Jacksonville, Fla. — March 22, 2004 – Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance and transaction services, announced the successful acquisition of American Pioneer Title Insurance Company (APTIC) from The PMI Group, Inc. This strategic move significantly enhances FNF’s market presence and reinforces its commitment to the core title insurance sector.
American Pioneer Insurance, known as APTIC, operates as a title insurance underwriter across 45 states, boasting a robust agency network and substantial computerized title plant resources, particularly in Florida. Integrating APTIC under FNF’s Ticor Title brand is poised to elevate Ticor’s competitive standing nationally. The acquisition will create a powerhouse brand with combined revenues exceeding $800 million, strengthening both direct and agency operations.
A key asset of American Pioneer Insurance is its extensive Florida title plant coverage spanning 45 counties, including major metropolitan areas. This provides FNF with unparalleled title plant capabilities throughout Florida, a crucial market for title insurance.
Image of a handshake symbolizing a business acquisition
Beyond its core title insurance operations, American Pioneer Insurance, through its Aptitude Solutions subsidiary, has pioneered automation software for county recorder’s offices. Aptitude Solutions offers a suite of products designed to modernize recording processes, including scanning technology for reduced paper usage, document management systems, electronic digital stamping, workflow automation, e-recording, digital archiving, and solutions for electronic court document recording.
William P. Foley, II, Chairman and Chief Executive Officer of FNF, emphasized the strategic importance of this acquisition, stating, “The APTIC acquisition propels FNF to the number one market share position in Florida, with a pro forma 2002 title premium volume of $321 million and a 28% market share.” He further added, “We now command the top market share in California, Texas, Florida, and New York—states that collectively generate nearly 50% of the nation’s total title insurance premiums. While we are dedicated to expanding our financial institution services and outsourcing business, this acquisition underscores our unwavering commitment to fortifying our leading position in the foundational title insurance business.”
This acquisition of American Pioneer Insurance by Fidelity National Financial represents a significant consolidation within the title insurance industry, promising enhanced service capabilities and market leadership for FNF.
Source: Fidelity National Financial, Inc.
