M&A: Porch Group, Inc.
Form Type: 8-K
Filing Date: 2025-01-07
Corporate Action: Acquisition
Type: New
Accession Number: 000178453525000003
Comments: On January 1, 2025, Porch Group, Inc. formed Porch Insurance Reciprocal Exchange (PIRE), a new homeowners insurance reciprocal exchange, after receiving approval from the Texas Department of Insurance. This formation included the sale of Homeowners of America Insurance Company (HOAIC) to PIRE, making HOAIC a wholly owned subsidiary of PIRE. Porch Group is to manage PIRE and HOAIC under an Attorney-In-Fact Agreement (AIF Agreement), which outlines the management responsibilities such as underwriting and financial reporting. The sale was executed under a Stock Purchase Agreement, where HOAIC was sold for approximately $105 million, accounting for a prior surplus note issued to Porch Group. A press release on January 7, 2025, announced both the sale and the formation of PIRE.
Document Link: View Document
Additional details:
Date Of Report: 2025-01-01
New Insurance Reciprocal Name: Porch Insurance Reciprocal Exchange
Homeowners Insurance Carrier Sold: Homeowners of America Insurance Company
Purchase Price: approximately $105 million
Management Firm: Porch Risk Management Services LLC
Response To Requests For Confidential Treatment: may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act
General Agent: Homeowners of America MGA, Inc.