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FIDELITY NATIONAL FINANCIAL INC. COMPLETES PRIVATE PLACEMENT AND CLOSES PURCHASE OF SECURITY TITLE AND GUARANTY CO.

 IRVINE, Calif., March 18 /PRNewswire/ -- Fidelity National Financial Inc. (NYSE: FNF), one of the nation's leading title insurance underwriters, today announced the closing of its purchase of Security Title and Guaranty Co., a New York-based title insurance underwriter. The purchase price was $21 million, an approximate $10 million discount from Security's GAAP book value of approximately $31 million. Security Title was a wholly owned subsidiary of Helmsley Enterprises Inc.
 For the year ended Dec. 31, 1992, Security Title and Guaranty Co. reported operating revenue and net income on a statutory basis of $46.4 million and $1 million, respectively. Currently, Security Title is licensed in 24 states, the District of Columbia, the Virgin Islands, the Bahamas and British West Indies.
 William P. Foley II, president and chief executive officer, said, "In addition to purchasing Security Title at a substantial discount from its book value, the acquisition will add over $48 million of assets to our balance sheet, including over $46 million in cash and investments.
 "The Security acquisition will also strengthen Fidelity's existing market presence in key Eastern states," Foley added. Fidelity first entered the East Coast market in June of 1992 when it acquired Meridian Title Insurance Co.
 Concurrently with the acquisition, Fidelity has received approval to change Security Title's name to Fidelity National Title Insurance Co. of New York.
 The acquisition of Security Title was financed through the private placement of 8.375 percent Senior Secured Notes, Series A in the aggregate principal amount of $12.5 million and 8.735 percent Senior Secured Notes, Series B in the aggregate principal amount of $10 million. The 8.375 percent and 8.735 Senior Secured Notes mature in March 1998 and March 2000, respectively. Oppenheimer & Co. Inc. was the placement agent for Fidelity in the sale of the Senior Secured Notes.
 Headquartered in Irvine, Fidelity National Financial Inc. is one of the largest national underwriters engaged in the business of issuing title insurance policies and performing other title-related services in 48 states, the District of Columbia, Puerto Rico, the Bahamas, British West Indies and the Virgin Islands through its principal underwriting subsidiaries, Fidelity National Title Insurance Co., Fidelity National Title Insurance Company of California, Fidelity National Title Insurance Company of Pennsylvania (formerly Meridian Title Insurance Co.), Fidelity National Title Insurance Company of Tennessee, Fidelity National Title Insurance Company of Texas and American Title Insurance Co.
 -0- 3/18/93
 /CONTACT: Frank P. Willey, executive VP and general counsel, or Jo Etta Bandy, VP-investor relations, of Fidelity National Financial, 714-852-9770/
 (FNF)


CO: Fidelity National Financial; Security Title and Guaranty Co.;
 Helmsley Enterprises Inc. ST: California, New York IN: FIN INS SU: TNM


MS-LS -- LA005 -- 7319 03/18/93 09:01 EST
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Publication:PR Newswire
Date:Mar 18, 1993
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