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

Rhea-AI Summary

Porch Group, a leader in home services and insurance, announced the launch of Homeowners of America (HOA) services in New Mexico, marking its 13th state. This expansion follows the acquisition of HOA in April 2021 and is part of Porch's strategy to enhance its home insurance offerings nationwide. CEO Matt Ehrlichman emphasized the importance of this move in advancing Porch’s growth and commitment to providing value to agents and customers in 2022.

Positive

• Expansion into New Mexico enhances Porch's regional presence.
• HOA now operates in 13 states, indicating growth and market reach.
• Strategic acquisition of HOA in April 2021 is showing positive outcomes.

Negative

• None.

SEATTLE, Jan. 12, 2022 (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 New Mexico.

Since successfully acquiring HOA in April 2021, Porch, a leading vertical software company reinventing the home services and insurance industries, continues to advance the growth of HOA’s home insurance offerings nationwide. New Mexico marks HOA’s 13^th state of operation and the first expansion of services this year, furthering Porch’s national development of HOA’s comprehensive and competitively priced homeowners insurance products.

“We’re advancing the execution of our national expansion plan with the introduction of the HOA insurance services in New Mexico,” said Matt Ehrlichman, Porch founder, chairman, and CEO. “With each additional expansion, we’re increasing the Porch presence within the insurance industry and reinforcing our commitment to drive value for HOA agents and customers in 2022.”

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

Investor Relations Contact:

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

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

FAQ

What state did Porch Group expand its HOA services to in January 2022?

Porch Group expanded its HOA services to New Mexico in January 2022.

How many states does Homeowners of America operate in after the New Mexico launch?

After the New Mexico launch, Homeowners of America operates in 13 states.

What does Porch Group aim to achieve with the expansion of HOA services?

Porch Group aims to enhance its home insurance offerings and increase its market presence in the insurance industry.

When did Porch Group acquire Homeowners of America?

Porch Group acquired Homeowners of America in April 2021.

What is the stock symbol for Porch Group?

The stock symbol for Porch Group is PRCH.