TRG closes deal for Doma; Lennar acquires a minority stake
Title Source Group (TRG) has completed the acquisition of Doma Holdingsthe parent company of Doma titleaccording to an announcement on Friday. The sale was first announced in late March 2024.
The all-cash transaction valued Doma at nearly $88 million. As a result of the sale, Doma’s underwriting division (DTI) is now a wholly owned subsidiary of TRG.
“By combining DTI with TRG’s existing insurer, we have become the fifth largest independent insurer 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.
Doma’s technology division, which was renamed Doma Technology LLC (Doma TechCO), will operate as a separately capitalized entity.
TRG and Doma TechCo will operate as sister companies, according to the announcement. Centerbridge Partners is the largest shareholder of TRG and the majority shareholder of Doma TechCo, through a subsidiary.
TRG also announced this LENX, the strategic investment arm of housebuilder Lennarhas become a minority investor in the company.
“Our partnership with Lennar speaks volumes about who we are as a company and the value we deliver,” said McCall. We have always been interested in expanding our relationships within the housing community and Lennar becoming a co-owner of TRG is an exciting milestone in achieving that goal.”
Lennar joins in Everywhere Real Estate Inc., HomeServices of America, Opendoor technologies Inc., and Centerbridge Partners as owners of TRG.
“We are pleased with our partnership with TRG,” Eric Feder, LENX president, said in a statement. “This strategic investment underscores our commitment to advancing innovation throughout the homebuilding and homebuying process and increasing value for all stakeholders involved.”
