Doma Closes Previously Announced Go Private Transaction
Doma Holdings, Inc. (NYSE: DOMA) has successfully closed its previously announced plan of merger with Title Resources Group (TRG). As part of this transaction, Doma's underwriting division, Doma Title Insurance, Inc., will operate as a TRG subsidiary. The technology division, renamed Doma Technology (Doma TechCo), will operate separately with a new board chaired by Alan Colberg, former CEO of Assurant, Inc.
TRG and Doma TechCo will function as sister companies, with Centerbridge Partners, L.P. as the largest shareholder in TRG and majority owner of Doma TechCo. Hudson Structured Capital Management will hold a significant stake in Doma TechCo. The transaction received all required stakeholder approvals, marking a new chapter for both companies in the real estate industry.
Doma Holdings, Inc. (NYSE: DOMA) ha concluso con successo il piano di fusione precedentemente annunciato con Title Resources Group (TRG). Come parte di questa operazione, la divisione di sottoscrizione di Doma, Doma Title Insurance, Inc., opererà come una filiale di TRG. La divisione tecnologica, ribattezzata Doma Technology (Doma TechCo), opererà separatamente con un nuovo consiglio di amministrazione presieduto da Alan Colberg, ex CEO di Assurant, Inc.
TRG e Doma TechCo funzioneranno come aziende sorelle, con Centerbridge Partners, L.P. come maggiore azionista in TRG e proprietario di maggioranza di Doma TechCo. Hudson Structured Capital Management deterrà una partecipazione significativa in Doma TechCo. La transazione ha ricevuto tutte le approvazioni necessarie da parte degli stakeholder, segnando un nuovo capitolo per entrambe le aziende nel settore immobiliare.
Doma Holdings, Inc. (NYSE: DOMA) ha cerrado con éxito su plan de fusión previamente anunciado con Title Resources Group (TRG). Como parte de esta transacción, la división de suscripción de Doma, Doma Title Insurance, Inc., funcionará como una subsidiaria de TRG. La división tecnológica, renombrada Doma Technology (Doma TechCo), operará de manera independiente con una nueva junta presidida por Alan Colberg, ex CEO de Assurant, Inc.
TRG y Doma TechCo funcionarán como empresas hermanas, con Centerbridge Partners, L.P. como el mayor accionista de TRG y propietario mayoritario de Doma TechCo. Hudson Structured Capital Management tendrá una participación significativa en Doma TechCo. La transacción recibió todas las aprobaciones necesarias de los interesados, marcando un nuevo capítulo para ambas empresas en la industria inmobiliaria.
Doma Holdings, Inc. (NYSE: DOMA)는 Title Resources Group(TRG)과의 합병 계획을 성공적으로 마무리했습니다. 이 거래의 일환으로 Doma의 인수 부서인 Doma Title Insurance, Inc.는 TRG의 자회사로 운영됩니다. 기술 부문은 Doma Technology (Doma TechCo)로 이름을 변경하고, Assurant, Inc.의 전 CEO인 Alan Colberg이 의장을 맡은 새로운 이사회가 이끌게 됩니다.
TRG와 Doma TechCo는 자매 회사로 기능하며, Centerbridge Partners, L.P.는 TRG의 최대 주주이자 Doma TechCo의 다수 주주입니다. Hudson Structured Capital Management는 Doma TechCo에서 중요한 지분을 보유하게 됩니다. 이 거래는 모든 이해 관계자의 승인을 받아 부동산 산업에서 두 회사에 있어 새로운 장을 열게 됩니다.
Doma Holdings, Inc. (NYSE: DOMA) a réussi à finaliser son plan de fusion précédemment annoncé avec Title Resources Group (TRG). Dans le cadre de cette transaction, la division d'assurance de Doma, Doma Title Insurance, Inc., fonctionnera comme une filiale de TRG. La division technologique, renommée Doma Technology (Doma TechCo), fonctionnera séparément avec un nouveau conseil d'administration présidé par Alan Colberg, ancien PDG d'Assurant, Inc.
TRG et Doma TechCo fonctionneront comme des entreprises sœurs, avec Centerbridge Partners, L.P. comme principal actionnaire de TRG et propriétaire majoritaire de Doma TechCo. Hudson Structured Capital Management détiendra une participation significative dans Doma TechCo. La transaction a reçu toutes les approbations nécessaires des parties prenantes, marquant un nouveau chapitre pour les deux entreprises dans le secteur immobilier.
Doma Holdings, Inc. (NYSE: DOMA) hat erfolgreich den zuvor angekündigten Fusionsplan mit Title Resources Group (TRG) abgeschlossen. Im Rahmen dieser Transaktion wird Doma's Underwriting-Abteilung, Doma Title Insurance, Inc., als Tochtergesellschaft von TRG tätig sein. Die Technologiedivision, die in Doma Technology (Doma TechCo) umbenannt wurde, wird separat mit einem neuen Vorstand arbeiten, der von Alan Colberg, dem ehemaligen CEO von Assurant, Inc., geleitet wird.
TRG und Doma TechCo werden als Schwesternunternehmen fungieren, wobei Centerbridge Partners, L.P. der größte Aktionär von TRG und Mehrheitsinhaber von Doma TechCo ist. Hudson Structured Capital Management wird eine signifikante Beteiligung an Doma TechCo halten. Die Transaktion erhielt alle erforderlichen Genehmigungen der Stakeholder und markiert ein neues Kapitel für beide Unternehmen in der Immobilienbranche.
- Successful closure of the merger transaction with Title Resources Group
- Doma's technology division to operate separately as Doma Technology
- New board for Doma TechCo chaired by experienced mortgage technology leader Alan Colberg
- Potential for growth and continued innovation in the real estate industry
- Doma is no longer a publicly traded company (delisting from NYSE)
Insights
The completion of Doma's go-private transaction with Title Resources Group (TRG) marks a significant shift in the company's structure and operations. This deal effectively splits Doma into two entities: the underwriting division becoming a subsidiary of TRG and the technology division operating independently as Doma Technology (Doma TechCo).
Key points to consider:
- The transaction removes Doma from public markets, potentially allowing for more flexibility in strategic decisions without short-term market pressures.
- Centerbridge Partners emerges as a major player, being the largest shareholder in TRG and majority owner of Doma TechCo.
- The appointment of Alan Colberg, former Assurant CEO, as board chair for Doma TechCo suggests a focus on leveraging mortgage technology expertise.
- The separation of underwriting and technology divisions could allow each to focus on their core competencies, potentially driving innovation and efficiency.
While this restructuring aims to position both entities for growth, investors should monitor how the split impacts operational synergies and whether the private structure accelerates technology development and market penetration in the real estate services sector.
The completion of Doma's go-private transaction presents several legal and regulatory considerations:
- Stakeholder Approvals: The announcement confirms receipt of all required approvals, suggesting compliance with regulatory and shareholder requirements for such a transaction.
- Corporate Structure: The creation of sister companies (TRG and Doma TechCo) under common ownership by Centerbridge Partners may have implications for corporate governance and potential conflicts of interest.
- Regulatory Oversight: As Doma's underwriting division becomes a TRG subsidiary, it will likely fall under different regulatory frameworks, potentially affecting compliance requirements.
- Contractual Obligations: The transition from public to private status may trigger review of existing contracts, especially those with change-of-control provisions.
The involvement of multiple legal advisors (Latham & Watkins, Davis Polk & Wardwell, Mayer Brown, Willkie Farr & Gallagher and Morrison Foerster) underscores the transaction's complexity and the need for specialized expertise in areas such as M&A, insurance regulation and securities law. Investors should be aware that while the transaction is complete, the legal landscape for the new entities may continue to evolve.
“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.
View source 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
Source: Doma Holdings, Inc.
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