Fidelity National Financial, Inc. Announces Acquisition of BPG Holdings, LLC
Jacksonville, Fla. -- (December 1, 2014) -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries, today announced the signing of a definitive agreement to acquire BPG Holdings, LLC ("BPG"), a recognized leader in home warranty, home inspection services and commercial inspections. Closing of the transaction is subject to regulatory approval, including the State of California Department of Insurance.
"The combination of BPG and Fidelity National Home Warranty ("FNHW") will make us the largest home warranty company in California, provide a meaningful increase to our market share in Texas and give us added scale in several other states," said Billy Jensen, FNHW President and CEO. "Our combined home warranty business provides a great opportunity to continue with our nationwide expansion efforts and the home inspection services platform provides a substantial opportunity for further future growth at FNHW."
Fidelity National Financial, Inc., is organized into two groups, FNF Core (NYSE:FNF) and FNFV. FNF Core is a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. FNF also provides industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through its majority-owned subsidiaries, Black Knight Financial Services, LLC and ServiceLink Holdings, LLC. In addition, through FNFV we own majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC, J.Alexander's, LLC, Remy International, Inc., Ceridian HCM, Inc., Comdata Inc. and Digital Insurance, Inc. More information about FNF can be found at www.fnf.com.
About Fidelity National Home Warranty
Fidelity National Home Warranty began in January 1995 as Alliance Home Warranty and was acquired by FNF on August 14, 1998. In March of 2000, FNF acquired Chicago Title, which included Chicago Home Warranty, formerly known as Continental Home Warranty. The two home warranty companies merged in January of 2001 under the Fidelity National Home Warranty license. FNHW currently operates in California, Arizona, Nevada, Texas, Colorado, Washington, Oregon and Idaho providing quality home warranty products and exceptional service to their customers. During this time the company has grown from $5 million to $100 million in annual written premium. The Company is a charter member of the National Home Service Contract Association (NHSCA) and is currently ranked in the top 5 home warranty providers based on contracts in force. For more information visit homewarranty.com. FNHW also operates Disclosure Source, California's premier natural hazard disclosure company providing complete, compliant and current natural hazard disclosures, tax and environmental information to the real estate industry. For more information visit disclosuresource.com.
About Buyers Protection Group
BPG has been providing home warranties and home inspections to consumers involved in real estate transactions since 1987. BPG currently operates in 14 states including the top 25 housing markets and includes the ownership of home warranty company, HISCO. HISCO was the first company to be granted a home protection license by the California Department of Insurance in 1973 at the inception of the home warranty industry has been providing home warranties since 1987 and home inspections since 1989.
BPG Home Inspections, is the largest employee-based home inspection company in the country. All inspectors are employed by BPG and their work is covered under the company's general liability and E&O policy which covers referring REALTORS® for claims arising from the inspection.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future 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 financial and operating results 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; weakness or 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 distributions from our title insurance underwriters as a main 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 and Treasurer, 904-854-8120,