Homeowners of America, a Porch Group Subsidiary, Introduces Services in Illinois as Part of Nationwide Expansion Plan
08 June 2021 - 10:00PM
Homeowners of America (HOA), a property and casualty insurance
provider and recent acquisition of Porch Group, Inc. ("Porch” or
“the Company") (NASDAQ: PRCH), announced the launch of service in
Illinois.
Porch, a leading vertical software company reinventing the home
services and insurance industries, completed its acquisition of HOA
in April 2021 with plans to drive growth in HOA’s current markets
and begin national expansion. HOA now operates in seven states
including Illinois. Porch is supporting HOA insurance operations
expertise with its low cost and early access to homebuyers who need
insurance and robust property data that is unique to Porch.
“The Illinois expansion is the start of our commitment to
scaling our homeowner’s insurance products across the country,”
said Matt Ehrlichman, Porch founder, chairman, and CEO. “Our
technology platform enables nearly immediate results for HOA agents
and customers. We’re excited to be one of the leaders in the
InsurTech industry and we believe additional state expansion will
create significant growth for HOA and Porch.”
About Porch Group
Seattle-based Porch Group, the vertical software platform for
the home, provides software and services to more than 14,000 home
services companies such as home inspectors, moving companies, real
estate agencies, utility companies, and warranty companies. 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, security, TV/internet, home repair and improvement, and
more. To learn more about Porch, visit porchgroup.com and
porch.com.
Forward-Looking Statements
Certain statements in this release are forward-looking
statements made pursuant to and within the meaning of the safe
harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. For example, projections of business
strategy and plans and anticipated impacts from pending or
completed acquisitions and other statements regarding our
expectations, beliefs, plans, strategies, objectives, prospects,
assumptions, or future events or performance, are forward-looking
statements. Generally, you can identify forward-looking statements
by terminology such as “may,” “should,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” “potential” or
“continue,” or the negatives of these terms or variations of them
or similar terminology. Such forward-looking statements are subject
to risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Porch and its
management, are inherently uncertain. Factors that may cause actual
results, performance or events to differ materially from current
expectations, assumptions or projections include, but are not
limited to: (1) the ability to recognize the anticipated benefits
of Porch’s December 2020 business combination (the “Merger”) with
PropTech Acquisition Corporation (“PropTech”), which may be
affected by, among other things, competition and the ability of the
combined company to grow and manage growth profitably, maintain key
commercial relationships and retain its management and key
employees; (2) expansion plans and opportunities, including future
and pending acquisitions or additional business combinations; (3)
costs related to the Merger and being a public company; (4)
litigation, complaints, and/or adverse publicity; (5) the impact of
changes in consumer spending patterns, consumer preferences, local,
regional and national economic conditions, crime, weather,
demographic trends and employee availability; (6) privacy and data
protection laws, privacy or data breaches, or the loss of data; (7)
the impact of the COVID-19 pandemic and its effect on the business
and financial conditions of Porch; and (8) other risks and
uncertainties described in Porch’s most recent annual report on
Form 10-K/A and subsequent reports filed with the Securities and
Exchange Commission (the “SEC”), which is available on the SEC’s
website at www.sec.gov.
Nothing in this release should be regarded as a representation
by any person that the forward-looking statements set forth herein
will be achieved or that any of the contemplated results,
performance or events of such forward-looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date of this release or the
date specified herein. Porch does not undertake any duty to update
these forward-looking statements, whether as a result of changed
circumstances, new information, future events or otherwise, except
as may be required by law.
Porch Press contact:Jordan SchmidtGateway
Group(949) 574-3860PR@porch.com
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