LandAmerica Bites the Dust - Sold to Fidelity National Financial Services

Title Insurance Companies Sold – Bye-bye LandAmerica

In early November the title insurance industry awoke to the news that Fidelity National Title Insurance Company ("Fidelity") and Chicago Title Insurance Company "Chicago") were acquiring LandAmerica, specifically, its Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation entities.

What does that mean to real property transactions in New Jersey? Well, on the face of things not much, but deep down, no one knows.

Before LandAmerica fell apart, Fidelity already controlled about 27% of the title insurance business written in the United States. (Chicago is part of the Fidelity family.) LandAmerica, through Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation controlled about 20%. You can do the math following the merger yourself.

When Fidelity acquired Chicago a number of years ago, it was determined to keep the operating functions of the two companies separate. Will Fidelity and Chicago do the same now or will they seek to economize costs by centralizing such functions as underwriting?

The insured property owner, whether of a single-family home or a commercial office building, will not be affected by the acquisition. As to the fate of the title agents who have served their underwriters loyally for many years, we will have to wait to see.

Here are the press releases issued by LandAmerica and Fidelity.

Stephen M. Flatow

Vested Title Inc., 648 Newark Avenue, P.O. Box 6453, Jersey City, NJ 07306. Tel 201-656-9220. Fax 201-656-4506. E-mail vti@vested.com Sphere: Related Content