Stewart Title® Withdraws Offer for LandAmerica Subsidiaries
HOUSTON (Dec. 18, 2008) – Stewart Title Guaranty Company (STG), a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), today announced that it is no longer seeking to acquire LandAmerica Financial Group, Inc.’s (LFG) two principal title insurance underwriters, Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation.
On Monday, December 14, 2008, the Nebraska Department of Insurance approved Form A filings from Stewart Title Guaranty Company and Fidelity National Financial, Inc. related to the acquisition of the LandAmerica subsidiaries. On Tuesday, December 15, 2008, the Federal Bankruptcy Court of the Eastern District of Virginia considered only Fidelity’s offer and approved its offer for LandAmerica’s subsidiaries.
The remaining regulatory oversight for acquisition of the LandAmerica subsidiaries resides with the Federal Trade Commission (FTC) whose deadline for the second request of information from Fidelity is set to expire December 18, 2008, at midnight. Due to developments subsequent to the Virginia bankruptcy court ruling and prior to the FTC deadline, Stewart has decided to no longer pursue the acquisition of the subsidiaries.
To find out more about Stewart’s financial strength and industry expertise, visit www.stewart.com.
Stewart Title Guaranty Company is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout offices in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.