Porch Group’s Homeowners of America Launches Insurance Services in Oklahoma

Rhea-AI Summary

Porch Group announced the launch of its Homeowners of America (HOA) insurance services in Oklahoma, marking the company's expansion into its 18th state. This growth follows Porch's acquisition of HOA in April 2021 and demonstrates its commitment to providing competitively priced homeowners insurance products. CEO Matt Ehrlichman expressed enthusiasm for offering accessible insurance solutions in Oklahoma, reinforcing Porch's role in the insurance market.

Positive

• Expansion into Oklahoma strengthens Porch's market presence.
• Continued growth signals positive trajectory following HOA acquisition.

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• None.

Homeowners Insurance Offerings Now Available in 18 States

SEATTLE, June 28, 2022 (GLOBE NEWSWIRE) -- Porch Group’s (Nasdaq: PRCH) (“Porch Group”) Homeowners of America (HOA), a property and casualty insurance provider, announced the continued momentum of its national expansion with the introduction of service in Oklahoma.

Porch Group, a leading vertical software company reinventing the home services and insurance industries, continues to advance the national expansion of HOA’s competitively priced, comprehensive homeowners insurance products following the acquisition of the company in April 2021. As HOA’s 18^th state of operation, adding Oklahoma furthers Porch’s commitment to broadening its presence in the insurance industry.

“HOA’s launch in Oklahoma is another milestone in our continued expansion of our insurance operations,” said Matt Ehrlichman, Porch Group founder, chairman, and CEO. “We are excited to bring our well-priced, easily accessible, and high satisfaction homeowners insurance products to Oklahoma.”

About Porch Group
Porch Group is a Seattle-based, vertical software platform for the homeowner industry. Porch Group provides software and services to over 25,500 home services companies such as home inspectors, utility companies and loan officers, home inspectors, warranty companies, and real estate agencies. 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, and home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “intend, “demonstrate,” “expect,” “estimate,” “anticipate,” “should,” and “likely” and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Other factors may cause Porch’s actual results to differ materially from those expressed or implied in the forward-looking statements and such factors are discussed in Porch’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and subsequent reports filed by Porch with the SEC. Copies of Porch’s filings with the SEC may be obtained at the “Investors” section of Porch’s website at www.porchgroup.com or on the SEC’s website at www.sec.gov.

The forward-looking statements included in this press release are made as of the date hereof. Porch is not under any obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate, whether as a result of new information, future events or otherwise, except as otherwise may be required by the federal securities laws.

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

Investor Relations Contact:
Emily Lear, Head of Investor Relations
Porch Group
(701) 214-8177
Emilylear@porch.com

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

FAQ

What states does Porch Group's Homeowners of America operate in as of June 2022?

As of June 2022, Porch Group's Homeowners of America insurance operates in 18 states, including its recent addition of Oklahoma.

When did Porch Group acquire Homeowners of America?

Porch Group acquired Homeowners of America in April 2021.

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

The expansion into Oklahoma signifies Porch Group's ongoing commitment to grow its homeowners insurance offerings and enhance its market presence.

Who is the CEO of Porch Group?

The CEO of Porch Group is Matt Ehrlichman.

What does Porch Group provide?

Porch Group offers a vertical software platform for the homeowner industry, providing services and software to various home service companies, including insurance products.