The ALPS Corporation, owner of Montana risk retention group (RRG) Attorneys Liability Protection Society (ALPS RRG) announced yesterday that the RRG has entered into a definitive stock purchase agreement to acquire Southern Title Insurance Corporation (Southern Title).

Southern Title is a Virginia-based title insurance underwriter primarily serving the southeastern United States. ALPS RRG is an attorney-owned and operated company providing professional liability insurance to attorneys in 24 states and 3 US territories.

“The acquisition of Southern Title squarely aligns with ALPS’ strategic vision,” said Robert W. Minto, Jr, president and CEO of ALPS. “Southern Title is well-respected in the title insurance industry, prioritizes customer service above all else and has significant opportunity for growth as the housing market rebounds.”

The corporation said the acquisition will enable ALPS to strengthen its revenue base, diversify product offerings and realize unique synergies to attorneys engaged in the real estate practice of law.

The transaction is expected to close in early July and is subject to closing requirements and conditions, including regulatory approval by the Virginia Department of Insurance.

Eugene McCullough, president of Southern Title said: “We are excited about the synergistic possibilities. Although ALPS does business in 24 states and territories and Southern Title is licensed in 17 states, only a three state geographic overlap exists, giving each of us an opportunity to grow.”