JACKSONVILLE, Fla., June 5 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, specialty insurance, claims management services and information services, today announced the sale of approximately 20 percent of its ownership stake in the parent company of Sedgwick Claims Management Services, Inc. ("Sedgwick CMS") to UnitedHealth Group (NYSE: UNH). UnitedHealth Group also purchased pro rata ownership shares from Thomas H. Lee Partners, Evercore Partners and David A. North, the other existing minority shareholders of Sedgwick CMS. Following this purchase, UnitedHealth Group will own approximately 20 percent of Sedgwick CMS, and FNF will own approximately 32 percent of Sedgwick CMS. Financial terms of the sale were not disclosed.
"This sale of a portion of our stake in Sedgwick CMS is consistent with our stated goal of creating liquidity from the sale of some of our assets," said Chairman William P. Foley, II. "We are pleased to generate liquidity and create value for our shareholders, and we are excited about the value that UnitedHealth Group can bring to Sedgwick CMS in medical management and cost management strategies for occupational health programs and through the extension of the existing relationship between the two companies in the integrated serving of employer-sponsored disability, group medical, workers' compensation and leave and absence programs. The addition of UnitedHealth Group as a strategic shareholder is a very positive sign for the future of Sedgwick CMS."
Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, specialty insurance, claims management services and information services. FNF is one of the nation's largest title insurance companies through its title insurance underwriters - Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title - that issue approximately 27 percent of all title insurance policies in the United States. FNF also provides flood insurance, personal lines insurance and home warranty insurance through its specialty insurance business. FNF also is a leading provider of outsourced claims management services to large corporate and public sector entities through its minority-owned subsidiary, Sedgwick CMS. FNF is also a leading information services company in the human resource, retail and transportation markets through another minority-owned subsidiary, Ceridian Corporation. More information about FNF can be found at www.fnf.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on operating subsidiaries as a source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE Fidelity National Financial, Inc.