LandAmerica files for bankruptcy protection
Fidelity wants title insurance subsidiariesBy Matt Carter, Wednesday, November 26, 2008.
LandAmerica Financial Group Inc. has filed for Chapter 11 bankruptcy protection and plans to sell its title insurance underwriting subsidiaires to companies under the umbrella of rival Fidelity National Financial Inc., a week after Fidelity backed out of a planned merger of the companies.
Fidelity subsidiaries Fidelity National Title Insurance Co. and Chicago Title Insurance Co. have agreed to pay $298 million to acquire LandAmerica subsidiaries Lawyers Title Insurance Corp., Commonwealth Land Title Insurance Company, and United Capital Title Insurance Co., LandAmerica said.
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