Fidelity National Financial Acquires First Nationwide Title Agency

Rhea-AI Summary

Fidelity National Financial, Inc. (NYSE:FNF) has acquired the commercial operations of First Nationwide Title Agency (FNTA), a division of AMT Commercial Title Services and subsidiary of AmTrust Financial Services, Inc. This acquisition expands FNF's national commercial services portfolio and aligns with its strategy of acquiring top companies in the industry. FNTA, founded in 2012 and based in New York City, has expertise in closing and insuring commercial real estate transactions across the U.S.

Key points:

• FNTA's commercial team, including President and CEO Steven Napolitano, will join FNF
• The acquisition aims to enhance FNF's ability to service commercial real estate clients
• FNTA's leadership team will continue to manage day-to-day operations under FNF ownership
• The move is expected to provide FNTA with resources to expand its business

Positive

• Acquisition of FNTA's commercial operations expands FNF's national commercial services portfolio
• Integration of FNTA's expertise in closing and insuring commercial real estate transactions
• Retention of FNTA's key commercial leadership team, ensuring continuity of operations
• Potential for business expansion with FNF's resources and support

Negative

• None.

Acquisition Expands National Commercial Services Portfolio of Companies

JACKSONVILLE, Fla., Oct. 2, 2024 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) ("FNF" or the "Company"), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc., today announced the acquisition of the commercial operations of First Nationwide Title Agency ("FNTA"), a division of AMT Commercial Title Services and a subsidiary of AmTrust Financial Services, Inc. ("AmTrust"). The acquisition of this significant New York City based team continues FNF's strategy of acquiring the best companies and talent in the industry and bringing them into its portfolio to better service commercial real estate clients.  

Founded in 2012, FNTA has rapidly gained a reputation for its expertise in closing and insuring commercial real estate transactions all over the U.S. The company, headquartered in New York City, has been a trusted partner for some of the largest real estate developers, investors, and lenders. FNTA is known for its client-centric approach, driven by a seasoned and dynamic leadership team.

"We're thrilled to welcome the FNTA commercial team to the FNF family of companies," said Joanna Patilis, EVP, Regional Manager, Fidelity National Financial. "Their team and strong reputation aligns perfectly with our mission to provide the best to our clients in the Northeast and nationwide."

"Joining FNF is the best decision for FNTA's commercial team and provides us with the resources and support to expand our business," said Steven Napolitano, President and CEO of FNTA. "The entire leadership team at FNTA and I are excited about the opportunities ahead and remain committed to delivering the highest level of service to our clients."

As part of the acquisition, FNTA's key commercial leadership team will join FNF, including Steven Napolitano, Devin Dregne, Esq., Michael Ehrhardt, Michael Elkins, Esq., Jesse Iadanza, Esq., Michael Lebovitz, Michael Scott, Esq., Matthew Emanuelo, and Chris Suozzi. Napolitano, who serves as FNTA's President and CEO, has over 35 years of industry experience and will continue to lead the company's day-to-day operations under FNF's ownership. This continuity will ensure a seamless transition for clients while maintaining FNTA's signature level of service. 

About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries, and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned subsidiary F&G Annuities & Life, Inc. (NYSE: FG). 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. More information about FNF can be found at www.fnf.com. 

Forward-Looking Statements and Risk Factors
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, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; 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; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.

FNF-G

View original content:https://www.prnewswire.com/news-releases/fidelity-national-financial-acquires-first-nationwide-title-agency-302265920.html

SOURCE Fidelity National Financial, Inc.

FAQ

What company did Fidelity National Financial (FNF) acquire?

Fidelity National Financial (FNF) acquired the commercial operations of First Nationwide Title Agency (FNTA), a division of AMT Commercial Title Services and a subsidiary of AmTrust Financial Services, Inc.

How does the FNTA acquisition align with FNF's strategy?

The acquisition aligns with FNF's strategy of acquiring top companies and talent in the industry to enhance its ability to service commercial real estate clients.

Will there be changes to FNTA's leadership after the acquisition by FNF?

FNTA's key commercial leadership team, including President and CEO Steven Napolitano, will join FNF and continue to lead the company's day-to-day operations, ensuring a seamless transition for clients.

What benefits does FNTA expect from joining FNF?

FNTA expects to benefit from FNF's resources and support, which will provide opportunities to expand their business while maintaining their high level of service to clients.