Homeowners of America, a Porch Group Subsidiary, Introduces Services in Illinois as Part of Nationwide Expansion Plan
Porch Group, Inc. (NASDAQ: PRCH) has expanded its insurance services to Illinois through its recent acquisition of Homeowners of America (HOA). This move, completed in April 2021, is part of Porch’s strategy to grow HOA’s existing market presence and pursue national expansion. Porch supports HOA with its advanced technology and access to unique property data, aiming to deliver rapid results for agents and customers. CEO Matt Ehrlichman emphasized the potential for significant growth in the InsurTech sector as they scale insurance products across the country.
- Expansion of insurance services to Illinois enhances market presence.
- Acquisition of HOA allows for national growth and operational support.
- Unique property data access and technology platform expected to drive efficiency.
- Challenges in realizing benefits from the merger with PropTech due to competition.
- Risks associated with the ongoing COVID-19 pandemic affecting business operations.
SEATTLE, June 08, 2021 (GLOBE NEWSWIRE) -- Homeowners of America (HOA), a property and casualty insurance provider and recent acquisition of Porch Group, Inc. ("Porch” or “the Company") (NASDAQ: PRCH), announced the launch of service in Illinois.
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. HOA now operates in seven states including Illinois. Porch is supporting HOA insurance operations expertise with its low cost and early access to homebuyers who need insurance and robust property data that is unique to Porch.
“The Illinois expansion is the start of our commitment to scaling our homeowner’s insurance products across the country,” said Matt Ehrlichman, Porch founder, chairman, and CEO. “Our technology platform enables nearly immediate results for HOA agents and customers. We’re excited to be one of the leaders in the InsurTech industry and we believe additional state expansion will create significant growth for HOA and Porch.”
About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 14,000 home services companies such as home inspectors, 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, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com and porch.com.
Forward-Looking Statements
Certain statements in this release are forward-looking statements made pursuant to and within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. For example, projections of business strategy and plans and anticipated impacts from pending or completed acquisitions and other statements regarding our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance, are forward-looking statements. Generally, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management, are inherently uncertain. Factors that may cause actual results, performance or events to differ materially from current expectations, assumptions or projections include, but are not limited to: (1) the ability to recognize the anticipated benefits of Porch’s December 2020 business combination (the “Merger”) with PropTech Acquisition Corporation (“PropTech”), which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably, maintain key commercial relationships and retain its management and key employees; (2) expansion plans and opportunities, including future and pending acquisitions or additional business combinations; (3) costs related to the Merger and being a public company; (4) litigation, complaints, and/or adverse publicity; (5) the impact of changes in consumer spending patterns, consumer preferences, local, regional and national economic conditions, crime, weather, demographic trends and employee availability; (6) privacy and data protection laws, privacy or data breaches, or the loss of data; (7) the impact of the COVID-19 pandemic and its effect on the business and financial conditions of Porch; and (8) other risks and uncertainties described in Porch’s most recent annual report on Form 10-K/A and subsequent reports filed with the Securities and Exchange Commission (the “SEC”), which is available on the SEC’s website at www.sec.gov.
Nothing in this release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results, performance or events of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release or the date specified herein. Porch does not undertake any duty to update these forward-looking statements, whether as a result of changed circumstances, new information, future events or otherwise, except as may be required by law.
Porch Press contact:
Jordan Schmidt
Gateway Group
(949) 574-3860
PR@porch.com
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