HSCM Bermuda finances States Title with $150m of debt

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HSCM Bermuda, the reinsurance and ILS investment management business arm of Hudson Structured Capital Management Ltd., has provided a $150 million debt financing arrangement to real estate focused States Title.

hudson-structured-capital-management-logoStates Title leverages machine learning intelligence and patented technology solutions to offer a range of residential real estate title, escrow and settlement services.

The company works with some of the largest mortgage lenders and acquired North American Title Company and North American Title Insurance Company in early 2019, achieving exponential growth since.

States Title used the data gained from these acquisitions to train its machine learning technology, making significant advances that have helped it to shorten the real estate closing time significantly, while supporting those involved.

Hudson Structured, through its HSCM Bermuda reinsurance investing branch, had previously participated in a Series C funding round of $123 million for States Title.

So with this $150 million debt financing, HSCM is doubling-down on States Title and its ability to build on its leading position in the area of the real estate market where it is focused.

“We are thrilled to be growing our relationship with States Title as they become an increasingly integral part of the mortgage ecosystem.” explained Vikas Singhal, Partner at HSCM Bermuda. “We first met them in 2016 when they were still a start-up in an old San Francisco warehouse. It is so exciting to see them grow into such a structurally important part of the real estate industry and we are excited to back them again on this next phase of growth.”

“Today’s consumers expect processes to be simple, efficient and digital — and home buying, which is already stressful and overwhelming, should set the standard for easing customers’ journeys rather than lagging behind other digital solutions,” commented Max Simkoff, CEO of States Title. “At States Title, we’re not just fixing that system, we’re wiping it clean and building a better one from scratch. HSCM Bermuda has been a great partner, having participated in our last equity round prior to this debt financing. They see immense value in how we are overhauling the system and, together, we now have greater capacity to tackle this enormous market, with significant tailwind behind what we’re doing.”

Hudson Structured, as well as investing in insurance-linked securities (ILS), reinsurance arrangements and other areas of the insurance market chain for its funds and investors, is also focused on insurtech investments, investments in tech-focused insurance carriers and distribution modernisation plays.

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