, Title Alliance chief strategy officer. “Title Alliance’s partnerships with the real estate community allow for an amazing experience for all who are involved in a real estate transaction.”
