Acquisition Strengthens National Commercial Services' Position in New York and creates a platform for National Affordable Housing Services
HOUSTON--(BUSINESS WIRE)--Stewart Information Services Corporation today announced the acquisition of the All New York Title Agency, Inc. (All New York), based in White Plains, New York. Founded in 1995 by Joseph Petrillo and John Martin, All New York has been one of the leading commercial boutique title companies, serving Affordable Housing, Supportive Housing and Senior Housing clients throughout New York State, in addition to relationships in the residential, condominium and multifamily markets.
This acquisition is yet another example of our commitment to investing in growing our National Commercial Services business, said Fred Eppinger, Stewart Chief Executive Officer. While we continue to navigate a historically difficult commercial market, we believe there are opportunities to grow our commercial presence in unique sectors such as Energy and Affordable Housing. All New York has built extensive expertise and a strong reputation by working with attorneys, developers, not-for-profits, tax credit investors, bankers and municipal agencies across all levels of the state. They're an important addition to the Stewart family as we strengthen and build new and additional capabilities on our journey to become the Premier Title Services Company.
As a long-time agent, we have known Joe and John for many years, and have seen how they run an impressive business. We're very proud to add them to the Stewart family, said Stewart Group President Steve Lessack. Their depth of knowledge creates a strong foundation for Stewart in serving the Affordable Housing community. These sophisticated, high liability transactions involving complex mortgage stacks with letter of credit bond enhancements, often coupled with transferable development rights, particularly in New York City, require a unique skillset that they have developed. Their capable team is a valuable addition to Stewart, and we're excited about the possibilities our combined teams have.
All New York was founded on the values of providing professional, reputable and superior service, said Petrillo and Martin. These are all qualities we share with Stewart, so joining the Stewart family was an easy decision. Having the backing of one of the largest and most experienced title underwriters will only enhance our ability to expand our platform - both in the Affordable Housing community and other commercial arenas, as well as in New York and in new locations and geographies, as we help grow Stewart's commercial footprint. We look forward to a bright future together as part of the National Commercial Services team.
About Stewart
Stewart (NYSE-STC) is a global real estate services company, offering products and services through our direct operations, network of Stewart Trusted Providers™ and family of companies. From residential and commercial title insurance and closing and settlement services to specialized offerings for the mortgage and real estate industries, we offer the comprehensive service, deep expertise and solutions our customers need for any real estate transaction. At Stewart, we are dedicated to becoming the premier title services company and we are committed to doing so by partnering with our customers to create mutual success. Learn more at stewart.com.
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John Chattaway, Stewart Media Relations
(713) 625-8180; mediarelations@stewart.com
Source: Stewart Information Services (NYSE:STC) Corporation