FNF Fidelity National Financial Inc

Fidelity National Financial, Inc. Announces Settlement With California Department of Insurance on Captive Reinsurance Inquiry JACKSONVILLE, Fla., July 20 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE:FNF) today announced that it has reached a settlement with the California Department of Insurance on that department's inquiry into captive reinsurance practices in the title insurance industry. Under the terms of the settlement, FNF will refund approximately $7.7 million to those consumers whose California property was subject to a captive reinsurance arrangement and will also pay a penalty of $5.6 million. As part of the settlement, FNF denied any wrongdoing. The financial impact of the settlement has been accrued for in the first and second quarter financial results of FNF. "We have worked closely with the California Department of Insurance to resolve this issue in an amicable manner," said Peter T. Sadowski, Executive Vice President and General Counsel. "We are happy that this matter is now behind us and we remain committed to vigorous internal compliance policies. We will work informally with the department on issues of mutual interest to minimize the possibility of future misunderstandings regarding acceptable market conduct." Fidelity National Financial, Inc., number 261 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. FNF had total revenue of nearly $8.3 billion and earned more than $740 million in 2004, with cash flow from operations of nearly $1.2 billion for that same period. FNF is the nation's largest title insurance company, with nearly 31 percent national market share, and is also a provider of other specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. Through its majority-owned subsidiary Fidelity National Information Services, Inc. ("FIS"), the Company is a leading provider of technology solutions, processing services and information services to the financial services and real estate industries. FIS' software processes nearly 50 percent of all U.S. residential mortgages, it has processing and technology relationships with 45 of the top 50 U.S. banks and more than 2,800 small and mid-sized U.S. financial institutions and it has clients in more than 50 countries who rely on its processing and outsourcing products and services. FIS also provides customized business process outsourcing related to aspects of the origination and management of mortgage loans to national lenders and servicers. FIS offers information services, including property data and real estate-related services that are used by lenders, mortgage investors and real estate professionals to complete residential real estate transactions throughout the U.S. More information about the FNF family of companies can be found at http://www.fnf.com/ and http://www.fidelityinfoservices.com/ . This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward- looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission. DATASOURCE: Fidelity National Financial, Inc. CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations of Fidelity National Financial, Inc., +1-904-854-8120, or Web site: http://www.fnf.com/ http://www.fidelityinfoservices.com/

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