The PMI Group Inc., Walnut Creek, Calif., has agreed to sell its subsidiary American Pioneer Title Insurance Co. to a subsidiary of Fidelity National Financial Inc., Jacksonville, Fla., for $115 million in cash.PMI said the sale is part of a strategic plan to position itself as a global provider of credit enhancement. APTIC is licensed as a title insurance underwriter in 45 states with "significant agency operations and computerized title plant assets" in Florida, said FNF, whose subsidiary Chicago Title Insurance Co. will acquire the company. FNF said APTIC will operate under FNF's Ticor Title brand, and projected that it will ultimately save at least $5 million in annual costs that were previously paid to third parties in Florida for title information." The APTIC acquisition vaults FNF to the No. 1 market share position in the state of Florida, with $321 million in pro forma 2002 title premiums and 28% market share," said William P. Foley II, FNF's chairman and chief executive officer. "We will own the No. 1 market share position in each of the four states -- California, Texas, Florida, and New York -- that produce nearly 50% of all title insurance premiums in the country." The companies can be found online at http://www.pmigroup.com and http://www.fnf.com.
