Margaret Redman has been named director of national commercial services and senior regional underwriting counsel for North American Title Insurance Co. as the firm’s parent company begins the process of rebranding in preparation for an independent public offering.
Redman, who held C-Suite level jobs at Fidelity National Title and First American Title Insurance Company, will serve as NATIC’s point of contact for national commercial agents in her new role.
Redman’s hire comes amid a series of larger strategic moves — the rebranding from NATIC to Doma Title Insurance, the launch of operations in New York, and a plan for Doma to go public in the near future via a SPAC merger with Capitol Investment Corp. V, said Valerie Jahn-Grandin, NATIC’s executive vice president and chief underwriting counsel.
“Margaret will be an asset to all of our growth plans and bring innovative plans to our underwriting business unit,” Jahn-Grandin said. “She knows how to look past the status quo and determine how we can make real estate transactions faster and frictionless for our agents, affiliates and customers — a critical skill in the technology-driven segment of our industry. In addition, Margaret’s experience in the national market, talent in working with regulators and extensive lobbying efforts position her to affect changes for our agents in both their local and national markets.”
Doma, formerly known as States Title, has a long ways to go before it can seriously put a dent in the “Big Four” title insurers – it currently has less than 1% share of the title market in the U.S. but projects to be at 5% by 2023. Doma is backed by Lennar, one of the nation’s largest homebuilders.
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Doma, led by Max Simkoff, plans to go public through a merger with special purpose acquisition company Capitol Investment Corp. V. in a deal valued at $3 billion (including debt).
In a release, officials from Doma – which counts NATIC, States Title, and North American Title Company as part of its family of brands – said the surge in 2020 homebuying and refinancing “unveiled the critical need for the tech-first approach to real estate transactions that Doma is architecting.”
Doma saw revenues of $179.8 million in 2019 and $189.7 million in 2020, according to filings made with the Securities and Exchanges Commission. Generally accepted accounting principal (GAAP) revenues are expected to be around $226.4 million in 2021.
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