LandAmerica Title Merges with Fidelity

I recieved this e-mail from our marketing representative a LandAmerica a few days ago. I was reflecting on how there seem to be so many mergers among us. Read on...

On November 7, LandAmerica and Fidelity National Financial announced the signing of a definitive merger agreement under which Fidelity will acquire LandAmerica. Due to the unprecedented credit freeze and depressed real estate environment which has negatively affected our industry, it is in the best interests of LandAmerica and our customers to unite with Fidelity.

We are pleased to join Fidelity’s family of title underwriters, and look forward to bringing the strength of our combined capabilities to the marketplace. The combination will create a full-service, global operation that will be the strongest and most financially sound company in the title industry, one with an unrivaled geographic and commercial footprint. The combined companies will have a powerful market presence.

In the interim, we assure you that LandAmerica continues to be financially sound and well-reserved, with more than adequate high-quality assets to back those reserves. The most current figures available show that as of the end of June, LandAmerica held almost $1.1 billion in claims reserves in its statutory financial statements and $1.3 billion of cash and high quality investments in its underwriters. In addition, since the announcement of the pending merger, the ratings bureaus have responded favorably to LandAmerica.

I am excited about the proposed transaction. Because LandAmerica Residential Services was one of the attractive pieces of the acquisition, we know we will be able to continue to provide you with the unparalleled service you have come to expect from LandAmerica. I am committed to providing you with the best products and services and thank you for the opportunity to do business together.

You may also view additional details regarding the merger by clicking HERE.
Sincerely,

Sales and Marketing Executive

This seems to be the way it is these days. We see companies merge among us and tell us to be happy and that we are all better for it. We shall see...I must say that when times are tough families seem to lean on each other more. Maybe we are just seeing a natural progression of companies leaning on each other.

The Crew