FNF Settles With CA Over Reinsurance

Fidelity National Financial Inc., Jacksonville, Fla., has announced a $13.3 million settlement with the California Department of Insurance in connection with its inquiry into the company's captive reinsurance practices.Under the terms of the settlement, FNF will refund approximately $7.7 million to consumers whose California property was subject to a captive reinsurance arrangement, the company reported. FNF will also pay a $5.6 million penalty, although the settlement includes the company's denial of any wrongdoing. "We will work informally with the department on issues of mutual interest to minimize the possibility of future misunderstandings regarding acceptable market conduct," said Peter T. Sadowski, FNF's executive vice president and general counsel. The company can be found online at http://www.fnf.com.