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

Rhea-AI Summary

Porch Group has announced the launch of its homeowners insurance services in Missouri, marking the third expansion in 2022 after New Mexico and Montana. This expansion reflects Porch's commitment to scaling the services of its subsidiary, Homeowners of America (HOA), following its acquisition in April 2021. With Missouri as HOA's 15th state of operation, the growth strategy aims to strengthen its nationwide presence in the home insurance market. This move is viewed as a positive indicator of Porch’s sustainable growth and operational effectiveness.

Positive

• Expansion into Missouri, enhancing market reach to 15 states.
• Continued growth strategy with successful prior expansions in New Mexico and Montana.
• Demonstrates effective operational capabilities post-acquisition of HOA.

Negative

• None.

Third Expansion of Homeowners Insurance Services This Year in Ongoing Nationwide Expansion

SEATTLE, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Homeowners of America (HOA), a property and casualty insurance provider and subsidiary of Porch Group, Inc. ("Porch”) (NASDAQ: PRCH), announced the launch of service in Missouri as part of its ongoing nationwide expansion plan, marking the third expansion of services this year, following New Mexico and Montana.

Porch, a leading vertical software company reinventing the home services and insurance industries, remains committed to its plans to advance the national scale of HOA’s insurance products since successfully acquiring the company in April 2021. As HOA's 15th state of operation and the 9th expansion since Porch's acquisition of the company, the addition of Missouri furthers Porch's commitment to grow home insurance services nationwide and scale its total reach within the market.

“HOA’s launch in Missouri is another encouraging step forward for Porch Group as an indicator of our sustainable growth patterns and effective operations,” said Matt Ehrlichman, Porch founder, chairman, and CEO. “We are dedicated to expanding the presence of our homeowners insurance product at the national level and are excited to partner with both the HOA agents of Missouri and their customers throughout their lifecycles of homeownership.”

About Porch Group

Seattle-based Porch Group, the vertical software platform company 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 services and products, warranty, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Forward-Looking Statements

Statements in this press release that refer to Porch’s business strategy, outlook, objectives, plans, intentions and goals, including with respect to Porch’s expansion plans, are forward-looking statements that involve a number of risks and uncertainties. These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security. Porch assumes no obligation to update any forward-looking statements due to new information or future events or developments.

© Porch. Porch, the Porch logo, and other Porch marks are trademarks of Porch Group, Inc. or its subsidiaries.

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

Investor Relations Contact:

Walter Ruddy, Head of Investor Relations & Treasury
Porch Group
(206) 715-2369
WalterRuddy@porch.com

Matt Glover/Alex Thompson
Gateway Group, Inc.
(949) 574-3860
PRCH@gatewayir.com

FAQ

What is Porch Group's recent expansion in 2022?

Porch Group has launched its homeowners insurance services in Missouri, marking the third expansion of the year.

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

After the expansion into Missouri, Homeowners of America operates in a total of 15 states.

What were the previous states Porch Group expanded into before Missouri?

The previous states Porch Group expanded into before Missouri were New Mexico and Montana.

What is the significance of Porch Group's expansion into Missouri?

The expansion into Missouri signifies Porch Group's commitment to scaling its homeowners insurance services nationwide and is seen as a positive indicator of sustainable growth.