Porch Group Files Reciprocal Exchange Application And Contributes 18.3M 'PRCH' Shares To Homeowners Of America Insurance Company To Increase Surplus And Support Future Growth
Portfolio Pulse from Benzinga Newsdesk
Porch Group, Inc. (NASDAQ:PRCH) has filed an application to form a Texas reciprocal insurance exchange, transferring its homeowners insurance carrier, Homeowners of America Insurance Company (HOA), to the new entity. Porch contributed 18.3 million PRCH shares to HOA to bolster its balance sheet and support future growth.
August 06, 2024 | 8:41 pm
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Porch Group has filed an application to form a Texas reciprocal insurance exchange and contributed 18.3 million PRCH shares to Homeowners of America Insurance Company to support its balance sheet and future growth.
The formation of a reciprocal insurance exchange and the contribution of 18.3 million PRCH shares to HOA are strategic moves to reduce earnings volatility and support future growth. This is likely to be viewed positively by investors, potentially driving the stock price up in the short term.
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