WASHINGTON (dpa-AFX) - Fidelity National Financial Inc. (FNF) announced the signing of a definitive agreement under which it will sell an 85 percent interest in its personal lines business to WT Holdings Inc. for approximately $119 million.
Under the terms of the definitive agreement, WT Holdings will acquire Fidelity National Insurance Company or 'FNIC', Fidelity National Property and Casualty Insurance Company or 'FNPAC' and FNIS Insurance Services and FNF will retain a 15% minority ownership position in the personal lines business. FNIC, FNPAC and FNIS Insurance Services will continue offering the same quality products and services under the new ownership.
The sale price is subject to typical closing adjustments based on surplus at closing. The closing of the transaction is subject to regulatory approval and customary closing conditions and is expected during the late first quarter or early second quarter of 2012. The personal lines business sale is expected to result in approximately a $15 million pre-tax loss for FNF.
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