Welcome to our dedicated page for Porch Group news (Ticker: $PRCH), a resource for investors and traders seeking the latest updates and insights on Porch Group stock.
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Rhea-AI Summary
Porch Group, Inc. (NASDAQ: PRCH) releases its initial Environmental, Social and Governance (ESG) report, outlining its ESG journey and annual update plans. The report focuses on Diversity, Equity, and Inclusion, Employee Experience, Risk Management and Climate, and Cybersecurity and Data Governance.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
10.53%
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Rhea-AI Summary
Porch Group, Inc. (PRCH) announces its insurance subsidiary, Homeowners of America Insurance Company, received an A, Exceptional Financial Stability Rating from Demotech, Inc. This rating reflects exceptional financial stability and a strong Q3 performance, with a 39% gross loss ratio and 58% combined ratio.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
21.07%
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Rhea-AI Summary
Porch Group, Inc. (PRCH) Announces Investor Event Attendance
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Rhea-AI Sentiment
End-of-Day
-9.39%
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Rhea-AI Summary
Porch Group (PRCH) Reports Q3 Revenue Growth of 67% to $129.6M, Achieves Adjusted EBITDA of $8.8M
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Rhea-AI Sentiment
End-of-Day
34.28%
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Rhea-AI Summary
Porch Group, a leading software company in the home services and insurance industries, announced that its insurance carrier subsidiary, Homeowners of America Insurance Company (HOA), has been released from temporary regulatory supervision by the Texas Department of Insurance. This comes after Porch Group's $57 million investment and the acquisition of HOA's rights to potential claims receivables related to the Vesttoo fraud. HOA's financials and operating plan were reviewed and approved by the TDI.
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Rhea-AI Sentiment
End-of-Day
14.34%
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Rhea-AI Summary
Porch Group, Inc. will report its third quarter financial results on November 7, 2023. A live webinar will be hosted by Porch management to discuss the results and answer questions. The webinar can be accessed by registering on the company's website. A replay of the webinar will also be available on the Investors section of Porch's corporate website.
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Rhea-AI Sentiment
End-of-Day
-2.13%
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Rhea-AI Summary
Porch Group announces a cash investment of $57 million in its insurance carrier subsidiary, Homeowners of America Insurance Company (HOA), and the acquisition of HOA's rights to potential claims related to fraud. HOA is under supervision by the Texas Department of Insurance and its rating agency has withdrawn its financial stability rating. Porch has worked with TDI to restore surplus. HOA will continue to use Porch Group's captive reinsurer for financial support.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
10.1%
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Rhea-AI Summary
Porch Group's insurance carrier, Homeowners of America Insurance Company (HOA), has been placed under temporary supervision by the Texas Department of Insurance (TDI) due to allegations of fraudulent activity by Vesttoo Ltd, resulting in a $48.2 million charge in provision for doubtful accounts. HOA is pursuing recovery for losses and damages and has secured $147 million in supplemental reinsurance coverage with third parties. The supervision order is expected to last until the TDI is comfortable with HOA's operations and financial position. HOA plans to place additional reinsurance with Porch Group's captive reinsurer pending TDI approval. The company remains confident in its strategy and team.
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Rhea-AI Sentiment
End-of-Day
-1.5%
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Rhea-AI Summary
Porch Group reports $99 million in revenue for Q2 2023, a 39% YoY increase. CEO highlights industry-wide headwinds in home insurance and declining housing market. Reiterates second half 2023 Adjusted EBITDA profitability outlook. Making progress in growing high margin home warranty business and leveraging data advantages.
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Rhea-AI Sentiment
End-of-Day
-4.2%
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Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-10.56%
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Porch Group, Inc.
Nasdaq:PRCH
PRCH Rankings
PRCH Stock Data
337.80M
77.12M
24.15%
54.41%
9.29%
Software Publishers
Information
United States of America
SEATTLE
About PRCH
porch is a home services platform, free for homeowners and home professionals including experts. with over 3.8 million professionals, hundreds of experts, and over 135 million projects, porch enables homeowners to make smart home improvement decisions by giving them the information they need to find the right professionals, get inspiration, and manage their home. porch is available online, through its app and serves as the in-store resource for all lowes in over 1,700 lowe’s home improvement stores across the u.s. for more information about porch, visit http://porch.com