Title Insurance

In 1999, the PA Bankers Services Corporation (Services Corp.) and Investors Title Insurance Company (Investors Title) joined forces to deliver a multi-bank-owned title insurance program. This program was designed to generate non-interest fee income for participating owner financial institutions. Since that time, these Pennsylvania owner institutions have written over $45 million in title insurance premiums and have distributed over $12.6 million in dividends.

Currently, there are two multi-bank-owned agencies within the state underwritten by Investors Title Insurance Company, including Bankers Settlement Services Capital Region, LLC in Harrisburg and Bankers Settlement Services Southwest Pennsylvania, LLC in Hollidaysburg. Management oversight of the agencies is provided by Investors Title Management Services. Outsourcing the agency’s management allows financial institutions to support the agency with referrals without having to perform the administrative and operational oversight of the agency.
         

What is a multi-owned title insurance agency?

By coming together on a regional basis to form multi-bank-owned agencies, financial institutions are able to better mitigate competitive pressures and add a new level of service through involvement in this distribution channel. By processing accounts for multiple banks, the agency can gain economies-of-scale in operations, reduce incremental production costs per policy processed, and increase the net profit. With the help of the Services Corp., Pennsylvania financial institutions are among the nation’s leaders in establishing their own title insurance agencies.

Why should my financial institution get involved?

  • Significant fee income opportunity
  • Natural extension of real estate lending
  • Ability to influence and improve service for the bank and its clients
  • Better coverage and claims resolution
  • Long-track record for impressive profits and return on investment (ROI) for financial institution owners
  • Model capitalizes on economies-of-scales and ensures long-term growth

Contact:
Wayne Whipple
Vice President, Business Development
(717) 255-6925
wwhipple@pabankers.com