CATIC Financial, Inc. is pleased to announce that on December 21, 2006 it acquired New Jersey Title Insurance Company (NJTIC) from NJT Holdings, Inc., NJTIC’s parent company. CATIC Financial is the parent company of Rocky Hill based Connecticut Attorneys Title Insurance Company (CATIC), which is New England’s largest domestic and only Bar-Related^® title insurance underwriter. With the acquisition of NJTIC, CATIC Financial ranks 8th in terms of aggregated statutory surplus among corporate title holding companies in the United States.

Richard J. Patterson, President of CATIC, noted that the acquisition of NJTIC gives CATIC access to large population centers in the Middle Atlantic region of the nation. "It is important that this region of the country retains a title insurance underwriter which is attorney-friendly and independent-agent friendly. It is especially pleasing to us that both CATIC and NJTIC share a common corporate personality and philosophy, including our mutual decisions to never compete with our agents." Neither company maintains direct operations.

"This acquisition is of tremendous benefit to both New Jersey Title and its agents," advised Allen J. Exelby, Chairman and CEO of NJTIC. "Not only will we all benefit from substantially greater capital backing, but CATIC’s sophistication in the realm of agent-related computer technology adds an entire dimension to our ability to serve and assist our agents."

NJTIC will retain its name and continue to operate as a separate entity, under its existing management team. The company is headquartered in Parsippany, New Jersey, and is licensed to do business in New Jersey and Pennsylvania. NJTIC issues its policies through a network of independent title agents exclusively.

About CATIC

CATIC is the major operating subsidiary of its parent holding company, CATIC Financial, Inc. CATIC is New England’s largest domestic and only Bar-Related^® title insurance underwriter. The company has seven offices throughout New England and issues its policies through a network of more than 2,800 attorney agents. CATIC is currently licensed in Connecticut, Massachusetts, Rhode Island, Vermont, Maine, New Hampshire and New Jersey. The company is an underwriting member of the American Land Title Association (ALTA) and the North American Bar-Related^® Title Insurers. The company, through an affiliate, also provides services in connection with tax-deferred exchanges of like-kind property, and, through another affiliate, provides information technology services to its members and agents.

Return to Top