United Title, New Developments
Spoke to Robert R. Carter, Jr., Deputy Commissioner, Texas Department of Insurance regarding Consumer Escrows. TDI is distributing the majority of United’s escrows to the underwriters: First American, Title Resources, Pacific Northwest, Old Republic, Stewart Title, and Fidelity. Fidelty chose not to take their share of the escrows Friday pending accounting reviews. It is Mr. Carter’s understanding that Fidelity did buy the Mercury Cos. Colorado operations. I called Fidelity Tuesday and the press office said they had no comment on the purchase of Mercury.
2 Comments to “United Title, New Developments”
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Not that it would impact Texas, but First American has filed for an injuction to prevent its rival Fidelity from completing the purchase of Mercury’s operations in Colorado. Apparently First American had some sort of contractual right of first refusal to buy the operations that they claim Mercury ignored. It’s always interesting to watch the 2 huge rivals in any industry fight each other (Coke/Pepsi, Bud/MillerCoors, AA/Southwest, etc).
They were denied. A friend was telling me yesterday that when Fidelity bought Chicago, Bill Foley came to Northern California and announced to the staff that his goal was to Pluck the Eagle.