Southern Title Insurance Corp. Ceases Issuing New Policies

Southern Title Insurance Corp. is suspending issuing new policies as of September 15, 2011.  In a press release, it cited a higher than usual number of claims arising from policies issued from 2005 to 2008.  The agents which issued those policies are no longer associated with Southern Title.  The company also cited "a substantial recent agent defalcation". 
Southern Title is an underwriter of title insurance policies.  The press release stresses that Southern Title remains solvent and that there are sufficient funds to pay claims of current policyholders.  However, if you have a transaction where Southern Title is acting as the title company or has been included in the purchase agreement as the escrow agent and/or title company, the parties should agree to use an alternative agent and underwriter. 
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