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Fidelity National Financial Insurance Dumps Over 80 Percent Of Personal Lines Division

Fidelity National Financial Insurance Dumps Over 80 Percent Of Personal Lines Division

Sunday’s Post 1.8.12 -  A major Insurance Company which underwrite many products such as Auto Insurance, Homeowners Insurance, Title Insurance and Financial & Investment Services;  Fidelity National (FNF) Inc. will off-load eighty-five percent of its personal coverage lines policies to a Memphis insurance carrier, WT Financial.  WT  Financial will buy the FNF Co, FN Property/Casualty Insurance Co, and Fidelity National Insurance Svcs., while Fidelity will maintain 15% ownership of those lines of business. Those three divisions will continue to provide products offered under the FNF Moniker. These divisions  provide insurance for private property, condos, other homes and cars, and personal “umbrella” coverage policies. As with all sales, the deal will be guided by adjustments for surpluses prior to the conclusion of the same. The closing process is expected to begin during the first six months of 2012. William Foley, Chairman for FNF, expressed his support for this plan of action. The sections of the business being sold off represent risks for volatility in earnings that exceed the limits set out by FNF for acceptable levels of risk. In selling these portions of the organization, the cash outlay can be transferred to other ventures and initiatives that may provide better returns and benefit to investors. This move will help FNF keep up its place as a major player in the insurance industry.

-Mike

Michael E. Dortch
President &  Managing Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 602