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Fidelity National Financial, Inc. Announces the Acquisition of Mercury Companies Colorado Operations
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 http://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.
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