FOR IMMEDIATE RELEASE Feburary 7, 2006
Contact:: Ted C. Jones, Director-Investor Relations (713) 625-8014 Email: firstname.lastname@example.org
HOUSTON (Feb. 7, 2006) – Stewart Title Insurance Co. has completed its acquisition of Monroe Title Insurance Corp. by merger, effective Feb. 3.
Stewart Title Insurance Co. is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC)
The merger, pending since July 2005, had been awaiting Monroe Title shareholder and regulatory approvals. Those approvals have been received, and the closing has been completed.
As a result of the merger, the shareholders of Monroe Title Corp. will receive cash consideration of $21.15 per share, in cash, without interest. In addition, shareholders may be entitled to receive additional payments pursuant to the merger agreement.
Monroe Title will operate as a wholly owned subsidiary of Stewart Title Insurance Co. as a licensed title insurer. It will continue to provide Monroe Title search and title insurance products through its network of 23 offices and current staff of 200 employees.
“We are pleased this acquisition has been completed,” said John Welling, president, Stewart Title Insurance Co. “Monroe Title is a fine addition to the Stewart family. We look forward to combining the strengths of both companies to better serve all customers in these expanded markets.”
Stewart Information Services Corp. is a technology-driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 8,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, default management solutions, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.