OneTitle National Guaranty Company, Inc. announced that White Mountains Insurance Group, Ltd. has agreed to provide up to $13 million to OneTitle and will take a minority stake in the company.
OneTitle is a licensed New York title insurance underwriter that operates a business model that engages directly with attorneys, lenders, developers and homeowners.
The company — which recently moved its 20 employees into new offfice space at 80 Broad Street – said the deal will allow for OneTitle to “significantly expand its footprint beyond New York and accelerate its continued growth.ˮ
Reid Campbell, managing director of White Mountains Capital, Inc. and president of White Mountains Advisors LLC, will join the Board of OneTitle Holdings.
Daniel Price, founder, president and CEO of OneTitle, said, “White Mountains’s commitment marks a true sign of disruption in the title insurance industry.
“Leveraging this investment and their insurance expertise, we will be able to bring better service and lower rates to even more attorneys, lenders, real estate investors and homeowners.”
White Mountains has a track record of backing successful innovators in the insurance industry, most notably as the owner of Esurance from 2000 until its sale to Allstate in 2011.
White Mountains’s operating segments include Sirius Group, OneBeacon and HG Global/BAM. White Mountains also maintains ownership in several other businesses.
“In our search for innovative companies, we chose OneTitle because it is uniquely positioned in the title insurance industry. We are excited by our investment in OneTitle and look forward to bringing our resources and experience to bear in supporting Dan and the rest of his talented team,” said Reid Campbell.
The deal marks a change in an industry that, for decades has filed rates together – the same rates. OneTitle took a different path and instead filed its own, lower rates and developed a unique business model.
By eliminating the title insurance agent, OneTitle has brought competition to the New York title insurance market.