Realogy and Centerbridge Partners to form Title Insurance Underwriter in a $300m deal.

Realogy, an integrated provider of US residential real estate services, and Centerbridge Partners, a private investment management firm, are set to form Title Insurance Underwriter, a joint venture to provide insurance underwriter services, in a $300m deal. Centerbridge funds will purchase a controlling 70% interest for $210m in cash, valuing the asset at $300 million. Realogy will maintain a 30% equity interest in Title Insurance Underwriter. "We believe a standalone venture guided by Centerbridge's proven asset growth and management expertise can fully unleash the underwriter's growth potential, which is why Realogy has committed to maintaining a material ownership stake. Future growth upside from the underwriter venture, combined with our ability to unlock capital to further invest in Realogy's strategic priorities, can help us generate additional value for both the company and our shareholders," Ryan Schneider, Realogy CEO.