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Southern Title Insurance Corp. stops issuing policies.
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09/16/2011 7:38 PM
Southern Title Insurance Corp. a regional title insurer based in Richmond announced that it has stopped issuing new title insurance policies as a result of higher than normal claims and a recent agent defalcation.
Southern Title agents have been notified that their authority to act under their agency contracts has been terminated and their agency authority is limited to taking actions necessary to finalize transactions that have previously closed.
More information is available on the Southern Title website.
Demotech has withdrawn its previous "Financial Stability Rating" so Southern is currently rated "NR"
We will update this post as more information becomes available, and wish the Officers and Directors of Southern Title much success in dealing with this difficult transition and in preserving their asset base to protect their existing policy-holders.
Southern Title Insurance Corp. (the insurer) is not affiliated with Southern Title (the agency) headed by past FLTA President Shelley Stewart.
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