JACKSONVILLE, Fla., Nov. 13,
2023 /PRNewswire/ -- Fidelity National Financial,
Inc. (NYSE: FNF) (FNF or the Company) today announced its intent to
invest approximately $250 million in
F&G Annuities & Life, Inc. (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.
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.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) 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, Inc. (NYSE: FG). 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. More information about FNF can be found at
www.fnf.com.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Statements that are
not historical facts, including statements regarding our
expectations, hopes, intentions or strategies regarding the future
are forward-looking statements. Forward-looking statements are
based on management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The risks
and uncertainties which forward-looking statements are subject to
include, but are not limited to: diversion of management's
attention; the ability of the FNF and F&G special committees to
negotiate mutually acceptable terms for the investment; the
potential impact of the consummation of further investment by FNF
in F&G on relationships, including with employees, suppliers,
customers and competitors; our ability to successfully realize the
anticipated benefits of the investment; changes in the financial
markets; changes in general economic, business, political crisis,
war and COVID-19 conditions, including ongoing geopolitical
conflicts; weakness or adverse changes in the level of real estate
activity, which may be caused by, among other things, high or
increasing interest rates, a limited supply of mortgage funding or
a weak U.S. economy; our potential inability to find suitable
acquisition candidates; our dependence on distributions from our
title insurance underwriters as a main source of cash flow;
significant competition that F&G and our operating subsidiaries
face; compliance with extensive government regulation of our
operating subsidiaries; and other risks detailed in the "Statement
Regarding Forward-Looking Information," "Risk Factors" and other
sections of FNF's Form 10-K and other filings with the Securities
and Exchange Commission.
FNF-G
View original
content:https://www.prnewswire.com/news-releases/fidelity-national-financial-inc-announces-intent-to-invest-approximately-250-million-in-majority-owned-subsidiary-fg-301986287.html
SOURCE Fidelity National Financial, Inc.