Fidelity National Financial, Inc. Announces Upcoming Milestones
|December 16, 2008|
JACKSONVILLE, Fla.,-- Fidelity National Financial, Inc. announced several upcoming milestones during the week of December 15, 2008, related to the amended stock purchase agreement with LandAmerica Financial Group, Inc. ("LFG"). Under the terms of the amended stock purchase agreement, FNF will acquire LFG's two principal title insurance underwriters, Commonwealth Land Title Insurance Company ("Commonwealth") and Lawyers Title Insurance Corporation ("Lawyers"), as well as United Capital Title Insurance Company ("United").
On Monday, December 15, FNF expects to receive notification on the status of its Form A filing with the state of Nebraska. On Tuesday, December 16, FNF expects a decision by the Chapter 11 court on the amended stock purchase agreement. Finally, on December 18, the waiting period under Hart Scott Rodino approval expires and FNF expects communication from the Federal Trade Commission on its decision concerning the amended stock purchase agreement. Due to the risk to the long-term value of the Commonwealth, Lawyers and United franchises from an extended period of uncertainty concerning their future, the amended stock purchase agreement is subject to termination by FNF if the closing does not take place on or before December 22, 2008.
Accordingly, as required under the November 26, 2008 reinsurance treaties, the reinsurance treaty by and between Chicago Title Insurance Company ("Chicago Title") and Commonwealth, United and LandAmerica NJ Title Insurance Company ("Land NJ") will be terminated effective December 28, 2008, as will the reinsurance treaty by and between Fidelity National Title Insurance Company ("Fidelity National Title") and Lawyers. As of December 28, 2008, the policies and closing protection letters of Commonwealth, United and Land NJ will no longer be reinsured by Chicago Title and the policies and closing protection letters of Lawyers will no longer be reinsured by Fidelity National Title. All rights and obligations of all parties under the two treaties will terminate, and the treaties will be of no force and effect as of December 28, 2008. If the previously announced amended stock purchase agreement between FNF and LFG is approved by various regulators and closes no later than December 22, 2008, the reinsurance treaties will no longer be required as the LFG underwriters will be released from rehabilitation by the state of Nebraska and they will become underwriters of FNF on that date.
Fidelity National Financial, Inc., is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - that issue approximately 27 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.
SOURCE Fidelity National Financial, Inc.