WRM America Holdings LLC, a specialty-lines property and casualty insurance and risk-management holding company, has reached a definitive agreement to acquire Fidelity National Financial's flood and excess flood business—Fidelity National Indemnity Insurance Co. (FNII)—for $210 million.
WRM says FNII will operate as a wholly owned subsidiary of WRM America, continuing to be led by Patty Templeton-Jones and G. Michael Sloane, who will become members of WRM America senior management.
William Fishlinger, CEO and chairman of WRM America, says, "The addition of the largest provider of federal flood insurance through the NFIP to the WRM America family of companies is another step in our continued growth as a specialty-lines insurance company, is representative of our dedication to current and future public-private partnerships, and considerably increases our fee-for-service offering."
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