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First American Title had its initial public offering on the over-the-counter market in 1964 and, four years later, was restructured with the formation of The First American Financial Corporation as a holding company. First American Title became a subsidiary company and a trust business was conducted through First American Trust Company.
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First American Corporation: 26.34% Old Republic National Title Insurance Company: 13.53% Stewart Title Guaranty Company: 12.95% Regional companies 13.32% Total 100.00% Source: American Land Title Association [30]
In 1752, Benjamin Franklin founded the first American insurance company as Philadelphia Contributionship.In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail.
In January 1987, it sold its title insurance business to Chicago Title for $30.7 million cash and $46 million in a 7-year promissory note. [5] In 1997, Safeco acquired American States Financial Corporation from Lincoln National Corporation for $2.8 billion, expanding beyond the West Coast.
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In 1981, the building was purchased by the Beverly Wilshire Investment Company, LLC. [2] There is currently a Bank of America branch on the first floor. [4] Notable tenants include Bank of America, JP Morgan Chase, Ferrari, Compass, and First American Title Company.