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Stewart Information to add four directors in deal with Starboard

Oct 18 Title insurer Stewart Information Services Corp said on Tuesday it would add four new directors to its board, reaching a deal with activist investor Starboard Value LP.

Starboard Value is the company's biggest shareholder with a 9.9 percent stake.

Stewart Information's chief executive, Matthew Morris, and a new independent director, Clifford Press, will be appointed to the board, effective immediately, the company said.

Morris and Press will replace Malcolm Morris and Stewart Morris, who served as co-CEOs from 2000 to November 2011.

Stewart Information also said its board will additionally appoint two other new independent directors who will replace current board members Laurie Moore-Moore and Frank Keating.

Reuters reported in September that Stewart Information was close to reaching a deal with Starboard.

Title insurers guarantee property owners have title to their property and can legally transfer it in a sale. (Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)

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