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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission file number 001-39754
Doma Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
84-1956909
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
101 Mission Street, Suite 740
San Francisco, California

94105
(Address of Principal Executive Offices)
(Zip Code)
(650) 419-3827
Registrant’s telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0001 per shareDOMAThe New York Stock Exchange
Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share DOMA.WSThe New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o


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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x   No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   o     No  x


The registrant had outstanding 327,013,300 shares of common stock as of August 8, 2022.



INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Pages













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Introductory Note

On July 28, 2021 (the “Closing Date”), Capitol Investment Corp. V (“Capitol”) consummated a business combination (the “Business Combination”) with Doma Holdings, Inc., a Delaware corporation (“Old Doma”), pursuant to the agreement and plan of merger, dated March 2, 2021, by and among Capitol, Capitol V Merger Sub, Inc., a wholly owned subsidiary of Capitol (“Merger Sub”), and Old Doma (as amended on March 18, 2021, the “Agreement”). In connection with the closing of the Business Combination, Old Doma changed its name to States Title Holding, Inc. (“States Title”), Capitol changed its name to Doma Holdings, Inc. (“Doma”) and Old Doma became a wholly owned subsidiary of Doma. Doma continues the existing business operations of Old Doma as a publicly traded company.
Unless the context otherwise requires, references herein to “company,” “Company,” “Doma,” “we,” “us,” “our” and similar terms refer to Doma Holdings, Inc. (f/k/a Capitol Investment Corp. V) and its consolidated subsidiaries. References to “Capitol” refer to our predecessor company prior to the consummation of the Business Combination. References to “Old Doma” refer to Old Doma prior to the Business Combination and to States Title, the wholly owned subsidiary of Doma, upon the consummation of the Business Combination.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this Quarterly Report, about our plans, strategies and prospects, both business and financial, are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “goal,” “project” or the negative of such terms or other similar expressions. Moreover, the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control.
Forward-looking statements contained in this Quarterly Report include, but are not limited to, statements about:
our projected financial information, anticipated growth rate and market opportunity;
our ability to maintain the listing of our common stock on the New York Stock Exchange;
our ability to raise financing in the future and to comply with restrictive covenants related to long-term indebtedness;
our success in retaining or recruiting, or changes required in, our officers, key employees or directors;
the accounting of our warrants as liabilities and any changes in the value of our warrants having a material effect on our financial results;
factors relating to our business, operations and financial performance, including:
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our ability to drive an increasing proportion of orders in both our Enterprise and Local channels through the Doma Intelligence platform;
changes in the competitive and regulated industries in which we operate, variations in technology and operating performance across competitors, and changes in laws and regulations affecting our business;
our ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities;
the impact of COVID-19 on our business; and
other factors detailed under the section “Risk Factors” in our periodic filings with the Securities and Exchange Commission (the “SEC”).
Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Additional cautionary statements or discussions of risks and uncertainties that could affect our results or the achievement of the expectations described in forward-looking statements may also be contained in any subsequent periodic report.
Should one or more of the risks or uncertainties described in this Quarterly Report occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements.
You should read this Quarterly Report completely and with the understanding that our actual future results, levels of activity and performance as well as other events and circumstances may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
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Part I - Financial Information
Item 1. Financial Statements
Doma Holdings, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share information)June 30, 2022December 31, 2021
Assets
Cash and cash equivalents
$226,339 $379,702 
Restricted cash
2,959 4,126 
Investments:
Fixed maturities
Held-to-maturity debt securities, at amortized cost (net of allowance for credit losses of $443 at June 30, 2022 and $0 at December 31, 2021)
51,307 67,164 
Available-for-sale debt securities, at fair value (amortized cost $49,664 at June 30, 2022 and $0 at December 31, 2021)
49,966 — 
Mortgage loans
1,132 2,022 
Other long-term investments325 325 
Total investments
$102,730 $69,511 
Receivables (net of allowance for credit losses of $1,332 at June 30, 2022 and $1,082 at December 31, 2021)
12,910 15,498 
Prepaid expenses, deposits and other assets
9,250 15,692 
Lease right-of-use assets27,979 — 
Fixed assets (net of accumulated depreciation of $25,775 at June 30, 2022 and $19,543 at December 31, 2021)
59,474 45,953 
Title plants
13,952 13,952 
Goodwill
111,487 111,487 
Total assets
$567,080 $655,921 
Liabilities and stockholders’ equity
Accounts payable
$3,306 $6,930 
Accrued expenses and other liabilities
36,487 54,149 
Lease liabilities29,222 — 
Senior secured credit agreement, net of debt issuance costs and original issue discount
148,061 141,769 
Liability for loss and loss adjustment expenses
84,936 80,267 
Warrant liabilities2,080 16,467 
Sponsor Covered Shares liability709 5,415 
Total liabilities
$304,801 $304,997 
Commitments and contingencies (see Note 12)
Stockholders’ equity:
Common stock, 0.0001 par value; 2,000,000,000 shares authorized at June 30, 2022; 325,497,629 and 323,347,806 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
$33 $33 
Additional paid-in capital
563,265 543,070 
Accumulated deficit
(301,256)(192,179)
Accumulated other comprehensive income
237 — 
Total stockholders’ equity
$262,279 $350,924 
Total liabilities and stockholders’ equity
$567,080 $655,921 

The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
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Table of Contents
Doma Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
Three months ended June 30,Six months ended June 30,
(In thousands, except share and per share information)2022202120222021
Revenues:
Net premiums written (1)
$108,926 $109,271 $204,592 $217,263 
Escrow, other title-related fees and other
14,366 20,065 30,479 38,640 
Investment, dividend and other income
452 650 880 1,879 
Total revenues
$123,744 $129,986 $235,951 $257,782 
Expenses:
Premiums retained by Third-Party Agents (2)
$74,638 $65,181 $135,240 $135,519 
Title examination expense
5,146 5,500 11,127 10,353 
Provision for claims
6,310 6,807 10,921 10,055 
Personnel costs
73,233 53,954 151,026 97,419 
Other operating expenses
23,637 17,181 46,391 31,347 
Total operating expenses
$182,964 $148,623 $354,705 $284,693 
Loss from operations
$(59,220)$(18,637)$(118,754)$(26,911)
Other (expense) income:
Change in fair value of Warrant and Sponsor Covered Shares liabilities 5,193 — 19,093 — 
Interest expense
(4,489)(4,451)(8,696)(7,810)
Loss before income taxes
$(58,516)$(23,088)$(108,357)$(34,721)
Income tax expense
(136)(211)(321)(336)
Net loss
$(58,652)$(23,299)$(108,678)$(35,057)
Earnings per share:
Net loss per share attributable to stockholders - basic and diluted
$(0.18)$(0.33)$(0.34)$(0.51)
Weighted average shares outstanding common stock - basic and diluted
324,879,934 69,944,477 324,387,981 68,688,288 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
__________________
(1)Net premiums written includes revenues from a related party of $33.7 million and $27.0 million during the three months ended June 30, 2022 and 2021, respectively. Net premiums written includes revenues from a related party of $61.3 million and $51.6 million during the six months ended June 30, 2022 and 2021, respectively (see Note 11).
(2)Premiums retained by Third-Party Agents includes expenses associated with a related party of $27.2 million and $22.0 million during the three months ended June 30, 2022 and 2021, respectively. Premiums retained by Third-Party Agents includes expenses associated with a related party of $49.6 million and $41.8 million during the six months ended June 30, 2022 and 2021, respectively (see Note 11).
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Table of Contents
Doma Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited)
Three months ended June 30,Six months ended June 30,
(In thousands)2022202120222021
Net loss
$(58,652)$(23,299)$(108,678)$(35,057)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale debt securities, net of tax
237 — 237 (179)
Reclassification adjustment for realized gain on sale of available-for-sale debt securities, net of tax
— — — (507)
Comprehensive loss
$(58,415)$(23,299)$(108,441)$(35,743)
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
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Table of Contents
Doma Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)
Preferred Stock
Series A
Preferred Stock
Series A-1
Preferred Stock
Series A-2
Preferred Stock
Series B
Preferred Stock
Series C
Common Stock
Additional
Paid-in Capital
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Stockholders’ Equity
(In thousands, except share information)SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance, January 1, 2021
43,737,586 $48,913,906 $14,003,187 $— 15,838,828 $— 60,665,631 $62,832,307 $$266,464 $(79,123)$686 $188,031 
Exercise of stock options— — — — — — — — — — 2,637,441 — 1,267 — — 1,267 
Stock-based compensation expenses— — — — — — — — — — — — 2,289 — — 2,289 
Original issue discount on senior secured credit agreement— — — — — — — — — — — — 18,519 — — 18,519 
Net loss— — — — — — — — — — — — — (11,758)— (11,758)
Other comprehensive income— — — — — — — — — — — — — — (686)(686)
Balance, March 31, 202143,737,586 $48,913,906 $14,003,187 $— 15,838,828 $— 60,665,631 $65,469,748 $$288,539 $(90,881)$— $197,662 
Exercise of stock options— — — — — — — — — — 535,551 — 109 — — 109 
Stock based compensation expense— — — — — — — — — — — — 2,967 — — 2,967 
Exercise of stock warrants— — 28,870,387 — — — — — — — — — 187 — — 187 
Net loss— — — — — — — — — — — — — (23,299)— (23,299)
Balance, June 30, 202143,737,586 $77,784,293 $14,003,187 $— 15,838,828 $— 60,665,631 $66,005,299 $$291,802 $(114,180)$— $177,626 
Preferred Stock
Series A
Preferred Stock
Series A-1
Preferred Stock
Series A-2
Preferred Stock
Series B
Preferred Stock
Series C
Common Stock
Additional
Paid-in Capital
Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Stockholders’ Equity
(In thousands, except share information)SharesAmountSharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance, January 1, 2022
— $— — $— — $— — $— — $— 323,347,806 $33 $543,070 $(192,179)$— $350,924 
Exercise of stock options— — — — — — — — — — 957,648 — (97)— — (97)
Vesting of RSU awards— — — — — — — — — — 42,800 — — — — — 
Stock-based compensation expense— — — — — — — — — — — — 11,579 — — 11,579 
Cumulative effect of change in accounting principle— — — — — — — — — — — — — (399)— (399)
Net loss— — — — — — — — — — — — — (50,026)— (50,026)
Balance, March, 31, 2022— $— — $— — $— — $— — $— 324,348,254 $33 $554,552 $(242,604)$— $311,981 
Exercise of stock options— — — — — — — — — — 692,511 — 271 — — 271 
Vesting of RSU awards— — — — — — — — — — 456,864 — — — — — 
Stock based compensation expense— — — — — — — — — — — — 8,442 — — 8,442 
Net loss— — — — — — — — — — — — — (58,652)— (58,652)
Other comprehensive income— — — — — — — — — — — — — — 237 237 
Balance, June 30, 2022— $— — $— — $— — $— — $— 325,497,629 $33 $563,265 $(301,256)$237 — $262,279 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
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Table of Contents
Doma Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six months ended June 30,
(In thousands)20222021
Cash flow from operating activities:
Net loss$(108,678)$(35,057)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest expense - paid in kind
4,960 3,929 
Depreciation and amortization
6,983 5,727 
Stock-based compensation expense
20,021 5,256 
Amortization of debt issuance costs and original issue discount
1,332 899 
Provision for credit losses
495 477 
Deferred income taxes
229 250 
Realized loss (gain) on debt securities
18 (678)
Net unrealized loss on equity securities
— 119 
Loss on disposal of fixed assets and title plants
51 
Amortization of premiums and accretion of discounts on fixed maturity securities495 506 
Change in fair value of Warrant and Sponsor Covered Shares liabilities(19,093)— 
Change in operating assets and liabilities:
Accounts receivable
1,825 1,142 
Prepaid expenses, deposits and other assets
5,413 (11,626)
Lease right-of-use assets and lease liabilities733 — 
Accounts payable
(3,625)1,387 
Accrued expenses and other liabilities
(16,416)5,346 
Liability for loss and loss adjustments expenses
4,669 4,906 
Net cash used in operating activities
$(100,588)$(17,409)
Cash flow from investing activities:
Proceeds from calls and maturities of investments: Held-to-maturity
$16,981 $14,149 
Proceeds from sales, calls and maturities of investments: Available-for-sale— 7,817 
Proceeds from sales of investments: Equity securities— 2,000 
Proceeds from sales and principal repayments of investments: Mortgage loans
890 45 
Purchases of investments: Held-to-maturity
(2,103)(33,430)
Purchases of investments: Available-for-sale
(49,640)— 
Proceeds from sales of fixed assets— 307 
Purchases of fixed assets
(20,555)(10,944)
Proceeds from sale of title plants and dividends from title plants
311 239 
Net cash used in investing activities
$(54,116)$(19,817)


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Table of Contents
Doma Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six months ended June 30,
(In thousands)
2022
2021
Cash flow from financing activities:
Proceeds from issuance of senior secured credit agreement$— $150,000 
Payments on loan from a related party— (65,532)
Debt issuance costs— (579)
Exercise of stock warrants— 49 
Exercise of stock options
174 1,515 
Net cash provided by financing activities
$174 $85,453 
Net change in cash and cash equivalents and restricted cash
(154,530)48,227 
Cash and cash equivalents and restricted cash at the beginning period383,828 112,022 
Cash and cash equivalents and restricted cash at the end of period
$229,298 $160,249 
Supplemental cash flow disclosures:
Cash paid for interest
$3,974 $3,407 
Supplemental disclosure of non-cash investing activities:
Unrealized gain (loss) on available-for-sale debt securities
$237 $(179)
Supplemental disclosure of non-cash financing activities:
Issuance of penny warrants related to the senior secured credit agreement$— $18,519 
The accompanying notes are an integral part of these condensed consolidated financial statements (unaudited).
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Table of Contents
Doma Holdings, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
(Amounts in thousands, except share and per share information or unless otherwise noted)
1.  Organization and business operations
On July 28, 2021 (the “Closing Date”), Capitol Investment Corp. V (“Capitol”) consummated a business combination (the “Business Combination”) with Doma Holdings, Inc., a Delaware corporation (“Old Doma”), pursuant to the agreement and plan of merger, dated March 2, 2021, by and among Capitol, Capitol V Merger Sub, Inc., a wholly owned subsidiary of Capitol (“Merger Sub”), and Old Doma (as amended on March 18, 2021, the “Agreement”). In connection with the closing of the Business Combination, Old Doma changed its name to States Title Holding, Inc. (“States Title”), Capitol changed its name to Doma Holdings, Inc. (“Doma”) and Old Doma became a wholly owned subsidiary of Doma. Doma continues the existing business operations of Old Doma as a publicly traded company. See Note 3 for additional information on the Business Combination.
Unless the context otherwise requires, references herein to “company,” “Company,” “Doma,” “we,” “us,” “our” and similar terms refer to Doma Holdings, Inc. (f/k/a Capitol Investment Corp. V) and its consolidated subsidiaries. References to “Capitol” refer to our legal predecessor company prior to the consummation of the Business Combination. References to “Old Doma” refer to Old Doma prior to the Business Combination and to States Title, the wholly owned subsidiary of Doma, upon the consummation of the Business Combination.
Headquartered in San Francisco, California, Doma is a real estate technology company that is architecting the future of real estate transactions. Using machine intelligence and our proprietary technology solutions, we are creating a vastly more simple, efficient, and affordable real estate closing experience for current and prospective homeowners, lenders, title agents and real estate professionals. We are licensed to underwrite title insurance in 39 states and the District of Columbia.
Old Doma was initially formed as a wholly-owned subsidiary of States Title Inc. (“Legacy States Title”) to combine the operations of Legacy States Title and the retail agency and title insurance underwriting business (the “Acquired Business”) of North American Title Group, LLC (“NATG”), a subsidiary of Lennar Corporation (“Lennar”). We completed the acquisition of the Acquired Business on January 7, 2019, which we refer hereinafter as the “North American Title Acquisition.” Old Doma survived the North American Title Acquisition as the parent company and now wholly owns the businesses operated by Legacy States Title and the Acquired Business.
We conduct our operations through two reportable segments, (1) Distribution and (2) Underwriting. See further discussion in Note 7 for additional information regarding segment information.
2.  Summary of significant accounting policies
Basis of presentation
The accompanying condensed consolidated balance sheet as of June 30, 2022 and the condensed consolidated statements of operations, condensed consolidated statements of comprehensive loss, and condensed consolidated statements of changes in stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 are unaudited.
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the financial information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s balance sheet as of June 30, 2022 and its results of operations, including its comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and cash flows for the six months ended June 30, 2022 and 2021. All adjustments are of a normal recurring nature. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2022. These unaudited interim
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consolidated financial statements should be read in conjunction with the annual consolidated financial statements and related notes.
References to the Accounting Standard Codification (“ASC”) and Accounting Standard Updates (“ASU”) included hereinafter refer to the Accounting Standards Codification and Updates issued by the Financial Accounting Standards Board (“FASB”) as the source of authoritative U.S. GAAP. The accompanying condensed consolidated financial statements include the accounts of the Company and the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from the estimates made by management. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.
Significant items subject to such estimates and assumptions include, but are not limited to, reserves for incurred but not reported claims, the useful lives of property and equipment, accrued net premiums written from Third-Party Agent (as defined in Item 2) referrals, fair value measurements, and the valuations of stock-based compensation arrangements and the Sponsor Covered Shares liability (as defined below).
Title plants
Title plants are carried at cost, with costs incurred to maintain, update and operate title plants expensed as incurred. Because properly maintained title plants have indefinite lives and do not diminish in value with the passage of time, no provision has been made for depreciation or amortization. The Company analyzes the title plants for impairment when events or circumstances indicate that the carrying amount may not be recoverable. This analysis includes, but is not limited to, the effects of obsolescence, duplication, demand and other economic factors. There were no impairments of title plants for the three and six months ended June 30, 2022 and 2021.
Reinsurance
The Company utilizes excess of loss and quota share reinsurance programs to limit its maximum loss exposure by reinsuring certain risks with other insurers. The Company has two reinsurance treaties: the Excess of Loss Treaty and the Quota Share Treaty.
Under the Excess of Loss Treaty, we cede liability over $15.0 million on all files. Excess of loss reinsurance coverage protects the Company from a large loss from a single loss occurrence. The Excess of Loss Treaty provides for ceding liability above the retention of $15.0 million for all policies up to a liability cap of $500.0 million.
Under the Quota Share Treaty, during the period from January 1, 2021 to February 23, 2021 the Company ceded 100% of the written premium on its instantly underwriting policies. Effective February 24, 2021, the Company cedes 25% of the written premium on our instantly underwritten policies.
Payments and recoveries on reinsured losses for the Company’s title insurance business were immaterial during the three and six months ended June 30, 2022 and 2021.
Ceding commission from reinsurance transactions are presented as revenue within the “Escrow, other title-related fees and other” revenue line item in the consolidated statements of operations.
Total premiums ceded in connection with reinsurance are netted against the written premiums in the consolidated statements of operations. Gross premiums written and ceded premiums are as follows:

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Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Gross premiums written109,506 110,044 206,748 220,655 
Ceded premiums(580)(773)(2,156)(3,392)
Net premiums written108,926 109,271 204,592 217,263 
Percentage of amount assumed to net99.5 %99.3 %99.0 %98.5 %
Income taxes
Our effective tax rate for the six months ended June 30, 2022 and 2021 was (1)% as a result of a full valuation allowance recorded against the deferred tax assets. In determining the realizability of the net U.S. federal and state deferred tax assets, we consider numerous factors including historical profitability, estimated future taxable income, prudent and feasible tax planning strategies, and the industry in which we operate. As of June 30, 2022 and December 31, 2021, the Company carried a valuation allowance against deferred tax assets as management believes it is more likely than not that the benefit of the net deferred tax assets covered by that valuation allowance will not be realized. A net deferred tax liability has been recorded as of June 30, 2022 and December 31, 2021 of $1.9 million and $1.8 million, respectively, and is included in accrued expenses and other liabilities within the accompanying condensed consolidated balance sheets. Management reassesses the realization of the deferred tax assets each reporting period. The Company has approximately $0.2 million of pre-2018 federal net operating losses subject to expiration beginning in 2036. The remainder of the federal net operating losses have no expiration. The Company’s state net operating losses are subject to various expirations, beginning in 2030. The Company’s 2018 through 2020 tax years remain open to federal examinations. The Company’s 2017 through 2020 tax years remain open to state tax examinations. The Company believes that as of June 30, 2022 it had no material uncertain tax positions. Interest and penalties related to unrecognized tax expenses (benefits) are recognized in income tax expense, when applicable. There were no material liabilities for interest and penalties accrued as of June 30, 2022.
Leases
The Company determines if a contract contains a lease at inception of the contract. The Company's inventory of leases primarily consists of operating office space and office equipment leases which are recorded as a lease obligation liability and as a lease right-of-use asset on the accompanying condensed consolidated balance sheet. The lease right-of-use asset represents the Company's right to use each underlying asset for the lease term and the lease obligation liability represents the Company's obligation over the lease term. The Company's lease obligation is recorded at the present value of the lease payments based on the term of the lease. The Company applies an incremental borrowing rate of interest as of the effective date of adoption or the lease effective date equivalent to a collateralized borrowing rate with similar terms. The discount rate used to calculate the present value of our future minimum lease payments is based, where appropriate, on the Company's incremental borrowing rate of its current loan and security agreement.
Lease expenses for lease payments, where appropriate, are recognized on a straight-line basis over the lease term. Short-term leases of 12 months or less are recorded in the condensed consolidated balance sheet and lease payments are recognized on the condensed consolidated statement of operations. The Company accounts for agreements with lease and non-lease components as a single lease component. For more information on leases, refer to Note 17 of this Quarterly Report.
Concentration of credit risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in financial institutions and our investment portfolio. The Company has not experienced losses on the cash accounts and management believes the Company is not exposed to significant risks on such accounts.
Additionally, we manage the exposure to credit risk in our investment portfolio by investing in high quality securities and diversifying our holdings. Our investment portfolio is comprised of corporate debt, certificates of deposit, single-family residential mortgage loans, and U.S. Treasuries.
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Emerging Growth Company and Smaller Reporting Company
Subsequent to the Business Combination described in Note 3, the Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Additionally, subsequent to the Business Combination described in Note 3, the Company is a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
Recently issued and adopted accounting pronouncements
In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The amendments in this and the related ASUs introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss (“CECL”) model that is based on expected rather than incurred losses for instruments measured at amortized cost and amends the accounting for impairment of held-to-maturity securities and available-for-sale securities. This model incorporates past experience, current conditions and reasonable and supportable forecasts affecting collectability of these instruments. The amendments in this update are effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. For all other entities, the amendment is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The early adoption of this new guidance on January 1, 2022 required the Company to record an allowance for credit losses for the Company’s held-to-maturity investment portfolio, which resulted in an allowance of $0.4 million and a corresponding $0.4 million adjustment for the cumulative effect of a change in accounting principle, net of income taxes. For more information on the held-to-maturity allowance for credit losses, refer to Note 4 of this Quarterly Report. Prior to the adoption of the new guidance, the Company utilized an aging model to estimate credit losses on accounts receivable. As this aging model is allowed under the new guidance, there is no impact to the Company’s allowance for credit losses for accounts receivable. The adoption of this new standard did not have a significant impact on the condensed consolidated statements of operations or the condensed consolidated statements of cash flows. The guidance also requires additional disclosures regarding the Company’s held-to-maturity allowance for credit losses, which have been included within Note 4.
In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an
13

effective interest rate method or on a straight-line basis over the term of the lease. Modified or new leases subsequent to the effective date will follow ASC 2016-02. Accounting for lessors remains largely unchanged from current U.S. GAAP. Under ASU 2020-05, the effective date for adoption of ASU 2016-02 is fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. We early adopted this new guidance on January 1, 2022 under a modified retrospective transition approach using the cumulative-effect adjustment transition method approved by the FASB, which results in reporting for the comparative periods presented in accordance with the previous lease guidance under ASC 840. We elected the package of practical expedients but did not adopt the hindsight practical expedient as of January 1, 2022. The package of practical expedients allowed the Company not to reassess whether the arrangement contains a lease, lease classification and whether previously capitalized costs qualify as initial direct costs. The practical expedients allowed the Company to continue classifying all of its leases as operating leases as they were previously classified under ASC 840. The Company recognized lease liabilities of $24.4 million and corresponding right-of-use assets of $23.8 million in our consolidated balance sheet on January 1, 2022. The difference between the lease liabilities and corresponding right-of-use assets related to prepaid rent and deferred lease obligations recognized in prepaid expenses, deposits and other assets and accrued expenses and other liabilities, respectively, in our consolidated balance sheet on January 1, 2022, resulting in no cumulative-effect adjustment to opening equity. The new standard did not have a significant impact on the condensed consolidated statements of operations or the condensed consolidated statements of cash flows. The guidance also requires additional disclosures regarding the Company’s lease portfolio, which have been included within Note 17.
In January 2020, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. Specifically, ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 is effective for annual periods beginning after December 15, 2020, and interim periods beginning after December 15, 2020. ASU 2019-12 is effective for private entities for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted ASU 2019-12 under the private company transition guidance beginning January 1, 2022, and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements or disclosures given the Company has a full valuation allowance and the scenarios for which the guidance offer simplification are not significant for the Company.

Recently issued but not adopted accounting pronouncements
In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. In June of 2020, the FASB deferred the effective date of ASU 2018-12 for one-year in response to implementation challenges resulting from COVID-19. This update requires insurance companies to annually review and update the assumptions used for measuring the liability under long-duration contracts. The amendments in this ASU may be early adopted as of the beginning of an annual reporting period for which financial statements have not yet been issued, including interim financial statements. We do not currently expect to early adopt this standard. Although we have long-duration contracts, this specific guidance is not expected to impact our title insurance operations; therefore, we do not expect this standard to have a material impact on our condensed consolidated financial statements.
3. Business Combination
As described in Note 1, on March 2, 2021, Old Doma entered into the Agreement with Capitol, a blank check company incorporated in the State of Delaware and formed for the purpose of effecting a merger. Pursuant to the Agreement, a newly formed subsidiary of Capitol was merged with and into Old Doma, and the Business Combination was completed on July 28, 2021. The Business Combination was accounted for as a reverse recapitalization and Capitol was treated as the acquired company for financial statement reporting purposes. Old Doma was deemed the predecessor for financial reporting purposes and Doma was deemed the successor SEC registrant, meaning that Old Doma’s financial statements for periods prior to the consummation of the Business
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Combination are disclosed in the financial statements included within this Quarterly Report and will be disclosed in Doma’s future periodic reports. No goodwill or other intangible assets were recorded, in accordance with GAAP. At the Closing Date, Doma received gross cash consideration of $345.0 million as a result of the reverse recapitalization from Capitol’s trust account, which was then reduced by the redemption of Class A common stock of $294.9 million. In addition, existing Old Doma stockholders and option holders received cash payments from the settlement of the net proceeds of the Business Combination totaling $20.1 million.
In connection with the Business Combination, Capitol entered into subscription agreements with certain investors, whereby Doma issued 30,000,000 shares of common stock at $10.00 per share for an aggregate purchase price of $300.0 million (the “PIPE Investment”), which closed simultaneously with the consummation of the Business Combination.
Upon the Closing Date, holders of Old Doma common stock, par value $0.0001 per share (“Old Doma Common Stock”) received shares of our common stock in an amount determined by the exchange ratio of approximately 5.994933 to 1 (the “Exchange Ratio”), which was based on the implied price per share prior to the Business Combination established within the Agreement. Reported shares and earnings per share available to holders of Old Doma’s Common Stock, prior to the Business Combination, have been retroactively restated reflecting the Exchange Ratio. Applicable share activity within the statement of changes in stockholder’s equity were also retroactively converted to our common stock at the Exchange Ratio.
Old Doma recorded the net assets acquired from Capitol. The total estimated transaction costs directly attributable to the Business Combination are approximately $67.0 million, consisting of advisory, legal, share registration and other professional fees. $12.1 million of these fees represent underwriter fees incurred by Capitol prior to the Business Combination related to their initial public offering.
Immediately after the Closing Date, 1,325,664 shares of common stock held by the Sponsor became subject to vesting, contingent upon the price of Doma’s common stock, par value 0.0001 (“Doma common stock”) exceeding certain thresholds (the “Sponsor Covered Shares”).
Immediately after giving effect to the Business Combination and the PIPE Investment, there were 321,461,822 shares of common stock outstanding, which excludes the 1,325,664 of Sponsor Covered Shares. The Company is authorized to issue 2,000,000,000 shares of common stock having a par value of $0.0001 per share. Additionally, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $0.0001 per share. As of June 30, 2022, there were 325,497,629 and 0 shares of common stock and preferred stock issued and outstanding, respectively, which excludes the 1,325,664 of Sponsor Covered Shares.
On December 4, 2020, Capitol consummated its initial public offering, which included the issuance of 11,500,000 redeemable warrants (the “Public Warrants”). Simultaneously with the closing of the initial public offering, Capitol completed the private sale of 5,833,333 warrants (the “Private Placement Warrants”). These Warrants remain outstanding following the Business Combination and each whole warrant entitles the holder to purchase one share of our common stock at a price of $11.50 (see Note 16 for additional information).
Immediately after the Closing Date, 20% of the aggregate of our common stock held by certain investors (collectively, the “Sponsor”) became subject to vesting, contingent upon the price of our common stock exceeding certain thresholds. The Sponsor Covered Shares will vest in two tranches: (i) one-half of such shares shall vest if the last reported sale price of the common stock equals or exceeds $15.00 for any 20 trading days within any 30-day trading period ending on or before the tenth anniversary of the Closing Date, and (ii) one-half of such shares shall vest if the last reported sale price of the common stock equals or exceeds $17.50 for any 20 trading days within any 30-day trading period ending on or before the tenth anniversary of the Closing Date. The Sponsor is also entitled to the Sponsor Covered Shares if a covered strategic transaction or change in control, as defined by the sponsor support agreement dated as of March 2, 2021 (the “Sponsor Support Agreement”) by and among the sponsors named thereto, Capitol and Old Doma, occurs prior to the ten (10)-year anniversary of the Closing Date. As of June 30, 2022, the Sponsor Covered Shares were legally outstanding; however, since none of the conditions were met, no related shares are included in the Company's condensed consolidated balance sheets and condensed consolidated statement of changes in stockholders’ equity or for the purposes of calculating earnings per share.
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Also following the Closing Date, the Sellers have the contingent right to receive up to an additional number of shares equal to 5% of the sum of (i) the aggregate number of outstanding shares of our common stock (including restricted common stock, but excluding Sponsor Covered Shares), plus (ii) the maximum number of shares underlying our options that are vested and the maximum number of shares underlying warrants to purchase shares of Doma common stock issued as replacement warrants for Old Doma warrants, in each case of these clauses (i) and (ii), as of immediately following the Closing Date (the “Seller Earnout Shares”). The Seller Earnout Shares are contingently issuable to the Sellers in two tranches: (i) one-half of such shares shall be issued if the last reported sale price of the common stock equals or exceeds $15.00 for any 20 trading days within any 30-day trading period ending on or before the fifth anniversary of the Closing Date, and (ii) one-half of such shares shall be issued if the last reported sale price of the common stock equals or exceeds $17.50 for any 20 trading days within any 30-day trading period ending on or before the fifth anniversary of the Closing Date. Since none of the conditions of the Seller Earnout Shares were met as of June 30, 2022, no related shares are included in the Company’s condensed consolidated balance sheets and condensed consolidated statements of changes in stockholders’ equity as of June 30, 2022 or for purposes of calculating earnings per share.

Unless the context otherwise requires or otherwise indicates, share counts of Doma common stock provided in this Quarterly Report exclude both the Sponsor Covered Shares and the Seller Earnout Shares.

4.  Investments and fair value measurements
Held-to-maturity debt securities
The cost basis, fair values and gross unrealized gains and losses of our held-to-maturity debt securities are as follows:
June 30, 2022December 31, 2021
Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
Corporate debt securities(1)
$45,276 $$(2,386)$42,896 $62,078 $459 $(207)$62,330 
U.S. Treasury securities6,237 — (127)6,110 4,849 — (16)4,833 
Certificates of deposit237 — — 237 237 — — 237 
Total$51,750 $$(2,513)$49,243 $67,164 $459 $(223)$67,400 
_______________
(1)Includes both U.S. and foreign corporate debt securities.
The cost basis of held-to-maturity debt securities includes an adjustment for the amortization of premium or discount since the date of purchase. Held-to-maturity debt securities valued at approximately $4.4 million and $4.2 million were on deposit with various governmental authorities at June 30, 2022 and December 31, 2021, respectively, as required by law.
The change in net unrealized gains and losses on held-to-maturity debt securities for the six months ended June 30, 2022 and 2021 was $(2.7) million and $(0.1) million, respectively.
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Net realized gains of held-to-maturity debt securities are computed using the specific identification method and are included in the condensed consolidated statements of operations.
The following table presents certain information regarding contractual maturities of our held-to-maturity debt securities:
MaturityJune 30, 2022
Amortized Cost
% of
Total
Fair Value
% of
Total
One year or less
$26,784 52 %$26,478 54 %
After one year through five years
24,966 48 %22,765 46 %
Total$51,750 100 %$49,243 100 %
There were no held-to-maturity debt securities with contractual maturities after five years. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
Net unrealized losses on held-to-maturity debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:
June 30, 2022December 31, 2021
Corporate debt securitiesU.S. Treasury securitiesTotalCorporate debt securitiesU.S. Treasury securitiesTotal
Less than 12 months
Fair value
$37,914 $6,110 $44,024 $18,309 $4,667 $22,976 
Unrealized losses
$(2,270)$(127)$(2,397)$(192)$(16)$(208)
Greater than 12 months
Fair value$1,467 $— $1,467 $605 $— $605 
Unrealized losses$(116)$— $(116)$(15)$— $(15)
Total
Fair value$39,381 $6,110 $45,491 $18,914 $4,667 $23,581 
Unrealized losses$(2,386)$(127)$(2,513)$(207)$(16)$(223)
We believe that any unrealized losses on our held-to-maturity debt securities at June 30, 2022 are temporary based upon our current analysis of the issuers of the securities that we hold and current market conditions. We have no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.
Under the CECL model, the Company recognizes credit losses for its held-to-maturity debt securities by setting up an allowance which is remeasured each reporting period, with changes in the allowance recorded in the condensed consolidated statements of operations. The Company establishes an allowance for credit losses based on a number of factors including the current economic conditions, management's expectations of future economic conditions and performance indicators, such as credit agency ratings and payment and default history. As of June 30, 2022, credit agency ratings on our U.S. Treasury and corporate debt securities ranged from AAA through B1.
For our held-to-maturity debt securities, the Company's model estimates expected credit loss by multiplying the exposure at default by both the probability of default and loss given default (“LGD”). The probability of default and LGD percentages are estimated after considering historical experience with global default rates and unsecured bond recovery rates for horizons aligning to the Company’s held-to-maturity debt security portfolio. The calculated
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allowance is recorded as an offset to held-to-maturity debt securities in the condensed consolidated balance sheets and in the investment, dividend and other income line on the condensed consolidated statements of operations.
Rollforward of Credit Loss Allowance for Held-to-Maturity Debt Securities
Beginning balance, January 1, 2022
$399 
Current-period provision for expected credit losses
44 
Write-off charged against the allowance, if any
— 
Recoveries of amounts previously written off, if any
— 
Ending balance of the allowance for credit losses, June 30, 2022
$443 
The current-period provision for expected credit losses is due to changes in portfolio composition, the maturity of certain securities, and changes in the credit ratings of certain securities.
Available-for-sale debt securities
The cost basis, fair values and gross unrealized gains and losses of our available-for-sale debt securities are as follows:
June 30, 2022
Amortized CostUnrealized GainsUnrealized LossesFair Value
Corporate debt securities(1)
$19,852 $106 $(2)$19,956 
U.S. Treasury securities28,353 185 — 28,538 
Foreign government securities1,459 13 — 1,472 
Total$49,664 $304 $(2)$49,966 
_______________
(1)Includes both U.S. and foreign corporate debt securities.
The Company had no available-for-sale securities or related unrealized gain or loss as of December 31, 2021.
The cost basis of available-for-sale debt securities includes an adjustment for the amortization of premium or discount since the date of purchase.
The change in net unrealized gains on available-for-sale debt securities for the three and six months ended June 30, 2022 was $0.3 million. The change in net unrealized gains on available-for-sale debt securities for the six months ended June 30, 2021 was $(0.9) million, respectively. The Company disposed all available-for-sale debt securities in the three months ended March 31, 2021 and therefore had no unrealized gain or loss as of June 30, 2021 and no change in net unrealized gains on available-for-sale debt securities for the three months ended June 30, 2021. Any unrealized holding gains or losses on available-for-sale debt securities as of June 30, 2022 are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized.
The following table reflects the composition of net realized gains or losses for the sales of the available-for-sale securities:
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Three months ended June 30,Six months ended June 30,
2022202120222021
Realized gains (losses):
Available-for-sale debt securities:
Gains
$— $— $— $768 
Losses
— — — (90)
Net
$— $— $— $678 
Proceeds from sales$— $— $— $7,817 
Net realized gains on disposition of available-for-sale debt securities are computed using the specific identification method and are included in the condensed consolidated statements of operations.
The following table presents certain information regarding contractual maturities of our available-for-sale debt securities:
MaturityJune 30, 2022
Amortized Cost
% of
Total
Fair Value
% of
Total
One year or less
$— — %$— — %
After one year through five years
49,664 100 %49,966 100 %
Total$49,664 100 %$49,966 100 %
There were no available-for-sale debt securities with contractual maturities after five years. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
Net unrealized losses on available-for-sale debt securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position are as follows:
June 30, 2022December 31, 2021
Corporate debt securitiesTotalCorporate debt securitiesTotal
Less than 12 months
Fair value
$1,466 $1,466 $— $— 
Unrealized losses
$(2)$(2)$— $— 
Greater than 12 months
Fair value$— $— $— $— 
Unrealized losses$— $— $— $— 
Total
Fair value$1,466 $1,466 $— $— 
Unrealized losses$(2)$(2)$— $— 
We believe that any unrealized losses on our available-for-sale debt securities at June 30, 2022 are temporary based upon our current analysis of the issuers of the securities that we hold and current market conditions. We have
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no intent to sell, and it is more likely than not that we will not be required to sell, these securities until the fair value recovers to at least equal our cost basis or the securities mature.
As of June 30, 2022, the Company did not have an allowance for credit losses for available-for-sale debt securities.
Equity securities
The Company disposed of all equity securities in the three months ended March 31, 2021.
Mortgage loans
The mortgage loan portfolio as of June 30, 2022 is comprised entirely of single-family residential mortgage loans. During the six months ended June 30, 2022, the Company did not purchase any new mortgage loans.
Mortgage loans, which include contractual terms to maturity of thirty years, are not categorized by contractual maturity as borrowers may have the right to call or prepay obligations with, or without, call or prepayment penalties.
The cost and estimated fair value of mortgage loans are as follows:
June 30, 2022December 31, 2021
CostEstimated Fair ValueCostEstimated Fair Value
Mortgage loans
$1,132 $1,132 $2,022 $2,022 
Total
$1,132 $1,132 $2,022 $2,022 
Investment income
Investment income from securities consists of the following:
Three months ended June 30,Six months ended June 30,
2022202120222021
Available-for-sale debt securities
$63 $— $63 $773 
Held-to-maturity debt securities
358 570 746 964 
Equity investments
— — — (89)
Mortgage loans
18 45 40 91 
Other
125 61 
Total
$445 $616 $974 $1,800 
Accrued interest receivable
Accrued interest receivable from investments is included in receivables, net in the condensed consolidated balance sheets. The following table reflects the composition of accrued interest receivable for investments:
June 30, 2022December 31, 2021
Corporate debt securities
$746 $874 
U.S. Treasury securities
169 12 
Foreign government securities— 
Accrued interest receivable on investment securities
$920 $886 
Mortgage loans
13 
Accrued interest receivable on investments
$926 $899 
The Company does not recognize an allowance for credit losses for accrued interest receivable, which is recorded in the receivables line in the condensed consolidated balance sheets, because the Company writes off
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accrued investment timely. The Company writes off accrued interest receivables after three months by reversing interest income.
Fair value measurement
ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure financial assets or liabilities at fair value. The observability of inputs is impacted by a number of factors, including the type of asset or liability, characteristics specific to the asset or liability, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
The three levels of the fair value hierarchy under ASC 820 are as follows:
Level 1Quoted prices (unadjusted) in active markets for identical asset or liability at the measurement date are used.
Level 2Pricing inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 pricing inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3Pricing inputs are unobservable and include situations where there is little, if any, market activity for the asset or liability. The inputs used in determination of fair value require significant judgment and estimation.
When fair value inputs fall within different levels of the fair value hierarchy, the level in the fair value hierarchy within which the asset or liability is categorized in its entirety is determined based on the lowest level input that is significant to the asset or liability. Assessing the significance of a particular input to the valuation of an asset or liability in its entirety requires judgment and considers factors specific to the asset or liability. The categorization of an asset or liability within the hierarchy is based upon the pricing transparency of the asset or liability and does not necessarily correspond to the perceived risk of that asset or liability.
The following table summarizes the Company’s investments measured at fair value. The Company’s available-for-sale securities in the following table are recorded at fair value on the accompanying condensed consolidated balance sheets.
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Assets
June 30, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Held-to-maturity:
Corporate debt securities$— $42,896 $— $42,896 $— $62,330 $— $62,330 
U.S. Treasury securities6,110 — — 6,110 4,833 — — 4,833 
Certificate of deposits— 237 — 237 — 237 — 237 
Total held-to-maturity debt securities$6,110 $43,133 $— $49,243 $4,833 $62,567 $— $67,400 
Available-for-sale:
Corporate debt securities$— $19,956 $— $19,956 $— $— $— $— 
U.S. Treasury securities28,538 — — 28,538 — — — — 
Foreign government securities— 1,472 — 1,472 — — — — 
Total available-for-sale debt securities$28,538 $21,428 $— $49,966 $— $— $— $— 
Mortgage loans$— $— $1,132 $1,132 $— $— $2,022 $2,022 
Total$34,648 $64,561 $1,132 $100,341 $4,833 $62,567 $2,022 $69,422 
The Company classifies U.S. Treasury bonds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. Corporate debt securities and certificates of deposit are classified within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may be actively traded. The Company classifies mortgage loans as Level 3 due to the reliance on significant unobservable valuation inputs.
The Company’s liabilities in the following table are recorded at fair value on the accompanying condensed consolidated balance sheets. The following table summarizes the Company’s liabilities measured at fair value:
Liabilities
June 30, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Public Warrants$1,380 $— $— $1,380 $10,925 $— $— $10,925 
Private Placement Warrants— 700 — 700 — 5,542 — 5,542 
Sponsor Covered Shares— — 709 709 — — 5,415 5,415 
Total$1,380 $700 $709 $2,789 $10,925 $5,542 $5,415 $21,882 
The Company considers the Public Warrants to be Level 1 liabilities due to the use of an observable market quote in an active market under the ticker DOMA.WS. For the Private Placement Warrants, the Company considers the fair value of each Private Placement Warrant to be equivalent to that of each Public Warrant, with an immaterial
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adjustment for short-term marketability restrictions. As such, the Private Placement Warrants are classified as Level 2.
The fair value of the Sponsor Covered Shares was determined using a Monte Carlo simulation valuation model using a distribution of potential stock price outcomes on a daily basis over the original 10-year vesting period. The unobservable significant inputs to the valuation model were as follows:
 June 30,
2022
Current stock price$1.03 
Expected volatility60.0 %
Risk-free interest rate3.01 %
Current expected term9.1
Expected dividend yield— %
Annual change in control probability2.0 %
The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows:
Sponsor Covered Shares
Fair value as of December 31, 2021
$5,415 
Change in fair value of Sponsor Covered Shares(4,706)
Fair value as of June 30, 2022
$709 
There were no transfers of assets or liabilities between Level 1 and Level 2 during the three or six months ended June 30, 2022 and the year ended December 31, 2021. There were no transfers involving Level 3 assets or liabilities during the three or six months ended June 30, 2022 and the year ended December 31, 2021.
Cash and cash equivalents, restricted cash, receivables, prepaid expenses and other assets, accounts payable, and accrued expenses and other liabilities approximate fair value and are therefore excluded from the leveling table above. The cost basis is determined to approximate fair value due to the short term duration of these financial instruments.
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5.  Revenue recognition
Disaggregation of revenue
Our revenue consists of:
Three months ended
June 30,
Six months ended
June 30,
2022202120222021
Revenue StreamStatements of Operations ClassificationSegmentTotal Revenue
Revenue from insurance contracts:
Direct Agents title insurance premiums
Net premiums writtenUnderwriting$19,328 $31,281 $41,741 $55,854 
Direct Agents title insurance premiumsNet premiums writtenElimination— (110)— (880)
Third-Party Agent title insurance premiums
Net premiums writtenUnderwriting89,598 78,100 162,851 162,289 
Total revenue from insurance contracts
$108,926 $109,271 $204,592 $217,263 
Revenue from contracts with customers:
Escrow fees
Escrow, title-related and other feesDistribution$10,537 $15,755 $22,368 $29,135 
Other title-related fees and income
Escrow, title-related and other feesDistribution19,476 30,533 41,925 54,798 
Other title-related fees and income
Escrow, title-related and other feesUnderwriting535 389 1,338 1,798 
Other title-related fees and income
Escrow, title-related and other fees
Elimination(1)
(16,182)(26,612)(35,152)(47,091)
Total revenue from contracts with customers
$14,366 $20,065 $30,479 $38,640 
Other revenue:
Interest and investment income (2)
Investment, dividend and other incomeDistribution$34 $37 $75 $87 
Interest and investment income (2)
Investment, dividend and other incomeUnderwriting508 540 917 991 
Realized gains and losses, net
Investment, dividend and other incomeDistribution(67)— (94)(4)
Realized gains and losses, net
Investment, dividend and other incomeUnderwriting(23)73 (18)805 
Total other revenues
$452 $650 $880 $1,879 
Total revenues
$123,744 $129,986 $235,951 $257,782 
_________________
(1)Premiums retained by Direct Agents are recognized as income to the Distribution segment, and expense to the Underwriting segment. Upon consolidation, the impact of these internal segment transactions is eliminated. See Note 7. Segment information for additional breakdown.
(2)Interest and investment income consists primarily of interest payments received on held-to-maturity debt securities, available-for-sale debt securities and mortgage loans.
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6.  Liability for loss and loss adjustment expenses
A summary of the changes in the liability for loss and loss adjustment expenses for the six months ending June 30, 2022 and 2021 is as follows:
June 30,
20222021
Balance at the beginning of the year
$80,267$69,800 
Provision for claims related to:
Current year
$13,025$14,516 
Prior years
(2,104)(4,461)
Total provision for claims
$10,921$10,055 
Paid losses related to:
Current year
$(1,608)$(1,554)
Prior years
(4,644)(3,595)
Total paid losses
$(6,252)$(5,149)
Balance at the end of the period
$84,936$74,706 
Provision for claims as a percentage of net written premiums
5.3 %4.6 %
We continually update our liability for loss and loss adjustment expense estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims, and other factors.
Current year incurred and paid losses includes current year reported claims as well as estimated future losses on such claims.
For the six months ended June 30, 2022, the prior year’s provision for claims release of $2.1 million is due to reported loss emergence which was lower than expected. Historically, this favorable loss experience has resulted in a decrease in the projection of ultimate loss for past policy years. Most recently, our favorable loss experience resulted in a decrease in the projection of ultimate loss for policy years 2018, 2020, and 2021. For the six months ended June 30, 2021, the provision for claims reserve release related to prior years of $4.5 million is due to reported loss emergence which was lower than expected. This has resulted in a decrease in the projection of ultimate loss for policy years 2017-2020. The actuarial assumptions underlying the Company’s selected ultimate loss estimates place more consideration on title insurance industry benchmarks for more recent policy years. These title insurance benchmarks are based on industry long-term average loss ratios. As the Company’s claims experience matures, we refine those estimates to put more consideration to the Company’s actual claims experience. For the six months ended June 30, 2022 and 2021, the Company’s actual claims experience reflects lower loss ratios than industry benchmarks from a current positive underwriting cycle and resulted in the favorable development.
The liability for loss and loss adjustment expenses of $84.9 million and $80.3 million, as of June 30, 2022 and December 31, 2021, respectively, includes $0.1 million and $0.1 million, respectively, of reserves for the settlement of claims which the Company has deemed to be directly related to its escrow or agent related activities. The reserves for the settlement of claims related to escrow or agent related activities are not actuarially determined.
7.  Segment information
The Company’s chief operating decision maker reviews financial performance and makes decisions about the allocation of resources for our operations through two reportable segments, (1) Distribution and (2) Underwriting.
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The Company’s reportable segments offer different products and services that are marketed through different channels for real estate closing transactions. They are managed separately because of the unique technology, service requirements and regulatory environment.
A description of each of our reportable segments is as follows.
Distribution: Our Distribution segment reflects our Direct Agents operations of acquiring customer orders and providing title and escrow services for real estate closing transactions. We acquire customers through our partnerships with realtors, attorneys and non-centralized loan originators via a 111-branch footprint across ten states as of June 30, 2022 (“Local”) and our partnerships with national lenders and mortgage originators that maintain centralized lending operations representing our Doma Enterprise accounts (“Doma Enterprise”).
Underwriting: Our Underwriting segment reflects the results of our title insurance underwriting business, including policies referred through our Direct Agents and Third-Party Agents channels. The referring agents typically retain approximately 82% - 84% of the policy premiums in exchange for their services. The retention varies by state and agent.
We use adjusted gross profit as the primary profitability measure for making decisions regarding ongoing operations. Adjusted gross profit is calculated by subtracting direct costs, such as premiums retained by agents, direct labor, other direct costs, and provision for claims, from total revenue. Our chief operating decision maker evaluates the results of the aforementioned segments on a pre-tax basis. Segment adjusted gross profit excludes certain items which are included in net loss, such as depreciation and amortization, corporate and other expenses, change in the fair value of Warrant and Sponsor Covered Shares liabilities, interest expense, and income tax expense, as these items are not considered by the chief operating decision maker in evaluating the segments’ overall operating performance. Our chief operating decision maker does not review nor consider assets allocated to our segments for the purpose of assessing performance or allocating resources. Accordingly, segments’ assets are not presented.
The following table summarizes the operating results of the Company’s reportable segments:
Three months ended June 30, 2022
DistributionUnderwritingEliminationsConsolidated total
Net premiums written
$— $108,926 $— $108,926 
Escrow, other title-related fees and other (1)
30,013 535 (16,182)14,366 
Investment, dividend and other income
(33)485 — 452 
Total revenue
$29,980 $109,946 $(16,182)$123,744 
Premiums retained by agents (2)
$— $90,820 $(16,182)$74,638 
Direct labor (3)
21,091 2,799 — 23,890 
Other direct costs (4)
5,374 2,642 — 8,016 
Provision for claims1,257 5,053 — 6,310 
Adjusted gross profit
$2,258 $8,632 $— $10,890 

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Six months ended June 30, 2022
DistributionUnderwritingEliminationsConsolidated total
Net premiums written
$— $204,592 $— $204,592 
Escrow, other title-related fees and other (1)
64,293 1,338 (35,152)30,479 
Investment, dividend and other income
(19)899 — 880 
Total revenue
$64,274 $206,829 $(35,152)$235,951 
Premiums retained by agents (2)
$— $170,392 $(35,152)$135,240 
Direct labor (3)
46,644 5,044 — 51,688 
Other direct costs (4)
11,433 5,409 — 16,842 
Provision for claims1,856 9,065 — 10,921 
Adjusted gross profit
$4,341 $16,919 $— $21,260 
Three months ended June 30, 2021
DistributionUnderwritingEliminationsConsolidated total
Net premiums written
$— $109,381 $(110)$109,271 
Escrow, other title-related fees and other (1)
46,288 389 (26,612)20,065 
Investment, dividend and other income
37 613 — 650 
Total revenue
$46,325 $110,383 $(26,722)$129,986 
Premiums retained by agents (2)
$— $91,903 $(26,722)$65,181 
Direct labor (3)
18,986 1,916 — 20,902 
Other direct costs (4)
5,881 1,680 — 7,561