Osei Rubie, president and founder of National Standard Abstract, knew he wanted to change the face of New York City title insurance when he established the firm in 2015 after spending time in the pharmaceutical industry and breaking into title insurance with a national underwriter.
Judging by the numbers, that push has been a success.
In February, National Standard Abstract passed $2 billion in transactions. That benchmark was reached roughly three years after hitting the $1 billion plateau across the business’ first half-decade of existence.
Rubie said shrinking the window to bring in another billion is the product of his team’s hard work and building relationships with clients.
“We’ve seen our (individual) transactions exceed $150 million and now, this year, $300 million,” Rubie said during an interview with The Title Report. “Starting as a new company, our relationship base with clients wasn’t as active as it was now. These transactions can also take several years to close, double and triple digits in millions. Everyone here has put in a lot of effort to make those a reality.
“In 2018, we closed upwards of $650 million in that one year. That really got our momentum going at the level we’re seeing now. With those, that was a lot of timing with transactions we’d been working on for several years.”
Born in Costa Rica, Rubie lived in several countries across Africa, Europe and North America and worked alongside his entrepreneurial parents at three retail clothing stores, a clothing manufacturing facility for school and military uniforms, a restaurant, and the first mass-produced Black toy line, Huggy Bean doll.
Rubie is an alumnus of Lincoln University, the nation’s first degree-granting Historically Black College and University.
He said National Standard Abstract’s growing success has been helped by increased diversity among New York’s large land developers.
“We’re seeing better efforts with diversity in developers having access to capital and, not just competing, but being awarded these large projects,” Rubie said. “That creates this dynamic domino effect of positive change, by hiring companies like National Standard Abstract as a title insurance provider. There’s statistical data that proves Black real estate developers are more likely to hire Black companies like National Standard Abstract. We’re a testament to that fact.
“We are very grateful for all of the support we receive from our customers, family and friends. Without this level of commitment from commercial real estate developers and residential real estate professionals, National Standard Abstract would not surpass $2 billion in closed real estate transactions. There’s now more Black real estate developers and real estate professionals we’re doing business with, for the multi-million transactions, compared to 2015. There still needs to be much more, not just for us, for everyone.”
Rubie’s son, Nadir, joined him as a partner at National Standard Abstract in 2018.
The younger Rubie worked to establish the National Standard Resource Center to provide residential and commercial real estate professionals with access to cutting edge industry insight and opportunities for exchanges through continuing education courses.
“I grew up in a family legacy of Black entrepreneurship. I am proud of what my father and I have accomplished by being true to ourselves,” Nadir said. “This $2 billion accomplishment in closed real estate transactions serves New York metropolitan’s predominantly Black communities, organizations, and companies.”
Osei shares his son’s enthusiasm for the family pairing and resulting success.
“It’s just an amazing feeling, really exciting,” he said. “I have the ability to pass on this business theoretically to him, but also give him the full-scale entrepreneurship experience where he’s making major decisions, managing major portions of the company, engaging clients, generating new business, and so many other things. It’s just been so fantastic to see him progress these past several years.”
Efforts from National Standard Abstract to aid the local community don’t stop with outreach to fellow real estate and title professionals. The Osei Rubie Charitable Fund allocates a portion of every project as an investment into the fund. Roughly $100,000 has been awarded to 15 organizations and counting that advance Black culture, excellence, and generational wealth.
That’s included scholarships for Lincoln University students and the purchase of uniforms for the Rosedale Jets youth football program that’s served the Queens and Nassau County communities for nearly 60 years.
“We have a $30,000 endowment, the Osei Rubie Scholarship, that’s there at Lincoln,” Osei said. “It’s actively being utilized and issuing scholarship funds. With the Rosedale Jets, that’s another Black-led organization where we’ve funded their uniforms for about 225 student-athletes. It was home and away jerseys for everyone. We did that in 2019 and 2022.
“In a lot of cases, families may not be able to afford financial obligations for equipment, uniforms, things of that nature, when their children can benefit significantly from being involved with the community and team activity. It goes beyond just the athletics itself. It’s leadership and the kids seeing leaders who look like them, and they can aspire to be like them, our future leaders.”
Osei said he remains keenly aware of and thankful for those who came before him in establishing Black Americans’ presence in the title insurance community.
One of the earliest Black-owned title insurance agencies was the Chicago-based Supreme Life Insurance Co., which was founded in 1919. The company was started by African American entrepreneur Frank Gillespie and provided a range of products including title insurance.
Gillespie died in 1925 as he was setting up the National Insurance Association, a professional association of Black insurance firms, according to research included in the 1994 publication “African-American Business Leaders: A Biographical Dictionary.”
“These people worked through the most difficult circumstances imaginable and thrived in the scope of what was permitted at the time,” Osei said. “We’re never going to forget that or what it meant to anything that goes on today. We’re proud of our work. We’re very proud of our work, but we’ll always remember the people who laid the path to make that work possible in the first place.”
Another notable early Black-owned title insurance agency was the North Carolina Mutual Life Insurance Co., which was co-founded in 1898 by former slave John Merrick. The company was initially focused on providing life insurance to Black Americans, but later expanded its offerings to include title insurance.
For much of the 20th century, North Carolina Mutual Life Insurance Company was thought to be the largest such entity run by Black Americans, company archives state.
Black-owned agencies became relatively more common in the 1970s and 1980s, but still represent a significantly lower share of total U.S. agencies compared with nationwide population data.
“Without them, there is no us,” Osei said of early Black-owned agencies. “That means, in a very direct manner, without those who came before us, we’re not here. Even though they’re not our direct ancestors, these are our ancestors in the industry. We know, without them paving the way, there wouldn’t be a National Standard Abstract father and son team that can hit a milestone like $2 billion and be on the road to $3 billion. It just wouldn’t be possible. We’re benefitting from the work that came before us, and we’re always going to carry on their proud legacy.”
Regarding the present and future success of National Standard Abstract, Osei said the sky’s the limit.
“I don’t know if we’re the biggest Black-owned title agency (in U.S. history), but I will say we’re one of them,” he said. “I know, in the state of New York, we’re the only Black-owned father and son title agency that’s closed $2 billion. We’re just going to keep moving, building those relationships and finding new paths to success. Things are growing for us and I don’t see that stopping anytime soon.”