Monday, insurance company Fidelity National Financial, Inc. (FNF), said that it has concluded the acquisition of LandAmerica Financial Group, Inc.'s or LFG's two principal title insurance underwriters, Commonwealth Land Title Insurance Company or Commonwealth and Lawyers Title Insurance Corporation or Lawyers, as well as United Capital Title Insurance Company or United.
Jacksonville, Florida-based Fidelity National said that the total purchase price for Commonwealth and Lawyers was approximately $235 million. Chicago Title Insurance company or Chicago Title and Fidelity National Title Insurance company or Fidelity National Title paid a total of approximately $135 million in cash to LFG. Additionally, FNF paid LFG a total consideration of approximately $100 million consisting of a $50 million subordinated note due in 2013, with an interest rate of 2.36% and approximately $50 million in FNF common stock.
Earlier in the day, Fidelity National said that the Chapter 11 Bankruptcy Court has granted approval for amended terms related to the acquisition of LandAmerica Financial Group, Inc., LFG's two principal title insurance underwriters, Commonwealth Land Title Insurance Co., and Lawyers Title Insurance Corp. Additionally, Fidelity National said that the Nebraska rehabilitation court ruled to release Commonwealth and Lawyers from rehabilitation, subject to the closing of the Fidelity National Financial's acquisition of the two underwriters.
Fidelity National Chairman William Foley said, "The acquisition of these established title insurance franchises is an historic opportunity for FNF. This combination creates the largest title insurer in the United States, with pro forma 2007 market share of approximately 46% and dominant positions in both the residential and commercial markets. We will have an unrivaled balance sheet, including an investment portfolio of approximately $5.5 billion and reserve for claim losses that will exceed $2.3 billion."
Fidelity National Financial closed Monday's regular trading at $16.35, up $0.61 or 3.88%, on a volume of 6.40 million shares on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.