Fidelity buys majority in isle-based Title Guaranty

Fidelity National Financial Inc., one of the nation’s largest title insurance companies, is the new majority owner of Honolulu-based Title Guaranty.

“We are excited to formally welcome Title Guaranty of Hawaii into the FNF family,” William P. Foley II, chairman of Fidelity National Financial, said Monday in a statement. “We have a 30-plus-year relationship with the company and we expect the same level of professionalism and customer service to continue as Title Guaranty joins our direct operations.”

Title Guaranty, which has 380 employees, announced Friday that Fidelity had purchased a stake in its company, but had not disclosed the percentage interest the company was purchasing. Fidelity announced Monday it would hold a majority share. No financial terms have been disclosed by either side.

Michael A. Pietsch, chief executive officer of Title Guaranty, said Friday in an email that the Pietsch family will continue to manage the company under its own name and maintain partial ownership. Pietsch said the deal is not expected to affect staff or any of Title Guaranty’s 17 office locations statewide.

Title Guaranty, whose roots go back to 1896, said the new relationship is slated to take effect in about 60 days and establishes Chicago Title, one of Fidelity’s title insurance underwriters, as Title Guaranty’s primary underwriter.

Fidelity, a Fortune 500 company that had $9.6 billion in 2016 revenue, issued a news release Monday before the market opened. Its stock, which trades on the New York Stock Exchange, closed up 9 cents to $44.67.