Fidelity National Financial Inc. (FNF) agreed to sell an 85 percent interest in its personal lines business to WT Holdings Inc. for approximately $119 million. Under the terms of the definitive agreement, WT Holdings will acquire Fidelity National Insurance Company, Fidelity National Property and Casualty Insurance Company and FNIS Insurance Services. FNF will retain a 15 percent minority ownership position in the personal lines business.
Fidelity’s title insurance business was not named in the agreement. In October after a few years of poor performance for the title insurance industry, A.M. Best released a report—“Despite Economic Turbulence, Title Industry Outlook Remains Stable”—stating the title insurance industry managed to report an approximate 7-percent increase overall in surplus, driven mainly by the equity market recovery in 2010, and A.M. Best has maintained its stable rating outlook for the title sector with the view that the majority of ratings will not change over the near-to-medium term. In the report, the rating agency identified Fidelity National Financial Group’s rating of A-/Stable.
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