Porch Group’s Homeowners of America Reaches National Expansion Milestone with Introduction of 20th State

Rhea-AI Summary

Porch Group (Nasdaq: PRCH) has successfully launched its homeowners insurance services in Indiana, marking a key milestone as its 20th state of operation. This initiative follows the acquisition of Homeowners of America in April 2021, enhancing Porch's national growth strategy in the insurance sector. The company has now expanded its insurance offerings to 14 states since the acquisition. Porch aims to leverage its vertical software platform to deliver a technology-driven insurance experience nationwide, demonstrating its commitment to growth and customer service.

Positive

• Launch of homeowners insurance services in Indiana, expanding to the 20th state.
• Successful introduction of services in 14 states post-acquisition of Homeowners of America.
• Commitment to a technology-driven insurance experience supports national growth strategy.

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• None.

Launch of Homeowners Insurance Offerings in Indiana Demonstrates Strong Execution of National Growth Strategy

SEATTLE, July 12, 2022 (GLOBE NEWSWIRE) -- Porch Group’s (Nasdaq: PRCH) (“Porch Group” or the “Company”) Homeowners of America (HOA), a property and casualty insurance provider, announced the milestone launch of homeowners insurance services in Indiana, marking its 20^th state of operation.

Porch Group, a leading vertical software company reinventing the home services and insurance industries, acquired HOA in April 2021 with plans to drive growth in HOA’s current markets and expand nationally. Since then, HOA has successfully launched its homeowners insurance operations in 14 states with the support of the Porch Group platform, bringing HOA’s cumulative state total to 20. The milestone addition of Indiana demonstrates Porch’s commitment to executing its national expansion strategy and delivering a technology-driven insurance experience nationwide.

“We are expanding our homeowners insurance products nationwide, allowing us to take full advantage of our vertical software platform,” said Matt Ehrlichman, Porch founder, chairman, and CEO. “The introduction of services in Indiana continues our momentum as we continue to generate next-level service for homeowners and HOA agents.”

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

FAQ

What is the significance of Porch Group's launch in Indiana on July 12, 2022?

The launch of homeowners insurance services in Indiana on July 12, 2022, marks Porch Group's expansion into its 20th state, showcasing the company's commitment to its national growth strategy.

How many states has Porch Group expanded its homeowners insurance services to?

Porch Group has expanded its homeowners insurance services to a total of 20 states, with the recent launch in Indiana being the latest addition.

What was the purpose of acquiring Homeowners of America by Porch Group?

The acquisition of Homeowners of America by Porch Group aimed to drive growth in the insurance market and expand its operations nationally.

How does Porch Group plan to enhance its insurance offerings?

Porch Group plans to enhance its insurance offerings by leveraging its vertical software platform to provide a technology-driven experience for homeowners and agents.

What are the future plans for Porch Group's homeowners insurance services?

Porch Group intends to continue expanding its homeowners insurance products nationwide, following the successful launch in Indiana.