Fidelity National Financial, Inc. Acquires Sedgwick CMS Holdings, Inc.

December 27, 2005

JACKSONVILLE, Fla., -- Fidelity National Financial, Inc. (NYSE: FNF - News)has signed a definitive agreements to acquire Sedgwick CMS Holdings, Inc. ("Sedgwick CMS"), an leading provider of outsourced insurance claims management services to large corporate and public sector entities.

Sedgwick CMS designs, implements and manages innovative outsourced third party administration programs for workers' compensation claims management, liability claims management and disability claims management. The Company's services include claims administration, managed care and related services to clients with high frequency, low severity claim exposures. The complex risk management programs that Sedgwick CMS designs with its clients are long-term and highly recurring in nature and, therefore, not subject to variations of the insurance cycle. With expected 2005 revenue of nearly $400 million, Sedgwick CMS is one of the country's largest providers of claims administration services and has more than 400 clients under multi-year contracts in a wide range of industries, including 25 of the Fortune 100 and 72 of the Fortune 500.

The purchase price of $635 million, subject to certain adjustments, is expected to be funded through a combination of cash on hand and borrowings under existing lines of credit. Subject to regulatory approvals, the transaction is expected to close on January 31, 2006.

"Sedgwick CMS provides FNF a very exciting opportunity in an attractive, growing market, while allowing us to leverage our core expertise in title insurance processing and financial transaction processing," said Chairman and Chief Executive Officer William P. Foley, II. "Studies have shown the domestic market for third party administration services for just the Fortune 500 to be in excess of $2.5 billion. The long-term nature of the customer contracts and the strength of the customer relationships are very appealing and will provide growing, predictable and consistent revenue and earnings for our shareholders. In addition, we are excited about the opportunity to cross-sell Sedgwick CMS's outsourced claims administration services to FNF's existing customer relationships. We believe that the acquisition of Sedgwick CMS will further our continued goal of maximizing the value of our assets for the benefit of our shareholders."

"We are exceptionally pleased with this outcome of the strategic review process we announced in September to our clients, colleagues and other stakeholders," said Sedgwick CMS President and Chief Executive Officer David A. North. "The leadership of FNF is well known for effectively leveraging the distinctive strengths of operating company affiliates. FNF and Sedgwick CMS share a commitment to growth, an orientation toward long-term relationships, and a bias for action and innovation that creates superior service capabilities. FNF has a management culture, client relationships and operating resources that complement and reinforce the business strategies of Sedgwick CMS. We look forward to contributing value to the FNF family of companies."

Source: Fidelity National Financial, Inc.

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