Porch Group insurance carrier, HOA released from TDI Supervision

SEATTLE, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced its wholly owned insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), is released from temporary regulatory supervision.

The Texas Department of Insurance (“TDI”) is satisfied with HOA’s capital surplus, financials, and operating plan following Porch Group’s $57 million investment, in exchange for both a $49 million surplus note as well as the acquisition of HOA’s rights to potential claims receivables related to the fraud connected to Vesttoo and others.

“We appreciate the time and effort of the TDI, who did a thorough review of HOA’s financials and go-forward business plan. Our release from supervision reinforces our belief that our insurance business is well positioned for the future. I would like to thank the team for working diligently to resolve this quickly, while continuing to effectively serve our policyholders. We remain focused on managing gross written premium and taking underwriting actions to maximize profitability and increase value for shareholders. We look forward to sharing more at our upcoming Q3 2023 earnings.” Matt Ehrlichman, Chief Executive Officer.

About Porch Group 

Seattle-based Porch Group, Inc., the vertical software and insurance platform for the home, provides software and services to approximately 30,700 home services companies such as home inspectors, mortgage companies and loan officers, title companies, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch Group provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, warranty, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch Group, visit porchgroup.com or porch.com.

Forward-Looking Statements

Certain statements in this release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Although the Company believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, assumptions, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Generally, statements that are not historical facts, including statements concerning the Company’s possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or similar expressions.