Homeowners of America, a Porch Group Subsidiary, Introduces Services in Iowa

Rhea-AI Summary

Porch Group, Inc. (NASDAQ: PRCH) has announced the launch of its subsidiary Homeowners of America (HOA) in Iowa, marking the company's 12th state of operation in the homeowners insurance market. This expansion supports Porch's strategy to enhance its InsurTech offerings by providing competitively priced insurance products. Since its acquisition of HOA in April 2021, Porch aims to leverage its existing connections with homebuyers to further grow its services. CEO Matt Ehrlichman emphasized the commitment to delivering value nationwide as the company scales its operations.

Positive

• Expansion into Iowa enhances market presence.
• HOA is now operational in 12 states, supporting scaling efforts.
• Competitively priced homeowners insurance products cater to a wider audience.

Negative

• None.

SEATTLE, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Homeowners of America (HOA), a property and casualty insurance provider and subsidiary of Porch Group, Inc. ("Porch” or “the Company") (NASDAQ: PRCH), announced the launch of service in Iowa.

Porch, a leading vertical software company reinventing the home services and insurance industries, continues to drive the national expansion of HOA’s competitively priced homeowners insurance products since the company was acquired in April 2021. Iowa marks HOA’s 12^th state of operation, advancing the active scaling of the Porch presence in the insurance industry. HOA’s sustained growth and comprehensive home insurance offerings provide increased reach for Porch’s InsurTech business.

“The introduction of HOA’s presence in Iowa reinforces our commitment to drive value for homeowners insurance services nationwide,” said Matt Ehrlichman, Porch founder, chairman, and CEO. “With each expansion, we continue to leverage Porch’s unique early access to homebuyers to further serve HOA agents and customers as a partner of the home.”

About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 20,000 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 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, visit porchgroup.com or porch.com.

Porch Press Contact:
Catherine Adcock
Gateway Group
(949) 574-3860
PR@porch.com

FAQ

What is the recent development for Porch Group (PRCH)?

Porch Group has launched its subsidiary Homeowners of America in Iowa, expanding its presence in the homeowners insurance market.

How many states is Homeowners of America operating in now?

Homeowners of America is now operational in 12 states following its expansion into Iowa.

What type of insurance does Porch Group offer?

Porch Group offers competitively priced homeowners insurance products through its subsidiary Homeowners of America.

When was Homeowners of America acquired by Porch Group?

Homeowners of America was acquired by Porch Group in April 2021.