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Surety Title Insurance
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MBIA, Inc. provides financial guarantee insurance, investment management services, and municipal and other services to public finance and structured finance clients worldwide. The company insures financial obligations, which are sold in the new issue and secondary markets. It also provides financial guarantees for municipal bonds, asset-backed and mortgage-backed securities, investor-owned utility bonds, bonds backed by publicly or privately funded public purpose projects, bonds issued by sovereign and sub-sovereign entities and obligations collateralized by diverse pools of corporate loans, and credit default swaps, as well as pools of corporate and asset-backed bonds in the new issue and secondary markets. The municipal obligations that MBIA insures include tax-exempt and taxable indebtedness of states, counties, cities, utility districts, and other political subdivisions, as well as airports, higher education health care facilities, and similar authorities; and obligations issued by private entities that finance projects, which serve a substantial public purpose. The asset-backed and structured finance obligations insured by the company include residential and commercial mortgages, proceeds of insurance policies, various consumer loans, corporate loans and bonds, trade and export receivables, equipment, aircraft and real property leases, and infrastructure projects. It also insures privately issued bonds used for the financing of public purpose projects, including toll roads, bridges, airports, public transportation facilities, and other types of infrastructure projects. In addition, the company, through its wholly owned subsidiary, MBIA Asset Management, LLC, provides investment management products and financial services, including cash management, customized asset management and investment consulting services to local governments, school districts and other institutional clients. MBIA was founded in 1973 and is headquartered in Armonk, New York.
STEWART INFORMATION SERVICES CORPORATION (STC)
Stewart Information Services Corporation provides title insurance and real estate information services in the United States and internationally. Its Title segment includes the functions of searching, examining, closing, and insuring the condition of the title to real property. This segment serves attorneys, builders, developers, lenders, and real estate brokers. The company's Real Estate Information segment provides electronic delivery of data, products, and services related to real estate. Its services related to the mortgage origination process include flood certificates, credit reports, traditional and automated property valuations, electronic mortgage documents, property information reports, and tax services. This segment also provides post-closing outsourcing services for residential mortgage lenders, including document review, investor delivery, FHA/VA insuring, document retrieval, preparation and recordation of assignments, lien releases and security interests, collateral reviews, and loan pool certifications. Further, it provides tax-deferred exchanges; automated mapping projects and geodetic positioning; real estate database conversion, construction, maintenance, and access; automation for government recording and registration; and criminal, credit, and motor vehicle background checks; and pre-employment screening services. This segment serves residential mortgage lenders and servicers, title agencies, county clerks and recorders, municipalities, real estate professionals, and attorneys. As of February 16, 2005, Stewart provided its services through approximately 7,800 policy-issuing offices and agencies. The company was founded in 1896 and is headquartered in Houston, Texas.
CNA SURETY CORPORATION (SUR)
CNA Surety Corporation, an insurance holding company, provides surety and surety-related products in the United States and international markets. Its surety products comprise contract surety bonds, including bid, performance, and payment bonds, as well as completion, maintenance, and supply bonds; and commercial surety bonds, including license and permit bonds, judicial and fiduciary bonds, and public official bonds. The company also markets surety-related products, such as fidelity bonds to cover losses arising from employee dishonesty, and errors and omissions (EO) insurance. The customers for the fidelity bonds include law firms, insurance agencies, and janitorial service companies. CNA Surety writes EO policies for notaries public and tax preparers. It principally markets its products through independent producers, including multiline agents and brokers in 50 states, as well as in the District of Columbia and Puerto Rico. The company is based in Chicago, Illinois. CNA Surety Corporation is a subsidiary of CNA Financial Corporation.
OLD REPUBLIC INTERNATIONAL CORPORATION (ORI)
Old Republic International Corporation, an insurance holding company, operates as an insurance company in the United States. It operates in three segments: General Insurance, Mortgage Guaranty, and Title Insurance Services. General Insurance segment provides commercial lines of property and liability insurance and reinsurance primarily to industrial, mining, transportation, and financial services companies, as well as actuarial consulting, tax planning, claims control, and management of captive or retrospectively-rated insurance programs. The Mortgage Guaranty segment provides residential mortgage guaranty insurance for first mortgage loans to mortgage bankers, commercial banks, thrifts, credit unions, and other financial institutions. The Title Insurance Services segment offers title insurance and related real estate transfer services for individuals, businesses, and government entities. In addition, the company provides life and health insurance to consumers through lending institutions, automobile dealers, and brokers. The company is based in Chicago, Illinois.
FIRST AMERICAN CORPORATION (FAF)
The First American Corporation (FAC), through its subsidiaries, provides business information, and related products and services in the United States and internationally. Its Title Insurance and Services segment issues residential and commercial title insurance policies; accommodates tax-deferred exchanges; and provides escrow, equity loan, investment advisory, trust, thrift, and other related products and services. The company's Specialty Insurance segment issues property and casualty insurance policies, as well as sells home warranty products. Its Mortgage Information segment offers tax monitoring, flood zone certification, default management services, document preparation, and other real estate related services. FAC's Property Information segment sells data relating to real property, database management services, and appraisal services. Its Credit Information segment provides specialty credit reports to the mortgage lending and automotive lending industries. This segment also includes a credit reporting agency that offers credit reports on subprime borrowers. The company's Screening Information segment provides employment background screening, drug-free workplace programs and other occupational health services, employee assistance programs, corporate tax and incentive services, resident screening, motor vehicle records, transportation business credit services, investigative services, computer forensics and electronic discovery services, supply chain security, and consumer location services. As of April 4, 2005, FAC operated approximately 1,800 offices. The company is headquartered in Santa Ana, California.
INVESTORS TITLE COMPANY (ITIC)
Investors Title Company , a holding company, provides title insurance and tax-deferred exchange services, as well as investment management and trust services to individuals, trusts, and other entities in the United States. It offers land title insurance for owners and mortgagees as a primary insurer, and as a reinsurer for other title insurance companies. The land title insurance is offered through its direct operations, or through partially owned or independent title insurance agents. The company also acts as an intermediary in tax-deferred exchanges of property held for productive use in a trade or business, or for investments. Investors Title Company was founded by J. Allen Fine in 1972. The company is headquartered in Chapel Hill, North Carolina.
SECURITY CAPITAL ASSURANCE LTD (SCA)
Security Capital Assurance, Ltd., through its subsidiaries, provides financial guaranty insurance, reinsurance, and other credit enhancement products to the public finance and structured finance markets in the United States and internationally. It operates in two segments, Financial Guarantee Insurance and Financial Guarantee Reinsurance. The Financial Guaranty Insurance segment offers financial guarantee insurance policies of public finance and structured finance debt securities, and credit default swaps. The Financial Guarantee Reinsurance segment reinsures financial guarantee policies and credit default swaps issued by other monoline financial guarantee insurance companies. Security Capital Assurance provides insurance and reinsurance coverage, and financial products and services to industrial, commercial, and professional service firms; insurance companies; and other enterprises. The company is based in Hamilton, Bermuda. Security Capital Assurance Ltd. operates as a subsidiary of XL Capital Ltd.
AMBAC FINANCIAL GROUP INC (ABK)
Ambac Financial Group, Inc., through its subsidiaries, provides financial guarantee products and other financial services to clients in both the public and private sectors worldwide. The company operates in two segments, Financial Guarantee and Financial Services. The Financial Guarantee segment provides financial guarantees, including structured credit derivatives for public finance, structured finance, and other obligations. The Financial Services segment offers investment agreements, interest rate swaps, total return and currency swaps, and funding conduits. Its clients primarily include municipalities and other public entities, health care organizations, and asset-backed issuers. The company was founded in 1971. It was formerly known as Ambac, Inc. and changed its name to Ambac Financial Group, Inc. in 1997. Ambac Financial Group is headquartered in New York City.
FIDELITY NATIONAL FINANCIAL INC (FNF)
Fidelity National Financial, Inc., a title insurance company, provides products, services, and solutions to the real estate and financial services industry in the United States. The company operates in five segments: Title Insurance, Specialty Insurance, Financial Institution Software and Services, Lender Outsourcing Solutions, and Information Services. The Title Insurance segment provides title insurance; and escrow and other title related services, including collection and trust activities, trustee's sales guarantees, recordings, and reconveyances. The Specialty Insurance segment issues flood, home warranty, homeowners, automobile, and certain niche personal lines insurance policies. The Financial Institution Software and Services segment offers core processing applications, retail delivery applications, integration applications, syndicated loan applications, automotive finance applications, item processing and imaging services, and ebanking and electronic payments services. It offers these services to various financial institutions, including banks, credit unions, savings banks, and auto finance companies; as well as provides mortgage loan servicing system. The Lender Outsourcing Solutions segment offers loan facilitation services, including title agency and closing services to first mortgage, refinance, home equity, and subprime lenders; and default management services, such as foreclosure posting and publishing services, loan portfolio services, field services, and property management. The Information Services segment offers real estate related information services, such as property appraisal and valuation services; property records information; real estate tax services; borrower credit and flood zone information and certification; and multiple listing software and services. Fidelity National Financial is headquartered in Jacksonville, Florida.
The PMI Group, Inc. provides credit enhancement products and lender services, which promote homeownership and facilitate mortgage transactions in the capital markets. The company's activities are segregated into U.S. Mortgage Insurance Operations; and International Operations, Financial Guaranty, and Other Strategic Investments segments. U.S. Mortgage Insurance Operations segment offers mortgage insurance products, including primary insurance and pool insurance, which enable borrowers to buy homes with low down payment mortgages in the United States. Its customers include mortgage lenders, savings institutions, commercial banks, and investors, including the GSEs, the FHLBs, and other capital market participants. This segment is licensed in all 50 states, the District of Columbia, Puerto Rico, Guam, and the Virgin Islands. The International Operations, Financial Guaranty, and Other Strategic Investments segment include International operations, which offer mortgage insurance and other credit enhancement products in Australia, New Zealand, Europe, and Hong Kong; Financial Guaranty, which provides primary financial guaranty insurance; and Other Strategic Investments that have investment portfolio, including FGIC, managed by BlackRock Financial Management and Wellington Management; CMG, managed by MEMBERS Capital Advisors, an affiliate of CUNA; and RAM Re, managed by MBIA Asset Management. PMI Group was founded in 1972 and is headquartered in Walnut Creek, California.
RAM Holdings, Ltd., through its wholly owned subsidiary, RAM Reinsurance Company, Ltd., provides financial guaranty reinsurance for public finance and structured finance obligations, covering risks in the United States and international markets. It provides reinsurance policies in two product lines, public finance and structured finance. Public finance obligations primarily consist of debt obligations issued by or on behalf of states, or other governmental entities or their political subdivisions; other public and quasi-public entities, including public universities and not-for-profit hospitals, and non U.S. sovereigns and their political subdivisions; private universities and hospitals; and investor-owned utilities. Structured finance obligations are securities backed by pools of assets, such as residential mortgage loans, consumer or trade receivables, securities, short-term bank deposits, or other assets having a cash flow or market value that are held by a special purpose issuing entity. RAM Holdings markets its reinsurance policies directly through the execution of treaty and facultative contracts with seven primary insurers. The company was founded in 1998 and is based in Hamilton, Bermuda.
MGIC INVESTMENT CORPORATION (MTG)
MGIC Investment Corporation, through its wholly owned subsidiary, provides private mortgage insurance to lenders and government sponsored entities in the United States. The private mortgage insurance covers residential first mortgage loans and expands home ownership opportunities by enabling people to purchase homes with less than 20% down payments. The company provides various services for the mortgage finance industry, such as contract underwriting, and portfolio analysis and retention, secondary marketing of mortgage-related assets, and mortgage loan origination and fulfillment services. It also provides an Internet portal, through which mortgage originators can access products and services of wholesalers, investors, and vendors to make a home mortgage loan. The company's customers include originators of residential mortgage loans, such as mortgage bankers, savings institutions, commercial banks, mortgage brokers, credit unions, and other lenders. MGIC Investment was founded in 1984 and is based in Milwaukee, Wisconsin.
Radian Group, Inc., together with its subsidiaries, provides credit insurance and financial services to mortgage lenders and other financial institutions. It operates through three segments: Mortgage Insurance, Financial Guaranty, and Financial Services. The Mortgage Insurance segment provides mortgage credit protection, primarily via private mortgage insurance, and risk management services to mortgage lending institutions located throughout the United States and internationally. Private mortgage insurance primarily protects lenders from all or part of default-related losses on residential first-mortgage loans made to homebuyers; as well as facilitates the sale of these mortgages in the secondary market. The Financial Guaranty segment provides credit-related insurance coverage, credit default swaps, and other financial guaranty contracts to customers in various markets. It also assumes reinsurance from monoline financial guaranty insurers for both public finance bonds and structured finance obligations, and direct financial guaranty insurance for public finance bonds and structured finance obligations, and trade credit reinsurance. The Financial Services segment offers credit-based servicing and securitization of assets in underserved markets. It provides the purchase and servicing, and securitization of special assets, including subperforming/nonperforming mortgages, seller-financed residential mortgages, and delinquent consumer assets. This segment also provides Internet-based real estate information products and services to the first-and second-lien mortgage industry. The company has strategic partnerships with C-BASS and Sherman Financial Group LLC. Radian Group was founded in 1977. It was formerly known as CMAC Investment Corporation and changed its name to Radian Group, Inc. in 1999. The company is headquartered in Philadelphia, Pennsylvania.
LANDAMERICA FINANCIAL GROUP INC (LFG)
LandAmerica Financial Group, Inc., through its subsidiaries, provides real estate transaction services. Its products and services facilitate the purchase, sale, transfer, and financing of residential and commercial real estate. The company primarily operates through three segments: Title Insurance, Lending Services, and Financial services. The Title Insurance segment provides title insurance; escrow and closing services; commercial real estate services, as well as property appraisal and valuation, building and site assessments, survey coordination, construction disbursement, coordination of national multistate transactions, and tax-deferred real property exchanges; and real estate transaction management services. The Lender Services segment provides services to regional and national lending institutions, which complement those offered in the company's title insurance business. These services consist primarily of real estate tax processing and flood certification services, mortgage credit reporting, default management services, and mortgage loan subservicing. The Financial Services segment engages in originating and purchasing of commercial real estate loans in the Southern California market, as well as soliciting deposits through certificates of deposit and passbook savings accounts. It offers its products and services to lenders, developers, real estate agents, attorneys, and property buyers and sellers. It serves residential and commercial customers with approximately 800 offices and a network of 10,000 agents throughout the United States, Mexico, Canada, the Caribbean, Latin America, and Europe. LandAmerica Financial Group was incorporated in 1991 and is headquartered in Richmond, Virginia.
TRIAD GUARANTY INC (TGIC)
Triad Guaranty, Inc., through its wholly owned subsidiary, Triad Guaranty Insurance Corporation, provides private mortgage insurance coverage to mortgage lenders and investors in the United States. The company's coverage protects the lender or investor against loss from defaults on low down payment residential mortgage loans and facilitates the sale of mortgage loans in the secondary market. The company sells its products to mortgage bankers, mortgage brokers, commercial banks, and savings institutions through direct sales force and commissioned general agents. Its investment portfolio comprises primarily fixed-income securities, such as U.S. government obligations, state and municipal bonds, corporate bonds, and mortgage-backed bonds. Triad Guaranty, Inc. was formed in 1987 and is headquartered in Winston-Salem, North Carolina.