TDI Approves Porch Group’s PIRE

October 28, 2024

DENVER, Colo., Oct 28, 2024 (247marketnews.com)- Porch Group (NASDAQ: PRCH) reported that the Texas Department of Insurance (“TDI”) approved its application to form and license Porch Insurance Reciprocal Exchange (“PIRE”), a new homeowners insurance reciprocal exchange that is a key step in Porch’s strategy to increase profitability and stabilize earnings in its go-forward Insurance reporting segment by reducing direct exposure to claims and weather risks.

Matt Ehrlichman, Porch Group’s CEO, commented, “I would like to thank the TDI for their partnership throughout this process and to the Porch team for consistently living our values as we worked toward this moment. It has taken great effort, and we are pleased to have achieved this key milestone on our journey to become ‘A New Kind of Homeowners Insurance Company.’ This is an important step for us to protect the homes of more homeowners in Texas and around the country where we plan to continue to be a great partner for both policyholders and insurance agents alike. With this change, Porch will be a simpler and more predictable business over time that has higher margins and growth potential. We believe this transaction and go-forward operation will create significant value for shareholders. We are looking forward to sharing more about our 2024 results, forward-looking financials, and details into our plans soon.”

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