AM Best Affirms Credit Ratings of First American Title Insurance Group Members and First American Financial Corporation
09/15/2021 - 11:03 AM
OLDWICK, N.J. --(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) of First American Title Insurance Company (Omaha, NE ) and its title affiliates, which are referred to as First American Title Insurance Group (FATIG). In addition, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of the parent holding company, First American Financial Corporation (FAF) (Delaware ) [NYSE: FAF]. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)
The ratings reflect FATIG’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. FATIG maintains a solid market position within the U.S. title insurance industry as its second-largest underwriter, based on 2020 direct premiums written. Policies are distributed on a direct basis and through a network of independent agents. The group invests heavily in its title plant, which is one of the most comprehensive in the industry. The group’s operating results have generally been in line with the title industry composite averages and supportive of surplus growth. FATIG benefits from a strong franchise value, financial flexibility and operational support from FAF, which maintains relatively modest financial leverage and solid interest coverage.
The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed with stable outlooks for the members of First American Title Insurance Group :
First American Title Insurance Company
First American Title Insurance Company of Australia Pty Limited
First American Title Insurance Company of Louisiana
First European Title Insurance Company Limited
First Title Insurance plc
Ohio Bar Title Insurance Company
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings . For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States , the company does business in over 100 countries with regional offices in London , Amsterdam , Dubai , Hong Kong , Singapore and Mexico City . For more information, visit www.ambest.com .
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Kourtnie Beckwith
Financial Analyst
+1 908 439 2200, ext. 5124
kourtnie.beckwith@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Fred Eslami
Associate Director
+1 908 439 2200, ext. 5406
fred.eslami@ambest.com
Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source: AM Best
First American Financial Corp
FAF Rankings
#2012 Ranked by Stock Gains
FAF Stock Data
Industry
Direct Property and Casualty Insurance Carriers
Sector
Finance and Insurance
Tags
Finance, Specialty Insurance, Finance and Insurance, Direct Property and Casualty Insurance Carriers
Country
US
City
Santa Ana
About FAF
first american title insurance company provides comprehensive title insurance protection and professional settlement services for homebuyers and sellers, real estate agents and brokers, mortgage lenders, commercial property professionals, homebuilders and developers, title agencies and legal professionals to facilitate real estate purchases, construction, refinances or equity loans. first american's thorough title searches, title clearance and title insurance policies help to produce clear property titles and enable the efficient transfer of real estate. as one of the largest title insurance companies in the nation, first american offers title insurance and settlement services through its direct operations and an extensive network of agents throughout the united states and internationally. first american title insurance company traces its history to 1889 and is the largest subsidiary of first american financial corporation (nyse: faf).