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  "authorName": "Cannae Holdings, Inc.",
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  "presentationDate": "2021-08-01 00:00:00",
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      "text": "Foley’s value creation playbook was created and first implemented at FNF, where it has been driving consistent outperformance for 30+ years",
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      "text": "A track record of consolidation, while also creating highly efficient, market leading companies. Acquired Chicago Title Insurance Company, creating the nation's largest title insurer. Hundreds of acquisitions since initial acquisition. Industry leading title margins over multi-decade economic cycles.",
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      "text": "Mr. Foley recruited and mentored future industry leaders and all executive officers. Includes FNF's current Chief Executive Officer Raymond Quirk and Chief Operating Officer Roger Jewkes.",
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      "text": "Continued growth with additional strategic acquisitions such as: [Logos]. Diversified investments including: [Logos].",
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      "text": "In 1984, Foley acquired FNF for $3M when it was ranked 48th in the country among title insurance companies and had revenue of $6M. First to bring performance metric driven management to the title insurance industry. Focused on operating profit optimization across economic cycles.",
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      "text": "FNF is now the nation's largest title insurance and settlement services company. #1 market share in the residential purchase, refinance, and commercial markets. FNF average pre-tax title margins of ~15% over the last decade compared to competitor average margins of ~10% during the same period.",
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      "kind": "source-note",
      "text": "Source: Public company filings and market data as of 8/5/2021. (1) Revenue and ranking as of 1984. From Fidelity National Title Insurance Company website. (2) FNF margins and rankings data from the FNF Spring 2021 Investor Update Presentation.",
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