The $5.9 billion acquisition of catastrophe risk modeller CoreLogic by Stone Point Capital and Insight Partners has now been completed, according to an official statement.
CoreLogic’s common stock has ceased trading on the New York Stock Exchange.
The company will continue to be headquartered in California and its management team, led by President and CEO Frank Martell, will remain in place and continue to operate CoreLogic as a private company.
“Today marks a major milestone in CoreLogic’s history as we move to capture the many opportunities in front of us to accelerate our growth and transformation as a privately held firm,” said Martell.
“The entire team is excited and looking forward to working closely with Stone Point and Insight Partners to build on our record financial and operating performance and deliver solutions that help millions of people find, buy, and protect their homes each year.”
Chuck Davis, CEO of Stone Point Capital, added, “Stone Point is thrilled to work with the CoreLogic leadership team to support the Company’s next phase of growth. CoreLogic is a mission-critical vendor and data provider across industry sectors in which Stone Point has specialized over the past 20 years, including mortgage, residential real estate and P&C insurance.
“We believe our financial services domain expertise and our partnership with the management team can accelerate CoreLogic’s momentum as it delivers new innovative solutions to its customers.”
Deven Parekh, Managing Director at Insight Partners, noted “We are excited to partner with the talented team at CoreLogic as the company continues to innovate across the real estate ecosystem.
“Insight Partners has a strong track record of partnering with market-transforming companies like CoreLogic, and we look forward to active involvement in this next chapter in its evolution.”