Fidelity National Financial, Inc. Announces the Acquisition of Mercury Companies Colorado Operations
Jacksonville, Fla. -- (August 5, 2008) -- 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 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.
SOURCE: Fidelity National Financial, Inc.
CONTACT:
Daniel Kennedy Murphy
Senior Vice President, Finance and Investor Relations
904-854-8120
dkmurphy@fnf.com