Doma Closes Previously Announced Go Private Transaction
September 27 2024 - 8:45AM
Business Wire
Doma Holdings, Inc. (NYSE: DOMA), a leading force for innovation
in the real estate industry, today announced that it has closed on
its previously announced plan of merger (the “transaction”) with
Title Resources Group (“TRG”), one of the nation’s leading title
insurance underwriters, following the receipt of all required
stakeholder approvals. Doma’s underwriting division, Doma Title
Insurance, Inc., will operate as a subsidiary of TRG. Doma’s
technology division, renamed Doma Technology LLC (“Doma TechCo”),
will operate on a separately capitalized basis, with a new board
chaired by mortgage technology leader Alan Colberg, former Chief
Executive Officer of Assurant, Inc. TRG and Doma TechCo will
operate as sister companies, with Centerbridge Partners, L.P., the
largest shareholder in TRG and, through a subsidiary, the majority
owner of Doma TechCo. Hudson Structured Capital Management, which
also participated in the transaction, will hold a significant
ownership stake in Doma TechCo.
“We are thrilled to have closed this transaction for all of our
stakeholders,” said Max Simkoff, Doma TechCo CEO. “With the
acquisition behind us, we look forward to focusing on growing our
business and continuing to innovate for the benefit of American
homeowners.”
“We are excited to begin the next chapter of TRG’s proud
history. We look forward to getting to work bringing these two
companies together, and providing our collective customers with
excellent underwriting services,” Scott McCall, president and CEO
of TRG, said.
Advisors
Houlihan Lokey Capital, Inc. acted as financial advisor to the
special committee of the Doma Board of Directors and Latham &
Watkins acted as legal counsel for the special committee of the
Doma Board of Directors. Davis Polk & Wardwell LLP acted as
Doma’s legal counsel and Mayer Brown LLP acted as Doma’s insurance
regulatory counsel. Willkie Farr & Gallagher LLP acted as legal
counsel to TRG. Morrison Foerster LLP acted as legal counsel to the
Lennar Stockholders.
About Doma Holdings, Inc.
Doma is a real estate technology company that is innovating a
century-old industry by building an instant and frictionless home
closing experience for buyers and sellers. Doma uses proprietary
machine intelligence technology and deep human expertise to create
a vastly more simple and affordable experience for everyone
involved in a residential real estate transaction, including
current and prospective homeowners, mortgage lenders, title agents,
and real estate professionals. With Doma, what used to take days
can now be done in minutes, replacing an arcane and cumbersome
process with a digital experience designed for today’s world. To
learn more visit doma.com.
About Title Resources Group (TRG)
Title Resources Group—the underwriter built for the real estate
industry—is one of the nation’s largest title insurance
underwriters, according to the American Land Title Association’s
2024 market share data. On a mission to provide knowledgeable and
responsible underwriting solutions to a growing network of title
insurance agents and strategic partners across America, TRG is
dedicated to growing lifelong relationships and maintaining quality
through integrity and financial stability. TRG is Demotech and A.M.
Best rated for strong financial and operating performance and has
operated profitably since inception without a net operating loss in
any fiscal year. For more information, please visit
www.TRGUW.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240927923404/en/
Investor Contact: Dave DeHorn | Chief Strategy Officer
and Interim Head of Investor Relations for Doma | ir@doma.com
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