ATLANTA and DALLAS, Oct. 1 /PRNewswire-FirstCall/ -- Centex Corporation
and ZC Sterling Corporation announced today that Centex has sold its property
and casualty insurance agency, Westwood Insurance Agency, to ZC Sterling, one
of the leading privately held U.S. insurance services companies, for
approximately $55 million in cash. The companies have received the required
regulatory approvals and the transaction closed on Sept. 30. Other terms of
the purchase were not disclosed.
Westwood Insurance Agency, a California corporation that has been
providing insurance services to customers of homebuilders for more than 50
years, will operate as a wholly owned subsidiary of ZC Sterling. Through
Westwood, ZC Sterling will continue to provide insurance services to customers
of Centex and other builders nationwide.
"Both Westwood and ZC Sterling have been pioneers in this niche market.
Our combined capabilities will deliver unparalleled services to customers of
the homebuilder and mortgage industries," said Bill Krochalis, CEO of ZC
Sterling.
About ZC Sterling
ZC Sterling Corporation is a leading provider of specialty insurance and
technology-enabled solutions for the mortgage and homebuilder industries. The
company provides lender placed hazard insurance tracking and outsourcing
services, voluntary homeowners insurance, customized real estate tax services
and customer care solutions for lenders, mortgage servicing organizations and
homebuilders nationwide. ZC Sterling is headquartered in Atlanta with
operations in California, Florida, Iowa, Nebraska, New Mexico, North Carolina
and Texas.
About Centex
Dallas-based Centex Corp. (NYSE: CTX), founded in 1950, is one of the
nation's leading home building companies. Its leading brands include Centex
Homes, Fox & Jacobs Homes and CityHomes. In addition to its home building
operations, Centex also offers mortgage and title services. Centex has ranked
among the top three builders on FORTUNE magazine's list of "America's Most
Admired Companies" for nine straight years and is a leader in quality and
customer satisfaction.
SOURCE Centex Corporation