1 / 17

Financial Strength Presentation – March 2010

Financial Strength Presentation – March 2010. Current Financial Strength Ratings. * S&P currently has Lawyers Title and Commonwealth Title rated BBB+. Current Financial Strength Ratings. Title Underwriters – Comparative Ratings. FNT – Title Insurance Market Share – 2008*.

Download Presentation

Financial Strength Presentation – March 2010

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Financial Strength Presentation – March 2010

  2. Current Financial Strength Ratings * S&P currently has Lawyers Title and Commonwealth Title rated BBB+

  3. Current Financial Strength Ratings

  4. Title Underwriters – Comparative Ratings

  5. FNT – Title Insurance Market Share – 2008* Fidelity National Financial45.8% *Assumes the acquisition took place on January 1, 2008 Others 9.0% Old Republic 5.5% First American 27.9% Stewart 11.8% Source: Demotech Performance of Title Insurance Companies – 2009 Edition 5

  6. FNT – Market Share Scale Advantage States with 45%+ Market Share Washington 54.6% Maine 40% Montana 37.5% North Dakota 35.8% Vermont 23.2% Minnesota 55.0% Oregon 60.5% New Hampshire 38.4% New York 51.5% Idaho 48.8% Massachusetts 36.6% Wisconsin 46.8% South Dakota 32.9% Connecticut 36.6% Michigan 47.3% Wyoming 24.4% Rhode Island 44.6% Pennsylvania 53.7% Iowa 45.7% New Jersey 49.0% Nebraska 42.6% Nevada 50.8% Ohio 42.3% Indiana 46.2% Delaware 61.4% Utah 30.2% Maryland 49.1% Illinois 52.0% West Virginia 37.5% Colorado 25.4% Virginia47.8% Kansas 41.5% California 45.3% Kentucky 42.8% Missouri 48.1% North Carolina 32.9% Tennessee 48.5% Arkansas 48.8% Oklahoma 34.4% Arizona 54.9% South Carolina 55.0% New Mexico 58.2% Mississippi 29.6% Alabama 45.5% Georgia 55.6% Louisiana 43.7% Hawaii 46.7% Texas 52.7% Florida 38.7% Alaska 13.1% Source: Demotech Performance of Title Insurance Companies - 2009 Edition 6

  7. Lawyers/Commonwealth Integration Completed in first half of 2009 Eliminated approximately 2,300 positions, or more than 40% of 5,500 inherited employees Cancelled approximately 3,400 agents, nearly 45% of existing Lawyers/Commonwealth agents– this group represented only 9% of 2008 net premiums and 36% of claims Nearly $265 million in run-rate cost synergies Lawyers/Commonwealth operations now produce similar profitability as legacy FNF underwriters 7

  8. FNF Financial Overview

  9. Pre-Tax Earnings – Title Comparison $370 $152 $ IN MILLIONS, excluding non-recurring loss reserve charges or benefits N/A First American FNF Old Republic Stewart ($42) Full Year 2009

  10. FNF Financial Overview *Debt to total capital ratio of 21%

  11. Balance Sheet – Outstanding Debt at December 31, 2009

  12. Reserve for Claim Losses Comparison $2,541 $1,255 $ IN MILLIONS $503 N/A First American FNF Old Republic Stewart December 31, 2009

  13. Investment Portfolio Comparison $4,888 $3,449 $ IN MILLIONS $606 N/A Old Republic Stewart First American FNF December 31, 2009

  14. Underwriter Surplus – December 2009

  15. Title Underwriters – Statutory Comparison December 2009

  16. Title Underwriters – Statutory Comparison for Full Year 2009

  17. Title Underwriters – Statutory Comparison December 2009

More Related