The board of directors of Fidelity National Financial has authorized management to investigate strategic alternatives for its specialty insurance business.

To that end, Fidelity National Financial (FNF) has retained Bank of America Securities as its adviser in the process. The assets to be evaluated include the flood insurance processing and the ‘at-risk’ personal lines businesses, but not the home warranty company.

William Foley, chairman of FNF, said: We are focused on evaluating our non-core assets and investments as potential vehicles for creating meaningful liquidity, and we believe our flood and at-risk insurance businesses are an attractive acquisition opportunity for strategic buyers.

Our intent is to use that liquidity to continue to support our dual efforts of maintaining our $1.20 annual cash dividend and repurchasing a significant amount of our outstanding stock.