Updated to include comments from Dimont & Associates.
In Dallas, insurance claims management firm Dimont & Associates [1] announced it is once again operating as an independent company, ending its affiliation with Wingspan Portfolio Holdings [2].
According to the company's announcement, Dimont's break is the result of recapitalization from existing institutional investors, including THL Credit, Inc [3].
"THL Credit recognizes the strength of Dimont's management team and our commitment to the customer, which is unmatched in the industry," said Bernie Dimont, president of Dimont & Associates. "We are excited to have strong financial partners who will support the company's continued growth."
Dimont's announcement comes nearly a year and a half after Wingspan acquired the company as a wholly owned subsidiary.
Joe McCloskey, SVP of business development at Dimont, said the decision "really was a determination that Dimont & Associates and Wingspan were moving in different directions." He also told MReport that the company plans to move forward with the same organizational structure.
Founded in 1996, Dimont specializes in filing and negotiating insurance claims for lenders, servicers, investors, and the GSEs.
A call seeking comment from Wingspan was not immediately returned.