Fidelity National Financial, Inc. Announces Closing of Bankers Insurance Flood Insurance Acquisition
January 10, 2003
IRVINE, Calif., /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF - News), a national provider of title insurance and real estate related products and services, has announced the closing of its acquisition of certain assets of Bankers Insurance Group ("Bankers"). The assets include the rights to issue new and renewal flood insurance policies underwritten by Bankers and its subsidiaries, Bankers Insurance Company, Bankers Security Insurance Company and First Community Insurance Company ("FCIC"). As part of the transaction, FNF also acquired FCIC, a fifty-state licensed insurance carrier, to act as the underwriter for the policies.
The transaction involves more than 360,000 flood insurance policies originated through a nationwide network of 10,000 independent agents in conjunction with the National Flood Insurance Program. Under the program, the Federal Government makes flood insurance available to owners and renters of residential and commercial properties as financial protection against flood losses and maintains the risk associated with potential claims. Borrowers are required to purchase flood insurance to obtain financing associated with a residential or commercial structure located in a federally designated Special Flood Hazard Area.
Source: Fidelity National Financial, Inc.
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