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Stewart Information (STC) Boosts Digital Presence With Buyout
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Stewart Information Services Corporation (STC - Free Report) has acquired Cloudvirga in its efforts to consolidate its presence in the mortgage finance space. This Zacks Rank #3 (Hold) global real estate services company noted that technology is changing the industry and thus it is intensifying focus on better serving its customers through innovation and connectivity.
Cloudvirga, founded in 2016, is a leading fintech company powering digital mortgages. It powers lenders, originators and brokers as well as automates back office activities. Several of the largest lenders in the country rely on Cloudvirga as their digital front-end solution.
Addition of Cloudvirga will help the acquirer ramp up its digital offerings and ensure a seamless end-to-end experience in real estate transactions. Per Stewart CEO Fred Eppinger, "Combined with our newly acquired capabilities such as RON, a notary network and valuation services, Cloudvirga’s platform will accelerate our digital offerings in all markets, complement our existing capabilities and enhance our ability to provide customers with end-to-end mortgage services and solutions."
Cloudvirga stands to benefit from the acquirer’s expertise in streamlining and ramping up the origination process.
The company pursues strategic acquisitions to ramp up growth profile. Last September, Stewart Information acquired 57 title offices in the states of Arizona, Colorado and Nevada from ET Investments. The acquisition is in sync with the acquirer’s strategy to improve scale and competitive position in priority markets where it has been underrepresented. Its acquisition of United States Appraisals in June 2020 enhances the technology platform.
Stewart Information Services boasts a strong balance sheet with $590 million over regulatory requirements and $220 million available on its recently upsized line of credit supporting growth initiatives.
Shares of Stewart Information Services have rallied 22.2% year to date, outperforming the industry's increase of 20.6%. Its solid Title insurance business and a sturdy financial position will help shares retain the momentum.
Given insurance industry’s adequate capital level, players are pursuing strategic mergers and acquisitions. Recently, Arthur J. Gallagher & Co. (AJG - Free Report) agreed to buy certain reinsurance, specialty and retail brokerage operations of Willis Towers Watson plc for $3.57 billion. Marsh & McLennan Agency LLC, the middle market agency arm of Marsh & McLennan Companies (MMC - Free Report) , acquired PayneWest Insurance, which is one of the largest independent agencies in the United States.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
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Stewart Information (STC) Boosts Digital Presence With Buyout
Stewart Information Services Corporation (STC - Free Report) has acquired Cloudvirga in its efforts to consolidate its presence in the mortgage finance space. This Zacks Rank #3 (Hold) global real estate services company noted that technology is changing the industry and thus it is intensifying focus on better serving its customers through innovation and connectivity.
Cloudvirga, founded in 2016, is a leading fintech company powering digital mortgages. It powers lenders, originators and brokers as well as automates back office activities. Several of the largest lenders in the country rely on Cloudvirga as their digital front-end solution.
Addition of Cloudvirga will help the acquirer ramp up its digital offerings and ensure a seamless end-to-end experience in real estate transactions. Per Stewart CEO Fred Eppinger, "Combined with our newly acquired capabilities such as RON, a notary network and valuation services, Cloudvirga’s platform will accelerate our digital offerings in all markets, complement our existing capabilities and enhance our ability to provide customers with end-to-end mortgage services and solutions."
Cloudvirga stands to benefit from the acquirer’s expertise in streamlining and ramping up the origination process.
The company pursues strategic acquisitions to ramp up growth profile. Last September, Stewart Information acquired 57 title offices in the states of Arizona, Colorado and Nevada from ET Investments. The acquisition is in sync with the acquirer’s strategy to improve scale and competitive position in priority markets where it has been underrepresented. Its acquisition of United States Appraisals in June 2020 enhances the technology platform.
Stewart Information Services boasts a strong balance sheet with $590 million over regulatory requirements and $220 million available on its recently upsized line of credit supporting growth initiatives.
Shares of Stewart Information Services have rallied 22.2% year to date, outperforming the industry's increase of 20.6%. Its solid Title insurance business and a sturdy financial position will help shares retain the momentum.
Given insurance industry’s adequate capital level, players are pursuing strategic mergers and acquisitions. Recently, Arthur J. Gallagher & Co. (AJG - Free Report) agreed to buy certain reinsurance, specialty and retail brokerage operations of Willis Towers Watson plc for $3.57 billion. Marsh & McLennan Agency LLC, the middle market agency arm of Marsh & McLennan Companies (MMC - Free Report) , acquired PayneWest Insurance, which is one of the largest independent agencies in the United States.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>