Best’s News & Research Service - March 23, 2018 12:39 PM (EDT)
A.M. Best Comments on Credit Ratings of Stewart Title Group Members Following Announced Sale
- March 23, 2018 12:39 PM (EDT)
Oldwick //BestWire// - A.M. Best commented that the Credit Ratings (ratings) of Stewart Title Guaranty Company (Houston, TX), Stewart Title Insurance Company (New York, NY) and Stewart Title Limited (London, United Kingdom) (collectively referred to as Stewart Title Group) remain unchanged following the recently announced sale of the parent holding company, Stewart Information Services Corporation (headquartered in Houston, TX) [NYSE: STC] (Stewart).
On March 18, 2018, Stewart entered into a definitive agreement to be acquired by Fidelity National Financial, Inc. (Fidelity) (Jacksonville, FL) [NYSE: FNF]. Stewart shareholders will receive $25.00 per share in cash and 0.6425 common shares of Fidelity stock for each share of Stewart common stock held at closing, subject to adjustment and election mechanisms defined in the definitive agreement. The transaction represents a 23% premium to Stewart’s closing price on March 16, 2018. The transaction is pending approval by Stewart’s shareholders and regulators, and is expected to close in the first or second quarter of 2019.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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