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NATG announces 2016 financial results

5/3/2017 10:07:28 AM
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MIAMI – May 3, 2017 – North American Title Group, LLC (NATG), one of the largest real estate settlement organizations in the United States, reported annual gross revenues of $360.2 million in fiscal 2016, an increase of 14.9 percent over the prior year. The company’s pretax income was $39.3 million in 2016 compared to $23.5 million in the prior year, a 67 percent increase.
 
The company includes an agency division, North American Title Co. (NATC), which reported total gross revenues of $239.8 million and provided title and escrow services for more than 116,000 transactions. NATG’s title insurance underwriter, North American Title Insurance Co. (NATIC), generated more than $225.4 million in gross premiums in 2016, including premiums from its affiliated agents. NATIC underwrote 299,000 policies in 2016 compared to 264,000 policies in 2015, a 13.4 percent increase.
 
“Taking advantage of a recovering housing market, we have made the necessary changes to run our business efficiently and are in a position to continue our growth organically and through strategic acquisitions,” said Tom Fischer, NATG president and CEO. “We saw pre-tax margins on net revenue of 15 percent in 2016, compared to 10 percent in the prior year. We are extremely pleased about hitting that number and continue to focus on margin expansion through the leveraging of technology and processing efficiencies.”
 
“On the technology side, we made large investments in 2017 and will continue to invest,” added Fischer. “We are currently working on tools that will push data in real time to associates and customers.”
 
Fischer continued, “We want to be at the forefront of technology and data in our industry. If we have learned anything in the last five years, it is that technology is capable of creating market disruption and changing the way we do business. So as the title industry is in the process of inevitably being disrupted, NATG is positioned to be one of the disruptors.”
 
The top three markets for NATC closed orders in 2016 were California, Texas and Florida, with Colorado and Minnesota following.
 
“Overall, we are grateful and humbled by the extraordinary efforts of the entire NATG team that has resulted in these best-in-class, record-breaking financial results,” added Fischer. “It all starts with our associates pulling together and improving the customer experience every day.”
 
NATG handles both residential and commercial transactions and provides and/or coordinates settlement services across all 50 states. Its underwriter, NATIC, is licensed to operate in 39 states and the District of Columbia. NATG is part of Lennar Corporation, one of the nation’s largest homebuilders, with more than $15.3 billion in assets as of its fiscal year ended November 30, 2016, and listed on the New York Stock Exchange (NYSE: LEN and LEN.B).
 
 

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