Fidelity National in Irvine Buys Texas Title Insurance Firm

Fidelity National Financial Inc. said it has acquired the operating assets of Capitol of Texas Title Co., a title insurance agency in Austin for $292,000 cash and the assumption of $184,000 in debt relating to Capitol’s title and escrow operations.

The purchase was made through Fidelity’s main operating subsidiary, Fidelity National Title Insurance Co. of Irvine.

Capitol reported $1 million in revenue for 1992 and is expected to generate $1.3 million for 1993, Fidelity officials said. The privately held Texas company’s profitability was not disclosed.

Fidelity National Title Insurance now operates in the Austin, Dallas, El Paso and Houston areas through affiliate companies and title insurance agents.

Fidelity National Financial Inc. is a national title insurance company with operations in the 48 contiguous states, the District of Columbia, Puerto Rico, the Bahamas, British West Indies and the Virgin Islands. For 1992, the company reported revenue of $382 million and net earnings of $15 million. For the first quarter this year, ended March 31, the company reported $107.4 million in revenue and net income of $3.7 million.