Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Fidelity National Financial: 33% Of The Title Insurance Market At The Cusp Of A Housing Recovery

Fidelity National Financial, Inc. (NYSE:FNF) is in the title insurance business. While its competitor Stewart Information Services (NYSE:STC) holds a 12.5% piece of the industry pie, Fidelity National Financial has the largest market share with some 33.7%, up from 30% ten years ago. That is, 33.7% of all mortgage originations have title insurance from FNF. What is title insurance? To borrow some text from my recent article on Stewart Information Services:

"Title insurance includes the functions of searching, examining, closing and insuring the condition of the title to real property. Its purpose is to ascertain ownership of property being transferred and to discover whether there are other claims to the property through such things as deeds,...
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