OMAHA, NE (PRWEB) January 29, 2007
LandAmerica Financial Group, Inc. (NYSE: LFG), a leading provider of real estate transaction services, has redomesticated its three principal underwriting companies to Nebraska and is opening an office in Omaha beginning in early 2007.
The three underwriting companies -- Commonwealth, Transnation, and Lawyers Title - were previously domiciled in Pennsylvania, Arizona and Virginia, respectively.
Consolidating the underwriting companies' domicile and corporate governance into one state enables LandAmerica to comply with a single set of regulations administered by the Nebraska Department of Insurance. Nebraska tax law allows LandAmerica to save on retaliatory premium taxes, which are computed and charged on policies written by the company.
"Like a number of other companies in the insurance industry, we recognized the benefits of residing in, and doing business with Nebraska," said LandAmerica President and CEO Theodore L. Chandler, Jr. "The state has a solid and reasonable regulatory environment and a favorable business climate that enables companies like LandAmerica to earn a reasonable return on equity. We are committed to growing in the real estate transaction services industry, and clearly the business environment in Nebraska will help us achieve our goals."
"The insurance industry is an important industry in Omaha. We rank eighth in total size of assets held by insurance companies and fourth in capital net worth," said Rod Moseman, Vice President of Economic Development for the Greater Omaha Chamber of Commerce. Moseman went on to say, "Insurance companies choose Nebraska because of our favorable premium tax rates, responsive regulatory climate and quality of life for their employees."
The company expects to initially place about 25 employees in Omaha.
About The Greater Omaha Economic Development Partnership
The Greater Omaha Economic Development Partnership represents an eight-county metro area and offers a full range of consultative services: current data on available sites and buildings; manpower availability, wage rates and productivity levels; energy rates and availability; training programs; and guidance on use and application of development incentives including major tax credits, refunds and exemptions for new and expanding businesses.
About LandAmerica Financial Group, Inc.
Based in Richmond, Virginia, LandAmerica Financial Group, Inc. is a leading provider of real estate transaction services. Through its many subsidiaries, LandAmerica serves residential and commercial customers with more than 900 offices and a network of 10,000 active agents throughout the United States, Mexico, Canada, the Caribbean, Latin America, and Europe. LandAmerica is recognized on Fortune magazine's 2006 list of America's most admired companies, and is ranked as a Fortune 500 and Forbes Platinum 400 company.
For more information on this project or other economic development projects taking place in Omaha visit http://www.accessomaha.com.