Profile: First American Financial Corp (FAF.N)
First American Financial Corporation, incorporated on January 14, 2008, through its subsidiaries, is engaged in the business of providing financial services. The Company operates through the title insurance and services segment, and specialty insurance segment. The title insurance and services segment provides title insurance, closing and/or escrow services and similar or related services domestically and internationally in connection with residential and commercial real estate transactions. The specialty insurance segment issues property and casualty insurance policies and sells home warranty products. The Company's corporate function consists of certain financing facilities, as well as the corporate services that support its business operations. Its subsidiaries include Data Trace Information Services LLC, FATCO Holdings, LLC, First American Exchange Company, LLC, First American Property & Casualty Insurance Company, First American Title Company of Oregon and First American Title Company, Inc.
Title Insurance and Services Segment
The title insurance and services segment also provides products, services and solutions involving the use of property related data, including data derived from its database, which are designed to manage risk or otherwise facilitate real estate transactions. Its title insurance and services segment maintains, manages and provides access to title plant records and images and, in addition, provides banking, trust, document custodial and investment advisory services.
The Company conducts its title insurance and closing business through a network of direct operations and agents. Through this network, it issued policies in the 49 states that permit the issuance of title insurance policies and the District of Columbia, as of December 31, 2016. It also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, Australia, South Korea and various other markets.
The Company provides for losses associated with title insurance policies, closing protection letters and other risk based products. It is also in the business of maintaining, managing and providing access to title plant records and images that may be owned by the Company or other parties. The Company's federal savings bank subsidiary offers trust and investment advisory services, deposit services and asset management services.
Specialty Insurance Segment
The Company's property and casualty insurance business provides insurance coverage to residential homeowners and renters for liability losses and typical hazards, such as fire, theft, vandalism and other types of property damage. The specialty insurance segment includes property and casualty insurance and home warranties.
The specialty insurance segment issued policies in 47 states, as of December 31, 2016. In certain markets it also offers preferred risk auto insurance. It markets its property and casualty insurance business using both direct distribution channels, including cross-selling through its closing-service activities, and through a network of independent brokers.
The Company's home warranty business provides residential service contracts that cover residential systems, such as heating and air conditioning systems, and certain appliances against failures that occur as the result of normal usage during the coverage period. It sells renewals directly to consumers. Its home warranty business operated in 39 states and the District of Columbia, as of December 31, 2016.
The Company competes with Fidelity National Financial, Inc., Stewart Title Guaranty Company and Old Republic International Corporation.
First American Financial Corp
1 First American Way
SANTA ANA CA 92707