Progress Reports and Business Plans, 1980-1989

File — Box: 40, Folder: 6

Staff Only

Scope and Contents

From the Series: Ticor was one of the nations largest and oldest title insurance firms. Rocco C. Siciliano was an officer at Ticor from 1971-1984, serving in capacities such as president, chairman, and chief executive officer. Southern Pacific originally owned Ticor but sold it to New TC Holding for $271 million in 1983. Rocco C. Siciliano retired from Ticor in 1985 but had several interactions with Ticor until 1990. The documents contained in this series are memos, correspondence, financial reports, company policies, and other such business-related interactions.

The folders in box 37 are about the events and activies of Ticor. Many of the folders are about an event that took place in 1985 between a subsidiary of Ticor, TMIC (Ticor Mortgage Insurance Company), and Equity Programs Investment Corporation (EPIC). TMIC insured a majority of EPIC mortgages. EPIC however, defaulted on $1.4 billion in mortgage loans, filed for bankruptcy, and left TMIC with more than $160 million claims to pay. As a result, TMIC faced losses of up to $200 million over the next five years. Regulators also barred TMIC from doing new business. Ticor was forced to help liquidate TMIC's assests by injecting $30 million into TMIC over four years. The documents in the box pertain to this event, as well as other activities that occurred between 1975 and 1992.

In 1984, New TC Holding Corporation acquired control of Ticor Title Insurance Corporation of California, Ticor Title Insurance Corporation, TMIC, Ticor Home Warranty Corporation, and Ticor Home Protection Insurance Corporation.

Dates

1980-1989

Language of Materials

From the Collection: Collection materials are in English.

Conditions Governing Access

Twenty-four hour advanced notice encouraged. Materials must be used on-site. Access to parts of this collection may be restricted under provisions of state or federal law.