First American Creates Database Firm

First American Corp., which operates the nation’s second-largest title insurance company, said Monday that it has joined with a Richmond, Va., title insurer to create a standardized and centralized national network of title information databases.

The Santa Ana insurer and LandAmerica Financial Group Inc. created Data Trace Information Services to provide online databases aimed at reducing title information costs by automating the system to improve efficiency.

Under the agreement, First American will contribute its Smart Title Solutions division and LandAmerica will contribute its Datatrace division. The companies expect Data Trace to produce annual revenue of more than $75 million.

First American will be the majority owner and managing partner. Smart Title Solutions President Mike Henney will serve as president of Data Trace.