LandAmerica files for Chapter 11 bankruptcy protection

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(Reuters) - Title insurer LandAmerica Financial Group Inc said it has filed for bankruptcy protection and its bigger rival Fidelity National Financial Inc will buy two of its underwriting units.

The recent termination of a merger agreement with Fidelity National Financial and the closure of its 1031 Exchange Company's business caused it to accelerate these actions, LandAmerica said.

On Friday, Fidelity National Financial withdrew its $126 million stock offer for LandAmerica.

The title insurer said along with the company, its unit LandAmerica 1031 Exchange Services Inc also filed for bankruptcy protection in order to facilitate the sale of its two principal title underwriting subsidiaries.

Separately, Fidelity National Financial said it would buy LandAmerica's underwriting units Lawyers Title Insurance Corp and United Capital Title Insurance Co for $139.4 million.

Also, Chicago Title Insurance Co will buy LandAmerica's Commonwealth Land Title Insurance Co for $158.6 million, Fidelity said.

Both Lawyers Title and Commonwealth units are entirely solvent and none of the other many businesses are seeking bankruptcy protection, LandAmerica said.

"I am deeply disappointed over the need to file for bankruptcy protection for the LandAmerica holding company and the 1031 company," Chief Executive Theodore Chandler said in a statement.

(Reporting by Sakthi Prasad in Bangalore; Editing by Mike Nesbit)

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