0001722438-22-000019 | 10-K | XBRL Viewer

^[1]

$ 475,352

$ 345,608

$ 292,707

79,585

61,275

62,017

3,106

2,931

3,361

Premiums retained by third-party agents

558,043

409,814

358,085

Expenses:

^[2]

298,445

220,143

178,265

Title examination expense

22,137

16,204

14,383

Change in fair value of Warrant and Sponsor Covered Shares liabilities

21,335

15,337

12,285

Personnel costs

238,134

143,526

130,876

Other operating expenses

79,951

43,285

39,744

Total operating expenses

660,002

438,495

375,553

Loss from operations

(101,959)

(28,681)

(17,468)

Other (expense) income:

6,691

Interest expense

(16,861)

(5,579)

(9,282)

Loss before income taxes

(112,129)

(34,260)

(26,750)

Income tax expense

(927)

(843)

(387)

Net loss

$ (113,056)

$ (35,103)

$ (27,137)

Earnings per share:

Net loss per share attributable to stockholders - basic (in usd per share)

$ (0.64)

$ (0.56)

$ (0.45)

Net loss per share attributable to stockholders - diluted (in usd per share)

$ (0.64)

$ (0.56)

$ (0.45)

Weighted average shares outstanding common stock - basic (in shares)

177,150,914

62,458,039

60,314,163

Weighted average shares outstanding common stock - diluted (in shares)

177,150,914

62,458,039

60,314,163

[1]	Net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).
[2]	Premiums retained by Third-Party Agents includes expenses associated with a related party of $92.5 million, $71.2 million, and $59.9 million during the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).

Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

^[1]

$ 475,352

$ 345,608

$ 292,707

Lennar | Affiliated Entity

^[2]

298,445

220,143

178,265

114,212

88,609

73,070

$ 92,466

$ 71,229

$ 59,933

[1]	Net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).
[2]	Premiums retained by Third-Party Agents includes expenses associated with a related party of $92.5 million, $71.2 million, and $59.9 million during the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (113,056)	$ (35,103)	$ (27,137)
Other comprehensive income, net of tax:
Unrealized gain (loss) on available-for-sale debt securities, net of tax	(179)	176	510
Reclassification adjustment for realized gain on sale of available-for-sale debt securities, net of tax	(507)	0	0
Comprehensive loss	$ (113,742)	$ (34,927)	$ (26,627)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Summary of significant accounting policies

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred Stock Series A-1	Preferred Stock Series B	Preferred Stock Series C	Common Stock	Preferred stocks Preferred Stock Series A	Preferred stocks Preferred Stock Series A Cumulative Effect, Period of Adoption, Adjustment	Preferred stocks Preferred Stock Series A Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred stocks Preferred Stock Series A-1	Preferred stocks Preferred Stock Series A-1 Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred stocks Preferred Stock Series A-2	Preferred stocks Preferred Stock Series A-2 Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred stocks Preferred Stock Series B	Preferred stocks Preferred Stock Series B Cumulative Effect, Period of Adoption, Adjusted Balance	Preferred stocks Preferred Stock Series C	Preferred stocks Preferred Stock Series C Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock	Common Stock Cumulative Effect, Period of Adoption, Adjustment	Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Common Stock	Additional Paid-in-Capital	Additional Paid-in-Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in-Capital Preferred Stock Series A-1	Additional Paid-in-Capital Preferred Stock Series B	Additional Paid-in-Capital Preferred Stock Series C	Additional Paid-in-Capital Common Stock	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Deficit Preferred Stock Series A-1	Non-Controlling Interest	Non-Controlling Interest Cumulative Effect, Period of Adoption, Adjusted Balance	Non-Controlling Interest Preferred Stock Series A-1	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance (in shares) at Dec. 31, 2018							7,295,759	36,441,827	43,737,586	0	0	0	0	0	0	0	0	10,098,071	50,439,190	60,537,261
Beginning balance at Dec. 31, 2018	$ (6,499)	$ (6,499)					$ 1		$ 1	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 1		$ 1		$ 10,382	$ 10,382					$ (16,701)	$ (16,701)		$ (182)	$ (182)		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series A-1 preferred stock as part of the North American Title Acquisition (in shares)										41,993,289
Issuance of Series A-1 preferred stock as part of the North American Title Acquisition			$ 50,142							$ 1														$ 50,141						$ (182)			$ 182
Issuance of preferred stock, net of financing costs (in shares)										628,113				15,838,828		25,599,456
Issuance of preferred stock, net of financing costs			$ 750	$ 24,950	$ 51,513																			$ 750	$ 24,950	$ 51,513
Conversion of convertible notes (in shares)										6,292,504		14,003,187
Conversion of convertible notes	22,533																					22,533
Warrants issued	34,473																					34,473
Purchase of First Title's ownership in FTS Agency	(2,975)																					(2,975)
Exercise of stock options (in shares)																		1,206,157
Exercise of stock options	29																					29
Stock-based compensation expenses	899																					899
Grants of RSAs (in shares)																		2,078,665
Vesting of early exercised stock options issued under notes	157																					157
Cancellations of nonvested early exercised stock options issued under notes (in shares)																		(1,630,382)
Net loss	(27,137)																											(27,137)
Other comprehensive income	510																																	510
Ending balance (in shares) at Dec. 31, 2019							43,737,586			48,913,906		14,003,187		15,838,828		25,599,456		62,191,701
Ending balance at Dec. 31, 2019	149,345						$ 1			$ 1		$ 0		$ 0		$ 0		$ 1				192,852						(44,020)			0			510
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred stock, net of financing costs (in shares)																35,066,175
Issuance of preferred stock, net of financing costs	70,702															$ 1						70,701
Exercise of stock options (in shares)																		640,606
Exercise of stock options	416																					416
Stock-based compensation expenses	2,495																					2,495
Net loss	(35,103)																											(35,103)
Other comprehensive income	176																																	176
Ending balance (in shares) at Dec. 31, 2020							43,737,586			48,913,906		14,003,187		15,838,828		60,665,631		62,832,307
Ending balance at Dec. 31, 2020	188,031						$ 1			$ 1		$ 0		$ 0		$ 1		$ 1				266,464						(79,123)			0			686
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible notes (in shares)							(43,737,586)			(77,784,293)		(14,003,187)		(15,838,828)		(60,665,631)		212,029,525			(1,227,451)
Conversion of convertible notes	22					$ 30,080	$ (1)			$ (1)						$ (1)		$ 21				4					$ 30,080
Warrants issued	$ 18,519																					18,519
Exercise of stock options (in shares)	5,845,365																	5,058,976
Exercise of stock options	$ 2,968																					2,968
Stock-based compensation expenses	19,673																					19,673
Exercise of stock warrants (in shares)										28,870,387
Exercise of stock warrants	187																					187
Net loss	(113,056)																											(113,056)
Other comprehensive income	(686)																																	(686)
Issuance of common stock in connection with Business Combination and PIPE Investment (in shares)																		44,654,449
Issuance of common stock in connection with Business Combination and PIPE Investment	259,397																	$ 5				259,392
Par value change for Old Doma Common Stock	6																	$ 6
Costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE Investment	(54,217)																					(54,217)
Ending balance (in shares) at Dec. 31, 2021							0			0		0		0		0		323,347,806
Ending balance at Dec. 31, 2021	$ 350,924						$ 0			$ 0		$ 0		$ 0		$ 0		$ 33				$ 543,070						$ (192,179)			$ 0			$ 0

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss	$ (113,056)	$ (35,103)	$ (27,137)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest expense - paid in kind	8,817	6,462	9,369
Depreciation and amortization	10,321	5,815	1,880
Stock-based compensation expense	19,673	2,495	899
Amortization of debt issuance costs and original issue discount	2,050	0	0
Amortization of premiums and accretion of discounts on held-to-maturity securities, net	1,224	566	90
Provision for doubtful accounts	1,230	424	210
Deferred income taxes	794	739	277
Realized (gain) loss on sale of investments	(952)	(146)	6
Net unrealized loss (gain) on equity securities	119	(54)	(217)
(Gain) loss on disposal of fixed assets and title plants	(10)	(345)	56
Change in fair value of warrant and Sponsor Covered Shares liabilities	(6,691)	0	0
Change in operating assets and liabilities:
Accounts receivable	(2,149)	(2,243)	1,565
Prepaid expenses, deposits and other assets	(6,214)	(2,261)	(591)
Accounts payable	304	2,209	(5,055)
Accrued expenses and other liabilities	17,744	5,126	12,036
Liability for loss and loss adjustments expenses	10,467	7,042	3,492
Net cash used in operating expenses	(56,329)	(9,274)	(3,120)
Cash flow from investing activities:
Purchase of Acquired Business of NATG, net of cash acquired	0	0	37,270
Acquisition of FTS Agency	0	0	(1,725)
Proceeds from sales, calls and maturities of investments: Held-to-maturity	33,535	18,408	42,191
Proceeds from sales, calls and maturities of investments: Available-for-sale	7,817	0	1,013
Proceeds from sales of investments: Equity securities	2,000	0	0
Proceeds from sales and principal repayments of investments: Mortgage loans	958	390	3,473
Purchase of investments: Held-to-maturity	(36,241)	(65,403)	(9,489)
Purchase of investments: Available-for-sale	0	0	(4,142)
Purchase of investments: Equity securities	0	(1,000)	0
Proceeds from sales of fixed assets	306	0	0
Purchases of fixed assets	(32,169)	(17,013)	(6,990)
Proceeds from sale of title plants and dividends from title plants	666	1,585	0
Net cash used in investing activities	(23,128)	(63,033)	61,601
Cash flow from financing activities:
Proceeds from issuance of senior secured credit agreement	150,000	0	0
Borrowing on loan from a related party	0	0	4,000
Repayments on loan from a related party	(65,532)	(28,431)	(13,368)
Debt issuance costs	(579)	0	0
Exercise of stock warrants	48	0	0
Exercise of stock options	3,244	391	186
Redemptions of redeemable common and preferred stock	(294,856)	0	0
Net proceeds from Business Combination and PIPE Investment	624,952	0	0
Payment of costs directly attributable to the issuance of common stock in connection with Business Combination and PIPE investment	(66,014)	0	0
Net cash provided by financing activities	351,263	42,661	67,281
Net change in cash and cash equivalents and restricted cash	271,806	(29,646)	125,762
Cash and cash equivalents and restricted cash at the beginning of period	112,022	141,668	15,906
Cash and cash equivalents and restricted cash at the end of period	383,828	112,022	141,668
Supplemental cash flow disclosures:
Cash paid for interest	7,320	7	10
Cash paid for income taxes	135	240	0
Supplemental disclosure of non-cash investing and financing activities:
Unrealized gains (loss) on available-for-sale debt securities	(179)	176	510
Conversion of convertible notes to Series A-1 preferred stock and Series A-2 preferred stock	0	0	22,533
Promissory note issued in conjunction with acquisition of joint venture	0	0	500
Issuance of penny warrants related to the senior secured credit agreement	(18,519)	0	0
Warrant liabilities recognized in conjunction with the Business Combination	19,240	0	0
Net liabilities assumed in the Business Combination	9,517	0	0
Preferred Stock Series B
Cash flow from financing activities:
Proceeds from issuance of Series B and Series C preferred stock, net of financing costs	0	0	24,950
Preferred Stock Series C
Cash flow from financing activities:
Proceeds from issuance of Series B and Series C preferred stock, net of financing costs	$ 0	$ 70,701	$ 51,513

Organization and business operations	12 Months Ended
Organization and business operations	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and business operations	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.

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”).

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 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 7) referrals, the fair value measurement of investments, the valuations of stock-based compensation arrangements and the Sponsor Covered Shares liability (as defined below).

Cash and cash equivalents and restricted cash

Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The carrying amounts reported in the consolidated balance sheets for these instruments approximate their fair value.

As of December 31, 2021 and 2020, the Company had restricted cash of $4.1 million and $0.1 million, respectively, including deposits in several states pledged in accordance with the applicable state insurance regulations, and certain collateral requirements in connection with leases for office space.

Investments

Fixed maturity securities

The Company evaluates its investments in debt securities with unrealized losses on a quarterly basis for potential other-than-temporary impairments in value. If the Company intends to sell a security in an unrealized loss position or determines that it is more likely than not that the Company will be required to sell a security before it recovers its amortized cost basis, the security is other-than-temporarily impaired and it is written down to fair value with all losses recognized in net income. As of December 31, 2021, the Company did not intend to sell any debt securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any debt securities before recovery of their amortized cost basis.

If the Company does not expect to recover the amortized cost basis of a debt security with declines in fair value (even if the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security), the loss is considered an other-than-temporary impairment loss and the credit portion of the loss (“credit loss”) is recognized in net income and the non-credit portion is recognized in other comprehensive income, net of tax. The credit loss is the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the debt security. The cash flows expected to be collected are discounted at the rate implicit in the security immediately prior to the recognition of the other-than-temporary impairment.

Expected future cash flows for debt securities are based on qualitative and quantitative factors specific to each security, including the probability of default and the estimated timing and amount of recovery. The detailed inputs used to project expected future cash flows may be different depending on the nature of the individual debt security.

As a result of its security-level review, the Company did not recognize any other-than-temporary impairment losses considered to be credit related for the years ended December 31, 2021, 2020 and 2019.

Investment securities classified as held-to-maturity are carried at amortized cost because they are purchased with the intent and ability to be held to maturity. The Company also holds restricted investments which are treated as held-to-maturity debt securities. Restricted investments consist of United States Treasuries with maturities of 24 months or less. These restricted investments are kept on deposit in several states and are pledged to the appropriate insurance regulators, in accordance with regulations in each state, for the duration of the time the Company does business in those states.

Debt securities are classified as available-for-sale unless they are classified as held-to-maturity or trading. Available-for-sale debt securities are recorded at fair value. Any unrealized holding gains or losses on available-for-sale debt securities are reported as accumulated other comprehensive gain or loss, which is a separate component of stockholders’ equity, net of tax, until realized.

Mortgage loans

Investments in mortgage loans are long-term investments and carried at the principal balance outstanding, net of charge-offs, unamortized purchase premiums and discounts, and deferred loan fees and costs, as applicable. Mortgage loans are held for investment as management has the intent and ability to hold these loans for the foreseeable future, or until maturity or payoff.

Equity securities

Equity securities are recorded at fair value based upon a quoted market price reported on recognized securities exchanges on the last business day of the year. Any change in unrealized holding gains or losses on equity securities are reported as a component of net income.

Fair value measurements

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 investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, 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 1 Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.

Level 2 Pricing 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 3 Pricing 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.

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 seen in Note 4. The cost basis is determined to approximate fair value due to the short-term duration of the financial instruments. The Company’s loan from a related party (see Note 10 for additional information), had a variable interest rate consisting of U.S. one-month LIBOR plus a spread based on our credit profile. The Company’s credit profile had not changed from the issuance of its loan from a related party through the full repayment of the loan in January 2021. As a result, as of December 31, 2020, the Company considered the carrying value of the loan from a related party to approximate fair value.

Receivables, net

Receivables are generally due within thirty to ninety days and are recorded net of an allowance for doubtful accounts. Our receivables represent premiums, escrow and related fees due to us as a result of the closing of real estate transactions. The Company determines the allowance for doubtful accounts by considering a number of factors, including the length of time receivables are past due, previous loss history and a specific customer’s ability to pay its obligations to the Company. Amounts deemed uncollectible are expensed in the period in which such

determination is made. As of December 31, 2021 and 2020, the allowance for doubtful accounts was $1.1 million and $0.5 million, respectively.

Fixed assets, net

Fixed assets, net, consists of internally developed software, furniture, computers, acquired software and equipment, and is recorded at cost less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful life of each asset. Repair and maintenance costs are expensed as incurred. Fixed assets are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable.

The following table summarizes the range of useful lives assigned to fixed assets, by asset class:


Useful lives:
Leasehold improvements			Shorter of the lease term or useful life of the asset
Furniture and equipment			Five years
Computer equipment			Three years
Acquired software			Three to eight years
Internally developed software			Five years

Internally developed or acquired software

Technology and software are acquired or developed for internal use and for use with the Company’s products. Internally developed software and acquired software are amortized over its estimated useful life or, in the case of cloud-based technology, the shorter of its estimated useful life or contract life, and ranges from three to eight years using the straight-line method. Technology development costs, which include certain payroll-related costs of employees directly associated with developing technology and software in addition to incremental payments to third parties, are capitalized from the time technological feasibility is established until the software is ready for use. Capitalized internally developed software and acquired software development costs for the years ended December 31, 2021 and 2020 are included in fixed assets, net in the consolidated balance sheets.

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 years ended December 31, 2021, 2020 and 2019. In February 2020, we sold a title plant for a total sale price of $3.2 million, including a realized gain of $0.2 million.

Goodwill

Goodwill represents the excess of the acquisition price over the fair value of assets acquired and liabilities assumed in a business combination. Goodwill is assigned to one or more reporting units on the date of acquisition. We review our goodwill for impairment annually on October 1 of each year and between annual tests if events or circumstances arise that would more likely than not reduce the fair value of any one of our reporting units below its respective carrying amount. In performing our annual goodwill impairment test, we first perform a qualitative assessment, which requires that we consider macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, changes in management or key personnel, changes in strategy, changes in customers, changes in the composition or carrying amount of a reporting unit or other factors that have the potential to impact fair value. If, after assessing the totality of events and circumstances, we determine that it is more likely than not that the fair values of our reporting units are greater than the carrying amounts, then the quantitative goodwill impairment test is not performed.

We completed our annual goodwill impairment test on October 1, 2021. We determined, after performing a qualitative review of each reporting unit, that more likely than not the fair value of each of our reporting units exceeds the respective carrying amounts. Accordingly, there was no indication of impairment and the quantitative goodwill impairment test was not performed. We did not identify any events or changes in circumstances since the performance of our annual goodwill impairment test that would require us to perform another goodwill impairment test during the year.

Trade names

The intangible asset values of the Company’s trade names were determined in the North American Title Acquisition, and were assigned a useful life of seven years. The Company’s finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and intangibles are also evaluated periodically to determine their remaining useful life. In 2020, the Company determined that there would be a change in the Company’s use of the acquired trade names in the second quarter of 2021. The Company determined that the change in use was not related to the value of the trade names, but to changes in business strategy, and did not result in an impairment. However, the Company changed its estimates of the useful lives of the acquired trade names to better reflect the estimated periods during which these trade names will remain in service. The estimated useful life of the trade names was revised such that the trade names were fully amortized by June 30, 2021. The result of this change in estimate is an increase to 2020 amortization expense of $1.5 million. The amortization expense recorded for the Company’s trade names was $2.7 million, $2.3 million, and $0.8 million in 2021, 2020 and 2019, respectively.

Trade names consists of the following:


	December 31
	2021		2020
Trade names	$	—	$	5,871
Accumulated amortization	—		(3,187)
Total trade names, net	$	—	$	2,684

Revenue recognition

Net premiums written

Insurance premiums on title insurance policies issued directly by the Company through instant and traditional underwriting through our captive title agents and agencies (“Direct Agents”) are recognized on the closing of the underlying transaction, in accordance with ASC Topic 944, Financial Services - Insurance (ASC 944), as substantially all of the services associated with the insurance contract have been rendered at that point in time. Insurance premiums on title insurance policies issued by Third-Party Agents are recognized gross of premiums retained by Third-Party Agents when notice of issuance is received from the Third-Party Agents, which is generally when cash payment is received.

In addition, we estimate and accrue for revenues on policies sold but not reported by Third-Party Agents as of the relevant balance sheet closing date. This accrual is based on historical transactional volume data for title insurance policies that have closed and were not reported before the relevant balance sheet closing, as well as trends in our operations and in the title and housing industries. There could be variability in the amount of this accrual from period to period and amounts subsequently reported to us by Third-Party Agents may differ from the estimated accrual recorded in the preceding period. If the amount of revenue subsequently reported to us by Third-Party Agents is higher or lower than our estimate, we record the difference in revenue in the period in which it is reported. For the years ended December 31, 2021 and 2020, the time lag between the closing of transactions by Third-Party Agents and the reporting of policies, or premiums from policies issued by Third-Party Agents to us has been approximately three months.

Escrow, other title-related fees and other

ASU 2014-09, Revenue from Contracts with Customers (ASC 606) requires that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Escrow fees and other title-related fees are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and other real estate or title-related activities. The transfer of services for the escrow and other title-related fees are satisfied at the closing of the real estate transaction. Therefore, revenues related to escrow and other title-related fees are recognized at the closing date of the real estate transaction. We also earn a fee for placing and binding title insurance policies with third-party underwriters. In some situations, we act as an agent to place and bind title insurance policies in transactions that involve third-party underwriters in exchange for a fee. This fee is recognized as revenue on the effective date of the policy, which is the closing date of the real estate transaction. It is included in “Escrow, other title-related fees and other” revenue line item in the consolidated statements of operations.

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. Reinsurance agreements transfer portions of the underlying risk of the business the Company writes. The Company remains primarily liable to the insured whether or not the reinsurer is able to meet its contractual obligations. However, the reinsurance contract does permit the Company to recover certain incurred losses from its reinsurers, and reinsurance recoveries reduce the maximum loss that the Company may incur as a result of a covered loss event.

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 2020 and 2019, the Company ceded 100% of its instant underwriting policies. During the period from January 1, 2021 to February 23, 2021 the Company also ceded 100% of its instant underwriting policies. Effective February 24, 2021 and forward, the Company cedes 25% of the written premium on its instantly underwritten policies.

Payments and recoveries on reinsured losses for the Company’s title insurance business were immaterial during the years ended December 31, 2021, 2020 and 2019.

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:


	Year ended December 31
	2021			2020			2019
Gross premiums written	$	482,232		$	349,636		$	294,159
Ceded premiums	(6,880)			(4,028)			(1,452)
Net premiums written	$	475,352		$	345,608		$	292,707
Percentage of amount assumed to net	98.6		%	98.8		%	99.5		%

Liability for loss and loss adjustment expenses

Our liability for loss and loss adjustment expenses include reserves for known claims as well as reserves for incurred but not reported (“IBNR”) claims. Each known claim is reserved based on our review of the estimated amount of the claim and the costs required to settle the claim. Reserves for IBNR are estimates that are established at

the time the premium revenue is recognized and are based upon historical experience and other factors, including industry trends, claim loss history, legal environment, geographic considerations, and the types of title insurance policies written.

The liability for loss and loss adjustment expenses also includes reserves for losses arising from closing and disbursement functions due to fraud or operational error. These reserves are intended to provide for closing errors when we are acting as the escrow company such as, disbursing to the wrong party, paying the wrong lender, improperly allocating funds or relying on third-party fraudulent documents in closing transactions.

If a loss compensable under a title insurance policy is caused by an act or omission committed by a Third-Party Agent, the Company may seek contribution or reimbursement from the Third-Party Agent. In any event, the Company may proceed against any party who is responsible for any loss under the title insurance policy under rights of subrogation.

Income taxes

Under ASC 740, Income Taxes (“ASC 740”), deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2021, and 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

Stock compensation expense

The Company recognizes stock-based compensation expense in accordance with the provisions of ASC 718, Compensation - Stock Compensation, (“ASC 718”). ASC 718 requires the measurement and recognition of stock-based compensation expense for all stock-based awards issued to employees and directors based on estimated fair values at the grant date. The Company measures the grant date fair value of stock options using the Black-Scholes option-pricing model. Stock-based compensation expense arising from stock options is recorded on a straight-line basis over the vesting period of each grant. Forfeitures are accounted for as incurred.

For restricted stock awards (“RSAs”) and performance stock awards (“PSAs”) awarded in consideration of services rendered by employees and non-employees, the Company recognizes compensation expense in accordance with the requirements of ASC 718 and ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, respectively. The Company measures the fair value of RSAs and PSAs using the fair market value of the underlying common stock at the grant date. PSAs are measured on the probable outcome of the performance conditions applicable to each grant. Stock-based compensation expense arising from RSAs and PSAs is recorded on a straight-line basis over the vesting period of each grant. Forfeitures are accounted for as incurred.

Public Warrants and Private Placement Warrants

As a result of the Business Combination, the Company assumed the Public Warrants (as defined in Note 3) and the Private Placement Warrants (as defined in Note 3) (collectively, the “Warrants”) as of the Closing Date. The Warrants meet the definition of derivatives as contemplated in Derivatives and Hedging (“ASC 815”). As such, the Warrants were recorded as liabilities on the balance sheet at fair value upon the consummation of the Business

Combination, with subsequent changes in their respective fair values recognized in the consolidated statements of operations at each reporting period.

Sponsor Covered Shares and Seller Earnout Shares

Immediately after the Closing Date, certain common stock held by the Sponsor (as defined in Note 3) became subject to vesting, contingent upon the price of Doma’s common stock, par value $0.0001 (“common stock”) exceeding certain thresholds (the “Sponsor Covered Shares”). The Sponsor Covered Shares are accounted for as a derivative due to the settlement adjustments upon change in control transactions that are not deemed to be indexed to our common stock. As such, the Sponsor Covered Shares were recorded as liabilities on the balance sheet at fair value upon the consummation of the Business Combination, with subsequent changes in their respective fair values recognized in the consolidated statements of operations at each reporting period.

Also following the Closing Date, equity holders of Old Doma prior to the Business Combination (the “Sellers”) have the right to receive an additional number of shares contingent on the price of our common stock. The Seller Earnout Shares (as defined in Note 3) are treated as an equity classified contract because all settlement scenarios, including those under fundamental change events, are indexed to our common stock (see Note 3 for additional information).

Share counts of our common stock provided in this Annual Report on Form 10-K (this “Annual Report”) exclude both the Sponsor Covered Shares and the Seller Earnout Shares.

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, U.S. government agency obligations and U.S. Treasuries.

Advertising costs

Advertising costs, which include promotional expenses, are expensed as incurred. Advertising expenses were $6.2 million, $3.1 million, and $2.7 million for the years ended December 31, 2021, 2020, and 2019, respectively, and are included in other operating expenses in the accompanying consolidated statements of operations.

Earnings per share

The Company uses the two-class method to calculate basic net loss per share and apply the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. Undistributed earnings for each period are allocated to participating securities, including preferred shares for applicable periods, based on the contractual participation rights of the security to share in the current earnings as if all current period earnings had been distributed. Losses are not allocated to participating securities as they do not have a contractual obligation to share in losses.

The more dilutive of the two-class method and the if-converted method is used to calculate the dilutive impact of the preferred shares. The treasury stock method is utilized to calculate the dilutive impact of the outstanding warrants, RSAs, PSAs and options and the if-converted method is utilized for the Company’s convertible notes.

For the years ended December 31, 2021, 2020 and 2019, any preferred shares, stock options, warrants, RSAs, and PSAs were anti-dilutive, therefore, were excluded from the computation of diluted earnings per share.

Basic and diluted earnings per share attributable to the Company’s common stock for the years ended December 31, 2021, 2020 and 2019 was calculated using weighted average common shares outstanding.

Risk and uncertainties

The COVID-19 global pandemic has caused national and global economic and financial market disruptions. On the onset of the pandemic, the Company braced and anticipated uncertain disruption to our business. The Company continues to monitor and react to business disruptions caused by the pandemic but we cannot predict with certainty the duration of the pandemic or its impact on the Company’s financial condition and results of operations, as well as business operations and workforce.

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 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 January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), simplifying Accounting for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The Company early adopted this update as of January 1, 2020 with no material impact on the Company’s financial position and results of operations.

Recently issued but not 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 and amendments to the accounting for impairment of held-to-maturity securities and available for sale securities. 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 adoption of this new guidance on January 1, 2022 is not expected to be material to the consolidated financial statements.

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 effective interest rate method or on a straight-line basis over the term of the lease. 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. In June 2020, the FASB issued ASU 2020-05, Revenue From Contracts With Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which extended the adoption date of ASU 2016-02 for all other entities. 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. Accounting for lessors remains largely unchanged from current U.S. GAAP. We 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, and we elected the package of practical expedients. The Company did not adopt the hindsight practical expedient as of January 1, 2022. See Note 15 to these 2021 consolidated financial statements for details on our current lease arrangements, the amounts of which represent the future undiscounted commitments. The Company will recognize 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 Company does not anticipate that the new standard will have a significant impact on the consolidated statements of operations or the consolidated statements of cash flows.

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 consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). 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. It also clarifies and simplifies other aspects of the accounting for income taxes. The Company adopted this guidance on January 1, 2022. The adoption of this ASU is not expected to have a material impact to the Company’s consolidated financial statements given that the Company has a full valuation allowance and the scenarios for which the guidance offer simplification are not significant for the Company.

Business combinations

12 Months Ended

Dec. 31, 2021

Reverse Recapitalization [Abstract]

Business combinations

Capitol 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 Combination are disclosed in the financial statements included within this Annual 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, of which $66.0 million have been paid, 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 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 December 31, 2021, there were 323,347,806 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 20 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 December 31, 2021, the Sponsor Covered Shares were legally outstanding; however, since none of the conditions were met, no related shares are included in the Company’s consolidated balance sheets and consolidated statement of changes in stockholders’ equity or for the purposes of calculating earnings per share.

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 December 31, 2021, no related shares are included in the Company’s consolidated statements of changes in stockholders’ equity as of December 31, 2021 or for purposes of calculating earnings per share.

North American Title Acquisition

On January 7, 2019, we completed the North American Title Acquisition for a total consideration transferred of $171.7 million.

The following table presents additional information on total consideration transferred:


Issuance of Series A-1 preferred stock	$	50,142
Issuance of Series A-1 preferred stock warrants	34,473
Note payable issued to NATG	87,000
Assumption of NATG debt	65
Total consideration transferred	$	171,680

The North American Title Acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with Business Combinations (“ASC 805”). Under ASC 805, the total consideration transferred or purchase price is allocated to the estimated fair value of the tangible and identifiable intangible assets acquired less liabilities assumed at the date of the North American Title Acquisition. The Company’s transaction costs of $0.8 million were reported in other operating expenses in the consolidated statements of operations for the year ended December 31, 2019. Fair value measurements have been applied based on assumptions that the Company believes market participants would use in the pricing of the asset or liability.

The following table sets forth the purchase price allocation, as of the acquisition date:


Cash	$	35,704	Accounts payable	$	(9,409)
Restricted cash	1,566		Accrued expenses and other liabilities	(12,218)
Investments	61,398		Liability for loss and loss adjustment expenses	(59,266)
Receivables	15,239		Total liabilities assumed	$	(80,893)
Fixed assets	1,659
Prepaid expenses, deposits and other assets	2,197
Title plants	16,993		Net identifiable assets acquired	$	59,734
Trade names	5,871		Goodwill	111,946
Total identifiable assets acquired	$	140,627	Total consideration transferred	$	171,680

The goodwill resulting from the North American Title Acquisition largely consists of the Company’s expected future synergies from combining the Acquired Business with Old Doma. Part of the transaction was treated as an asset purchase for income tax purposes and resulted in tax-deductible goodwill.

Total revenues included in the consolidated statement of operations as of December 31, 2019 attributable to the Acquired Business were $355.9 million. The disclosure of net loss attributable to the Acquired Business for the year ended December 31, 2019 is impracticable given the level of integration achieved in 2019.

Investments and fair value measurements

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

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:


	December 31, 2021								December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate debt securities (1)	$	62,078	$	459	$	(207)	$	62,330	$	57,651	$	994	$	(53)	$	58,592
U.S. Treasury securities	4,849		—		(16)		4,833		7,519		54		—		7,573
Certificates of deposit	237		—		—		237		236		—		—		236
Total	$	67,164	$	459	$	(223)	$	67,400	$	65,406	$	1,048	$	(53)	$	66,401

_______________

(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 $4.2 million and $5.1 million were on deposit with various governmental authorities at December 31, 2021 and 2020, respectively, as required by law.

The change in net unrealized gains and on held-to-maturity debt securities for the years ended December 31, 2021, 2020 and 2019 was $(0.8) million, $0.9 million and $0.1 million, respectively.

Net realized gains of held-to-maturity debt securities are computed using the specific identification method and are included in the consolidated statements of operations.

The following table presents certain information regarding contractual maturities of our held-to-maturity debt securities:


Maturity	December 31, 2021
	Amortized Cost		% of Total		Fair Value		% of Total
One year or less	$	23,316	35	%	$	23,381	35	%
After one year through five years	43,848		65	%	44,019		65	%
Total	$	67,164	100	%	$	67,400	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:


	December 31, 2021								December 31, 2020
	Corporate debt securities		U.S. Treasury securities		Certificate of deposits		Total		Corporate debt securities		U.S. Treasury securities		Certificate of deposits		Total
Less than 12 Months
Fair Value	$	18,309	$	4,667	$	—	$	22,976	$	8,464	$	5,181	$	—	$	13,645
Unrealized Losses	$	(192)	$	(16)	$	—	$	(208)	$	(53)	$	—	$	—	$	(53)
Greater than 12 months
Fair value	605		—		—		605		—		—		—		—
Unrealized losses	(15)		—		—		(15)		—		—		—		—
Total
Fair value	$	18,914	$	4,667	$	—	$	23,581	$	8,464	$	5,181	$	—	$	13,645
Unrealized losses	$	(207)	$	(16)	$	—	$	(223)	$	(53)	$	—	$	—	$	(53)

As of December 31, 2020, there are no held-to-maturity debt securities which have unrealized losses for a period in excess of 12 months. We believe that any unrealized losses on our held-to-maturity debt securities at December 31, 2021 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.

Available-for-sale debt securities

The Company disposed of all available-for-sale debt securities as of December 31, 2021. The cost basis, fair values and gross unrealized gains and losses of our available-for-sale debt securities are as follows:


	December 31, 2020
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Corporate debt securities (1)	$	7,139	$	918	$	—	$	8,057
Total	$	7,139	$	918	$	—	$	8,057

_________________

(1) Includes both U.S. and foreign corporate debt securities.

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 years ended December 31, 2021, 2020 and 2019 was $(0.9) million, $0.2 million, and $0.7 million, respectively.

The following table reflects the composition of net realized gains or losses for the sales of the securities for each of the years shown below:


	Year ended December 31,
	2021		2020		2019
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 consolidated statements of operations

For the years ended December 31, 2021 and 2020, there were no available-for-sale debt securities which have unrealized losses for a period in excess of 12 months.

Equity securities

The Company disposed of all equity securities as of December 31, 2021. The cost and estimated fair value of equity securities are as follows:


	December 31, 2020
	Cost		Estimated Fair Value
Preferred stocks	$	2,000	$	2,119
Total	$	2,000	$	2,119

The following table reflects the composition of net realized gains or losses on sales of the equity securities for each of the years shown below:


	Year ended December 31,
	2021		2020		2019
Realized gains (losses):
Gains	$	—	$	—	$	—
Losses	—		—		(13)
Net	$	—	$	—	$	(13)

Mortgage loans

The mortgage loans portfolio as of December 31, 2021 is comprised entirely of single-family residential mortgage loans. During the year ended December 31, 2021, 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:


	December 31, 2021				December 31, 2020
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Mortgage loans	$	2,022	$	2,022	$	2,980	$	2,980
Total	$	2,022	$	2,022	$	2,980	$	2,980

Investment income

Investment income from securities consists of the following:


	Year ended December 31,
	2021		2020		2019
Available-for-sale debt securities	$	773	$	408	$	262
Held-to-maturity debt securities	1,984		1,326		743
Equity investments	(89)		146		115
Mortgage loans	168		194		325
Other	292		159		932
Total	$	3,128	$	2,233	$	2,377

Accrued interest receivable

Accrued interest receivable from investments is included in receivables, net in the consolidated balance sheets. The following table reflects the composition of accrued interest receivable for investments:


	Year ended December 31,
	2021		2020
Corporate debt securities	$	874	$	641
Certificate of deposits	—		—
U.S. Treasury securities	12		45
Accrued interest receivable on investment securities	886		686
Mortgage loans	13		43
Accrued interest receivable on investments	$	899	$	729

Fair value measurement

The following table summarizes the Company’s investments measured at fair value:


	Assets
	Corporate debt securities		U.S. Treasury securities		Mortgage loans		Preferred stocks		Certificate of deposits		Total
December 31, 2021
Level 1	$	—	$	4,833	$	—	$	—	$	—	$	4,833
Level 2	62,330		—		—		—		237		62,567
Level 3	—		—		2,022		—		—		2,022
Total	$	62,330	$	4,833	$	2,022	$	—	$	237	$	69,422

December 31, 2020
Level 1	$	—	$	7,573	$	—	$	2,119	$	—	$	9,692
Level 2	66,649		—		—		—		236		66,885
Level 3	—		—		2,980		—		—		2,980
Total	$	66,649	$	7,573	$	2,980	$	2,119	$	236	$	79,557

The Company classifies U.S. Treasury bonds and preferred stocks 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 not 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 consolidated balance sheets. The following table summarizes the Company’s liabilities measured at fair value:


	Liabilities
	Public Warrants		Private Placement Warrants		Sponsor Covered Shares		Total
December 31, 2021
Level 1	$	10,925	$	—	$	—	$	10,925
Level 2	—		5,542		—		5,542
Level 3	—		—		5,415		5,415
Total	$	10,925	$	5,542	$	5,415	$	21,882

December 31, 2020
Level 1	$	—	$	—	$	—	$	—
Level 2	—		—		—		—
Level 3	—		—		—		—
Total	$	—	$	—	$	—	$	—

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 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 10-year vesting period. The unobservable significant inputs to the valuation model were as follows:


	December 31, 2021
Current stock price	$	5.08
Expected volatility	55.0		%
Risk-free interest rate	1.52		%
Expected term	9.6 years
Expected dividend yield	—		%
Annual change in control probability	2.0		%

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 January 1, 2021	$	—
Sponsor Covered Shares assumed in Business Combination	9,332
Change in fair value of Sponsor Covered Shares	(3,917)
Fair value as of December 31, 2021	$	5,415

There were no transfers of assets or liabilities between Level 1 and Level 2 during the years ended December 31, 2021 and 2020. There were no transfers involving Level 3 assets or liabilities during the years ended December 31, 2021 and 2020.

Revenue recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue recognition

Disaggregation of revenue

Our revenue consists of:


			Year ended December 31,
			2021		2020		2019
Revenue Stream	Statements of Operations Classification	Segment	Total Revenue
Revenue from insurance contracts:
Direct Agents title insurance premiums	Net premiums written	Underwriting	$	119,236	$	81,420	$	78,666
Direct Agents title insurance premiums	Net premiums written	Elimination	(976)		—		—
Third-Party Agent title insurance premiums	Net premiums written	Underwriting	357,092		264,188		214,041
Total revenue from insurance contracts			$	475,352	$	345,608	$	292,707
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Distribution	$	61,005	$	41,438	$	39,062
Other title-related fees and income	Escrow, title-related and other fees	Distribution	116,064		88,152		90,570
Other title-related fees and income	Escrow, title-related and other fees	Underwriting	3,520		2,099		873
Other title-related fees and income	Escrow, title-related and other fees	Elimination(1)	(101,004)		(70,414)		(68,488)
Total revenue from contracts with customers			$	79,585	$	61,275	$	62,017
Other revenue:
Interest and investment income (2)	Investment, dividend and other income	Distribution	$	230	$	325	$	1,026
Interest and investment income (2)	Investment, dividend and other income	Underwriting	1,952		2,086		2,411
Realized gains and losses, net	Investment, dividend and other income	Distribution	(25)		374		(70)
Realized gains and losses, net	Investment, dividend and other income	Underwriting	949		146		(6)
Total other revenues			$	3,106	$	2,931	$	3,361
Total revenues			$	558,043	$	409,814	$	358,085

_________________

(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.

See Note 2. Revenue recognition for additional information.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Liability for loss and loss adjustment expenses

Liability for loss and loss adjustment expenses

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

A summary of the changes in the liability for loss and loss adjustment expenses for each of the years ended is as follows:


	Year ended December 31,
	2021			2020
Balance at the beginning of the year	$	69,800		$	62,758

Provision for claims related to:
Current year	$	28,860		$	20,619
Prior years	(7,525)			(5,282)
Total provision for claims	$	21,335		$	15,337

Paid losses related to:
Current year	$	(3,180)		$	(2,331)
Prior years	(7,688)			(5,964)
Total paid losses	$	(10,868)		$	(8,295)

Balance at the end of the period	$	80,267		69,800

Provision for claims as a percentage of net written premiums	4.5		%	4.4		%

We continually update our liability for loss and loss adjustment expenses 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 year ended December 31, 2021, the prior year’s provision for claims release of $7.5 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. For the year ended December 31, 2020, the provision for claims reserve release related to prior years of $5.3 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 2017–2019. 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 years ended December 31, 2021 and 2020, 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.

Current year incurred and paid losses includes current year reported claims as well as estimated future losses on such claims.

The liability for loss and loss adjustment expenses of $80.3 million and $69.8 million, as of December 31, 2021 and December 31, 2020, respectively, includes $0.1 million and $0.7 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.

Segment information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

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. 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 103-branch footprint across ten states as of December 31, 2021 (“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 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:


	Year ended December 31, 2021
	Distribution		Underwriting		Eliminations		Consolidated total
Net premiums written	$	—	$	476,328	$	(976)	$	475,352
Escrow, other title-related fees and other (1)	177,069		3,520		(101,004)		79,585
Investment, dividend and other income	205		2,901		—		3,106
Total revenue	$	177,274	$	482,749	$	(101,980)	$	558,043

Premiums retained by agents (2)	$	—	$	400,425	$	(101,980)	$	298,445
Direct labor (3)	81,204		8,412		—		89,616
Other direct costs (4)	23,726		11,339		—		35,065
Provision for claims	2,257		19,078		—		21,335
Adjusted gross profit	$	70,087	$	43,495	$	—	$	113,582


	Year ended December 31, 2020
	Distribution		Underwriting		Eliminations		Consolidated total
Net premiums written	$	—	$	345,608	$	—	$	345,608
Escrow, other title-related fees and other (1)	129,590		2,099		(70,414)		61,275
Investment, dividend and other income	699		2,232		—		2,931
Total revenue	$	130,289	$	349,939	$	(70,414)	$	409,814

Premiums retained by agents (2)	$	—	$	290,557	$	(70,414)	$	220,143
Direct labor (3)	55,334		6,820		—		62,154
Other direct costs (4)	16,912		3,623		—		20,535
Provision for claims	1,415		13,922		—		15,337
Adjusted gross profit	$	56,628	$	35,017	$	—	$	91,645


	Year ended December 31, 2019
	Distribution		Underwriting		Eliminations		Consolidated total
Net premiums written	$	—	$	292,707	$	—	$	292,707
Escrow, other title-related fees and other (1)	129,632		873		(68,488)		62,017
Investment, dividend and other income	956		2,405		—		3,361
Total revenue	$	130,588	$	295,985	$	(68,488)	$	358,085

Premiums retained by agents (2)	$	—	$	246,753	$	(68,488)	$	178,265
Direct labor (3)	55,138		5,776		—		60,914
Other direct costs (4)	15,751		4,367		—		20,118
Provision for claims	1,552		10,733		—		12,285
Adjusted gross profit	$	58,147	$	28,356	$	—	$	86,503

_______________

(1)Includes fee income from closings, escrow, title exams, ceding commission income, as well as premiums retained by Direct Agents.

(2)This expense represents a deduction from the net premiums written for the amounts that are retained by Direct Agents and Third-Party Agents as compensation for their efforts to generate premium income for our Underwriting segment. The impact of premiums retained by our Direct Agents and the expense for reinsurance or co-insurance procured on Direct Agent sourced premiums are eliminated in consolidation.

(3)Includes all compensation costs, including salaries, bonuses, incentive payments, and benefits, for personnel involved in the direct fulfillment of title and/or escrow services.

(4)Includes title examination expense, office supplies, and premium and other taxes.

The following table provides a reconciliation of the Company’s total reportable segments’ adjusted gross profit to its total loss before income taxes:


	Year ended December 31,
	2021		2020		2019
Adjusted gross profit	$	113,582	$	91,645	$	86,503
Depreciation and amortization	10,321		5,815		1,880
Corporate and other expenses (1)	205,220		114,511		102,091
Change in fair value of Warrant and Sponsor Covered Shares liabilities	(6,691)		—		—
Interest expense	16,861		5,579		9,282
Loss before income taxes	$	(112,129)	$	(34,260)	$	(26,750)

_______________

(1)Includes corporate and other costs not allocated to segments including corporate support function costs, such as legal, finance, human resources, technology support and certain other indirect operating expenses, such as sales and management payroll, and incentive related expenses.

As of December 31, 2021 and 2020, the Distribution segment had allocated goodwill of $88.1 million and the Underwriting segment had allocated goodwill of $23.4 million. There were no additions from acquisitions, impairments, or adjustments to goodwill resulting from prior year acquisitions in either segment for the years ended December 31, 2021 and 2020.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Income tax

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income tax

The Company’s income tax expense is as follows:


	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	—	$	—	$	—
State	133		144		110
Total current	$	133	$	144	$	110

Deferred:
Federal	$	147	$	101	$	217
State	647		598		60
Total deferred	$	794	$	699	$	277
Total	$	927	$	843	$	387

The Company’s income tax expense differs from the benefits computed by applying the federal income tax rate of 21% to loss before income taxes. A reconciliation of these differences is as follows:


	Year ended December 31,
	2021		2020		2019
Benefit calculated at federal income tax rate	21.0	%	21.0	%	21.0	%
Change in valuation allowance	(28.8)		(34.2)		(25.7)
State tax benefit	9.6		7.1		4.7
Federal benefit on state tax	(2.0)		(1.5)		(1.0)
Change in state tax rate	0.5		5.1		(0.4)
Change in fair value of Warrant and Sponsor Covered Shares liabilities	1.2		—		—
Nondeductible compensation	(2.5)		—		—
Other permanent differences, net	0.1		—		(0.1)
Income tax expense	(0.9)	%	(2.5)	%	(1.5)	%

The change in the total valuation allowance during the year was $32.3 million. Although the Company has recorded a valuation allowance against deferred tax assets as discussed below, a portion of deferred tax liabilities related to indefinite lived intangible assets acquired cannot be used as a source of income to offset deferred tax assets. Consequently, this amount is recorded as a deferred tax expense and reflected in the effective tax rate above. The current state tax expense is a result of separate state tax filings for subsidiaries that have taxable income.

The significant components of deferred tax assets and liabilities consist of the following:


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss	$	38,415	$	12,765
Accrued compensation	7,892		5,334
Interest expense	6,834		2,621
Statutory premium reserve	1,655		2,119
Start-up costs	1,080		1,142
Deferred lease obligation	423		385
Stock-based compensation expense	2,688		852
Investments	458		407
Intangibles assets	1,293		653
Allowance for doubtful accounts	173		138
Debt issuance costs	52		58
Loss reserves	215		209
Other, net	11		13
Total gross deferred tax assets	61,189		26,696
Less valuation allowance	(55,620)		(23,330)
Total deferred tax assets	$	5,569	$	3,366

Deferred tax liabilities:
Intangibles assets	$	(3,689)	$	(2,347)
Other reserves	(1,360)		(927)
Title plants	(850)		(680)
Unrealized gain on investments	—		(249)
Fixed assets	(1,441)		(140)
Total deferred tax liabilities	$	(7,340)	$	(4,343)
Net deferred tax liability	$	(1,771)	$	(977)

As of 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. The net deferred tax liability of $1.8 million is included in accrued expenses and other liabilities within the accompanying consolidated balance sheets.

In accounting for uncertainty in income taxes, the Company is required to recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained in an audit, based on the technical merits of the position. In this regard, an uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed tax return, or planned to be taken in a future tax return, that has not been reflected in measuring income tax expense for financial reporting purposes. There were no unrecognized tax benefits or liabilities as of December 31, 2021 and December 31, 2020.

The amount of unrecognized tax benefit or liability may change in the future for various reasons, including adding amounts for current tax year positions, expiration of open income tax returns due to the expiration of the applicable statute of limitations, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity and the additions or eliminations of uncertain tax positions.

As of December 31, 2021, the Company has federal and state net operating loss (“NOL”) carryforwards of $126.2 million and $184.9 million, respectively. As a result of the Tax Cuts and Jobs Act of 2017, any federal NOL

arising after the year ended December 31, 2017 can be carried forward indefinitely with no expiration but is limited to 80% of taxable income. The Company has approximately $0.2 million of pre-2018 federal NOLs subject to expiration beginning in 2036. The remainder of the federal NOLs have no expiration. The Company’s state NOLs are subject to various expirations, beginning in 2030.

Utilization of the NOL carryforwards may be subject to limitation under Section 382 of the Internal Revenue Code of 1986 (the “Code”), and similar state provisions, based on ownership changes that have occurred previously or that could occur in the future. Such an annual limitation could result in the expiration or elimination of the NOL carryforwards before utilization. The Company has performed an analysis of its changes in ownership under Section 382 of the Code. Management currently believes that a Section 382 limitation will not limit utilization of the carryforwards prior to their expiration.

The Company’s 2018 through 2020 tax years remain open to federal tax examinations. The Company’s 2017 through 2020 tax years remain open to state tax examinations.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Property, Plant and Equipment [Abstract]

Fixed assets

12 Months Ended

Dec. 31, 2021

Fixed assets

Fixed assets consist of the following:


	December 31,
	2021		2020
Internally developed software	$	41,189	$	17,343
Furniture and equipment	7,046		7,948
Acquired software	3,829		3,827
Leasehold improvements	3,542		3,264
Computer equipment	8,148		3,092
Construction in process	1,742		—
Total fixed assets, gross	$	65,496	$	35,474
Accumulated depreciation and amortization	(19,543)		(13,813)
Total fixed assets, net	$	45,953	$	21,661

Depreciation and amortization on fixed assets was $7.6 million, $3.5 million, and $1.0 million for the years ended December 31, 2021, 2020, and 2019, respectively.

The following table reflects the composition of net gains or losses for the sales of fixed assets for each of the years shown below:


	Year ended December 31,
	2021		2020		2019
Gains (losses):
Fixed assets:
Gains	$	59	$	259	$	—
Losses	(49)		(128)		(71)
Total net gains (losses)	$	10	$	131	$	(71)

Within each respective period, internally developed software and acquired software consist of the following:


	Year ended December 31
	2021		2020
Internally developed software	$	23,846	$	13,082
Accumulated amortization	(5,528)		(1,888)
Internally developed software, net	$	18,318	$	11,194

Acquired software	2		1,470
Accumulated amortization	(63)		(17)
Acquired software, net	$	(61)	$	1,453

Amortization expense on internally developed software was $5.5 million and $1.9 million for the years ended December 31, 2021 and 2020, respectively. There was no amortization expense on internally developed software for the year ended December 31, 2019. Amortization expense for internally developed software at December 31, 2021 is expected to be $8.3 million per year for the years ended December 31, 2022 through December 31, 2024, and $6.4 million and $2.7 million for the years ended December 31, 2025 and December 31, 2026, respectively. Unamortized internally developed software development costs as of December 31, 2021 and 2020 are included in fixed assets, net in the consolidated balance sheets.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Senior secured credit agreement

On December 31, 2020, Old Doma executed a loan and security agreement with Hudson Structured Capital Management Ltd. (“HSCM”) providing for a $150.0 million senior secured term loan (“Senior Debt”) that was funded by the lenders, which are affiliates of HSCM, on January 29, 2021 (“Funding Date”). The Senior Debt matures five years from the Funding Date. Under the agreement, the Senior Debt will bear interest of 11.25% per annum, 5.0% of which will be paid on a current cash basis and the remainder to accrue and be added to the outstanding principal balance. Interest shall be compounded quarterly. If at any time Old Doma (now known as States Title) is in an event of default under the Senior Debt, outstanding amounts shall bear interest at the default interest rate of 15.00%. Upon funding, Old Doma issued penny warrants to affiliates of HSCM equal to 1.35% of Old Doma’s fully diluted shares. The warrants were net exercised on the Closing Date and such affiliates of HSCM received the right to receive approximately 4.2 million shares of our common stock. The Senior Debt is secured by a first-priority pledge and security interest in substantially all of the assets (tangible and intangible) of our wholly owned subsidiary States Title (which represent substantially all of our assets) and any of its existing and future domestic subsidiaries (in each case, subject to customary exclusions, including the exclusion of regulated insurance company subsidiaries). States Title is subject to customary affirmative, negative and financial covenants, including, among other things, minimum liquidity of $20.0 million (as of the last day of any month), minimum consolidated annual revenue of $130.0 million, limits on the incurrence of indebtedness, restrictions on asset sales outside the ordinary course of business and material acquisitions, limitations on dividends and other restricted payments. States Title was in compliance with the Senior Debt covenants as of December 31, 2021. The Senior Debt also includes customary events of default for facilities of this type and provides that, if an event of default occurs and is continuing, the Senior Debt will amortize requiring regular payments on a straight-line basis over the subsequent 24-month calendar period, but not to extend beyond the maturity date.

The estimated fair value of the Senior Debt at December 31, 2021 was $163.2 million. No active or observable market exists for the Senior Debt and as a result this is a Level 3 fair value measurement. Therefore, the estimated fair value of the Senior Debt is based on the income valuation approach, which is a valuation technique that converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount.

Loan from a related party

As part of the North American Title Acquisition, Lennar issued Old Doma a note for $87.0 million on January 7, 2019 (the “Loan”). The Loan was repaid in full in January 2021. Upon repayment of the Loan, Lennar forfeited its seat on the board of directors of Old Doma that was associated with the Loan.

The Loan consisted of the following:


	December 31,
	2021		2020
Loan balance	$	—	$	65,532
Outstanding principal	—		65,484
Accrued interest	—		48

During the year ended December 31, 2021 and 2020, $0.2 million and $6.5 million of interest was treated as paid-in-kind and added to the principal balance, respectively. Principal payments on the Loan of $65.5 million and $28.4 million were made during the year ended December 31, 2021 and 2020, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Stockholders’ equity	12 Months Ended
Stockholders’ equity	Dec. 31, 2021
Equity [Abstract]
Stockholders’ equity	Stockholders’ equity Common stock Holders of common stock are entitled to one vote for each share held. Common stock is entitled to receive dividends when, and if, declared by the board of directors. On July 29, 2021, the Company’s common stock and Public Warrants began trading on the New York Stock Exchange under the ticker symbols “DOMA” and “DOMA.WS,” respectively. Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue 2,000,000,000 shares of common stock with a par value of $0.0001 per share. Prior to the Business Combination, Old Doma had outstanding shares of Series A, Series A-1, Series A-2, Series B, and Series C convertible preferred stock (collectively, “ Old Doma Preferred Stock”). Immediately prior to the Business Combination, all shares of outstanding Old Doma Preferred Stock converted into a total of 212.0 million shares of our common stock with the application of the Exchange Ratio as discussed in Note 3. Preferred stock Pursuant to the Company’s certificate of incorporation, the Company is authorized to issue 100,000,000 shares of preferred stock having a par value of $0.0001 per share (the “preferred stock”). The Company’s board of directors has the authority to issue preferred stock and to determine the rights, preferences, privileges and restrictions, including voting rights, of those shares. As of December 31, 2021, there were no shares of preferred stock issued and outstanding.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Share-based Payment Arrangement [Abstract]

Stock compensation expense

12 Months Ended

Dec. 31, 2021

Stock compensation expense

The Company issues stock options (incentive stock options (“ISOs”), non-statutory stock options (“NSOs”)) and RSAs to employees and key advisors under the Company’s 2019 Equity Incentive Plan, which has been approved by the board of directors. Granted stock options do not expire for 10 years and have vesting periods ranging from 7 to 60 months. The holder of one stock option may purchase one share of common stock. Under the Company’s 2019 Equity Incentive Plan, there are 4,364,468 securities remaining available for future issuance as of December 31, 2021.

On July 27, 2021, the Company’s stockholders approved the 2021 Omnibus Incentive Plan. Effective October 5, 2021, the Company’s board of directors granted RSAs and PSAs totaling 10.1 million shares and 3.6 million shares, respectively, under the 2021 Omnibus Incentive Plan. The RSAs are subject to time-based vesting, with a majority of the RSAs vesting 25% on the first anniversary of the award date and ratably thereafter for twelve quarters, such

that the RSAs will be fully vested on the fourth anniversary of their award date. Eligible participants in the PSAs will receive a number of earned shares based on growth in retained premiums and fees and adjusted gross profit during the performance period of January 1, 2021 through December 31, 2023, as established by the Company’s board of directors. Earned shares for the 2021 PSAs will fully vest based on continuous employment through February of 2024, 2025, and 2026. The RSAs and PSAs are measured at fair market value on the grant date and stock-based compensation expense is recognized as the shares vest with a corresponding offset credited to additional paid-in-capital.

Stock-based compensation expense for the years ended December 31, 2021, 2020 and 2019 was $20.1 million, $2.5 million and $0.9 million, respectively.

Stock options (ISO and NSO)

Following are the weighted average assumptions utilized in the valuation of stock options issued:


	Year ended December 31,
	2021		2020		2019
Volatility	48.5	%	38.0	%	31.1	%
Dividend yield	0.0	%	0.0	%	0.0	%
Expected term (years)	6.2		6.1		7.0
Risk free rate	0.7	%	0.8	%	2.5	%

The Company had the following activity for stock options (option amounts have been retroactively restated as shares reflecting the Exchange Ratio):


	Number of Stock Options	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value ($)
Outstanding as of December 31, 2020	26,492,158	0.53		8.50	$	374,808
Granted	4,583,033	0.71		8.99
Exercised	(5,845,365)	0.44		7.16
Cancelled or forfeited	(974,622)	0.65		8.27
Outstanding as of December 31, 2021	24,255,204	$	0.51	7.91	$	109,061

Options exercisable as of December 31, 2021	10,399,287	$	0.51	7.53	$	47,491

The total intrinsic value of options exercised for the years ended December 31, 2021, 2020 and 2019 was $35.2 million, $2.0 million, and $0.5 million, respectively.

The total fair value of options vested during the years ended December 31, 2021, 2020 and 2019 were $7.4 million, $1.5 million and $0.3 million, respectively.

The weighted-average grant date fair value of stock options granted during the years ended December 31, 2021, 2020, and 2019 were $5.99, $8.42 and $1.14, respectively.

As of December 31, 2021, there was $27.2 million of stock-based compensation expense that had yet to be recognized related to nonvested stock option grants. The weighted-average period over which this unrecognized stock-based compensation expense is expected to be recognized is 2.86 years.

RSAs and PSAs

The Company had the following activity for nonvested RSAs and PSAs:


	Number of RSAs and PSAs	Average Grant Date Fair Value ($)
Nonvested at December 31, 2020	1,551,867	$	0.52
Granted	18,066,482	6.37
Exercised	(775,932)	0.65
Cancelled or Forfeited	(262,487)	6.75
Nonvested at December 31, 2021	18,579,930	$	6.11

The total fair value of RSAs and PSAs which vested in the years ended December 31, 2021, 2020 and 2019 was $5.2 million, $0.4 million and $0.1 million, respectively.

As of December 31, 2021, there was $105.4 million of stock-based compensation expense that had yet to be recognized related to nonvested RSAs and PSAs. The weighted-average period over which this unrecognized stock-based compensation expense is expected to be recognized is 3.62 years.

Earnings per share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings per share

The calculation of the basic and diluted EPS is as follows:


	Year ended December 31,
	2021		2020		2019
Numerator
Net loss attributable to Doma Holdings, Inc.	$	(113,056)	$	(35,103)	$	(27,137)

Denominator
Weighted-average common shares – basic and diluted	177,150,914		62,458,039		60,314,163

Net loss per share attributable to stockholders
Basic and diluted	$	(0.64)	$	(0.56)	$	(0.45)

As we have reported net loss for each of the periods presented, all potentially dilutive securities are antidilutive. The following potential outstanding shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	As of December 31,
	2021	2020
Old Doma Preferred Stock	—	183,159,138
Outstanding stock options	24,255,204	26,492,158
Warrants for common and preferred stock	18,022,750	29,751,874
RSA’s and PSA’s	18,579,930	1,551,867
Total antidilutive securities	60,857,884	240,955,037

Related party transactions

12 Months Ended

Dec. 31, 2021

Related party transactions

Equity held by Lennar

In connection with the North American Title Acquisition, subsidiaries of Lennar were granted equity in the Company. As of December 31, 2021, Lennar, through its subsidiaries, held a 25.4% equity stake in the Company on a fully diluted basis.

Loan from Lennar

In connection with the North American Title Acquisition, the Company received a loan from Lennar, which was repaid in full in January 2021 (see Note 10 for additional information).

Shared services agreements between the Company and Lennar

In connection with the North American Title Acquisition, the Company and Lennar entered into a transition services agreement (“TSA”) that provided for certain shared services provided by Lennar to the Company as it incorporated the Acquired Business into its operations, and also for the sharing of expenses in office locations that would contain both Company and Lennar personnel until such time one entity or the other, depending on the location, established separate office space for its personnel and operations.

During the year ended December 31, 2020, the Company paid Lennar $0.3 million related to TSA services. During the year ended December 31, 2019, the Company paid Lennar $3.9 million for TSA services rendered by Lennar, and Lennar paid the Company $2.5 million for TSA services rendered by the Company. Additionally, during the years ended December 31, 2021, 2020 and 2019, the Company paid Lennar $0.1 million $0.2 million, and $0.2 million, respectively, for rent associated with shared spaces.

Transactions with Lennar

In the routine course of its business, Doma Title Insurance, Inc. (“DTI”) underwrites title insurance policies for a subsidiary of Lennar. The Company recorded the following revenues and premiums retained by Third-Party Agents from these transactions, which are included within our Underwriting segment:


	Year ended December 31,
	2021		2020		2019
Revenues	$	114,212	$	88,609	$	73,070
Premiums retained by Third-Party Agents	92,466		71,229		59,933


	As of December 31,
	2021		2020
Net receivables	$	3,883	$	4,447

These amounts are included in receivables, net, in the consolidated balance sheets.

Consulting agreement

In 2021, the Company entered into a consulting services agreement with a company that provides IT consulting services for which our Chief Executive Officer is a member of its board of directors. During the year ended December 31, 2021, the Company incurred costs related to this agreement totaling $0.3 million. No costs were incurred during the years ended December 31, 2020 or 2019. There was no outstanding accounts payable related to this agreement at December 31, 2021.

Commitments and contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Legal matters

The Company is subject to claims and litigation matters in the ordinary course of business. Management does not believe the resolution of any such matters will have a materially adverse effect on the Company’s financial position or results of operations.

Commitments and other contingencies

The Company leases office space and equipment under non-cancellable lease agreements that expire at various points through 2028. For the years ended December 31, 2021, 2020, and 2019, rental expense under these leases was $10.1 million, $10.3 million, and $11.3 million, respectively.

As of December 31, 2021, total future commitments on non-cancelable operating leases with a minimum remaining term in excess of one year are as follows:


2022	$	9,428
2023	8,494
2024	6,845
2025	5,129
2026	4,182
Thereafter	3,720
Total	$	37,798

The Company also administers escrow deposits as a service to customers, a substantial portion of which are held at third-party financial institutions. These escrow deposits amounted to $204.8 million and $290.9 million at December 31, 2021 and 2020, respectively. Such deposits are not reflected in the consolidated balance sheets, but the Company could be contingently liable for them under certain circumstances (for example, if the Company disposes of escrowed assets). Such contingent liabilities have not materially impacted the results of operations or financial condition to date and are not expected to do so in the future.

Accumulated other comprehensive income

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated other comprehensive income

Following is a summary of the changes in each component of accumulated other comprehensive income:


	Year ended December 31,
	2021		2020		2019
Beginning balance at January 1	$	686	$	510	$	—
Unrealized gain (loss) on available-for-sale debt securities, before tax	(240)		236		683
Income tax effect	61		(60)		(173)
Other comprehensive income, net of tax, before reclassification adjustment	$	507	$	686	$	510
Reclassification adjustment for realized gain on sale of available-for-sale debt securities, before tax	(678)		—		—
Income tax effect	171		—		—
Total accumulated other comprehensive income, net of tax	$	—	$	686	$	510

The realized gain on sale of available-for-sale debt securities was reclassified from accumulated other comprehensive income to investment, dividend and other income in the consolidated statements of operations.

Accrued expenses and other liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued expenses and other liabilities

Accrued expenses and other liabilities include the following:


	December 31,
	2021		2020
Employee compensation and benefits	$	32,756	$	23,899
Other	21,393		9,145
Total accrued expenses and other liabilities	$	54,149	$	33,044

Employee benefit plan	12 Months Ended
Employee benefit plan	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee benefit plan	Employee benefit plan The Company sponsors a defined contribution 401(k) plan for its employees (the “Retirement Savings Plan”). The Retirement Savings Plan is a voluntary contributory plan under which employees may elect to defer compensation for federal income tax purposes under Section 401(k) of the Code. All full-time employees age 18+ are eligible to enroll in the plan on their first day of employment. As of December 31, 2021, the Company provides an employer match up to 50% of the first 6% of elective contributions. There are no matching contributions in excess of 3% of compensation. Company matching contributions begin upon employee enrollment in the Retirement Savings Plan. For the year ended December 31, 2020, the Company made contributions for the benefit of employees of $0.9 million from January 1, 2020 through May 15, 2020. The Company suspended the employer match effective May 16, 2020 and made no contributions for the benefit of employees to the Retirement Savings Plan for the rest of the year through December 31, 2020. The temporary suspension was due to the COVID-19 Pandemic and its potential impact on the business, which was not estimable at the time. On January 1, 2021, the Company reinstated matching contributions to the Retirement Savings Plan, according to the aforementioned terms, rates, and limitations. For the years ended December 31, 2021 and 2019 the Company made contributions for the benefit of employees of $2.6 million and $1.6 million, respectively, to the Retirement Savings Plan.

Research and development

12 Months Ended

Dec. 31, 2021

Research and Development [Abstract]

Research and development

For the years ended December 31, 2021, 2020, 2019, the Company recorded the following related to research and development expenses and capitalized internally developed software costs:


	Year ended December 31,
	2021		2020		2019
Research and development expenses incurred	$	13,377	$	5,318	$	9,849
Capitalized internally developed software costs	23,846		13,082		4,261
Research and development spend, inclusive of capitalized internally developed software cost	$	37,223	$	18,400	$	14,110

Our research and development costs reflect certain payroll-related costs of employees directly associated with such activities and certain software subscription costs, which are included in personnel costs and other operating expenses, respectively, in the consolidated statements of operations. Capitalized internally developed software and acquired software costs are included in fixed assets, net in the consolidated balance sheets.

Warrant liabilities	12 Months Ended
Warrant liabilities	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Warrant liabilities	Warrant liabilitiesAs a result of the Business Combination, the Company assumed, as of the Closing Date, Public Warrants to purchase an aggregate of 11,500,000 shares of our common stock and Private Placement Warrants to purchase an aggregate of 5,833,333 shares of our common stock. Each whole Warrant entitles the holder to purchase one share of common stock at a price of $11.50. The Warrants became exercisable commencing on December 4, 2021, which is one year from the closing of the initial public offering of Capitol; provided, that we maintain an effective registration statement under the Securities Act of 1934, as amended (the “Securities Act”), covering our common stock. Redemption of Public Warrants when the price per share of our common stock equals or exceeds $18.00 The Company may call the Public Warrants for redemption: •in whole and not in part; •at a price of $0.01 per Public Warrant; •upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder; and •if, and only if, the last reported sale price of our common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of common stock and equity-linked securities as described above) for any 20 trading days within a 30-trading day period ending three business days before the Company sends to the notice of redemption to the Public Warrant holders. The Company will not redeem the Public Warrants as described above unless a registration statement under the Securities Act covering the issuance of the shares of common stock issuable upon a cashless exercise of the Public Warrants is then effective and a current prospectus relating to those shares of common stock is available throughout the 30-day redemption period, except if the Public Warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. Redemption of Public Warrants when the price per share of our common stock equals or exceeds $10.00 The Company may redeem the outstanding Public Warrants: •in whole and not in part; •at $0.10 per Public Warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their Public Warrants prior to redemption and receive a number of shares based on the redemption date and the “fair market value” of common stock except as otherwise described below; •if, and only if, the last reported sale price of our common stock equals or exceeds $10.00 per share (as adjusted per stock splits, stock dividends, reorganizations, reclassifications, recapitalizations and the like and for certain issuances of common stock and equity-linked securities as described above) on the trading day prior to the date on which the Company sends the notice of redemption to the Public Warrant holders; and •if, and only if, the last reported sale price of common stock is less than $18.00 per share (as adjusted for stock for stock splits, stock dividends, reorganizations, recapitalizations and the like and for certain issuances of common stock and equity-linked securities), the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. Beginning on the date the notice of redemption is given until the Public Warrants are redeemed or exercised, holders may elect to exercise their Public Warrants on a cashless basis. The “fair market value” of our common stock will mean the volume-weighted average price of our common stock for the ten trading days immediately following the date on which the notice of redemption is sent to the holders of Public Warrants. In no event will the Public Warrants be exercisable in connection with this redemption feature for more than 0.361 shares of common stock per Public Warrant (subject to adjustment). The Private Placement Warrants are identical to the Public Warrants except that the Private Placement Warrants, (i) subject to limited exceptions, are not redeemable by us, (ii) may be exercised for cash or on a cashless basis and (iii) are entitled to registration rights (including the shares of our common stock issuable upon exercise of the Private Placement Warrants), in each case, so long as they are held by the initial purchasers or any of their permitted transferees (as further described in the warrant agreement, dated as of December 1, 2020, between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agreement”). If the Private Placement Warrants are held by holders other than the initial purchasers or any of their permitted transferees, they will be redeemable by us and exercisable by the holders on the same basis as the Public Warrants.On September 3, 2021, the Company filed a Registration Statement on Form S-1 (No. 333-258942), as amended, with the SEC (which was declared effective on September 8, 2021), which related to, among other things, the issuance of an aggregate of up to 17,333,333 shares of common stock issuable upon the exercise of the Warrants. As of December 31, 2021, the aggregate values of the Public and Private Warrants were $10.9 million and $5.5 million, respectively, representing Warrants outstanding to purchase 11,500,000 shares and 5,833,333 shares, respectively, of our common stock. The Warrants are accounted for as liabilities in accordance with ASC 815-40 and are presented within warrant liabilities in the consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of Warrants and Sponsor Covered Shares liabilities in the consolidated statements of operations.

Regulation and statutory financial information	12 Months Ended
Regulation and statutory financial information	Dec. 31, 2021
Insurance [Abstract]
Regulation and statutory financial information	Regulation and statutory financial information Effective December 31, 2020, States Title Insurance Company of California and States Title Insurance Company were merged into NATIC, and the three combined entities were re-domiciled to South Carolina. NATIC has since been renamed Doma Title Insurance, Inc. (“DTI”). The Company’s insurance business, DTI, and its agency businesses are subject to extensive regulation under applicable state laws. DTI is subject to a holding company act in its state of domicile which regulates, among other matters, the ability to pay dividends and enter into transactions with affiliates. The laws of most states in which the Company transacts business establish supervisory agencies with broad administrative powers relating to issuing and revoking licenses to transact business, regulating trade practices, licensing agents, approving title insurance policy forms, accounting practices, financial practices, establishing reserve and capital and surplus as regards policyholders (“capital and surplus”) requirements, defining suitable investments for reserves and capital and surplus and approving rate schedules. The process of state regulation of changes in rates ranges from states which set rates, to states where individual companies or associations of companies prepare rate filings which are submitted for approval, to a few states in which rate changes do not need to be filed for approval. Since we are regulated by both state and federal governments and the applicable insurance laws and regulations are constantly subject to change, it is not possible to predict the potential effects on our insurance operations of any laws or regulations that may become more restrictive in the future or if new restrictive laws will be enacted. Our insurance subsidiaries are subject to regulations that restrict their ability to pay dividends or make other distributions of cash or property to their immediate parent company without prior approval from the Departments of Insurance of their respective states of domicile. As of December 31, 2021, $45.3 million of our statutory net assets are restricted from dividend payments without prior approval from the Departments of Insurance of their respective states of domicile. During 2022, our title insurance subsidiary can pay or make distributions to us of approximately $20.2 million, without prior approval. The statutory capital and surplus of our DTI was approximately $45.3 million and $39.7 million as of December 31, 2021 and 2020, respectively. The statutory net income of DTI was $20.2 million and $16.4 million for the years ended December 31, 2021 and 2020, respectively. Statutory-basis financial statements are prepared in accordance with accounting practices prescribed or permitted by the various state insurance regulatory authorities. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by each of the states that regulate us. Each of our states of domicile for our title insurance underwriter subsidiaries have adopted a material prescribed accounting practice that differs from that found in NAIC SAP. Specifically, in both years, the timing of amounts released from the statutory unearned premium reserve under NAIC SAP differs from the states’ required practice. Statutory surplus at December 31, 2021 and 2020, respectively, was lower by approximately $5.6 million and $0.1 million than if we had reported such amounts in accordance with NAIC SAP. Pursuant to statutory requirements of the various states in which our insurers are domiciled, such insurers must maintain certain levels of minimum capital and surplus. Required levels of minimum capital and surplus are not significant to the insurers individually or in the aggregate. Each of our insurers has complied with the minimum statutory requirements as of December 31, 2021. There are no other restrictions on our retained earnings regarding our ability to pay dividends to stockholders although there are limits on the ability of certain subsidiaries to pay dividends to us, as described above.

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent events	Subsequent eventsIn the preparation of the accompanying consolidated financial statements, the Company has evaluated all material subsequent events or transactions that occurred after the balance sheet date through the date on which the financial statements were issued for potential recognition or disclosure in the Company’s financial statements, noting no subsequent events or transactions that require disclosure.

SEC Schedule, Article 12-09, Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts


(In Thousands)	Balance at beginning of period		Charged to costs and expenses		Deductions		Balance at end of period
Year ended December 31, 2021:
Allowance for deferred tax assets	$	23,330	$	32,290	$	—	$	55,620
Liability for loss and loss adjustment expenses	69,800		21,335		10,868		80,267
Allowance for doubtful accounts	492		1,230		640		1,082
Year ended December 31, 2020:
Allowance for deferred tax assets	$	11,623	$	11,707	$	—	$	23,330
Liability for loss and loss adjustment expenses	62,758		15,337		8,295		69,800
Allowance for doubtful accounts	210		424		142		492
Year ended December 31, 2019:
Allowance for deferred tax assets	$	4,752	$	6,871	$	—	$	11,623
Liability for loss and loss adjustment expenses	—		71,551		8,793		62,758
Allowance for doubtful accounts	—		210		—		210

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Basis of presentation

Use of estimates

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.

Cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cashCash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The carrying amounts reported in the consolidated balance sheets for these instruments approximate their fair value.

Investments

Fixed maturity securities

Mortgage loans

Equity securities

Fair value measurements

The three levels of the fair value hierarchy under ASC 820 are as follows:

Level 1 Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used.

Receivables, net

determination is made.

Fixed assets, net

The following table summarizes the range of useful lives assigned to fixed assets, by asset class:


Useful lives:
Leasehold improvements			Shorter of the lease term or useful life of the asset
Furniture and equipment			Five years
Computer equipment			Three years
Acquired software			Three to eight years
Internally developed software			Five years

Internally developed or acquired software

Title plants

Title plantsTitle 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.

Goodwill

Trade names

Trade namesThe intangible asset values of the Company’s trade names were determined in the North American Title Acquisition, and were assigned a useful life of seven years. The Company’s finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and intangibles are also evaluated periodically to determine their remaining useful life. In 2020, the Company determined that there would be a change in the Company’s use of the acquired trade names in the second quarter of 2021. The Company determined that the change in use was not related to the value of the trade names, but to changes in business strategy, and did not result in an impairment. However, the Company changed its estimates of the useful lives of the acquired trade names to better reflect the estimated periods during which these trade names will remain in service. The estimated useful life of the trade names was revised such that the trade names were fully amortized by June 30, 2021.

Revenue recognition

Net premiums written

Escrow, other title-related fees and other

Reinsurance

Payments and recoveries on reinsured losses for the Company’s title insurance business were immaterial during the years ended December 31, 2021, 2020 and 2019.

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.

Liability for loss and loss adjustment expenses

Income taxes

Stock compensation expense

Public Warrants and Private Placement Warrants

Combination, with subsequent changes in their respective fair values recognized in the consolidated statements of operations at each reporting period.

Sponsor Covered Shares and Seller Earnout Shares

Share counts of our common stock provided in this Annual Report on Form 10-K (this “Annual Report”) exclude both the Sponsor Covered Shares and the Seller Earnout Shares.

Concentration of credit risk

Advertising costs

Advertising costsAdvertising costs, which include promotional expenses, are expensed as incurred.

Earnings per share

Basic and diluted earnings per share attributable to the Company’s common stock for the years ended December 31, 2021, 2020 and 2019 was calculated using weighted average common shares outstanding.

Risk and uncertainties

Emerging Growth Company and Smaller Reporting Company

Recently issued and adopted accounting pronouncements and recently issued but not adopted accounting pronouncements

Recently issued and adopted accounting pronouncements

Recently issued but not adopted accounting pronouncements

15, 2022, including interim periods within those fiscal years. The adoption of this new guidance on January 1, 2022 is not expected to be material to the consolidated financial statements.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Useful Lives Assigned to Fixed Assets

The following table summarizes the range of useful lives assigned to fixed assets, by asset class:


Useful lives:
Leasehold improvements			Shorter of the lease term or useful life of the asset
Furniture and equipment			Five years
Computer equipment			Three years
Acquired software			Three to eight years
Internally developed software			Five years

Fixed assets consist of the following:


	December 31,
	2021		2020
Internally developed software	$	41,189	$	17,343
Furniture and equipment	7,046		7,948
Acquired software	3,829		3,827
Leasehold improvements	3,542		3,264
Computer equipment	8,148		3,092
Construction in process	1,742		—
Total fixed assets, gross	$	65,496	$	35,474
Accumulated depreciation and amortization	(19,543)		(13,813)
Total fixed assets, net	$	45,953	$	21,661

Within each respective period, internally developed software and acquired software consist of the following:


	Year ended December 31
	2021		2020
Internally developed software	$	23,846	$	13,082
Accumulated amortization	(5,528)		(1,888)
Internally developed software, net	$	18,318	$	11,194

Acquired software	2		1,470
Accumulated amortization	(63)		(17)
Acquired software, net	$	(61)	$	1,453

Schedule of Trade Names

Trade names consists of the following:


	December 31
	2021		2020
Trade names	$	—	$	5,871
Accumulated amortization	—		(3,187)
Total trade names, net	$	—	$	2,684

Schedule of Gross Premiums Written and Ceded Premiums

Gross premiums written and ceded premiums are as follows:


	Year ended December 31
	2021			2020			2019
Gross premiums written	$	482,232		$	349,636		$	294,159
Ceded premiums	(6,880)			(4,028)			(1,452)
Net premiums written	$	475,352		$	345,608		$	292,707
Percentage of amount assumed to net	98.6		%	98.8		%	99.5		%

Business combinations (Tables)

12 Months Ended

Dec. 31, 2021

Reverse Recapitalization [Abstract]

Schedule of Additional Information on Total Consideration

The following table presents additional information on total consideration transferred:


Issuance of Series A-1 preferred stock	$	50,142
Issuance of Series A-1 preferred stock warrants	34,473
Note payable issued to NATG	87,000
Assumption of NATG debt	65
Total consideration transferred	$	171,680

Schedule of Purchase Price Allocation

The following table sets forth the purchase price allocation, as of the acquisition date:


Cash	$	35,704	Accounts payable	$	(9,409)
Restricted cash	1,566		Accrued expenses and other liabilities	(12,218)
Investments	61,398		Liability for loss and loss adjustment expenses	(59,266)
Receivables	15,239		Total liabilities assumed	$	(80,893)
Fixed assets	1,659
Prepaid expenses, deposits and other assets	2,197
Title plants	16,993		Net identifiable assets acquired	$	59,734
Trade names	5,871		Goodwill	111,946
Total identifiable assets acquired	$	140,627	Total consideration transferred	$	171,680

Investments and fair value measurements (Tables)

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Summary of 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:


	December 31, 2021								December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate debt securities (1)	$	62,078	$	459	$	(207)	$	62,330	$	57,651	$	994	$	(53)	$	58,592
U.S. Treasury securities	4,849		—		(16)		4,833		7,519		54		—		7,573
Certificates of deposit	237		—		—		237		236		—		—		236
Total	$	67,164	$	459	$	(223)	$	67,400	$	65,406	$	1,048	$	(53)	$	66,401

_______________

(1) Includes both U.S. and foreign corporate debt securities.

Summary of Investments by Maturity Date

The following table presents certain information regarding contractual maturities of our held-to-maturity debt securities:


Maturity	December 31, 2021
	Amortized Cost		% of Total		Fair Value		% of Total
One year or less	$	23,316	35	%	$	23,381	35	%
After one year through five years	43,848		65	%	44,019		65	%
Total	$	67,164	100	%	$	67,400	100	%

Schedule of Unrealized Loss on Held-to-Maturity Debt Securities


	December 31, 2021								December 31, 2020
	Corporate debt securities		U.S. Treasury securities		Certificate of deposits		Total		Corporate debt securities		U.S. Treasury securities		Certificate of deposits		Total
Less than 12 Months
Fair Value	$	18,309	$	4,667	$	—	$	22,976	$	8,464	$	5,181	$	—	$	13,645
Unrealized Losses	$	(192)	$	(16)	$	—	$	(208)	$	(53)	$	—	$	—	$	(53)
Greater than 12 months
Fair value	605		—		—		605		—		—		—		—
Unrealized losses	(15)		—		—		(15)		—		—		—		—
Total
Fair value	$	18,914	$	4,667	$	—	$	23,581	$	8,464	$	5,181	$	—	$	13,645
Unrealized losses	$	(207)	$	(16)	$	—	$	(223)	$	(53)	$	—	$	—	$	(53)

Summary of 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:


	December 31, 2020
	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Corporate debt securities (1)	$	7,139	$	918	$	—	$	8,057
Total	$	7,139	$	918	$	—	$	8,057

_________________

(1) Includes both U.S. and foreign corporate debt securities.

Schedule of Realized Gain (Loss) on Available-for-Sale Debt Securities

The following table reflects the composition of net realized gains or losses for the sales of the securities for each of the years shown below:


	Year ended December 31,
	2021		2020		2019
Realized gains (losses):
Available-for-sale debt securities:
Gains	$	768	$	—	$	—
Losses	(90)		—		—
Net	$	678	$	—	$	—

Proceeds from sales	$	7,817	$	—	$	—

Summary of Cost and Estimated Fair Value of Equity Securities

The cost and estimated fair value of equity securities are as follows:


	December 31, 2020
	Cost		Estimated Fair Value
Preferred stocks	$	2,000	$	2,119
Total	$	2,000	$	2,119

Schedule of Realized Gain (Loss) on Held-to-Maturity Debt Securities and Equity Securities

The following table reflects the composition of net realized gains or losses on sales of the equity securities for each of the years shown below:


	Year ended December 31,
	2021		2020		2019
Realized gains (losses):
Gains	$	—	$	—	$	—
Losses	—		—		(13)
Net	$	—	$	—	$	(13)

Schedule of Cost and Estimated Fair Value of Mortgage Loans and Accrued Interest Receivable

The cost and estimated fair value of mortgage loans are as follows:


	December 31, 2021				December 31, 2020
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Mortgage loans	$	2,022	$	2,022	$	2,980	$	2,980
Total	$	2,022	$	2,022	$	2,980	$	2,980

The following table reflects the composition of accrued interest receivable for investments:


	Year ended December 31,
	2021		2020
Corporate debt securities	$	874	$	641
Certificate of deposits	—		—
U.S. Treasury securities	12		45
Accrued interest receivable on investment securities	886		686
Mortgage loans	13		43
Accrued interest receivable on investments	$	899	$	729

Schedule of Investment Income

Investment income from securities consists of the following:


	Year ended December 31,
	2021		2020		2019
Available-for-sale debt securities	$	773	$	408	$	262
Held-to-maturity debt securities	1,984		1,326		743
Equity investments	(89)		146		115
Mortgage loans	168		194		325
Other	292		159		932
Total	$	3,128	$	2,233	$	2,377

Schedule of Fair Value Assets on a Recurring Basis

The following table summarizes the Company’s investments measured at fair value:


	Assets
	Corporate debt securities		U.S. Treasury securities		Mortgage loans		Preferred stocks		Certificate of deposits		Total
December 31, 2021
Level 1	$	—	$	4,833	$	—	$	—	$	—	$	4,833
Level 2	62,330		—		—		—		237		62,567
Level 3	—		—		2,022		—		—		2,022
Total	$	62,330	$	4,833	$	2,022	$	—	$	237	$	69,422

December 31, 2020
Level 1	$	—	$	7,573	$	—	$	2,119	$	—	$	9,692
Level 2	66,649		—		—		—		236		66,885
Level 3	—		—		2,980		—		—		2,980
Total	$	66,649	$	7,573	$	2,980	$	2,119	$	236	$	79,557

Schedule of Fair Value Liabilities on a Recurring Basis

The following table summarizes the Company’s liabilities measured at fair value:


	Liabilities
	Public Warrants		Private Placement Warrants		Sponsor Covered Shares		Total
December 31, 2021
Level 1	$	10,925	$	—	$	—	$	10,925
Level 2	—		5,542		—		5,542
Level 3	—		—		5,415		5,415
Total	$	10,925	$	5,542	$	5,415	$	21,882

December 31, 2020
Level 1	$	—	$	—	$	—	$	—
Level 2	—		—		—		—
Level 3	—		—		—		—
Total	$	—	$	—	$	—	$	—

Summary of the Fair Values of the Sponsor Earnout Shares Using a Monte Carlo Simulation Valuation Model

The unobservable significant inputs to the valuation model were as follows:


	December 31, 2021
Current stock price	$	5.08
Expected volatility	55.0		%
Risk-free interest rate	1.52		%
Expected term	9.6 years
Expected dividend yield	—		%
Annual change in control probability	2.0		%

Summary of Changes for Level 3 Items Measured at Fair Value

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 January 1, 2021	$	—
Sponsor Covered Shares assumed in Business Combination	9,332
Change in fair value of Sponsor Covered Shares	(3,917)
Fair value as of December 31, 2021	$	5,415

Revenue recognition (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of Revenue

Our revenue consists of:


			Year ended December 31,
			2021		2020		2019
Revenue Stream	Statements of Operations Classification	Segment	Total Revenue
Revenue from insurance contracts:
Direct Agents title insurance premiums	Net premiums written	Underwriting	$	119,236	$	81,420	$	78,666
Direct Agents title insurance premiums	Net premiums written	Elimination	(976)		—		—
Third-Party Agent title insurance premiums	Net premiums written	Underwriting	357,092		264,188		214,041
Total revenue from insurance contracts			$	475,352	$	345,608	$	292,707
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Distribution	$	61,005	$	41,438	$	39,062
Other title-related fees and income	Escrow, title-related and other fees	Distribution	116,064		88,152		90,570
Other title-related fees and income	Escrow, title-related and other fees	Underwriting	3,520		2,099		873
Other title-related fees and income	Escrow, title-related and other fees	Elimination(1)	(101,004)		(70,414)		(68,488)
Total revenue from contracts with customers			$	79,585	$	61,275	$	62,017
Other revenue:
Interest and investment income (2)	Investment, dividend and other income	Distribution	$	230	$	325	$	1,026
Interest and investment income (2)	Investment, dividend and other income	Underwriting	1,952		2,086		2,411
Realized gains and losses, net	Investment, dividend and other income	Distribution	(25)		374		(70)
Realized gains and losses, net	Investment, dividend and other income	Underwriting	949		146		(6)
Total other revenues			$	3,106	$	2,931	$	3,361
Total revenues			$	558,043	$	409,814	$	358,085

_________________

(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.

Liability for loss and loss adjustment expenses (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Summary of Liability for Loss and Loss Adjustment Expenses

A summary of the changes in the liability for loss and loss adjustment expenses for each of the years ended is as follows:


	Year ended December 31,
	2021			2020
Balance at the beginning of the year	$	69,800		$	62,758

Provision for claims related to:
Current year	$	28,860		$	20,619
Prior years	(7,525)			(5,282)
Total provision for claims	$	21,335		$	15,337

Paid losses related to:
Current year	$	(3,180)		$	(2,331)
Prior years	(7,688)			(5,964)
Total paid losses	$	(10,868)		$	(8,295)

Balance at the end of the period	$	80,267		69,800

Provision for claims as a percentage of net written premiums	4.5		%	4.4		%

Segment information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Operating Results of the Company's Reportable Segments

The following table summarizes the operating results of the Company’s reportable segments:


	Year ended December 31, 2021
	Distribution		Underwriting		Eliminations		Consolidated total
Net premiums written	$	—	$	476,328	$	(976)	$	475,352
Escrow, other title-related fees and other (1)	177,069		3,520		(101,004)		79,585
Investment, dividend and other income	205		2,901		—		3,106
Total revenue	$	177,274	$	482,749	$	(101,980)	$	558,043

Premiums retained by agents (2)	$	—	$	400,425	$	(101,980)	$	298,445
Direct labor (3)	81,204		8,412		—		89,616
Other direct costs (4)	23,726		11,339		—		35,065
Provision for claims	2,257		19,078		—		21,335
Adjusted gross profit	$	70,087	$	43,495	$	—	$	113,582


	Year ended December 31, 2020
	Distribution		Underwriting		Eliminations		Consolidated total
Net premiums written	$	—	$	345,608	$	—	$	345,608
Escrow, other title-related fees and other (1)	129,590		2,099		(70,414)		61,275
Investment, dividend and other income	699		2,232		—		2,931
Total revenue	$	130,289	$	349,939	$	(70,414)	$	409,814

Premiums retained by agents (2)	$	—	$	290,557	$	(70,414)	$	220,143
Direct labor (3)	55,334		6,820		—		62,154
Other direct costs (4)	16,912		3,623		—		20,535
Provision for claims	1,415		13,922		—		15,337
Adjusted gross profit	$	56,628	$	35,017	$	—	$	91,645


	Year ended December 31, 2019
	Distribution		Underwriting		Eliminations		Consolidated total
Net premiums written	$	—	$	292,707	$	—	$	292,707
Escrow, other title-related fees and other (1)	129,632		873		(68,488)		62,017
Investment, dividend and other income	956		2,405		—		3,361
Total revenue	$	130,588	$	295,985	$	(68,488)	$	358,085

Premiums retained by agents (2)	$	—	$	246,753	$	(68,488)	$	178,265
Direct labor (3)	55,138		5,776		—		60,914
Other direct costs (4)	15,751		4,367		—		20,118
Provision for claims	1,552		10,733		—		12,285
Adjusted gross profit	$	58,147	$	28,356	$	—	$	86,503

_______________

(1)Includes fee income from closings, escrow, title exams, ceding commission income, as well as premiums retained by Direct Agents.

(3)Includes all compensation costs, including salaries, bonuses, incentive payments, and benefits, for personnel involved in the direct fulfillment of title and/or escrow services.

(4)Includes title examination expense, office supplies, and premium and other taxes.

Reconciliation of Company's Total Reportable Segments' Adjusted Gross Profit to Total Loss Before Income Taxes

The following table provides a reconciliation of the Company’s total reportable segments’ adjusted gross profit to its total loss before income taxes:


	Year ended December 31,
	2021		2020		2019
Adjusted gross profit	$	113,582	$	91,645	$	86,503
Depreciation and amortization	10,321		5,815		1,880
Corporate and other expenses (1)	205,220		114,511		102,091
Change in fair value of Warrant and Sponsor Covered Shares liabilities	(6,691)		—		—
Interest expense	16,861		5,579		9,282
Loss before income taxes	$	(112,129)	$	(34,260)	$	(26,750)

_______________

Income tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The Company’s income tax expense is as follows:


	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	—	$	—	$	—
State	133		144		110
Total current	$	133	$	144	$	110

Deferred:
Federal	$	147	$	101	$	217
State	647		598		60
Total deferred	$	794	$	699	$	277
Total	$	927	$	843	$	387

Schedule of Reconciliation of the Federal Income Tax Rate

A reconciliation of these differences is as follows:


	Year ended December 31,
	2021		2020		2019
Benefit calculated at federal income tax rate	21.0	%	21.0	%	21.0	%
Change in valuation allowance	(28.8)		(34.2)		(25.7)
State tax benefit	9.6		7.1		4.7
Federal benefit on state tax	(2.0)		(1.5)		(1.0)
Change in state tax rate	0.5		5.1		(0.4)
Change in fair value of Warrant and Sponsor Covered Shares liabilities	1.2		—		—
Nondeductible compensation	(2.5)		—		—
Other permanent differences, net	0.1		—		(0.1)
Income tax expense	(0.9)	%	(2.5)	%	(1.5)	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities consist of the following:


	December 31,
	2021		2020
Deferred tax assets:
Net operating loss	$	38,415	$	12,765
Accrued compensation	7,892		5,334
Interest expense	6,834		2,621
Statutory premium reserve	1,655		2,119
Start-up costs	1,080		1,142
Deferred lease obligation	423		385
Stock-based compensation expense	2,688		852
Investments	458		407
Intangibles assets	1,293		653
Allowance for doubtful accounts	173		138
Debt issuance costs	52		58
Loss reserves	215		209
Other, net	11		13
Total gross deferred tax assets	61,189		26,696
Less valuation allowance	(55,620)		(23,330)
Total deferred tax assets	$	5,569	$	3,366

Deferred tax liabilities:
Intangibles assets	$	(3,689)	$	(2,347)
Other reserves	(1,360)		(927)
Title plants	(850)		(680)
Unrealized gain on investments	—		(249)
Fixed assets	(1,441)		(140)
Total deferred tax liabilities	$	(7,340)	$	(4,343)
Net deferred tax liability	$	(1,771)	$	(977)

Fixed assets (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets

The following table summarizes the range of useful lives assigned to fixed assets, by asset class:


Useful lives:
Leasehold improvements			Shorter of the lease term or useful life of the asset
Furniture and equipment			Five years
Computer equipment			Three years
Acquired software			Three to eight years
Internally developed software			Five years

Fixed assets consist of the following:


	December 31,
	2021		2020
Internally developed software	$	41,189	$	17,343
Furniture and equipment	7,046		7,948
Acquired software	3,829		3,827
Leasehold improvements	3,542		3,264
Computer equipment	8,148		3,092
Construction in process	1,742		—
Total fixed assets, gross	$	65,496	$	35,474
Accumulated depreciation and amortization	(19,543)		(13,813)
Total fixed assets, net	$	45,953	$	21,661

Within each respective period, internally developed software and acquired software consist of the following:


	Year ended December 31
	2021		2020
Internally developed software	$	23,846	$	13,082
Accumulated amortization	(5,528)		(1,888)
Internally developed software, net	$	18,318	$	11,194

Acquired software	2		1,470
Accumulated amortization	(63)		(17)
Acquired software, net	$	(61)	$	1,453

Schedule of Net Gains and Losses on Sales of Fixed Assets

The following table reflects the composition of net gains or losses for the sales of fixed assets for each of the years shown below:


	Year ended December 31,
	2021		2020		2019
Gains (losses):
Fixed assets:
Gains	$	59	$	259	$	—
Losses	(49)		(128)		(71)
Total net gains (losses)	$	10	$	131	$	(71)

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Loan

The Loan consisted of the following:


	December 31,
	2021		2020
Loan balance	$	—	$	65,532
Outstanding principal	—		65,484
Accrued interest	—		48

Stock compensation expense (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions

Following are the weighted average assumptions utilized in the valuation of stock options issued:


	Year ended December 31,
	2021		2020		2019
Volatility	48.5	%	38.0	%	31.1	%
Dividend yield	0.0	%	0.0	%	0.0	%
Expected term (years)	6.2		6.1		7.0
Risk free rate	0.7	%	0.8	%	2.5	%

Summary of Stock Option Activity

The Company had the following activity for stock options (option amounts have been retroactively restated as shares reflecting the Exchange Ratio):


	Number of Stock Options	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value ($)
Outstanding as of December 31, 2020	26,492,158	0.53		8.50	$	374,808
Granted	4,583,033	0.71		8.99
Exercised	(5,845,365)	0.44		7.16
Cancelled or forfeited	(974,622)	0.65		8.27
Outstanding as of December 31, 2021	24,255,204	$	0.51	7.91	$	109,061

Options exercisable as of December 31, 2021	10,399,287	$	0.51	7.53	$	47,491

Summary of Nonvested Restricted Stock Awards

The Company had the following activity for nonvested RSAs and PSAs:


	Number of RSAs and PSAs	Average Grant Date Fair Value ($)
Nonvested at December 31, 2020	1,551,867	$	0.52
Granted	18,066,482	6.37
Exercised	(775,932)	0.65
Cancelled or Forfeited	(262,487)	6.75
Nonvested at December 31, 2021	18,579,930	$	6.11

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of the basic and diluted EPS is as follows:


	Year ended December 31,
	2021		2020		2019
Numerator
Net loss attributable to Doma Holdings, Inc.	$	(113,056)	$	(35,103)	$	(27,137)

Denominator
Weighted-average common shares – basic and diluted	177,150,914		62,458,039		60,314,163

Net loss per share attributable to stockholders
Basic and diluted	$	(0.64)	$	(0.56)	$	(0.45)

Schedule of Antidilutive Securities Excluded from Computation

The following potential outstanding shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	As of December 31,
	2021	2020
Old Doma Preferred Stock	—	183,159,138
Outstanding stock options	24,255,204	26,492,158
Warrants for common and preferred stock	18,022,750	29,751,874
RSA’s and PSA’s	18,579,930	1,551,867
Total antidilutive securities	60,857,884	240,955,037

Related Party Disclosures (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Related Party Transactions

The Company recorded the following revenues and premiums retained by Third-Party Agents from these transactions, which are included within our Underwriting segment:


	Year ended December 31,
	2021		2020		2019
Revenues	$	114,212	$	88,609	$	73,070
Premiums retained by Third-Party Agents	92,466		71,229		59,933


	As of December 31,
	2021		2020
Net receivables	$	3,883	$	4,447

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Operating Lease Payments

As of December 31, 2021, total future commitments on non-cancelable operating leases with a minimum remaining term in excess of one year are as follows:


2022	$	9,428
2023	8,494
2024	6,845
2025	5,129
2026	4,182
Thereafter	3,720
Total	$	37,798

Accumulated other comprehensive income (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Changes in Components of Accumulated Other Comprehensive Income

Following is a summary of the changes in each component of accumulated other comprehensive income:


	Year ended December 31,
	2021		2020		2019
Beginning balance at January 1	$	686	$	510	$	—
Unrealized gain (loss) on available-for-sale debt securities, before tax	(240)		236		683
Income tax effect	61		(60)		(173)
Other comprehensive income, net of tax, before reclassification adjustment	$	507	$	686	$	510
Reclassification adjustment for realized gain on sale of available-for-sale debt securities, before tax	(678)		—		—
Income tax effect	171		—		—
Total accumulated other comprehensive income, net of tax	$	—	$	686	$	510

Accrued expenses and other liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities include the following:


	December 31,
	2021		2020
Employee compensation and benefits	$	32,756	$	23,899
Other	21,393		9,145
Total accrued expenses and other liabilities	$	54,149	$	33,044

Research and Development (Tables)

12 Months Ended

Dec. 31, 2021

Research and Development [Abstract]

Summary of Research and Development Expenses

For the years ended December 31, 2021, 2020, 2019, the Company recorded the following related to research and development expenses and capitalized internally developed software costs:


	Year ended December 31,
	2021		2020		2019
Research and development expenses incurred	$	13,377	$	5,318	$	9,849
Capitalized internally developed software costs	23,846		13,082		4,261
Research and development spend, inclusive of capitalized internally developed software cost	$	37,223	$	18,400	$	14,110

Organization and business operations (Details)	12 Months Ended
Organization and business operations (Details)	Dec. 31, 2021 state segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states operated in \| state	39
Number of reportable segments \| segment	2

Summary of significant accounting policies - Narrative (Details)		1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 24, 2021	Feb. 29, 2020 USD ($)	Feb. 23, 2021	Dec. 31, 2021 USD ($) treaty $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Property, Plant and Equipment [Line Items]
Restricted cash				$ 4,126,000	$ 129,000
Allowance for doubtful accounts				1,100,000	500,000
Proceeds from sale of title plant				$ 666,000	1,585,000	$ 0
Number of reinsurance treaties \| treaty				2
Accrued payments for interest and penalties				$ 0	0
Common stock, par value (in usd per share) \| $ / shares				$ 0.0001
Advertising expenses				$ 6,200,000	$ 3,100,000	$ 2,700,000
Accounting Standards Update [Extensible Enumeration]				us-gaap:AccountingStandardsUpdate201602Member
Cumulative Effect, Period of Adoption, Adjustment \| Pro Forma
Property, Plant and Equipment [Line Items]
Operating lease liability				$ 24,400,000
Operating lease right of use asset				$ 23,800,000
Minimum \| Software and Software Development
Property, Plant and Equipment [Line Items]
Useful lives				3 years
Maximum \| Software and Software Development
Property, Plant and Equipment [Line Items]
Useful lives				8 years
Excess Of Loss Treaty
Property, Plant and Equipment [Line Items]
Retention limit				$ 15,000,000
Maximum amount reinsured				500,000,000
Quota Share Treaty
Property, Plant and Equipment [Line Items]
Reinsured percentage	25.00%		100.00%		100.00%	100.00%
Title Plant
Property, Plant and Equipment [Line Items]
Impairment of title plants				$ 0	$ 0	$ 0
Proceeds from sale of title plant		$ 3,200,000
Gain on sale of title plant		$ 200,000
Trade Names
Property, Plant and Equipment [Line Items]
Useful life of intangible assets				7 years
Amortization expense				$ 2,700,000	2,300,000	$ 800,000
Trade Names \| Intangible Assets, Amortization Period
Property, Plant and Equipment [Line Items]
Amortization expense					$ 1,500,000

Summary of significant accounting policies - Summary of useful lives assigned to fixed assets (Details)	12 Months Ended
	Dec. 31, 2021
Furniture and equipment
Property, Plant and Equipment [Line Items]
Useful lives	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Acquired software \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Acquired software \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives	8 years
Internally developed software
Property, Plant and Equipment [Line Items]
Useful lives	5 years

Summary of significant accounting policies - Schedule of trade names (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization		$ (3,187)
Total trade names, net	$ 0	2,684
Trade Names
Finite-Lived Intangible Assets [Line Items]
Trade names	0	5,871
Accumulated amortization	0	(3,187)
Total trade names, net	$ 0	$ 2,684

Summary of significant accounting policies - Schedule of gross premiums written and ceded premiums (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Reinsurance Retention Policy [Line Items]

Gross premiums written

$ 482,232

$ 349,636

$ 294,159

Ceded premiums

(6,880)

(4,028)

(1,452)

Premiums Written, Net | Product Concentration Risk | Amount Assumed To Net Premiums

^[1]

$ 475,352

$ 345,608

$ 292,707

Reinsurance Retention Policy [Line Items]

Concentration risk percent

98.60%

98.80%

99.50%

[1]	Net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).

Business combinations (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Jul. 28, 2021 USD ($) tranche $ / shares shares	Jul. 27, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Sep. 03, 2021 shares	Dec. 04, 2020 $ / shares shares
Schedule Of Reverse Recapitalization [Line Items]
Cash acquired through reverse recapitalization \| $	$ 345,000
Common stock redeemed \| $	294,900
Net proceeds from Business Combination and PIPE Investment \| $	$ 20,100		$ 624,952	$ 0	$ 0
Sale of stock, number of shares (in Shares)	30,000,000
Unit price per share (in usd per share) \| $ / shares	$ 10.00
Proceeds from consideration on sale of shares \| $	$ 300,000
Common stock, par value (in usd per share) \| $ / shares			$ 0.0001
Recapitalization exchange ratio	5.994933
Transaction costs \| $	$ 67,000	$ 12,100
Payments of transaction costs \| $			$ 66,000
Common stock, shares outstanding (in shares)	321,461,822		323,347,806	62,832,307
Common stock, shares authorized (in shares)			2,000,000,000
Preferred stock, shares authorized (in shares)			100,000,000
Preferred stock par value (in usd per share) \| $ / shares			$ 0.0001
Common stock, shares issued (in shares)			323,347,806	62,832,307
Preferred stock, shares issued (in shares)			0
Preferred stock, shares outstanding (in shares)			0
Number of shares for warrants (in shares)						17,333,333
Public Warrants
Schedule Of Reverse Recapitalization [Line Items]
Number of shares for warrants (in shares)			11,500,000				11,500,000
Exercise price of warrants (in usd per share) \| $ / shares							$ 11.50
Private Placement Warrants
Schedule Of Reverse Recapitalization [Line Items]
Number of shares for warrants (in shares)			5,833,333				5,833,333
Exercise price of warrants (in usd per share) \| $ / shares							$ 11.50
Sponsor Covered Shares
Schedule Of Reverse Recapitalization [Line Items]
Common stock, shares outstanding (in shares)	13,256.64
Percentage of shares subject to vesting	20.00%
Number of vesting tranches \| tranche	2
Period threshold for change in control	10 years
Sponsor Covered Shares \| Sale price of common stock equals or exceeds $15
Schedule Of Reverse Recapitalization [Line Items]
Percentage of vesting shares	50.00%
Stock price trigger (in usd per share) \| $ / shares	$ 15.00
Trading days threshold	20 days
Consecutive trading days threshold	30 days
Sponsor Covered Shares \| Sale price of common stock equals or exceeds $17.50
Schedule Of Reverse Recapitalization [Line Items]
Percentage of vesting shares	50.00%
Stock price trigger (in usd per share) \| $ / shares	$ 17.50
Trading days threshold	20 days
Consecutive trading days threshold	30 days
Earnout Shares
Schedule Of Reverse Recapitalization [Line Items]
Number of vesting tranches \| tranche	2
Additional shares receivable	5.00%
Earnout Shares \| Sale price of common stock equals or exceeds $15
Schedule Of Reverse Recapitalization [Line Items]
Percentage of vesting shares	50.00%
Stock price trigger (in usd per share) \| $ / shares	$ 15.00
Trading days threshold	20 days
Consecutive trading days threshold	30 days
Earnout Shares \| Sale price of common stock equals or exceeds $17.50
Schedule Of Reverse Recapitalization [Line Items]
Percentage of vesting shares	50.00%
Stock price trigger (in usd per share) \| $ / shares	$ 17.50
Trading days threshold	20 days
Consecutive trading days threshold	30 days

Business combinations - North American Title Acquisition (Details) - USD ($) $ in Thousands				12 Months Ended
	Jul. 28, 2021	Jul. 27, 2021	Jan. 07, 2019	Dec. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Transaction costs	$ 67,000	$ 12,100
North American Title Acquisition
Business Acquisition [Line Items]
Promissory note			$ 171,680
Transaction costs					$ 800
Total revenues				$ 355,900

Business combinations - Schedule of additional information on total consideration transferred (Details) - North American Title Acquisition $ in Thousands	Jan. 07, 2019 USD ($)
Business Acquisition [Line Items]
Total consideration transferred	$ 171,680
Notes Payable, Related Party
Business Acquisition [Line Items]
NATG liabilities	87,000
Notes Payable Assumed, Related Party
Business Acquisition [Line Items]
NATG liabilities	65
Preferred stocks
Business Acquisition [Line Items]
Issuance of equity	50,142
Preferred Stock Warrants
Business Acquisition [Line Items]
Issuance of equity	$ 34,473

Business combinations - Schedule of purchase price allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 07, 2019
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Goodwill	$ 111,487	$ 111,487
North American Title Acquisition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash			$ 35,704
Restricted cash			1,566
Investments			61,398
Receivables			15,239
Fixed assets			1,659
Prepaid expenses, deposits and other assets			2,197
Title plants			16,993
Trade names			5,871
Total identifiable assets acquired			140,627
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Accounts payable			(9,409)
Accrued expenses and other liabilities			(12,218)
Liability for loss and loss adjustment expenses			(59,266)
Total liabilities assumed			(80,893)
Net identifiable assets acquired			59,734
Goodwill			111,946
Total consideration transferred			$ 171,680

Investments and fair value measurements - Summary of Held-to-Maturity Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 67,164	$ 65,406
Unrealized Gains	459	1,048
Unrealized Losses	(223)	(53)
Fair Value	67,400	66,401
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	62,078	57,651
Unrealized Gains	459	994
Unrealized Losses	(207)	(53)
Fair Value	62,330	58,592
U.S. Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	4,849	7,519
Unrealized Gains	0	54
Unrealized Losses	(16)	0
Fair Value	4,833	7,573
Certificate of deposits
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	237	236
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	$ 237	$ 236

Investments and fair value measurements - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments, All Other Investments [Abstract]
Debt securities, held-to-maturity, restricted	$ 4,200,000	$ 5,100,000
Change in net unrealized gains and losses on held-to-maturity debt	(800,000)	900,000	$ 100,000
Held-to-maturity, greater than 12 months, unrealized losses	15,000	0
Change in net unrealized gains on available-for-sale debt securities	(900,000)	200,000	$ 700,000
Available-for-sale debt securities in excess of 12 months	$ 0	$ 0

Investments and fair value measurements - Summary of Held-to-Maturity Debt Securities Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost
One year or less	$ 23,316
After one year through five years	43,848
Amortized Cost	$ 67,164	$ 65,406
Amortized Cost, Percent of Total
One year or less	35.00%
After one year through five years	65.00%
Total	100.00%
Fair Value
One year or less	$ 23,381
After one year through five years	44,019
Total	$ 67,400	$ 66,401
Fair Value, Percent of Total
One year or less	35.00%
After one year through five years	65.00%
Total	100.00%

Investments and fair value measurements - Schedule of Unrealized Loss on Held-to-Maturity Debt Securities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
HTM, Less than 12 months, Fair value	$ 22,976,000	$ 13,645,000
HTM, Less than 12 months, Unrealized losses	(208,000)	(53,000)
HTM, Greater than 12 months, Fair value	605,000	0
HTM, Greater than 12 months, Unrealized losses	(15,000)	0
HTM, Fair value	23,581,000	13,645,000
HTM, Unrealized losses	(223,000)	(53,000)
Corporate debt securities
Schedule of Held-to-maturity Securities [Line Items]
HTM, Less than 12 months, Fair value	18,309,000	8,464,000
HTM, Less than 12 months, Unrealized losses	(192,000)	(53,000)
HTM, Greater than 12 months, Fair value	605,000	0
HTM, Greater than 12 months, Unrealized losses	(15,000)	0
HTM, Fair value	18,914,000	8,464,000
HTM, Unrealized losses	(207,000)	(53,000)
U.S. Treasury securities
Schedule of Held-to-maturity Securities [Line Items]
HTM, Less than 12 months, Fair value	4,667,000	5,181,000
HTM, Less than 12 months, Unrealized losses	(16,000)	0
HTM, Greater than 12 months, Fair value	0	0
HTM, Greater than 12 months, Unrealized losses	0	0
HTM, Fair value	4,667,000	5,181,000
HTM, Unrealized losses	(16,000)	0
Certificate of deposits
Schedule of Held-to-maturity Securities [Line Items]
HTM, Less than 12 months, Fair value	0	0
HTM, Less than 12 months, Unrealized losses	0	0
HTM, Greater than 12 months, Fair value	0	0
HTM, Greater than 12 months, Unrealized losses	0	0
HTM, Fair value	0	0
HTM, Unrealized losses	$ 0	$ 0

Investments and fair value measurements -Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost Basis		$ 7,139
Unrealized Gains		918
Unrealized Losses		0
Fair Value	$ 0	8,057
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Cost Basis		7,139
Unrealized Gains		918
Unrealized Losses		0
Fair Value		$ 8,057

Investments and fair value measurements - Summary of Realized Gains (Losses) on Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Available-for-sale debt securities:
Gains	$ 768	$ 0	$ 0
Losses	(90)	0	0
Net	678	0	0
Proceeds from sales	$ 7,817	$ 0	$ 0

Investments and fair value measurements - Summary of Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Cost		$ 2,000
Estimated Fair Value	$ 0	2,119
Preferred stocks
Debt and Equity Securities, FV-NI [Line Items]
Cost		2,000
Estimated Fair Value		$ 2,119

Investments and fair value measurements - Realized Gain (Loss) on Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Realized gains (losses):
Gains	$ 0	$ 0	$ 0
Losses	0	0	(13)
Net	$ 0	$ 0	$ (13)

Investments and fair value measurements - Summary of Mortgage Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Mortgage loans	$ 2,022	$ 2,980
Cost
Net Investment Income [Line Items]
Mortgage loans	2,022	2,980
Estimated Fair Value
Net Investment Income [Line Items]
Mortgage loans	$ 2,022	$ 2,980

Investments and fair value measurements - Schedule of Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Investment Income [Line Items]
Interest and investment income	$ 3,128	$ 2,233	$ 2,377
Available-for-sale debt securities
Net Investment Income [Line Items]
Interest and investment income	773	408	262
Held-to-maturity debt securities
Net Investment Income [Line Items]
Interest and investment income	1,984	1,326	743
Equity investments
Net Investment Income [Line Items]
Interest and investment income	(89)	146	115
Mortgage loans
Net Investment Income [Line Items]
Interest and investment income	168	194	325
Other
Net Investment Income [Line Items]
Interest and investment income	$ 292	$ 159	$ 932

Investments and fair value measurements - Summary of Accrued Interest (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt and Equity Securities, FV-NI [Line Items]
Accrued interest receivable on investments	$ 899	$ 729
Debt Securities
Debt and Equity Securities, FV-NI [Line Items]
Accrued interest receivable on investments	886	686
Corporate debt securities
Debt and Equity Securities, FV-NI [Line Items]
Accrued interest receivable on investments	874	641
Certificate of deposits
Debt and Equity Securities, FV-NI [Line Items]
Accrued interest receivable on investments	0	0
U.S. Treasury securities
Debt and Equity Securities, FV-NI [Line Items]
Accrued interest receivable on investments	12	45
Mortgage loans
Debt and Equity Securities, FV-NI [Line Items]
Accrued interest receivable on investments	$ 13	$ 43

Investments and fair value measurements - Summary of Company's Investments Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 69,422	$ 79,557
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	62,330	66,649
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,833	7,573
Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,022	2,980
Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	2,119
Certificate of deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	237	236
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	4,833	9,692
Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,833	7,573
Level 1 \| Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	2,119
Level 1 \| Certificate of deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	62,567	66,885
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	62,330	66,649
Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Certificate of deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	237	236
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,022	2,980
Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 \| Mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,022	2,980
Level 3 \| Preferred stocks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 \| Certificate of deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Investments and fair value measurements - Summary of Company's Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 21,882	$ 0
Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	10,925	0
Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	5,542	0
Sponsor Covered Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	5,415	0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	10,925	0
Level 1 \| Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	10,925	0
Level 1 \| Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 1 \| Sponsor Covered Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	5,542	0
Level 2 \| Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 2 \| Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	5,542	0
Level 2 \| Sponsor Covered Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	5,415	0
Level 3 \| Public Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 3 \| Private Placement Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Level 3 \| Sponsor Covered Shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 5,415	$ 0

Investments and fair value measurements - Summary of Fair Values of the Sponsor Earnout Shares Using a Monte Carlo Simulation Valuation Model (Details) - Sponsor Covered Shares	Dec. 31, 2021 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share price (in usd per share)	$ 5.08
Vesting Period
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, measurement input	10
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, measurement input	0.550
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, measurement input	0.0152
Expected term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, measurement input	9.6
Expected dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, measurement input	0
Annual change in control probability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, measurement input	0.020

Investments and fair value measurements - Changes for Level 3 Items Measured at Fair Value (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of January 1, 2021	$ 0
Sponsor Covered Shares assumed in Business Combination	9,332
Change in fair value of Sponsor Covered Shares	(3,917)
Fair value as of December 31, 2021	$ 5,415

Revenue recognition (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

^[1]

$ 475,352

$ 345,608

$ 292,707

79,585

61,275

62,017

3,106

2,931

3,361

558,043

409,814

358,085

Eliminations

(976)

(101,004)

(70,414)

(68,488)

Underwriting | Operating Segments

(101,980)

(70,414)

(68,488)

476,328

345,608

292,707

Interest and investment income

3,520

2,099

873

1,952

2,086

2,411

Realized gains and losses, net

949

146

(6)

2,901

2,232

2,405

Distribution | Operating Segments

482,749

349,939

295,985

Interest and investment income

177,069

129,590

129,632

230

325

1,026

Realized gains and losses, net

(25)

374

(70)

205

699

956

Direct Agents title insurance premiums | Eliminations

177,274

130,289

130,588

Direct Agents title insurance premiums | Underwriting | Operating Segments

(976)

Third-Party Agent title insurance premiums | Underwriting | Operating Segments

119,236

81,420

78,666

Escrow fees | Distribution | Operating Segments

357,092

264,188

214,041

61,005

41,438

39,062

(101,004)

(70,414)

(68,488)

3,520

2,099

873

$ 116,064

$ 88,152

$ 90,570

[1]	Net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).

Liability for loss and loss adjustment expenses - Summary of Liability for Loss and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Balance at the beginning of the year	$ 69,800	$ 62,758
Provision for claims related to:
Current year	28,860	20,619
Prior years	(7,525)	(5,282)
Total provision for claims	21,335	15,337	$ 12,285
Paid losses related to:
Current year	(3,180)	(2,331)
Prior years	(7,688)	(5,964)
Total paid losses	(10,868)	(8,295)
Balance at the end of the period	$ 80,267	$ 69,800	$ 62,758
Premiums Written, Net \| Provision for Incurred Claims Concentration Risk \| Liability for Unpaid Claims and Claims Adjustment Expense, Net
Paid losses related to:
Concentration risk percent	4.50%	4.40%

Liability for loss and loss adjustment expenses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Insurance [Abstract]
Prior year reserve release	$ 7,525	$ 5,282
Liability for loss and loss adjustment expenses	80,267	69,800	$ 62,758
Reserves for settlement related to escrow or agent activities	$ 100	$ 700

Segment information - Narrative (Details)	12 Months Ended
Segment information - Narrative (Details)	Dec. 31, 2021 USD ($) state segment branch	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Number of states operated in \| state	39
Goodwill	$ 111,487,000	$ 111,487,000
Acquired goodwill	0	0
Goodwill adjustments	0	0
Goodwill impairment	$ 0	0
Distribution
Segment Reporting Information [Line Items]
Number of branches \| branch	103
Number of states operated in \| state	10
Goodwill	$ 88,100,000	88,100,000
Underwriting
Segment Reporting Information [Line Items]
Premium percentage retained	84.00%
Goodwill	$ 23,400,000	$ 23,400,000

Segment information - Summary of Operating Results by Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

^[1]

$ 475,352

$ 345,608

$ 292,707

79,585

61,275

62,017

3,106

2,931

3,361

558,043

409,814

358,085

^[2]

298,445

220,143

178,265

89,616

62,154

60,914

35,065

20,535

20,118

21,335

15,337

12,285

Operating Segments | Distribution

113,582

91,645

86,503

177,069

129,590

129,632

205

699

956

177,274

130,289

130,588

81,204

55,334

55,138

23,726

16,912

15,751

2,257

1,415

1,552

Operating Segments | Underwriting

70,087

56,628

58,147

476,328

345,608

292,707

3,520

2,099

873

2,901

2,232

2,405

482,749

349,939

295,985

400,425

290,557

246,753

8,412

6,820

5,776

11,339

3,623

4,367

19,078

13,922

10,733

43,495

35,017

28,356

Eliminations

(976)

(101,004)

(70,414)

(68,488)

(101,980)

(70,414)

(68,488)

(101,980)

(70,414)

(68,488)

$ 0

[1]	Net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).
[2]	Premiums retained by Third-Party Agents includes expenses associated with a related party of $92.5 million, $71.2 million, and $59.9 million during the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).

Segment information - Reconciliation of Adjusted Gross Profit to Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting [Abstract]
Adjusted gross profit	$ 113,582	$ 91,645	$ 86,503
Depreciation and amortization	10,321	5,815	1,880
Corporate and other expenses	205,220	114,511	102,091
Change in fair value of warrant and Sponsor Covered Shares liabilities	(6,691)	0	0
Interest expense	16,861	5,579	9,282
Loss before income taxes	$ (112,129)	$ (34,260)	$ (26,750)

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Income tax - Income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 0	$ 0	$ 0
State	133	144	110
Total current	133	144	110
Deferred:
Federal	147	101	217
State	647	598	60
Total deferred	794	699	277
Income tax expense	$ 927	$ 843	$ 387

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income tax - Reconciliation of federal income tax rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Benefit calculated at federal income tax rate	21.00%	21.00%	21.00%
Change in valuation allowance	(28.80%)	(34.20%)	(25.70%)
State tax benefit	9.60%	7.10%	4.70%
Federal benefit on state tax	(2.00%)	(1.50%)	(1.00%)
Change in state tax rate	0.50%	5.10%	(0.40%)
Change in fair value of Warrant and Sponsor Covered Shares liabilities	1.20%	0.00%	0.00%
Nondeductible compensation	(2.50%)	0.00%	0.00%
Other permanent differences, net	0.10%	0.00%	(0.10%)
Income tax expense	(0.90%)	(2.50%)	(1.50%)

Income tax - Narrative (Details) $ in Millions	12 Months Ended
Income tax - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Income Tax Examination [Line Items]
Change in valuation allowance	$ 32.3
Operating loss carryforwards, subject to expiration	0.2
Domestic Tax Authority
Income Tax Examination [Line Items]
Federal and state net operating loss	126.2
State and Local Jurisdiction
Income Tax Examination [Line Items]
Federal and state net operating loss	184.9
Accrued Liabilities And Other Liabilities
Income Tax Examination [Line Items]
Net deferred tax liability	$ 1.8

Income tax - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss	$ 38,415	$ 12,765
Accrued compensation	7,892	5,334
Interest expense	6,834	2,621
Statutory premium reserve	1,655	2,119
Start-up costs	1,080	1,142
Deferred lease obligation	423	385
Stock-based compensation expense	2,688	852
Investments	458	407
Intangibles assets	1,293	653
Allowance for doubtful accounts	173	138
Debt issuance costs	52	58
Loss reserves	215	209
Other, net	11	13
Total gross deferred tax assets	61,189	26,696
Less valuation allowance	(55,620)	(23,330)
Total deferred tax assets	5,569	3,366
Deferred tax liabilities:
Other reserves	(1,360)	(927)
Unrealized gain on investments	0	(249)
Fixed assets	(1,441)	(140)
Total deferred tax liabilities	(7,340)	(4,343)
Net deferred tax liability	(1,771)	(977)
Intangible Assets (Excluding Title Plants)
Deferred tax liabilities:
Intangibles assets	(3,689)	(2,347)
Title Plant
Deferred tax liabilities:
Intangibles assets	$ (850)	$ (680)

Fixed assets - Schedule of fixed assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total fixed assets, gross	$ 65,496	$ 35,474
Accumulated depreciation and amortization	(19,543)	(13,813)
Total fixed assets, net	45,953	21,661
Internally developed software
Property, Plant and Equipment [Line Items]
Total fixed assets, gross	8,148	3,092
Furniture and equipment
Property, Plant and Equipment [Line Items]
Total fixed assets, gross	41,189	17,343
Acquired software
Property, Plant and Equipment [Line Items]
Total fixed assets, gross	3,542	3,264
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total fixed assets, gross	3,829	3,827
Computer equipment
Property, Plant and Equipment [Line Items]
Total fixed assets, gross	7,046	7,948
Construction in process
Property, Plant and Equipment [Line Items]
Total fixed assets, gross	$ 1,742	$ 0

Fixed assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Fixed assets - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation	$ 7.6	$ 3.5	$ 1.0
Internally developed software
Property, Plant and Equipment [Line Items]
Depreciation	5.5	$ 1.9	$ 0.0
Amortization expense, 2022	8.3
Amortization expense, 2023	8.3
Amortization expense, 2024	8.3
Amortization expense, 2025	6.4
Amortization expense, 2026	$ 2.7

Fixed assets - Schedule of net gains and losses on sales of fixed assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fixed assets:
Gains	$ 59	$ 259	$ 0
Losses	(49)	(128)	(71)
Total net gains (losses)	$ 10	$ 131	$ (71)

Fixed assets - Internally developed software and acquired software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Internally developed software
Property, Plant and Equipment [Line Items]
Software additions	$ 23,846	$ 13,082
Accumulated amortization	(5,528)	(1,888)
Software additions, net	18,318	11,194
Acquired software
Property, Plant and Equipment [Line Items]
Software additions	2	1,470
Accumulated amortization	(63)	(17)
Software additions, net	$ (61)	$ 1,453

Debt (Details) - USD ($)			12 Months Ended
Debt (Details) - USD ($)	Jan. 29, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 03, 2021	Jan. 07, 2019
Debt Instrument [Line Items]
Number of shares for warrants (in shares)						17,333,333
Paid in kind interest			$ 8,817,000	$ 6,462,000	$ 9,369,000
Repayments of loan			65,532,000	$ 28,431,000	$ 13,368,000
Penny Warrant
Debt Instrument [Line Items]
Percentage of shares called by each warrant	1.35%
Number of shares for warrants (in shares)		4,200,000		4,200,000
Notes Payable, Related Party
Debt Instrument [Line Items]
Debt instrument, face amount							$ 87,000,000
Paid in kind interest			200,000	$ 6,500,000
Senior Debt \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 150,000,000		$ 150,000,000
Debt instrument, term		5 years
Debt instrument, stated interest rate		11.25%		11.25%
Debt instrument, percentage of interest paid in cash		5.00%
Debt instrument, debt default interest rate		15.00%		15.00%
Minimum liquidity covenant		$ 20,000,000		$ 20,000,000
Minimum consolidated revenue covenant		$ 130,000,000
Period for monthly payments		24 months
Debt fair value			$ 163,200,000

Debt - Summary of Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Loan balance	$ 0	$ 65,532
Outstanding principal	0	65,484
Notes Payable, Related Party
Debt Instrument [Line Items]
Loan balance	0	65,532
Accrued interest	$ 0	$ 48

Stockholders’ equity - Narrative (Details) - $ / shares	Jul. 27, 2021	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized (in shares)		2,000,000,000
Common stock, par value (in usd per share)		$ 0.0001
Number of shares issued after conversion (in shares)	212,000,000
Preferred stock, shares authorized (in shares)		100,000,000
Preferred stock par value (in usd per share)		$ 0.0001
Preferred stock, shares issued (in shares)		0
Preferred stock, shares outstanding (in shares)		0

Stock compensation expense - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 05, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 20.1	$ 2.5	$ 0.9
Intrinsic value of options exercised in period		35.2	2.0	0.5
Total fair value of options vested		$ 7.4	$ 1.5	$ 0.3
Weighted-average grant date fair value of stock options (in dollars per share)		$ 5.99	$ 8.42	$ 1.14
Stock-based compensation expense yet to be recognized related to stock options		$ 27.2
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Number of shares available for future issuance (in shares)		4,364,468
Weighted-average recognition period of unrecognized stock-based compensation expense		2 years 10 months 9 days
Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		7 months
Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		60 months
RSAs and PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		18,066,482
Weighted-average recognition period of unrecognized stock-based compensation expense		3 years 7 months 13 days
Fair value of award vested		$ 5.2	$ 0.4	$ 0.1
Stock-based compensation expense yet to be recognized related to award		$ 105.4
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	10,100,000
Restricted Stock \| Anniversary One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentages	25.00%
Restricted Stock \| Anniversary Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentages	25.00%
Restricted Stock \| Anniversary Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentages	25.00%
Restricted Stock \| Anniversary Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentages	25.00%
Performance Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,600,000

Stock compensation expense - Summary of Weighted-Average Assumptions (Details) - Stock Option	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percent)	48.50%	38.00%	31.10%
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected term (years)	6 years 2 months 12 days	6 years 1 month 6 days	7 years
Risk free rate (as a percent)	0.70%	0.80%	2.50%

Stock compensation expense - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Stock Options
Beginning balance outstanding (in shares)	26,492,158
Granted (in shares)	4,583,033
Exercised (in shares)	(5,845,365)
Cancelled or forfeited (in shares)	(974,622)
Ending balance outstanding (in shares)	24,255,204	26,492,158
Options exercisable, Number of Stock Options (in shares)	10,399,287
Weighted Average Exercise Price ($)
Beginning balance outstanding (in usd per share)	$ 0.53
Granted (in usd per share)	0.71
Exercised (in usd per share)	0.44
Cancelled or forfeited (in usd per share)	0.65
Ending balance outstanding (in usd per share)	0.51	$ 0.53
Options exercisable, Weighted Average Exercise Price (in usd per share)	$ 0.51
Stock Option Activity, Additional Disclosures
Outstanding, Weighted Average Remaining Contractual Life	7 years 10 months 28 days	8 years 6 months
Granted, Weighted Average Remaining Contractual Life	8 years 11 months 26 days
Exercised, Weighted Average Remaining Contractual Life	7 years 1 month 28 days
Cancelled or forfeited, Weighted Average Remaining Contractual Life	8 years 3 months 7 days
Options Exercisable, Weighted Average Remaining Contractual Life	7 years 6 months 10 days
Beginning balance outstanding, Aggregate Intrinsic Value	$ 374,808
Ending balance outstanding, Aggregate Intrinsic Value	109,061	$ 374,808
Options exercisable, Aggregate Intrinsic Value	$ 47,491

Stock compensation expense - Nonvested Restricted and Performance Stock Awards (Details) - RSAs and PSAs	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of RSAs
Beginning balance nonvested (in shares) \| shares	1,551,867
Granted (in shares) \| shares	18,066,482
Exercised (in shares) \| shares	(775,932)
Cancelled or Forfeited (in shares) \| shares	(262,487)
Ending balance nonvested (in shares) \| shares	18,579,930
Average Grant Date Fair Value ($)
Beginning balance nonvested (in usd per share) \| $ / shares	$ 0.52
Granted (in usd per share) \| $ / shares	6.37
Exercised (in usd per share) \| $ / shares	0.65
Cancelled or Forfeited (in usd per share) \| $ / shares	6.75
Ending balance nonvested (in usd per share) \| $ / shares	$ 6.11

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net loss	$ (113,056)	$ (35,103)	$ (27,137)
Denominator
Weighted-average common shares - basic (in shares)	177,150,914	62,458,039	60,314,163
Weighted-average common shares - diluted (in shares)	177,150,914	62,458,039	60,314,163
Net loss per share attributable to stockholders
Basic (in usd per share)	$ (0.64)	$ (0.56)	$ (0.45)
Diluted (in usd per share)	$ (0.64)	$ (0.56)	$ (0.45)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Earnings per share - Antidilutive Securities Excluded from Computation (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	60,857,884,000	240,955,037,000
Old Doma Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	0	183,159,138,000
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	24,255,204,000	26,492,158,000
Warrants for common and preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	18,022,750,000	29,751,874,000
RSA’s and PSA’s
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	18,579,930,000	1,551,867,000

Related party transactions (Details) - USD ($)	12 Months Ended
Related party transactions (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lennar \| Settlement of TSA Services Arrangement \| Affiliated Entity
Related Party Transactions (Details) [Line Items]
Expenses from transactions with related party		$ 300,000	$ 3,900,000
Revenue from related parties			2,500,000
Lennar \| Rent associated with shared spaces \| Affiliated Entity
Related Party Transactions (Details) [Line Items]
Expenses from transactions with related party	$ 100,000	200,000	$ 200,000
Keystone Strategy, LLC \| Consulting Agreement \| Affiliated Entity
Related Party Transactions (Details) [Line Items]
Expenses from transactions with related party	300,000	$ 0
Accounts payable, related parties	$ 0
Doma Holding, Inc
Related Party Transactions (Details) [Line Items]
Converted shares, percentage	25.40%

Related party transactions - Summary of Related Party Transactions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

^[1]

$ 475,352

$ 345,608

$ 292,707

Lennar | Affiliated Entity

^[2]

298,445

220,143

178,265

Net receivables

15,498

15,244

114,212

88,609

73,070

92,466

71,229

$ 59,933

Net receivables

$ 3,883

$ 4,447

[1]	Net premiums written includes revenues from a related party of $114.2 million, $88.6 million, and $73.1 million for the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).
[2]	Premiums retained by Third-Party Agents includes expenses associated with a related party of $92.5 million, $71.2 million, and $59.9 million during the years ended December 31, 2021, 2020, and 2019, respectively (see Note 14 to our consolidated financial statements).

Commitments and contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Operating leases, rent expense	$ 10.1	$ 10.3	$ 11.3
Escrow Deposit, Contingent Liability
Loss Contingencies [Line Items]
Contingent liabilities	$ 204.8	$ 290.9

Commitments and contingencies - Schedule of Minimum Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2022	$ 9,428
2023	8,494
2024	6,845
2025	5,129
2026	4,182
Thereafter	3,720
Total	$ 37,798

Accumulated other comprehensive income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 188,031,000	$ 149,345,000	$ (6,499,000)
Ending balance	350,924,000	188,031,000	149,345,000
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	686,000	510,000	0
Unrealized gain (loss) on available-for-sale debt securities, before tax	(240,000)	236,000	683,000
Income tax effect	61,000	(60,000)	(173,000)
Other comprehensive income, net of tax, before reclassification adjustment	507,000	686,000	510,000
Reclassification adjustment for realized gain on sale of available-for-sale debt securities, before tax	(678,000)	0	0
Income tax effect	171,000	0	0
Ending balance	$ 0	$ 686,000	$ 510,000

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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