Just a day after the Flood Insurance Reform Act of 2011 passed the House of Representatives by a wide margin, WRM America Holdings LLC, a specialty lines property/casualty insurance and risk management holding company, announced it has reached a definitive agreement to acquire Fidelity National Financial's flood and excess flood business.
Fidelity National Indemnity Insurance Co. (FNII), the flood insurance business of Fidelity National Financial Inc., will operate as a wholly owned subsidiary of WRM America. The FNII flood business is a 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, WRM reports. The FNII flood business, which will continue to be led by Patty Templeton-Jones and G. Michael Sloane, offers NFIP and excess flood insurance through its national network of independent agents and brokers. Central operations of the FNII flood business will remain headquartered in St. Petersburg, Fla., and the group will retain its 220 employees.
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