BrokerageIndustry News

LandAmerica files for bankruptcy protection

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LandAmerica Financial Group Inc. has filed for Chapter 11 bankruptcy protection and plans to sell its title insurance underwriting subsidiaries 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 Co., and United Capital Title Insurance Co., LandAmerica said. That's more than twice the price tag of a previous plan for Fidelity to acquire LandAmerica and its subsidiaries in an all-stock deal originally valued at about $128 million. Fidelity announced on Nov. 21 that it was exercising its right to back out of the deal during a due diligence period (see story). If the latest deal is approved by the bankruptcy court and regulators, Fidelity would be acquiring the ...