Realogy Holdings Corp. has announced the sale of title insurance underwriter, Title Resources Guaranty Company, to an affiliate of private investment firm Centerbridge Partners, L.P. Realogy received $210 million in cash and a 30% equity interest in the newly formed limited partnership joint venture that indirectly owns the title insurance underwriter.
“As we continue to reimagine and deliver a more integrated real estate transaction, today’s closing enables Realogy to be even more focused on our core business, including critical consumer-facing transaction services in franchise, brokerage, title settlement and escrow, and mortgage,” said Ryan Schneider, Realogy’s CEO and president. “We look forward to working with our joint venture partners to more fully unleash the underwriter’s growth potential as we continue to invest in our strategic priorities and move both Realogy and the industry to what’s next.”
Realogy will continue to own and operate its national scale title settlement and escrow services. The company’s portion of future minority interest earnings from its 30% common equity stake will be reported within the company’s Realogy Title Group segment, which includes the company’s title, escrow, and settlement services business and mortgage origination joint venture.
For more information, please visit www.realogy.com.