WRM America Holdings, LLC, a specialty lines property & casualty insurance and risk management holding company, has reached a definitive agreement to acquire the flood insurance business of Fidelity National Financial Inc. That unit—Fidelity National Indemnity Insurance Co. (FNII)—will operate as a wholly owned subsidiary of WRM America.
WRM says FNII's central operations will remain in St. Petersburg and the group will retain its 220 employees. The business will continue to be led by Patty Templeton-Jones and G. Michael Sloane, who will become members of the senior management team at WRM America.
FNII is reportedly the nation’s largest provider of federal flood insurance through the National Flood Insurance Program (NFIP). It had over 17 percent of the total write-your-own program market in 2010.
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