STOCK TITAN
  1. Home
  2. News
  3. PRCH

Porch Group, Inc. - PRCH STOCK NEWS

Welcome to our dedicated page for Porch Group news (Ticker: PRCH), a resource for investors and traders seeking the latest updates and insights on Porch Group stock.

Porch Group, Inc. (PRCH) is a leading home services platform that connects homeowners with professionals for a variety of home improvement and maintenance needs. The company leverages technology to provide a seamless experience for both homeowners and service providers. With over 3.8 million professionals and hundreds of experts, Porch has facilitated over 135 million projects, helping homeowners make informed decisions about their home improvements.

Porch Group operates through two main segments: the Vertical Software segment and the Insurance segment. The Vertical Software segment offers a suite of software and services tailored for home services companies, including inspection software, mortgage and title services, moving services, and marketing for movers and homeowners. These services are available on a subscription and transactional basis, providing significant value to businesses in the home services industry.

The Insurance segment of Porch Group specializes in providing consumers with insurance and warranty products to safeguard their homes. This includes offering homeowners insurance and warranty plans that generate revenue through premiums, policy fees, and commissions. The company ensures that customers have access to robust protection plans that cover a wide range of potential home-related issues.

One of Porch Group's significant partnerships is with Lowe's, a leading home improvement retailer in the U.S. Porch services are available online, through their app, and as an in-store resource at over 1,700 Lowe's locations nationwide. This extensive availability underscores Porch's commitment to making home improvement resources accessible to all homeowners.

Porch Group continues to innovate and expand its services, aiming to simplify the home improvement process and provide homeowners with the best possible experience. For more information, you can visit their official website at http://porch.com.

News

Porch Group Announces New Partnerships and Growth in its Utilities Channel

Rhea-AI Summary
Porch Group, a leading vertical software company (NASDAQ: PRCH), announced growth in its utility concierge channel through additional partnerships. The company expanded its agreement with Exelon (NASDAQ: EXC) and signed an agreement with TECO Peoples Gas, leading to a 20% year-over-year increase in utility customer volumes. Porch now has partnerships with 12 utilities with access to over 14 million households. The company has also expanded its products and services offerings beyond the move to target all utility customers through additional integration points and targeted marketing efforts.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.44%
Tags
partnership
-
News

Porch Group Announces New Warranty Partnerships and Products

Rhea-AI Summary
Porch Group, Inc. (PRCH) announces new partnerships and products in its warranty business, offering unique consumer benefits and expanding its reach to new customers. The company's warranty business has grown profitably, now offering products in 49 states. The new Porch Warranty product, launched in February 2023, has delivered good growth and conversion of leads. Porch recently signed agreements with distribution partners NerdWallet, Inc., Lone Star Insurance Services, and an insurance agency to offer its whole home Porch Warranty product. The Extended Labor Warranty partnership with a nationwide HVAC distributor is performing well, with HVAC contractors integrating Porch’s warranties to improve the consumer experience. Warranty also launched its HVAC micro-warranty product, providing coverage for homeowners’ HVAC systems.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
24.7%
Tags
partnership
-
News

Porch Group Releases Its Initial Environmental, Social and Governance Report

Rhea-AI Summary
Porch Group, Inc. (NASDAQ: PRCH) releases its initial Environmental, Social and Governance (ESG) report, outlining its ESG journey and annual update plans. The report focuses on Diversity, Equity, and Inclusion, Employee Experience, Risk Management and Climate, and Cybersecurity and Data Governance.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
10.53%
Tags
none
News

Porch Group Insurance Carrier, HOA, Receives ‘A, Exceptional’ Financial Stability Rating

Rhea-AI Summary
Porch Group, Inc. (PRCH) announces its insurance subsidiary, Homeowners of America Insurance Company, received an A, Exceptional Financial Stability Rating from Demotech, Inc. This rating reflects exceptional financial stability and a strong Q3 performance, with a 39% gross loss ratio and 58% combined ratio.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
21.07%
Tags
none
-
News

Porch Group Is Attending Various Investor Events This Quarter

Rhea-AI Summary
Porch Group, Inc. (PRCH) Announces Investor Event Attendance
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-9.39%
Tags
none
-
News

Porch Group Reports Third Quarter 2023 Results

Rhea-AI Summary
Porch Group (PRCH) Reports Q3 Revenue Growth of 67% to $129.6M, Achieves Adjusted EBITDA of $8.8M
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
34.28%
Tags
earnings
News

Porch Group insurance carrier, HOA released from TDI Supervision

Rhea-AI Summary
Porch Group, a leading software company in the home services and insurance industries, announced that its insurance carrier subsidiary, Homeowners of America Insurance Company (HOA), has been released from temporary regulatory supervision by the Texas Department of Insurance. This comes after Porch Group's $57 million investment and the acquisition of HOA's rights to potential claims receivables related to the Vesttoo fraud. HOA's financials and operating plan were reviewed and approved by the TDI.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
14.34%
Tags
none
-
News

Porch Group to Release Third Quarter 2023 Earnings on November 7, 2023

Rhea-AI Summary
Porch Group, Inc. will report its third quarter financial results on November 7, 2023. A live webinar will be hosted by Porch management to discuss the results and answer questions. The webinar can be accessed by registering on the company's website. A replay of the webinar will also be available on the Investors section of Porch's corporate website.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.13%
Tags
earnings
-
News

Porch Group announces cash investment in HOA, its insurance carrier

Rhea-AI Summary
Porch Group announces a cash investment of $57 million in its insurance carrier subsidiary, Homeowners of America Insurance Company (HOA), and the acquisition of HOA's rights to potential claims related to fraud. HOA is under supervision by the Texas Department of Insurance and its rating agency has withdrawn its financial stability rating. Porch has worked with TDI to restore surplus. HOA will continue to use Porch Group's captive reinsurer for financial support.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
10.1%
Tags
none
News

Porch Group announces an update in HOA, its insurance carrier

Rhea-AI Summary
Porch Group's insurance carrier, Homeowners of America Insurance Company (HOA), has been placed under temporary supervision by the Texas Department of Insurance (TDI) due to allegations of fraudulent activity by Vesttoo Ltd, resulting in a $48.2 million charge in provision for doubtful accounts. HOA is pursuing recovery for losses and damages and has secured $147 million in supplemental reinsurance coverage with third parties. The supervision order is expected to last until the TDI is comfortable with HOA's operations and financial position. HOA plans to place additional reinsurance with Porch Group's captive reinsurer pending TDI approval. The company remains confident in its strategy and team.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.5%
Tags
none

FAQ

What is the current stock price of Porch Group (PRCH)?

The current stock price of Porch Group (PRCH) is $3.45 as of November 22, 2024.

What is the market cap of Porch Group (PRCH)?

The market cap of Porch Group (PRCH) is approximately 354.8M.

What services does Porch Group, Inc. provide?

Porch Group provides home services, including inspection software, mortgage and title services, moving services, and homeowner insurance and warranties.

How many professionals are available on Porch's platform?

Porch's platform hosts over 3.8 million professionals and hundreds of experts.

What is the Vertical Software segment of Porch Group?

The Vertical Software segment offers software and services for home services companies, including inspection, mortgage, and title companies.

How does Porch Group's Insurance segment generate revenue?

The Insurance segment generates revenue through premiums on policies, policy fees, and commissions from insurance and warranty products.

Where can homeowners find Porch services?

Homeowners can access Porch services online, via their app, and in over 1,700 Lowe's home improvement stores across the U.S.

What is Porch's partnership with Lowe's?

Porch is the in-store resource for Lowe's, available in over 1,700 Lowe's stores, providing home improvement support and services.

How many projects has Porch facilitated?

Porch has facilitated over 135 million home improvement projects.

What types of insurance products does Porch offer?

Porch offers homeowners insurance and warranty products to protect homes.

What makes Porch unique in the home services industry?

Porch's extensive network, including millions of professionals and partnerships with major retailers like Lowe's, sets it apart in the home services industry.

Where can I learn more about Porch Group, Inc.?

For more information, visit Porch Group's official website at http://porch.com.

Stock PRCH logo
Porch Group, Inc.

Nasdaq:PRCH

PRCH Rankings

#3405 Ranked by Market Cap
N/A Ranked by Dividends

PRCH Stock Data

354.82M
96.42M
19.39%
47.46%
9.2%
Software - Application
Services-prepackaged Software
Link
United States of America
SEATTLE