Madison-based Realogy Holdings Corp. on Tuesday said it closed on the previously announced sale of its title insurance underwriter, Title Resources Guaranty, for $210 million in cash and a 30% equity interest with its joint venture partner, Centerbridge Partners, a private investment management firm.
TRG, which conducts underwriting operations, is being contributed to a new holding company that will be jointly owned by the joint venture. Realogy will retain its title agencies in its Realogy Title Group division, which includes the company’s title, escrow and settlement services business and mortgage origination joint venture.
“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.”