Items Tagged with 'LandAmerica Financial Group'

ARTICLES

  • Title Insurer Taps Servicing Business

    Title insurer Fidelity National Financial [stock FNF][/stock] plans to acquire LoanCare Servicing Center, a loan subservicer and outsourced loss mitigation service provider that will integrate with Fidelity's lender platform. Previously a wholly-owned subsidiary of LandAmerica Financial Group, LoanCare will join a family of acquired LandAmerica businesses at Fidelity, including Commonwealth Land Title, Lawyers Title and Unit Capital Title. The new deal costs Fidelity $16.3m and brings LoanCare's $12.4m in tangible equity.
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  • LandAm Acquisition Leads to Downgrade at Fidelity National

    At least one rating agency expressed concerns last week about the acquisition of now-bankrupt LandAmerica Financial Group's title underwriters by Fidelity National Financial, Inc. [stock FNF][/stock], with Fitch Ratings downgrading its issuer default ratings on Fidelity National, as well as docking the insurer financial strength of the conglomerate's title insurance subsidiaries.
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  • Conditions Met, Fidelity Closes On LandAm Deal

    Monday marked the close of a tenuous chapter for the acquisition talks between Fidelity National Financial Inc. [stock FNF][/stock] and its purchasee-to-be, a group of offshoots from the title insurance branch of LandAmerica Corp. Fidelity first announced Monday that the Chapter 11 Bankruptcy Court amended its terms related to the acquisition of LandAm's insurance underwriters, reducing the total purchase price for Commonwealth Land Title Insurance Co. and Lawyers Title Insurance Corp. to approximately $235 million.
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  • Fidelity National Unveils Ultimatum on LandAmerica Deal

    Fidelity National Financial Inc. [stock FNF][/stock] revealed Monday a strict step-by-step plan for acquiring LandAmerica Financial Group  Inc.'s title insurance underwriters, Commonwealth Land Title Insurance Co., Lawyers Title Insurance Corp. and United Capital Title Insurance Co.
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  • LandAmerica Goes Bankrupt

    The nation's real estate crisis has claimed its first title insurance giant, with Richmond, Va.-based LandAmerica Financial Group [stock LFG][/stock] saying Wednesday morning that it had filed for bankruptcy protection amid a burgeoning mortgage crisis that, as of yet, shows no sign of slowing down.
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  • No Deal: Fidelity Calls off LandAmerica Merger

    Fidelity National Financial, Inc. [stock FNF][/stock] said very late Friday after market close that it had chosen to terminate its merger agreement with troubled title insurance conglomerate LandAmerica Financial Group, Inc. [stock LFG][/stock], citing a "contractual due diligence termination right." The merger agreement gave Fidelity sole discretion to terminate the merger on or before Nov. 21, after first announcing the pending deal on Nov. 7.
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  • LandAmerica Posts $600 Million Q3 Net Loss

    LandAmerica Financial Group Inc. [stock LFG][/stock] reported that weak mortgage activity drove a quarterly net loss of $599.6 million, or $39.45 per share, in its third-quarter earnings statement, released Monday morning. Total revenue decreased by 30.3 percent, and direct revenue from title and non-title commercial operations declined by 40.1 percent -- in other words, it was a pretty bad quarter.
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  • Fidelity National to Acquire LandAmerica

    One day after postponing its third quarter earnings report, title insurer LandAmerica Financial Group, Inc. [stock LFG][/stock] said Friday morning it would be acquired by competitor Fidelity National Financial Inc. [stock FNF][/stock], the first major merger/acquisition to hit the title insurance side of the business as a result of the nation's housing crisis.
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  • LandAmerica Delays Third Quarter Earnings

    In a move that is raising a few eyebrows in the real estate space, LandAmerica Financial Group, Inc. [stock LFG][/stock] said Wednesday after market close that it would delay the release of its third quarter 2008 results, and cancel its investor call; the title insurance company was scheduled to report earnings yesterday.
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