(Reuters)–Fidelity National Financial Inc , the No. 1 U.S. property title insurer, said it will sell an 85 percent interest in its personal lines business to WT Holdings for about $119 million.
Under terms of the agreement, WT holdings will acquire Fidelity National Insurance Co., Fidelity National Property and Casualty Insurance Co and FNIS Insurance Services.
Fidelity will retain a 15 percent minority ownership in the personal lines business.
“The personal lines business carries higher earnings volatility than we are comfortable maintaining,” Fidelity's Chairman William Foley said in a statement.
The sale, expected to close during late first quarter or in early second quarter of 2012, will result in a $15 million pre-tax loss for Fidelity, the title insurer said in a statement.
Title insurance guarantees that property owners have title to property and can legally transfer that title.
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