Homeowners of America, a Porch Group Subsidiary, Introduces Services in Nevada as Part of Nationwide Expansion Plan

Rhea-AI Summary

Porch Group has announced that its subsidiary, Homeowners of America (HOA), has launched homeowners insurance services in Nevada. This expansion follows Porch's acquisition of HOA in April 2021 and marks HOA's operation in eight states. Porch aims to enhance its InsurTech offerings by providing competitively priced insurance products to homebuyers and homeowners. Matt Ehrlichman, Porch's CEO, emphasized the company's commitment to national growth and leveraging its access to homebuyers in order to improve the services they require.

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• Expansion into Nevada increases Porch's HOA service footprint to eight states.
• Acquisition of HOA positions Porch to drive growth in the InsurTech market.

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• None.

SEATTLE, Sept. 16, 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), today announced the launch of service in Nevada.

Porch, a leading vertical software company reinventing the home services and insurance industries, completed its acquisition of HOA in April 2021 with plans to drive growth in HOA’s current markets and begin national expansion. With the addition of Nevada, HOA now operates in eight states. This expansion furthers Porch’s reach for its InsurTech business, now offering a competitively priced homeowners insurance product to homebuyers, homeowners and HOA agents.

“Introducing the insurance offerings of HOA to the Nevada market further demonstrates our commitment to the continued growth and scale of our homeowners insurance products at the national level,” said Matt Ehrlichman, Porch founder, chairman, and CEO. “We’ll continue to leverage Porch’s unique early access to homebuyers to help them with the services they need for their home, particularly insurance.”

About Porch Group

Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 17,000 home services companies such as home inspectors, title companies, moving companies, roofing contractors, and more. 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, moving, home warranty, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Porch Press contact:
Jordan Schmidt
Gateway Group
(949) 574-3860
PR@porch.com

FAQ

What recent expansion did Porch Group announce for its insurance subsidiary?

Porch Group announced that its subsidiary, Homeowners of America, launched services in Nevada.

How many states does Homeowners of America operate in after the recent expansion?

After the expansion into Nevada, Homeowners of America operates in eight states.

When did Porch Group acquire Homeowners of America?

Porch Group completed the acquisition of Homeowners of America in April 2021.

What type of insurance products is Porch Group now offering in Nevada?

Porch Group is offering competitively priced homeowners insurance products in Nevada.

Who is the CEO of Porch Group and what did he say about the Nevada launch?

Matt Ehrlichman, the CEO of Porch Group, stated that the launch demonstrates the company's commitment to the growth of its homeowners insurance products on a national level.