Title Resources Group (TRG), the Dallas-headquartered title insurance underwriter, announced its acquisition of the San Francisco-based real estate technology company Doma Holdings Inc. (NYSE: DOMA).
The financial terms of the deal were not disclosed. Doma’s underwriting division, Doma Title Insurance Inc., will operate as a subsidiary of TRG while its technology division, renamed Doma Technology LLC (Doma TechCo), will operate on a separately capitalized basis, with a new board chaired by Alan Colberg, former CEO 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.
Furthermore, LENX, the strategic investment arm of the homebuilder Lennar (NYSE:LEN), has made an investment to become a minority owner of TRG.
“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,” said Scott McCall, president and CEO of TRG.
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