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LandAmerica CEO Elaborates on Strategy to Reduce 'Bricks and Mortar'
RICHMOND, Va., July 9 /PRNewswire-FirstCall/ -- LandAmerica Financial Group, Inc. (NYSE: LFG) Chairman and CEO Theodore L. Chandler, Jr. today commented on the company's recently announced implementation of a new operating structure for its title insurance, escrow and closing services in Colorado. The new business model is expected to increase the convenience and efficiency of real estate closings in Colorado by decreasing the number of bricks and mortar locations in the state while expanding the number of customer-facing specialists. "LandAmerica management in this market is innovatively improving our service capabilities while reducing reliance on fixed-cost physical locations," said Chandler. "We will evaluate the performance of the Colorado initiative to determine its applicability to additional markets in the future. There are features of this approach that may well be appropriate for other markets and may facilitate further office consolidations over time. Our ultimate objective is to intelligently eliminate costs and improve service levels at the same time." The Colorado model combines the functions of Sales Representatives and Escrow Officers into Account Managers and centralizes data-driven functions into fulfillment centers or "hubs." LandAmerica Account Managers will provide a higher level of local service by working out of home-based offices, offering customers increased personal interaction and a single point of contact for resolution of issues. "Continued low mortgage origination volume in second quarter 2008 has spurred creative solutions to cost elimination," said Chandler. "In addition to Colorado, we have other previously announced strategic initiatives underway that will maximize our efficiency by transforming LandAmerica into an integrated and unified operating company. "We've clearly demonstrated an ability to take out significant costs while maintaining our competitive position and, in effect, strengthen our company during this cyclical downturn," said Chandler. About LandAmerica Financial Group, Inc. LandAmerica Financial Group, Inc. is a leading provider of real estate transaction services with over 700 offices and a network of more than 8,500 active agents. LandAmerica serves agent, residential, commercial and lender customers throughout the United States, Mexico, Canada, the Caribbean, Latin America, Europe and Asia. LandAmerica is recognized as number one in the mortgage services industry on Fortune's(R) 2007 and 2008 lists of America's Most Admired Companies. SOURCE LandAmerica Financial Group, Inc. Pamela Pastor, Investor Relations Specialist, +1-804-267-8043, firstname.lastname@example.org, or Peter Habenicht, VP - Corporate Communications, +1-804-267-8723, email@example.com