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,
ppastor@landam.com, or Peter Habenicht, VP - Corporate Communications,
+1-804-267-8723, phabenicht@landam.com
