A.M. Best Co. said yesterday it has placed the ratings of Fidelity National Financial Group and its eight title insurance members under review with negative implications in the wake of its planned $128 million acquisition of LandAmerica.
Fidelity's purchase of LandAmerica Financial Group through a stock transaction was announced Friday.
The companies said the transaction has been structured to reduce the combined debt of LFG and FNF by approximately $250 million prior to the closing of the merger agreement. They said this will be accomplished by FNF's title insurance subsidiaries providing liquidity equal to the statutory book value of LFG's two primary title insurance subsidiaries.
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