Dallas-based title insurance underwriters Title Resources Group (TRG) has acquired Doma Holdings Inc. and announced that LENX, the strategic investment arm of Lennar, one of the nation’s leading homebuilders, has made an investment to become a minority owner of TRG.
Terms of the acquisition and the investment were not disclosed.
Doma’s underwriting division, Doma Title Insurance Inc. (DTI), is now a wholly owned subsidiary of TRG. Doma’s technology division, renamed Doma Technology LLC, will operate on a separately capitalized basis, the company said. TRG and Doma TechCo will operate as sister companies, with Centerbridge Partners LP as the largest shareholder in TRG and, through a subsidiary, the majority owner of Doma TechCo.
“Combining DTI with TRG’s existing underwriter, we have become the fifth largest independent underwriter in the United States. We look forward to leveraging our increased scale to create more value for our agents and partners in the marketplace,” TRG CEO Scott McCall said in a statement. “Our partnership with Lennar speaks volumes to who we are as a company and the value we deliver. We’ve always been interested in expanding our relationships within the homebuilding community and Lennar becoming a part owner of TRG is an exciting milestone in fulfilling that goal.”
Hudson Structured Capital Management, which also participated in the transaction, will also hold “a significant ownership stake” in Doma TechCo, TRG said.
Lennar Corp will join Anywhere Real Estate Inc., HomeServices of America (a Berkshire Hathaway affiliate), Opendoor Technologies Inc., and Centerbridge Partners LP as owners of TRG.
“The DTI team and I are excited to continue our journey under Scott’s leadership. TRG’s customer-first mentality, commitment to high quality, and genuine approach to partnerships are attributes we both value. Our dual commitment to these shared values will allow us to service our customers more effectively than ever. I’m excited about our shared future,” DTI President Emilio Fernandez said.
“We’re pleased about our partnership with TRG,” LENX President Eric Feder said. “This strategic investment highlights our dedication to fostering innovation across the homebuilding and homebuying process and enhancing value for all stakeholders involved.”
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