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