Posted on 11 Nov 2011
WRM America Holding Company, LLC, a specialty lines property and casualty insurance and risk management holding company, today announced the successful completion of its acquisition of Fidelity National Indemnity Insurance Company ("FNIIC"), the flood insurance business of Fidelity National Financial Inc. FNIIC will operate as a wholly-owned subsidiary of WRM America and will continue to be led by Patty Templeton-Jones and G. Michael Sloane.
FNIIC is the nation's largest provider of federal flood insurance through the National Flood Insurance Program ("NFIP"), capturing in excess of 17% of the total "Write Your Own" program market in 2010. FNIIC offers NFIP flood insurance as well as excess flood insurance through its national network of independent agents and brokers, and has consistently achieved an industry-leading renewal rate through its customer-focused approach.
"Combining the leading federal flood insurance provider with WRM America's expertise in specialty lines insurance along with building successful public-private partnerships presents extraordinary growth opportunities for both companies," said William Fishlinger, CEO and Chairman of WRM America.
"FNIIC's attractive fee-for-service model and commitment to partnering with clients are highly complementary to our business. We anticipate significant synergies emerging among our companies and clients that will broaden and enhance our customer focused approach to risk financing."
"At Fidelity we have been energized by the positive response and interest both among our staff and our loyal independent agency partners," noted G. Michael Sloane, Senior Vice President of FNIIC.
FNIIC will continue to offer flood insurance and excess flood insurance to its existing agency partners and will retain its 220 in-house policy processing, customer service, claims management, and marketing professionals. WRM America worked closely with its lead shareholder Aquiline Capital Partners to consummate the transaction.
About WRM America Holding Company, LLC
WRM America Holding Company, LLC is a specialty lines property and casualty insurance and risk management holding company offering comprehensive solutions for public and private sector entities. WRM America serves its clients' unique needs through its operating companies: Wright Risk Management, which manages the New York Schools Insurance Reciprocal (A.M. Best "A" (Excellent)), the New York Municipal Insurance Reciprocal (A.M. Best "A-" (Excellent)), and the New York State Municipal Workers' Compensation Alliance; RMI Consulting; and WRM America Indemnity Co. (A.M. Best "A-" (Excellent)). The company is headquartered in Uniondale, NY. For more information, please visit www.wrmamerica.com .
About Fidelity National Indemnity Insurance Company
Fidelity National Indemnity Insurance Company is the nation's largest provider of flood insurance with over 20 years of experience as a leading WYO company through the NFIP. FNIIC participates in NFIP flood management committees as well as many flood industry-related organizations. Agents may visit us at www.fidelityonline.com .
About Aquiline Capital Partners, LLC
Aquiline Capital Partners, a global financial services private equity firm lead by Jeff Greenberg, invests in financial services enterprises across industries such as property and casualty insurance, banking, securities, asset management, life insurance and financial technology. Aquiline seeks to add value to its portfolio companies through strategic, operational, and financial guidance.