First American to Buy Screening Firm

Real estate title insurer First American Financial Corp. said Tuesday it will buy CIC Inc., a privately held employee screening concern, for an undisclosed price.

Santa Ana-based First American said the purchase will be an all-stock transaction.

The acquisition is part of First American’s plan to move into “less cyclical markets by forming alliances with leaders in complementary industries,” said John Long, president of First American’s real estate information services unit.

CIC, based in Largo, Fla., searches criminal and driving records and checks the credit and employment histories of job applicants. Like title insurance and other services of First American, employee screening involves searches of legal records. CIC also offers drug testing.

First American also said it has completed the purchase of First American Loss Mitigation Services, a default loan services provider, for an undisclosed sum. The loss mitigation company has operated for almost a year under the First American name.

First American’s stock rose $2.31 a share to $28.06.