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Fidelity National Financial

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$FNF

🇺🇸

Other half of title duopoly + F&G Annuities; ~$13B 2024 revenue; F&G adds annuity earnings to title-cyclical core.

Key Milestones

Jan 1847
Launch

Fidelity Title founded 1847; one of America's oldest title insurance companies, traces roots to pre-Civil War land conveyance verification when paper-based deed records were fragmented across counties. Foundational asset that William P. Foley II will acquire in 1984 and build into world's largest title insurer.

Nov 1984
Milestone

Bill Foley acquires Fidelity National Title Nov 1984 — small title insurer with $9M premium; Foley becomes one of the most successful M&A operators in insurance, consolidating fragmented title industry over 4 decades. FNF becomes #1 US title insurer with ~33% market share by 2020s via 50+ acquisitions.

Jan 1988
Expansion

Bill Foley grows Fidelity National Title 1984-1988 from small CA insurer into top-10 US title insurer; renames to Fidelity National Financial 1988. Foley's M&A strategy: tuck-in small CA + Western title insurers + later national consolidation through 2000s.

Nov 2000
Expansion

FNF acquires Chicago Title Corp Mar 2000 for $1.1B — combines #4 (FNF) + #1 (Chicago Title) title insurers. Becomes largest US title insurer by market share. Bill Foley's transformative acquisition; sets foundation for FNF's eventual 33% US market share.

Dec 2007
Expansion

FNF builds title insurance market share to ~30% by 2007 — Bill Foley acquires LandAmerica subsidiaries (Lawyers Title + Commonwealth Land Title) Apr 2009 in distress sale for $300M. Combines #1 FNF with bankrupt LandAmerica's title units. Solidifies FNF as US title insurance leader.

Mar 2008
Milestone

FNF spins off F&G Annuities + Fidelity National Information Services (FIS) 2006 — Bill Foley creates separate public companies for financial services + tech. FIS becomes top US fintech serving banks. Foley's strategy: focus FNF on title core; spin services into independent vehicles.

Aug 2014
Expansion

Fidelity National Financial acquires Lender Processing Services (LPS) Jan 2014 for $4B — mortgage servicing tech + data; adds analytics/services. Bill Foley spins off F&G Annuities (formerly Fidelity & Guaranty Life) Dec 2020. Foley's empire spans title + annuities + sports (Las Vegas Golden Knights NHL).

Nov 2017
Milestone

Mike Nolan becomes FNF CEO 2022 (replacing Randy Quirk who replaced founder Bill Foley as CEO 2017). Nolan focuses on title insurance + F&G Annuities (FNF owns 60% post 2020 partial spinoff). Bill Foley remains executive chairman; expands beyond insurance with Las Vegas Golden Knights NHL franchise.

Dec 2020
Milestone

FNF spins off F&G Annuities (formerly Fidelity & Guaranty Life) Dec 2020 — FNF retains 60% F&G ownership; partial spinoff. F&G Annuities lists NYSE; provides growth diversification beyond cyclical title. Bill Foley's strategy continues: focus FNF on title + maintain capital deployment in F&G.

Dec 2024
Milestone

Fidelity National Financial FY2024 — Mike Nolan CEO reports $12.9B revenue; title insurance + F&G Annuities (60% owned) drive results. FNF stock $58 (vs $50 2023 lows + $60 2025 high). Bill Foley executive chairman emeritus; F&G provides growth offset to cyclical title business.

Mar 2026
Milestone

Fidelity National Financial Q4 2025 — Mike Nolan CEO reports $13B revenue 2025; title insurance + F&G Annuities (60% owned post-2020 spinoff) drive results. Bill Foley executive chairman emeritus. FNF + FAF duopoly continues dominance in US title insurance. Stock $60+ (all-time high).

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Insurance - Fidelity National Financial | Sterling