LandAmerica posts $600M quarterly loss, merges with Fidelity
Meltdown, Spillover | (0)
From Reuters:
Title insurer LandAmerica Financial Group Inc (LFG.N: Quote, Profile, Research, Stock Buzz), which is selling itself to Fidelity National Financial Inc (FNF.N: Quote, Profile, Research, Stock Buzz), posted a huge third-quarter loss, hurt by a non-cash charge.
The third-biggest U.S. title insurer posted a net loss of $599.6 million, or $39.45 a share, for the quarter.
Glen Allen, Virginia-based LandAmerica said it took charges of $462.4 million related to write-down of goodwill, other intangible assets, certain investments and deferred tax assets.
The company said it reduced staffing levels by about 940 average full-time equivalents and closed about 60 offices in the third ...
