Fidelity National Financial, Inc. Announces the Acquisition of Mercury Companies Colorado Operations
August 05 2008 - 8:09PM
PR Newswire (US)
JACKSONVILLE, Fla., Aug. 5 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. (NYSE:FNF), a leading provider of title
insurance, specialty insurance, claims management services and
information services, today announced the acquisition of all of the
state of Colorado title insurance operations of the Mercury
Companies, Inc. The acquired operations, which include Security
Title, First American Heritage Title, Title America and United
Title, generated approximately a 30% market share during 2007 and
have a history in the state of Colorado dating back to the 1940's.
The acquisition also includes the Impact title operating system
that these operations utilize. "We are very excited to have the
opportunity to acquire such a significant and well-established
group of companies in the state of Colorado," said FNF Chairman
William P. Foley, II. "Our financial strength and ability to
allocate capital during difficult market conditions allow us to
make this strategic acquisition that we expect to generate
significant future value for our shareholders." "I am happy to
announce the acquisition of our Colorado operations by FNF," said
Jerry Hauptman, Chairman and CEO of Mercury Companies, Inc. "FNF is
an exceptionally strong, stable and well-run title company. Its
financial strength and operational acumen will allow our Colorado
operations to continue to provide the service and performance that
our customers have come to expect for so many years. We are
thrilled to become a part of the FNF family." "This is a
significant market opportunity for FNF," said FNF President Raymond
R. Quirk. "With the acquisition of these Colorado operations, we
have become the market share leader in the state of Colorado. The
Impact title operating system is also a great component of the
acquisition, as these companies have effectively utilized that
system for a number of years. We welcome Security Title, First
American Heritage Title, Title America and United Title and all of
their employees into the FNF family and we are confident that our
combined commitment to leading the title industry in customer
service, technology and financial strength will lead to a
successful long-term partnership that will set the standard for
title insurers in the state of Colorado." Fidelity National
Financial, Inc. (NYSE:FNF), 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
http://www.fnf.com/. This press release contains forward-looking
statements that involve a number of risks and uncertainties.
Statements that are not historical facts, including statements
about our beliefs and expectations, are forward-looking statements.
Forward-looking statements are based on management's beliefs, as
well as assumptions made by, and information currently available
to, management. Because such statements are based on expectations
as to future economic performance and are not statements of fact,
actual results may differ materially from those projected. We
undertake no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
The risks and uncertainties which forward-looking statements are
subject to include, but are not limited to: changes in general
economic, business and political conditions, including changes in
the financial markets; adverse changes in the level of real estate
activity, which may be caused by, among other things, high or
increasing interest rates, a limited supply of mortgage funding or
a weak U. S. economy; our potential inability to find suitable
acquisition candidates, acquisitions in lines of business that will
not necessarily be limited to our traditional areas of focus, or
difficulties in integrating acquisitions; our dependence on
operating subsidiaries as a source of cash flow; significant
competition that our operating subsidiaries face; compliance with
extensive government regulation of our operating subsidiaries; and
other risks detailed in the "Statement Regarding Forward-Looking
Information," "Risk Factors" and other sections of the Company's
Form 10-K and other filings with the Securities and Exchange
Commission. DATASOURCE: Fidelity National Financial, Inc. CONTACT:
Daniel Kennedy Murphy, Senior Vice President, Finance and Investor
Relations, +1-904-854-8120, Web site: http://www.fnf.com/
Copyright
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fidelity National Financ... (NYSE:FNF)
Historical Stock Chart
From Sep 2023 to Sep 2024