Porch Group Reports $57M Cash Investment In HOA, Its Insurance Carrier
Portfolio Pulse from Benzinga Newsdesk
Porch Group has invested $57M in cash in HOA, its insurance carrier. The investment is in exchange for a $49M surplus note from HOA and the acquisition of HOA's rights to potential claims related to the fraud connected to Vesttoo Ltd. and others.
September 27, 2023 | 9:09 pm
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Porch Group's $57M investment in HOA could potentially strengthen its financial position if the claims related to Vesttoo Ltd. fraud are successful.
The investment in HOA not only provides Porch Group with a $49M surplus note but also the rights to potential claims related to Vesttoo Ltd. fraud. If these claims are successful, it could result in a significant financial gain for Porch Group, potentially boosting its stock price.
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