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Financial American terminates merger plans with First Mile Indemnity

First Mile Indemnity LLC in late June withdrew its offer to buy Financial American Property & Casualty Insurance Co. from Financial American Holdings Corp.

First Mile Indemnity withdrew the offer after failing to get the necessary Form A approved, Financial American Property & Casualty Insurance disclosed in a quarterly statement.

Previously, Financial American Holdings entered into a stock repurchase agreement on Oct. 3, 2016, to sell Financial American Property & Casualty Insurance to First Mile Indemnity.