WRM America Completes Acquisition of Fidelity National Financial’s Flood Insurance Business
November 10 2011 - 5:22PM
Business Wire
WRM America Holding Company, LLC (“WRM America”), a specialty
lines property and casualty insurance and risk management holding
company, today announced the successful completion of its
acquisition of Fidelity National Indemnity Insurance Company
(“FNIIC”), the flood insurance business of Fidelity National
Financial Inc. (NYSE: FNF). FNIIC will operate as a wholly-owned
subsidiary of WRM America and will continue to be led by Patty
Templeton-Jones and G. Michael Sloane.
FNIIC is the nation’s largest provider of federal flood
insurance through the National Flood Insurance Program (“NFIP”),
capturing in excess of 17% of the total “Write Your Own” program
market in 2010. FNIIC offers NFIP flood insurance as well as excess
flood insurance through its national network of independent agents
and brokers, and has consistently achieved an industry-leading
renewal rate through its customer-focused approach.
“Combining the leading federal flood insurance provider with WRM
America’s expertise in specialty lines insurance along with
building successful public-private partnerships presents
extraordinary growth opportunities for both companies,” said
William Fishlinger, CEO and Chairman of WRM America. “FNIIC’s
attractive fee-for-service model and commitment to partnering with
clients are highly complementary to our business. We anticipate
significant synergies emerging among our companies and clients that
will broaden and enhance our customer focused approach to risk
financing.”
“At Fidelity we have been energized by the positive response and
interest both among our staff and our loyal independent agency
partners,” noted G. Michael Sloane, Senior Vice President of
FNIIC.
FNIIC will continue to offer flood insurance and excess flood
insurance to its existing agency partners and will retain its 220
in-house policy processing, customer service, claims management,
and marketing professionals. WRM America worked closely with its
lead shareholder Aquiline Capital Partners to consummate the
transaction.
About WRM America Holding Company, LLC
WRM America Holding Company, LLC is a specialty lines property
and casualty insurance and risk management holding company offering
comprehensive solutions for public and private sector entities. WRM
America serves its clients’ unique needs through its operating
companies: Wright Risk Management, which manages the New York
Schools Insurance Reciprocal (A.M. Best “A” (Excellent)), the New
York Municipal Insurance Reciprocal (A.M. Best “A-” (Excellent)),
and the New York State Municipal Workers' Compensation Alliance;
RMI Consulting; and WRM America Indemnity Co. (A.M. Best “A-”
(Excellent)). The company is headquartered in Uniondale, NY. For
more information, please visit www.wrmamerica.com.
About Fidelity National Indemnity Insurance Company
Fidelity National Indemnity Insurance Company is the nation’s
largest provider of flood insurance with over 20 years of
experience as a leading WYO company through the NFIP. FNIIC
participates in NFIP flood management committees as well as many
flood industry-related organizations. Agents may visit us at
www.fidelityonline.com.
About Aquiline Capital Partners, LLC
Aquiline Capital Partners, a global financial services private
equity firm lead by Jeff Greenberg, invests in financial services
enterprises across industries such as property and casualty
insurance, banking, securities, asset management, life insurance
and financial technology. Aquiline seeks to add value to its
portfolio companies through strategic, operational, and financial
guidance.
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