Fidelity To Sell Flood Insurance Biz For $210M

Law360, New York (July 13, 2011, 1:55 PM EDT) -- Jacksonville, Fla.-based Fidelity National Financial Inc. announced Wednesday that it would sell its flood insurance business — the largest writer of flood insurance in the U.S. — to WRM America Holdings LLC in a deal worth about $210 million.

The transaction will leave WRM America holding all the equity interests of Fidelity National Indemnity Insurance Co. and Fidelity National Insurance Services and is expected to provide FNF with a pretax gain of about $154 million, the insurer said.

About $122.5 million of the deal consists of...
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