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|Why Did Fidelity terminate the merger?|
|Written by LandAmerica Financial Group|
Why did Fidelity decide to terminate the merger agreement?
We were informed that the principal reason for their refusal to go forward was the pessimism over the current and foreseeable real estate economy and not because of any negative finds concerning our company.
What is the financial viability of the LandAmerica underwriters?
The LandAmerica underwriters, Lawyers Title and Commonwealth have over $300 million in combined statutory surplus. And we have some of the industry’s most stringent requirements for reserves in place to protect our policyholders. The LandAmerica underwriters’ claims reserves are backed by over $1.1 billion in cash and investments.
Why should I continue to place my title, closing and escrow orders with LandAmerica?
Our talented employees remain available to assist you and service your accounts. And our underwriters have the financial strength to back those orders.
Is LandAmerica able to pay claims for which we are liable?
If we are liable for the claim, yes.
What about other LandAmerica entities?
LandAmerica is comprised of many separate legal subsidiaries with separate profit and loss statements. Some entities are performing well and others are not performing as well. We are working closely with the Nebraska Department of Insurance, which is where major underwriters are domiciled, to resolve our situation in a way that benefits our policyholders.
What is LandAmerica’s plan for moving forward?
With guidance from the Board of Directors, we developed contingency plans in case the Fidelity merger agreement was not fulfilled. We are pursuing these alternatives and the process remains highly fluid at this point in time. Some of our alternatives represent greater possibilities than others and all require intensive negotiations with a number of parties.
It’s Business as Usual
You can depend on LandAmerica’s underwriters to be there for you. As always, every deal is important to us and every customer deserves clarity and confidence about their transaction. This is exactly what you can count on from LandAmerica -- the number one company in the mortgage services industry on Fortune® Magazine's 2007 and 2008 lists of America's Most Admired Companies.