The ALPS RRG For Attorneys Buys Southern Title

NU Online News Service, June 11, 1:18 p.m. EDT

ALPS Corporation announced today that its risk retention group, Attorneys Liability Protection Society, Inc., will acquire Southern Title Insurance Corp. Financial terms were not disclosed.

ALPS, based in Missoula, Mont. said Southern Title is a Richmond, Va.-based title insurance underwriter primarily serving the southeastern United States, that generated $43 million in gross revenues and had net admitted assets of over $25 million in 2008. It said Southern Title provides services to nearly 500 independent title insurance agents.

The ALPS risk retention group is an attorney-owned and operated company providing professional liability insurance to lawyers in 24 states and three U.S. territories.

ALPS said the transaction is expected to close in early July and is subject to customary closing requirements and conditions, including regulatory approval by the Virginia Department of Insurance.

"The acquisition of Southern Title squarely aligns with ALPS strategic vision," said Robert W. Minto, Jr., president and chief executive officer of ALPS. "Southern Title is well-respected in the title insurance industry, prioritizes customer service above all else and has significant opportunity for growth as the housing market rebounds."

The addition of a title insurance offering by ALPS "is particularly valuable in states where its current insured attorneys perform title closing services, such as Virginia, South Carolina and West Virginia. Unique opportunities will exist for risk management activities between the two companies, and each company will continue to work to build market share in low-risk, rural areas," he said.

Eugene McCullough, president of Southern Title said combining with ALPS provides "synergistic possibilities. Although ALPS does business in 24 states and Territories, and Southern Title is licensed in 17 states, only a three state geographic overlap exists, giving each of us an opportunity to grow as we offer an enhanced combination of services to each company's core clientele."