First American Financial Corporation Acquires Pioneer Agency

Strategic Insights -

First American Financial Corporation, the nation's leading provider of business information and related products and services, has announced the acquisition of Pioneer Agency, the largest title agency in Pennsylvania. As part of the acquisition, First American acquired a 20 percent equity interest in Pioneer Agency in 1994, with the remaining interest acquired in 1999. The acquisition brings First American closer to solidifying its goal of being a dominant market presence in Pennsylvania.

Pioneer Agency, headquartered in Quakertown, PA, has more than 100 employees in eight office locations and serves Eastern and South Central Pennsylvania and South Jersey. The company's locations include: Boyertown, Elizabethtown, Exeter, Lancaster, Plymouth Meeting, Pocono Lake, and Wyomissing. Despite the acquisition, Pioneer Agency will continue to operate under its current name with no significant operational changes.

Key Takeaways:

  • Pioneer Agency is the largest title agency in Pennsylvania, with an excellent track record of increasing revenues at an average rate of 15 percent per year through good market years and bad.
  • The acquisition brings First American closer to solidifying its goal of being a dominant market presence in Pennsylvania.
  • Pioneer Agency has more than 100 employees in eight office locations, serving Eastern and South Central Pennsylvania and South Jersey.
  • The company's locations include: Boyertown, Elizabethtown, Exeter, Lancaster, Plymouth Meeting, Pocono Lake, and Wyomissing.
  • Pioneer Agency will continue to operate under its current name with no significant operational changes.
  • Norman A. Inkpen Jr. will remain with the company as president, with Daniel S. Snyder and Richard C. Weeber serving as vice presidents.
  • Inkpen, Snyder, and Weeber have a combined total of 65 years of title industry experience, with 28, 19, and 18 years of industry experience, respectively.

Statistics:

  • Average annual revenue growth at Pioneer Agency: 15%
  • Number of employees at Pioneer Agency: 100+
  • Number of office locations at Pioneer Agency: 8
  • Locations served by Pioneer Agency: Eastern and South Central Pennsylvania and South Jersey
  • Years of title industry experience for Norman A. Inkpen Jr.: 28
  • Years of title industry experience for Daniel S. Snyder: 19
  • Years of title industry experience for Richard C. Weeber: 18

Sources:

  • First American Financial Corporation press release dated Nov. 23, 1999
  • First American Financial Corporation website, www.firstam.com
  • Newscom website, newscom.com