Fidelity National Financial Inc. (FNF) has closed the sale of its flood insurance business to WRM America Holdings LLC for $219.5 million.
Under the terms of the sale, WRM America acquired 100% of the equity interests of Fidelity National Indemnity Insurance Co. and Fidelity National Insurance Services. The sale resulted in approximately a $154 million pre-tax gain for FNF and a net earnings impact of $0.45 per share. The transaction also generated approximately $86 million in net cash for FNF, after payment of taxes on the gain, as well as a $75 million seller note.
