HSCM Bermuda participates in $123m States Title funding


HSCM Bermuda, the reinsurance investment management business arm of Hudson Structured Capital Management Ltd., has participated in a $123 million Series C round of funding for 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.

The Series C funding round of $123 million was led by Greenspring Associates.

HSCM Bermuda was a new investor to the company, alongside round new participants Horizons Ventures and Eminence Capital.

All of States Title’s previous venture investors also participated in what is its fifth round of financing.

This included a large investment from Foundation Capital, and new investments from insurer Assurant, FifthWall Ventures, Lennar Ventures, and reinsurance company SCOR’s Global P&C Ventures.

States Title aims to apply modern-day technology to the title and escrow process, enabling an instant customer closing experience, that allows mortgage originators and realtors to be more efficient, and reduces costs for everyone involved.

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.

“The most pressing need in our industry right now is to remove friction and cost from mortgage closings, and to do so with solutions that can deliver fully remote, instant, digital experiences,” explained Max Simkoff, Founder and CEO of States Title. “We are committed to further investment in our patented, industry-leading machine intelligence platform to support the goal of providing an instant closing experience at a lower cost. Right now we are witnessing an unprecedented shift in the structural foundation of the real estate industry, and this new funding will allow States Title to provide enhanced support for lenders, real estate agents, and homeowners, as well as provide a solid foundation for continued technological investment in the face of future economic uncertainty.”

“States Title has developed an automated, patented technology that streamlines the laborious title and escrow process, emerging as the market leader in an industry that historically lacks meaningful innovation,” added Jim Lim, Managing General Partner of Greenspring Associates. “We are thrilled to support States Title as they advance the vision of an instant mortgage that closes with one tap. Especially in the current economic climate, the mortgage industry needs to be re-imagined with transformative technological solutions to reduce costs and improve the customer experience. States Title is leading the vanguard of this transformation.”

Hudson Structured, investing as HSCM Bermuda, has previously allocated capital to funding rounds, or provided reinsurance for, insurtech’s and tech-focused insurance carriers and distribution plays including Metromile, Bold Penguin, Kin, RiskGenius, Noblr and Goji.

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