BrokerageIndustry News

Security, United Title brands no more

Mercury's former Colorado subsidiaries folded into Fidelity National Title

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Fidelity National Financial Inc. is bringing the operations of two Colorado-based title companies it acquired from bankrupt Mercury Cos. -- Security Title Guaranty Co. and United Title Co. -- under the umbrella of Fidelity National Title Insurance Co., extinguishing brands that once underwrote nearly one in three title insurance policies in the state.Fidelity acquired Security and United Title in August 2008, after Mercury closed down 161 title and escrow offices operated by subsidiaries in California, Arizona and Texas, and lenders stopped doing business with Mercury's Colorado subsidiaries.Mercury, which had an exclusive underwriting agreement with First American Corp., claimed a 30 percent market share of Colorado's title insurance business at the time (see story).Signs that Mercury was in financial trouble first emerged in December 2007 when its California-based subsidiary, Alliance Title, closed its doors, leaving hundreds of workers to file claims for unpaid wages and commissions...