Fidelity National P/C acquires Southern Family flood policies

Fidelity National Property and Casualty Insurance Co. has received approval from the Circuit Court of Florida to purchase all of the existing flood insurance policies of Southern Family Insurance Co. through the Florida Department of Financial Services.

Fidelity National Property is a wholly-owned subsidiary of Fidelity National Financial Inc. of Jacksonville, Fla. The Fidelity National Property and Casualty Insurance Group is the largest writer of flood insurance in the National Flood Insurance Program.

The transaction involves more than 63,000 flood insurance policies originated through a network of Florida independent agents in conjunction with the National Flood Insurance Program.

Under the program, the federal government makes flood insurance available to owners and renters of residential and commercial properties as financial protection against flood losses and maintains the underwriting risk associated with potential claims.

Borrowers are required by law to purchase flood insurance to obtain financing associated with a residential or commercial structure located in a federally designated Special Flood Hazard Area.

Fidelity National Property and Casualty will service these policies through its affiliated in-house flood processing unit located in St. Petersburg, Fla. The transition will be seamless to both agents and policyholders alike during the current hurricane season, a potentially critical time for holders of flood insurance policies.