Homeowners of America, a Porch Group Subsidiary, Introduces Services in Utah
Homeowners of America (HOA), a subsidiary of Porch Group (NASDAQ: PRCH), has launched its insurance services in Utah, expanding its operations to nine states.
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Rhea-AI Summary
Homeowners of America (HOA), a subsidiary of Porch Group (NASDAQ: PRCH), has launched its insurance services in Utah, expanding its operations to nine states. This follows Porch’s acquisition of HOA in April 2021, which aims to enhance growth in its InsurTech segment. Porch continues to execute its national expansion strategy, with a focus on competitively priced homeowners' insurance products, improving its reach and service offerings for homeowners.
Positive
- Launch in Utah expands HOA's operations to nine states.
- Acquisition of HOA enhances Porch's InsurTech services.
- Focus on competitively priced homeowners' insurance supports growth.
Negative
- None.
Details
News Market Reaction – PRCH
The recorded move for PRCH in the trading session of this news was -2.95%.
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SEATTLE, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Homeowners of America (HOA), a property and casualty insurance provider and subsidiary of Porch Group, Inc. ("Porch") (NASDAQ: PRCH), announced the launch of service in Utah.
Porch, a leading vertical software company reinventing the home services and insurance industries, completed its acquisition of HOA in April 2021. The company is seeking to drive growth in the states currently offering services and continue the national expansion effort. With the addition of Utah, HOA now operates in nine states. HOA's sustained growth and competitively priced homeowners' insurance product provide increased reach for Porch's InsurTech business.
"We're continuing the execution of our national expansion plan with the introduction of the HOA insurance offerings to Utah," said Matt Ehrlichman, Porch founder, chairman, and CEO. "Through our early access to homeowners, we remain well-equipped to support them at every stage of homeownership, including insurance product offerings."
About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 17,000 home services companies such as home inspectors, title companies, moving companies, roofing contractors, and more. 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, moving, home warranty, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.
Porch Press contact:
Jordan Schmidt
Gateway Group
(949) 574-3860
PR@porch.com
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