Jacksonville, Fla. — (July 22, 2003) — Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products, services and solutions to the real estate and financial services industries, today announced that it has entered into a definitive agreement to acquire the assets of LandCanada Financial Services Limited (“LandCanada”), the largest independently owned title and transaction management services company in Canada. LandCanada’s business will be renamed FNF Canada Company (“FNF Canada”). The transaction is expected to close in the third quarter, subject to regulatory and other customary closing conditions.
FNF Canada will be the second largest provider of title insurance and related mortgage document production in Canada. Its service offerings will include residential and commercial title insurance policies, collateral, purchase and refinance mortgage processing, remedies services, and document archiving and retrieval. FNF Canada’s clients will include some of the largest lenders in the Canadian market.
“FNF Canada provides an immediate and meaningful presence in the rapidly expanding Canadian title insurance market through a partner with significant local industry knowledge,” said FNF Chairman and Chief Executive Officer William P. Foley, II. “We can also leverage FNF Canada’s national lender relationships, creating opportunities to provide a complete suite of outsourced mortgage and bank processing solutions to those financial institution customers.”
“Title insurance is most often bundled with other products and services in the Canadian marketplace, and FNF Canada will have no equal in the range of products and services it can now offer financial institutions,” said LandCanada President Gary Mooney. “We are proud to become the Canadian arm of the most progressive company in our industry.”
Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products, services and solutions to the real estate and financial services industries. FNF is the nation’s largest title insurance company and also performs other real estate-related services such as escrow, default management, mortgage loan fulfillment, exchange intermediary services and homeowners, flood and home warranty insurance. FNF is also one of the world’s largest providers of information-based technology solutions and processing services to the mortgage and financial services industries through its subsidiary Fidelity Information Services. It processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2.5 trillion, has processing and technology relationships with 48 of the top 50 U. S. banks and has clients in more than 50 countries who rely on Fidelity Information Services’ processing and outsourcing products and services. Including mortgages, more than 34 percent of the total dollar volume of all outstanding consumer loans in the country are processed on Fidelity Information Services software applications. Fidelity National Information Solutions (NASDAQ: FNIS), a majority-owned, publicly traded subsidiary of FNF, provides data and valuations, technology solutions and services for the real estate and mortgage industries. More information about the FNF family of companies can be found at www.fnf.com, www.fidelityinfoservices.com and www.fnis.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report