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March 04, 1994|From Times Staff and Wire Reports

Firm Acquires Piece of Competitor: First American Title Insurance Co. said Thursday that it has acquired a 17% stake in a privately held Bay Area competitor in exchange for giving up its half interest in a 2-year-old joint venture the companies shared. Under a joint agreement signed in January, 1992, First American in Santa Ana and North American Asset Development Corp. in Walnut Creek formed North American Title Insurance Co. First American will now exchange its 50% stake for stock in North American Asset. Kathy M. Snyder, a First American spokeswoman, said the deal must be approved by the state Department of Insurance.

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