FNF.com
Fidelity National Financial
Fidelity National Financial Incorporated (FNF) is a Fortune 500 company. It is ranked at 264 on the Fortune 500 list. It provides products, services and solution to the clients. Its main field ofactivity is financial services and real estate. Fidelity National Financial, Inc. is a leading insurance service provider. It offers different insurance services like specialty insurance, title insurance, and claims management services.
Fidelity National Financial, Inc has three subsidiaries. It is consist of Fidelity National Title Group, Inc., Fidelity National Property and Casualty Insurance Group and Sedgwick CMS.
It is one of the best companies in the industry. It is admired for its past records and business growth.
Services
Fidelity National Title Group, Inc.
Fidelity National Title Group, Inc. is a large title insurance company. Through its underwriters and associate companies it provides underwriting, title and closing services to the clients. Almost 29 percent of the commercial and residential underwriting is done by it.
Fidelity National Property and Casualty Insurance Group
Fidelity National Property and Casualty Insurance Group offer personal insurance. It provides services for homeowners, auto, flood and other related insurance. Umbrella insurance coverage is another important service which it provides. The services are rated A by AM Best.
Sedgwick CMS
Sedgwick CMS is into claim and productivity management. Solutions to the client needs in claims and productivity are available with it. Claim administration, risk consulting, program management, worker’s compensation, FMLA, disability, liability claim, automobile insurance are some of the fields in which Sedgwick CMS specializes. Fidelity National Real Estate Solutions
Fidelity National Real Estate Solutions is mainly concerned with real estate. Brokers, agents, MLS providers, Mortgage providers, lenders and other professionals are elligible to receive the benefit of experienced service from Fidelity National Real Estate Solutions. Research and advising by this orgnaization help the real estate business and professional make better choices and decision.
FNRES also provides information and services to the Multiple Listing Services (MLS) industry.
History
FNF was started as Fidelity National and Chicago Title, by Edward Rucker and V.Gillespie. The early starting of Fidelity National Financial took place in mid 19th century in California and Illinois. But it had to face extreme challenges like Great Chicago Fire (1871) and San Francisco earthquake and fire (1906).
Today’s Fidelity started to take shape in 1980. Fidelity National Title Insurance Co. (FNTIC) acquired a small underwriter in Tucson, Arizona.
William P. Foley II and Frank P. Willey started Fidelity National Financial Inc in 1984. Then they took control of the FNTIC. They made changes in employee management and relation and in the operation of the business. They started direct selling through employees. With this approach they were able to control the cost and reduce it. They earned more profit through this approach.
Fidelity switched to the New York Stock Exchange in 1992. It also made two large acquisitions: Meridian Title Insurance Co. and Security Title and Guarantee Co. The additions significantly boosted Fidelity's revenues and extended direct operations to Florida, Michigan, Missouri, New Jersey, New York, North Carolina, and Pennsylvania. Year-end 1993 revenue was $575 million.
In 1987 it went public. It traded on the American Stock Exchange. The company acquired Western Title Insurance Co. and its subsidiaries in the same year. In 1989 it purchased El Paso, which helped it to start its first title operation in Texas.
1998 was another important year for the company FNTIC. It merged with Alamo Title and became the number two underwriter in Texas. In 1992 again the new company acquired Meridian Title Insurance Co. and Security Title and Guarantee Co. This acquisition helped it in two ways, first in spreading its operations to other areas and secondly in increasing the revenue. As a technological move it purchased ACS Systems Inc. in 1994. It helped Fidelity to enter ecommerce. Another acquisition was World Tax Service in 1995, which enhanced its position in the industry.
Acquisitions were a part of Fidelity growth. 1996 saw another big acquisition of Nations Title Inc., the eight largest title underwriter. This step strengthens it and made Fidelity a undisputed king by helping it gain hold in the eastern and Midwestern market.
Fidelity merged with Chicago Title Corporation in the event of changing insurance scenario and tough competition. Chicago and Fidelity merger brought many advantages like size, profit, increased strength, more market, more functions and others. This acquisition completed in the year 2000.
Fidelity also tried to gain from its ancillary businesses. Fidelity National Information Solutions (FNIS) is a subsidiary of Fidelity which is into real estate data management, technical services and solution providing business. Majority-owned subsidiary, Micro General merged with FNIS in 2002, which provided system, telecommunication and software services. Again in 2002 it acquired Alltel Information Services. All these acquisition and business strategies made it the complete service provider in the financial industry.
Financials
On the quarter ending March 31st, 2007, Fidelity National financial earned revenue of $1,369, 062.
- Total expenses 1,242,175
- Earnings before income taxes and minority interest 126,887
- Income tax expense 45,045
- Net earnings $ 83,399 $
- Basic earnings per share $ 0.38
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