Fidelity National Financial

Fidelity National Financial, Inc. (NYSE: FNF) is a major American financial services holding company that provides title insurance, escrow, settlement, and related transaction services primarily to the real estate and mortgage industries.^[1] Incorporated in 2005 and headquartered in Jacksonville, Florida, the company operates as one of the nation's largest title insurance providers, issuing policies through underwriters such as Fidelity National Title Insurance Company, Chicago Title Insurance Company, and Commonwealth Land Title Insurance Company.^[2] Its business traces its origins to 1847 through Chicago Title Insurance Company, one of its underwriters, marking the beginning of one of the oldest title operations in the United States.^[3] The company's core title segment offers protection against losses from title defects, ensuring clear property ownership for residential and commercial real estate transactions, while also providing ancillary services like closing coordination, trust administration, and document recording.^[1] Beyond title insurance, FNF holds an approximately 82% ownership stake in F&G Annuities & Life, Inc. (NYSE: FG), a subsidiary focused on retail annuities, life insurance products, and institutional investment solutions, diversifying its portfolio into the broader insurance sector; in November 2025, FNF announced plans to distribute approximately 12% of this ownership to its shareholders.^[1][4] Led by Chief Executive Officer Michael J. Nolan and Chairman William P. Foley II, FNF supports millions of real estate closings annually and maintains a strong emphasis on operational efficiency and financial stability.^[5] As of 2024, FNF reported robust performance in its title operations, achieving an adjusted pre-tax title margin of 15.1% for the full year; in the third quarter of 2025, this margin improved to 17.8%, underscoring its market leadership amid fluctuating real estate volumes.^[6][7] The company serves a nationwide network of agents, lenders, and consumers, contributing significantly to the integrity of property transactions while adapting to digital advancements in escrow and title processing.^[8]

History

Founding and early development

The origins of Fidelity National Financial trace back to 1848, when C.V. Gillespie, a notary public and record searcher in San Francisco, began providing early title search services amid the chaos of the California Gold Rush, where rapid land claims and disputes necessitated reliable verification of property titles.^[9] This foundational work evolved into the formal establishment of Western Title Insurance Company in 1920, which became a key predecessor to Fidelity National Title Insurance Company of California and laid the groundwork for modern title insurance practices in the region.^[9] In 1961, Fidelity National Title Insurance Company (FNTIC) was incorporated in Nebraska as a dedicated title insurance entity, initially operating on a modest scale within the industry.^[10] In 1980, FNTIC acquired the assets of a small title underwriter in Tucson, Arizona, which marked the entry of key figures including William P. Foley II and Frank P. Willey into the company's leadership and signaled the beginning of its consolidation strategy.^[9] In 1981, following its purchase from Cigna, FNTIC ranked 48th among U.S. title insurers, generating $6.2 million in revenue.^[10] Fidelity National Financial, Inc. (FNF) was incorporated in 1984 by William P. Foley II and Frank P. Willey, who led a leveraged buyout acquiring a controlling interest in FNTIC for $21 million, shifting the focus toward national expansion in title insurance and related services.^[10][11][12] In 1985, FNF became the first employee-owned title insurance underwriter following SEC approval of a stock sale to its employees.^[9] The company's growth accelerated in 1987 with its initial public offering on the American Stock Exchange under the symbol FNF, providing capital for further development.^[13] That same year, FNF acquired Western Title Insurance Company for $30 million, enhancing its presence in California and integrating escrow and settlement services into its core operations.^[9] By 1988, FNF had begun expanding these escrow and settlement offerings nationwide, supporting real estate closings and building operational scale in a fragmented industry.^[10]

Expansion through acquisitions

Fidelity National Financial's expansion strategy in the late 1980s and 1990s focused on acquiring regional title insurance companies to strengthen its presence in key U.S. markets. In 1989, the company acquired an El Paso-based title agency, establishing its first direct operations in Texas and facilitating entry into the growing Southern real estate sector.^[9] This move was part of a broader effort to build a national footprint in title insurance, leveraging the state's high volume of real estate transactions. The company's growth accelerated in 1992 when it transitioned its stock listing to the New York Stock Exchange under the symbol FNF, providing greater visibility and capital access for larger deals. This enabled the acquisitions of Meridian Title Insurance Co. and Security Title and Guarantee Co., which expanded Fidelity's operations into additional Western and Midwestern markets and enhanced its underwriting capacity.^[9][14] These transactions exemplified Fidelity's approach to consolidating fragmented regional players to achieve economies of scale in title insurance services. Throughout the 1990s, Fidelity continued this aggressive acquisition pace, targeting multiple regional title insurers such as Alamo Title, Nations Title Inc., Western Title Company of Washington, and First Title Corp. These deals collectively transformed the company from a mid-sized operator into a major industry contender, significantly increasing its market share and operational scale by the turn of the millennium.^[15] In 2000, FNF completed its $1.2 billion acquisition of Chicago Title Corporation, creating the world's largest title insurance organization and further solidifying its market leadership.^[16] In 2001, Fidelity formed Fidelity National Information Solutions (FNIS) by combining internal technology development with strategic acquisitions, including a merger with VISTA Information Solutions, to enter the real estate technology and data services space. This initiative diversified the company's offerings beyond traditional title insurance into software and information solutions for the real estate industry.^[17] A pivotal acquisition occurred in 2003 when Fidelity purchased the financial services division of ALLTEL Information Services for $1.05 billion in cash and stock, integrating advanced banking and mortgage processing technologies. This deal laid the foundation for the creation of Fidelity National Information Services (FIS), which was spun off as a separate public company in 2006 to focus on financial technology solutions.^[17][18] During the 2000s, Fidelity further broadened into mortgage services amid the post-2008 financial crisis, acquiring key components from the distressed LandAmerica Financial Group, including Commonwealth Land Title Insurance Co. and Lawyers Title Insurance Corp., for approximately $275 million. This opportunistic purchase bolstered Fidelity's position in title and escrow services while capitalizing on industry consolidation during economic turmoil.^[19]

Spin-offs and modern restructuring

In 2001, Fidelity National Financial formed Fidelity National Information Solutions (FNIS) as a subsidiary to handle its growing technology and information processing needs in the title insurance sector.^[20] By 2006, as part of a major restructuring, FNF spun off its non-title insurance operations, including FIS (formerly FNIS), as an independent public company through a tax-free distribution to shareholders, allowing FNF to refocus on its core title insurance business.^[21] This separation valued the spun-off entity at approximately $1 billion to $1.25 billion in stock consideration and marked a pivotal shift toward streamlining FNF's operations around insurance services.^[22] Further restructuring occurred in 2017 when FNF facilitated the merger of its technology and servicing assets, including elements of its information services operations, with Black Knight Financial Services, culminating in a tax-free spin-off of Black Knight shares to FNF shareholders.^[23] This transaction distributed approximately 83.3 million shares of the new Black Knight entity and eliminated FNF's direct ownership, enhancing operational efficiency by divesting non-core technology holdings while retaining focus on title insurance.^[24] In 2022, FNF executed a partial spin-off of its subsidiary F&G Annuities & Life, Inc., distributing about 15% of the shares to FNF shareholders via a special dividend, while retaining an 85% stake to maintain significant influence over the annuities and life insurance operations.^[25] This move separated F&G as a standalone public company listed on the NYSE under the ticker FG, enabling independent growth in its sector amid FNF's emphasis on title services.^[26] Supporting F&G's expansion, FNF invested $250 million in 2024 by purchasing 5 million shares of F&G's Series A Mandatory Convertible Preferred Stock, coinciding with F&G achieving record gross sales of $15.3 billion for the year, a 16% increase from 2023.^[27][28] To bolster its digital capabilities, FNF acquired TitlePoint from Black Knight in 2022 for $225 million in cash, repatriating the property search and title production platform originally developed under FNF to improve efficiency in title order management and research.^[29] This acquisition enhanced FNF's technological infrastructure for handling title insurance workflows, particularly in a market shifting toward automated solutions. Building on these changes, FNF announced in November 2025 a planned special stock distribution of approximately 12% of its F&G shares—around 16 million shares—to FNF shareholders of record as of December 17, 2025, with the distribution set for December 31, 2025.^[30] This step will reduce FNF's direct ownership in F&G while preserving economic ties through its remaining stake, further refining its corporate structure. Post-2020, FNF has undergone ongoing restructuring to integrate advanced technology amid a sharp decline in mortgage origination volumes, driven by rising interest rates that reduced title insurance demand by over 50% from peak levels in 2021.^[31] Efforts have centered on cost controls, digital tool adoption like the TitlePoint platform, and diversification within core operations to mitigate the impact of the subdued housing market.^[32]

Business operations

Core title insurance services

Fidelity National Financial's core title insurance services center on underwriting policies that protect property owners, lenders, and investors against potential losses from title defects, such as undisclosed liens, fraud, or ownership disputes arising from prior transactions. These policies guarantee the validity of the title transfer and cover legal defense costs if a covered claim emerges after closing. The company issues these policies through its primary underwriters, including Fidelity National Title Insurance Company, Chicago Title Insurance Company, and Commonwealth Land Title Insurance Company, ensuring comprehensive risk coverage for real estate buyers and mortgagees.^[33][34] The firm operates nationwide, authorized to underwrite title insurance in 49 states (excluding Iowa), the District of Columbia, and certain U.S. territories, utilizing a hybrid model of direct operations in key markets and a network of independent agents for broader reach. This structure allows Fidelity National Financial to handle diverse real estate transactions across residential, commercial, and refinance sectors, with direct operations managing high-volume areas and agents extending services to local markets. As the largest U.S. title insurer by premiums written, holding approximately 32% market share as of 2024, the company supports its operations with 23,533 full-time employees who facilitate a nationwide network of over 2,000 offices and agency locations.^[35][36][37] In addition to underwriting, Fidelity National Financial provides essential escrow and settlement services that coordinate the transfer of funds, documents, and title during closings. These services include acting as a neutral third party to hold earnest money deposits, verify payoff of existing mortgages, and disburse proceeds to all parties, thereby minimizing risks in residential purchases, commercial deals, and refinancing processes. The company processes over 1.5 million real estate transactions annually through these escrow operations as of 2023, ensuring secure and efficient closings. In the third quarter of 2025, closed purchase orders increased 1%, refinance orders 23%, and commercial orders 19% compared to the prior year, reflecting improved operational performance.^[38][39][7] A key component of these services involves real estate due diligence, where Fidelity National Financial conducts thorough title searches and examinations of public records to identify any encumbrances or clouds on title. This process includes reviewing deeds, mortgages, judgments, and tax records dating back to the property's origin, culminating in the preparation of a title commitment or preliminary report that outlines exceptions to coverage. Upon closing, the firm records the new deed and related instruments with local authorities, finalizing the transfer and issuing the title policy.^[40][41] Since the early 2010s, Fidelity National Financial has adapted its core services to incorporate digital tools, enhancing efficiency in title underwriting and closings. Initiatives such as automated underwriting systems streamline risk assessment by using algorithms to evaluate title data, reducing manual review time for standard transactions. The company also supports e-closings through platforms like Close inHere, launched in 2021, which enable hybrid or fully digital executions with electronic signatures, remote notarization, and secure document portals, aligning with industry shifts toward paperless processes.^[42][43]

Diversified financial and technology services

Fidelity National Financial extends its operations beyond core title insurance into mortgage servicing through its subsidiary LoanCare, a leading provider of full-service subservicing solutions since 1991. LoanCare handles loan origination support, delinquency management, and subservicing for a portfolio of approximately 1.2 million loans across banks, credit unions, independent mortgage bankers, and portfolio investors as of mid-2024, utilizing proprietary platforms like LoanCare Analytics for performance optimization and customer retention.^[44][45][46] The company also offers technology platforms designed for workflow automation in lending and real estate transactions. Key solutions include SoftPro for customizable title, escrow, and closing software; inHere for integrated digital transaction management from initiation to closing; and NextAce for automated title searches leveraging vast data sources. Following the 2022 acquisition and integration of TitlePoint from Black Knight, Fidelity National Financial enhanced its data analytics capabilities, providing TitlePoint Property Insight for streamlined property research, tax data access, and underwriting support to improve efficiency in real estate processes.^[47][29] Additional diversified offerings include flood determination services via ServiceLink Flood, which delivers guaranteed flood zone determinations, life-of-loan monitoring, and compliance with FEMA map revisions for lenders. Fidelity National Financial facilitates 1031 exchanges through IPX1031, the nation's largest qualified intermediary, supporting tax-deferred property swaps with services for delayed, reverse, and improvement exchanges, backed by a $100 million fidelity bond and assisting thousands of clients annually.^[48][49] In commercial real estate, the company provides specialized escrow services for non-residential properties such as offices, retail, and industrial sites, managing complex transactions for institutional investors with large-scale deposits, prorations for taxes and rents, and integration of 1031 exchanges under strict IRS timelines. These services address title issues, inspections, and document coordination to ensure secure closings.^[50] This diversification strategy mitigates reliance on title insurance by expanding into mortgage, technology, and ancillary real estate services, with non-title segments contributing approximately 20% of total revenue by 2025, supporting overall growth amid fluctuating housing markets.^[7]

Corporate structure

Key subsidiaries

Fidelity National Financial's key subsidiaries form the backbone of its title insurance, settlement services, and diversified financial operations, each contributing specialized expertise to the company's nationwide presence.^[51] Chicago Title Insurance Company serves as one of the primary underwriters under Fidelity National Financial, recognized as a leader in providing title insurance and settlement services, particularly for national commercial real estate transactions. It operates through a dedicated National Commercial Services division, offering comprehensive solutions including title insurance, escrow, and closing services tailored to large-scale commercial policies across the United States. As part of the Fidelity National Title Group, which holds the largest market share in U.S. title insurance at approximately 32% based on premiums as of year-end 2024, Chicago Title benefits from substantial claims reserves and a network supporting complex, high-value deals.^[52][53][36] Fidelity National Title Insurance Company functions as the core direct operations arm for Fidelity National Financial's residential title insurance activities, delivering underwriting, escrow, and closing services through a nationwide network of direct offices and agents. It maintains top market positions, ranking first or second in 39 states, and focuses on residential purchase, refinance, and related transactions, ensuring efficient processing for homebuyers and mortgage lenders. This subsidiary underscores Fidelity National Financial's dominance in the residential sector, where it leads in market share for such policies.^[54][55][51] Commonwealth Land Title Insurance Company is another primary underwriter, providing title insurance and related services with a focus on commercial and residential transactions, particularly in the Northeast and other regions, complementing the broader Fidelity National Title Group operations.^[56][51] Alamo Title Insurance Company operates as a regionally specialized subsidiary, concentrating on title insurance, escrow, and settlement services primarily within Texas, where it has issued policies since 1922. Integrated into Fidelity National Financial's portfolio following its 1998 acquisition, Alamo Title supports local real estate transactions with a focus on residential and commercial properties, leveraging the parent company's resources while maintaining a strong Texas presence as one of the state's leading underwriters.^[57][9][58] LoanCare, LLC acts as Fidelity National Financial's mortgage subservicing subsidiary, providing full-service loan administration, including payment processing, customer support, and compliance management for residential mortgages. Acquired in 2009, it handles a substantial portfolio, enabling lenders to outsource operations while maintaining high servicer ratings from agencies like S&P and Fitch.^[59][60][61] F&G Annuities & Life, Inc. represents Fidelity National Financial's majority-owned (approximately 82%) entry into the annuities and life insurance market, specializing in fixed-indexed and multi-year guaranteed annuities designed for retirement income, market protection, and death benefits. In 2024, prior to a planned distribution of about 12% ownership to Fidelity National Financial shareholders on December 31, 2025, F&G achieved record gross sales of $15.3 billion, reflecting strong growth in its product offerings amid rising demand for retirement solutions.^[62][63][30]

Major divisions and investments

Fidelity National Financial operates through three primary business segments: Title, F&G, and Corporate and Other. The Title segment encompasses the operations of the company's title insurance underwriters and related businesses, providing core title insurance, escrow, and settlement services to the real estate and mortgage industries.^[64] This segment oversees all title insurance underwriting activities and generated $2.3 billion in revenue during the third quarter of 2025, accounting for approximately 57% of the company's total revenue of $4.03 billion in that period.^[7] The Corporate and Other segment includes the operations of the parent holding company, unallocated corporate overhead such as centralized information technology and human resources functions, and investment management activities for non-operating assets.^[37] This segment supports the broader organizational structure without directly contributing significant operational revenue. In addition to its core segments, Fidelity National Financial maintains strategic investments focused on fintech and technology enhancements, particularly in digital closing platforms developed post-2020, such as the inHere platform, which enables hybrid and fully digital real estate closings through partnerships with technology providers like Black Knight and Notarize.^[65] A notable recent investment was the $250 million infusion into its majority-owned subsidiary F&G Annuities & Life in January 2024, structured as preferred stock to bolster product expansion in annuities and life insurance ahead of a planned partial distribution of approximately 12% of F&G shares to FNF shareholders on December 31, 2025.^[27][66] Historically, the company's investments have shaped its divisions, including the formation and eventual divestiture of its technology unit, Fidelity National Information Services (FIS), which was spun off in 2007 to focus on independent growth in financial technology services.

Leadership and governance

Executive team

Michael J. Nolan serves as Chief Executive Officer of Fidelity National Financial, Inc. (FNF), a position he has held since February 2022, after previously serving as President since January 2016.^[5][67] Nolan joined the company in 1983 and has advanced through various executive roles, accumulating over 40 years of experience in the title insurance and financial services sectors, where he has focused on operational expansion and strategic growth in title and escrow services.^[68] Under his leadership, FNF has emphasized cost discipline and integration of its title insurance operations with mortgage-related services, contributing to improved margins amid market challenges.^[69] Anthony J. Park is the Executive Vice President and Chief Financial Officer, responsible for managing FNF's financial strategy and reporting, including oversight of the company's approximately $14 billion in trailing twelve-month revenue as of 2025.^[5][70] Park has played a key role in capital allocation decisions, notably contributing to the board's announcement of a 4% increase in the quarterly dividend to $0.52 per share in November 2025, payable on December 31, 2025, reflecting strong cash flow generation from title premiums and ancillary services.^[71] His tenure has supported FNF's focus on shareholder returns while navigating investments in technology and compliance enhancements. Other key executives include Peter T. Sadowski, Chief Legal Officer, who advises on regulatory compliance and corporate governance matters, and Michael L. Gravelle, General Counsel and Corporate Secretary, focusing on legal risk management in title and financial services.^[5] Additionally, Gregg N. Sofer was appointed Executive Vice President, Deputy Chief Legal Officer, and Chief Compliance Officer in July 2025, bolstering oversight of compliance programs amid evolving regulatory landscapes.^[72] Segment presidents, such as Ray Marine and Don DuBois (Co-Presidents of Western Operations since October 2022), drive regional expansion and integration of technology solutions to support compliance and growth in diversified services, overseeing day-to-day execution of title insurance, escrow, and transaction services across FNF's operations.^[73][74]

Board of directors

The board of directors of Fidelity National Financial, Inc. (FNF) consists of 11 members as of 2025, with a majority independent to comply with New York Stock Exchange (NYSE) listing standards. Nine directors are independent, bringing expertise in finance, real estate, law, and technology, while the remaining two hold executive positions within the company. This structure supports oversight of strategic decisions, including mergers, acquisitions, and divestitures.^[75] William P. Foley II has served as non-executive Chairman since 1984, playing a foundational role in the company's growth through long-term acquisitions and spin-offs, such as the strategic separation of subsidiaries. As a key figure, Foley influences board policies on ethical standards, particularly in response to past controversies like the 2020-2022 litigation over the F&G Annuities & Life acquisition, which was settled for $20 million under board oversight. Raymond R. Quirk serves as Executive Vice-Chairman, contributing over 40 years of experience in real estate and technology services. The independent directors include Douglas K. Ammerman (Lead Independent Director and Audit Committee Chair, retired KPMG partner with financial expertise), Halim Dhanidina (retired judge with regulatory background), Thomas M. Hagerty (private equity specialist and Compensation Committee Chair), Daniel D. Lane (real estate executive), Heather H. Miller (finance and cybersecurity expert), Sandra D. Morgan (legal and gaming regulation leader), John D. Rood (real estate and diplomacy background), Peter O. Shea Jr. (investment management), and Cary H. Thompson (governance and energy sectors).^[75] The board operates through key committees to manage risks and align with governance best practices. The Audit Committee, chaired by Ammerman and comprising Rood and Shea, oversees financial reporting, internal controls, cybersecurity, and environmental, social, and governance (ESG) risks, meeting five times in 2024. The Compensation Committee, led by Hagerty with Lane and Thompson, determines executive compensation and incentive structures, also convening five times in 2024. The Corporate Governance and Nominating Committee, chaired by Shea and including Morgan and Rood, handles board composition, director nominations, and diversity initiatives, though it held no meetings in 2024 due to completed cycles. Additionally, the Related Person Transactions Committee, chaired by Dhanidina with Morgan, reviews transactions involving related parties and met four times in 2024. These committees ensure rigorous risk management and executive accountability.^[75] Governance practices emphasize shareholder rights and transparency, including annual elections for one class of the classified board under a majority voting standard with a post-election resignation policy for non-majority-supported directors. The board conducted annual self-evaluations and maintains stock ownership guidelines for directors and executives, alongside a clawback policy compliant with NYSE rules. Diversity efforts are ongoing, with two women (Morgan and Miller) comprising 18% of the board, aligning with broader company initiatives where 69% of U.S. employees are women. In 2025, the board provided oversight for the special distribution of approximately 16 million F&G shares to FNF shareholders, approved on November 6 to enhance focus on core operations. Foley's leadership has further shaped these practices by prioritizing ethical conduct and strategic realignment post-litigation events.^[75][76]

Financial performance

Historical revenue and profitability

Fidelity National Financial experienced significant revenue growth from its early years following the 1984 buyout of Fidelity National Title Insurance Company to the end of the 20th century, driven primarily by strategic acquisitions that expanded its footprint in the title insurance sector. The company scaled through nearly 80 add-on deals, including the pivotal acquisition of Chicago Title Corporation in 2000, which elevated FNF to the position of the largest U.S. title insurer.^[77] Net income margins averaged about 10% during this period, supported by pre-tax title margins reaching 13.7% by 2000 and consistent double-digit return on equity (ROE), reflecting efficient integration of acquired operations and market expansion.^[77] The early 2000s marked a period of robust expansion for FNF, peaking at approximately $5.5 billion in revenue in 2007 amid a booming housing market that fueled demand for title insurance.^[78] However, the 2008 financial crisis and subsequent housing downturn led to an approximately 22% revenue decline, as real estate transactions plummeted and title premiums contracted significantly.^[78] By 2010, revenue had partially recovered to about $5.4 billion, bolstered by cost controls and a gradual stabilization in mortgage and refinance activity, though profitability remained pressured with lower margins compared to pre-crisis levels.^[79] From 2011 to 2020, FNF demonstrated steady revenue growth, climbing to $8.5 billion in 2019, propelled by a surge in mortgage refinancings during periods of low interest rates and the company's increasing market share, which reached approximately 25% of U.S. title insurance premiums.^[80][36] Profitability rebounded notably by 2020, with ROE improving to 21%, aided by operational efficiencies and diversified income streams beyond core title services.^[81] Key drivers of FNF's historical financial trajectory included synergies from acquisitions, such as the 2000 Chicago Title deal, which enhanced scale and cost efficiencies, alongside consistent gains in market share through competitive positioning in the fragmented title insurance industry.^[77] These factors enabled resilient profitability despite cyclical real estate fluctuations.

Recent fiscal results and stock performance

Fidelity National Financial's revenue reached $15.6 billion in 2021, rising to $11.6 billion in 2022, supported by elevated mortgage volumes amid low interest rates that boosted refinancing and home purchase activity.^[84] Net income for 2022 stood at $1.1 billion, reflecting the company's strong performance in its title insurance segment during a period of robust real estate transactions.^[85] Revenue was $11.8 billion in 2023 as rising interest rates dampened mortgage originations and refinancing demand, leading to reduced title insurance premiums.^[86] Full-year 2024 revenue reached $13.7 billion. In 2024, the company reported earnings of $1.65 per share for the fourth quarter, benefiting from improved operational efficiencies and a partial recovery in commercial real estate activity despite ongoing rate pressures.^[6] In 2025, Fidelity National Financial achieved first-quarter revenue of $2.7 billion and adjusted earnings of $213 million, driven by steady title premiums and contributions from its F&G annuity segment.^[87] The title segment's total revenue in the third quarter was $2.3 billion, up from $2.1 billion in the prior year, signaling resilience amid moderating interest rates that supported increased purchase transactions.^[88] On November 7, 2025, the company announced a 4% increase in its quarterly dividend to $0.48 per share, payable to shareholders of record, underscoring confidence in its cash flow generation.^[89] The company's stock trades on the New York Stock Exchange under the ticker FNF, with a market capitalization of approximately $15 billion as of November 2025.^[90] Shares reached a 52-week high following the November 6, 2025, announcement of a planned distribution of approximately 12% ownership in F&G Annuities & Life to FNF shareholders, set for December 31, 2025.^[30] Overall stock performance has been influenced by interest rate fluctuations affecting refinancing volumes and anticipation of the F&G distribution, which is expected to enhance shareholder value through focused business separation.^[91]

Legal issues and controversies

Regulatory challenges

In 2018, a Los Angeles Superior Court jury awarded $2.2 million to a former paralegal at Fidelity National Title Company, a subsidiary of Fidelity National Financial, in a case involving retaliation and wrongful termination following her complaint of sexual harassment by a senior attorney. The verdict included $250,000 in compensatory damages for emotional distress and $1.95 million in punitive damages against the company, though the jury did not find liability for the underlying sexual harassment or hostile work environment claims. This outcome underscored deficiencies in the company's internal handling of harassment complaints, prompting enhanced scrutiny of its employment practices. In March 2023, Fidelity National Financial settled with the New York Attorney General's Office over allegations of illegal "no-poach" agreements with competitors in the title insurance industry, agreeing to pay a $3.5 million penalty. The agreements, which restricted hiring from rival firms, were deemed anticompetitive and harmful to employee mobility, violating state antitrust laws. As part of the settlement, the company committed to terminating all such arrangements within 30 days and cooperating with ongoing investigations into labor practices within the sector. In May 2025, Fidelity National Financial filed a lawsuit in the U.S. District Court for the Middle District of Florida against the Financial Crimes Enforcement Network (FinCEN) and its director, challenging the August 2024 "Anti-Money Laundering Regulations for Residential Real Estate Transfers" rule. The suit alleges that the rule, which requires reporting of beneficial ownership in certain all-cash residential property transactions, exceeds FinCEN's statutory authority under the Bank Secrecy Act and imposes undue burdens on title insurers without adequate justification. Fidelity sought a preliminary injunction to delay the rule's December 2025 implementation, arguing it would cause irreparable harm to its operations. Fidelity National Financial's title insurance subsidiaries face ongoing regulatory scrutiny under the Dodd-Frank Wall Street Reform and Consumer Protection Act, particularly regarding the transparency and reasonableness of title fees in affiliated business arrangements. Compliance with these provisions, along with state-specific insurance licensing requirements for minimum capital reserves and rate filings, remains a core aspect of the company's operations across jurisdictions.

Data security incidents

In November 2023, Fidelity National Financial (FNF) suffered a ransomware attack attributed to the ALPHV/BlackCat group, which compromised sensitive personal information of approximately 1.3 million customers.^[92] The incident was detected on November 19, 2023, when unauthorized third-party actors accessed certain company systems and deployed non-self-propagating malware, leading to the exfiltration of data including Social Security numbers, financial details, and other personal identifiers.^[93] FNF contained the breach by November 26, 2023, and completed a forensic investigation by December 13, 2023, with no evidence of impact on customer-owned systems.^[93] In response, FNF immediately engaged cybersecurity experts, notified law enforcement and regulators, and implemented containment measures such as blocking unauthorized access to affected systems.^[93] The company restored critical services, including those for title insurance, escrow, and mortgage transactions, within days.^[94] To mitigate risks for affected individuals, FNF provided two years of free credit monitoring, web scanning, and identity theft restoration services through a third-party provider.^[95] The company reported no material financial impact from the incident, though remediation efforts, including ongoing legal defense, continued into 2024.^[93] The breach prompted several class-action lawsuits filed in 2024 against FNF and its subsidiary LoanCare, LLC, alleging negligence in safeguarding customer data and delayed breach notification.^[96] Plaintiffs claimed the attack exposed them to heightened risks of identity theft and sought damages for emotional distress and related costs.^[97] By September 2025, a federal court granted final approval to a $5.9 million settlement in the consolidated In re LoanCare Data Security Breach Litigation, providing compensation of up to $5,000 per class member for out-of-pocket losses, credit monitoring, and other relief, while FNF denied wrongdoing.^[98] Following the attack, FNF strengthened its cybersecurity posture through targeted investments in hardware, software, and personnel, alongside mandatory training programs on privacy and security protocols.^[32] The company integrated these efforts into its Enterprise Risk Management framework, emphasizing threat detection, vulnerability management, and third-party risk assessments, with regular internal and external audits to evaluate program effectiveness.^[32] These measures, overseen by the Chief Information Security Officer and the Audit Committee, aimed to prevent future incidents without specific details on encryption upgrades disclosed publicly.^[32] The ransomware event resulted in temporary service outages, disrupting title closings, escrow processes, and related real estate transactions nationwide during late November 2023.^[94] Despite these operational challenges, FNF's first-quarter 2024 revenue rose to $1.7 billion from $1.6 billion the prior year, indicating limited long-term financial repercussions.^[99]