Fidelity Will Buy Flood Policies From Liquidated Insurance Firm
Fidelity National Financial's subsidiary, Fidelity National Property and Casualty Insurance, has received approval to purchase the existing flood insurance policies from a company that has been placed in receivership by Florida authorities.
Fidelity will buy more than 63,000 flood insurance policies originated through a network of Florida independent agents that are backed by the National Flood Insurance Program. The policies were previously serviced by Southern Family Insurance Co., which has been closed by Florida regulators.
The Circuit Court of Florida approved Fidelity's plan to purchase the policies through Florida's Department of Financial Services.
Fidelity National Property and Casualty Insurance will service the policies through its affiliated in-house flood processing unit located in St. Petersburg, Fla. Fidelity said the transaction will be seamless to both agents and policyholders.
Fidelity National Property and Casualty Group is the largest writer of flood insurance through the NFIP. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com