Spin-offSpun off from Fidelity National FinancialFNFNYSE
The two companies
Open either company's hub for its full SEC financials, ratios, ownership, filings, and every other event it's been part of.
- Sector
- Financials
- Industry
- Life Insurance
- Exchange
- NYSE
- State of incorporation
- DE
- Record date
- November 22, 2022
- Distribution date
- December 1, 2022
- Ratio
- —
- Parent sector
- Title Insurance
- Form
- 10-12B/A
- Filed
- November 10, 2022
Financials — parent vs spin-off
SEC XBRL · latest year- Revenue
- $2.10B
- Operating income
- —
- Net income
- $602M
- Total assets
- $109.01B
- Equity
- $7.42B
- Revenue
- $5.73B
- Operating income
- —
- Net income
- $265M
- Total assets
- $98.43B
- Equity
- $4.80B
Latest reported figures from each company's own SEC filings — the parent after the separation and the spin-off as a standalone. Full multi-year history on each company hub.
Spin-off signals
score 0/6 favorable · factors, not advice- Focus-increasingNo — both Financials
Spin-offs into a different sector than the parent (pure-plays) have historically outperformed diversifying ones.
- Size vs parent (revenue)~273% of parent
Smaller spin-offs draw more forced selling from holders who can't keep them — the classic mispricing edge.
- Leverage (liabilities/assets)95%
A heavy debt load loaded onto the spin-off is a known risk; a clean balance sheet is favorable.
- Tax-basis reportNone found
A Form 8937 (basis allocation) accompanies tax-free §355 spin-offs — favorable for taxable holders.
- Insider buying (post-spin)None recorded
Officers/directors buying their own newly independent shares (Form 4) has historically preceded outperformance.
- Time since spin-off3.5 years
Studies find the spin-off return premium concentrates in roughly the first one to three years.
Factors the spin-off research literature (Greenblatt; Cusatis-Miles-Woolridge; Desai-Jain) associates with outcomes — computed from this company's own SEC filings, shown as factors, not a recommendation. The premium is debated and not guaranteed. How we compute these ↗
Filings & documents
Every entry traces to SEC EDGAR. The Information Statement is the primary source; the links below open the full filing and each company's complete filing history.