Fidelity National Financial, announced its intent to invest approximately $250 million in F&G Annuities & Life, . (F&G). FNF held approximately 85% ownership in F&G as of September 30, 2023.
F&G will use net proceeds from the investment to support the growth of assets under management, as it capitalizes on opportunities in the market. FNF views this as an attractive investment given F&G’s current momentum and performance which has exceeded expectations, while still preserving the Company’s excess liquidity as a buffer in response to market headwinds and historical low volumes in the Title business. FNF held $949 million in cash and short-term liquid investments at the holding company as of September 30, 2023.
FNF’s Board of Directors has formed a Special Committee comprised of independent members of the Board (the Special Committee) to begin evaluation and negotiation of terms for the investment. FNF’s Special Committee will retain an independent financial advisor, as well as legal counsel. The Special Committee, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will thoroughly evaluate the terms and conditions of the investment on an arm’s length basis.
Read More About Fintech: Leveraging the Power of Payments to Forge Better Employee Relations
The transaction is expected to close in late 2023 or early 2024, subject to customary closing conditions. The Company does not intend to comment on or disclose further developments regarding the Special Committee’s work unless and until it deems further disclosure is appropriate or required.
This press release is for informational purposes and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Fidelity National Financial, 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, 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.
Browse The Complete News About Fintech : 4 Factors Impacting Regional Bank Deposits—and How to Combat Them
[To share your insights with us, please write to pghosh@itechseries.com ]
