First American of Santa Ana Acquires Minnesota Title Insurance Company

First American Title Insurance Co. in Santa Ana, one of the nation’s largest real estate title insurers, said Tuesday it has acquired a Minnesota title insurance firm.

The deal, which closed late Friday, netted First American the 20-office network of Universal Title Insurance, plus its Universal Escrow subsidiary.

Universal Title, headquartered in Minneapolis, is the second largest title insurance company in Minnesota, said Parker S. Kennedy, executive vice president of First American Title and its parent company, First American Financial Corp.

Terms of the deal were not disclosed. Kennedy said First American acquired the title company and the escrow firm for a combination of cash and stock.

Kennedy said the acquisition was one of about half a dozen completed by First American in 1988.

He said Universal, which in addition to its Minnesota locations has several offices in Florida and agents in several Midwestern states, reported revenue of about $13 million for 1987. The company has 192 employees.

First American has title operations in all 50 states and reported 1987 revenue of $636.8 million.

Melville Bois, Universal’s chairman, will remain as president of the title company, Kennedy said. Bois owned or controlled all of Universal Title’s stock.