FNF Acquires American Pioneer Title Insurance Company
|March 22, 2004|
Jacksonville, Fla. -- Fidelity National Financial, Inc. (NYSE:FNF) has closed the acquisition of American Pioneer Title Insurance Company ("APTIC") from The PMI Group, Inc.
APTIC is a 45-state licensed title insurance underwriter with significant agency operations and computerized title plant assets in the state of Florida. APTIC will operate under FNF's Ticor Title brand, strengthening Ticor as a competitive national brand with strong direct and agency operations and a total revenue base of more than $800 million. APTIC's Florida title plant assets in 45 counties, including all of the major metropolitan areas, provide FNF with comprehensive title plant coverage in the state of Florida.
APTIC also has been a pioneer in the sale of automation software to county recorder's offices through its subsidiary Aptitude Solutions. Aptitude Solutions software products provide scanning technology to reduce paper flow, management of the internal flow of imaged documents through the recording process, electronic digital stamping, workflow tools, electronic recording, digital archiving and electronic recording of court case documents.
"The APTIC acquisition vaults FNF to the number one market share position in the state of Florida, with $321 million in pro forma 2002 title premiums and 28% market share," said Chairman and Chief Executive Officer William P. Foley, II. "We now own the number one market share position in each of the four states, California, Texas, Florida and New York, that produce nearly 50% of all title insurance premiums in the country. While we are committed to growing the financial institution processing and outsourcing segment of our company, this acquisition signals our commitment to continue to strengthen our number one position in our core title insurance business."
Source: Fidelity National Financial, Inc.