Porch Group Sells Homeowners Of America Insurance To PIRE For $47M Adjusted Purchase Price; Porch Holds $106M In Surplus Notes
Porch Group Sells Homeowners Of America Insurance To PIRE For $47M Adjusted Purchase Price; Porch Holds $106M In Surplus Notes
Porch Group, Inc. ("Porch" or "the Company") (NASDAQ:PRCH), a homeowners insurance and vertical software platform, today announced the completed formation of the Porch Insurance Reciprocal Exchange ("PIRE") and sale of Homeowners of America Insurance Company ("HOA") to PIRE.
Porch Group, Inc.（簡稱"Porch"或"公司"）（納斯達克股票代碼：PRCH），一家提供房主保險和垂直軟體平台的公司，今天宣佈已完成Porch保險互惠交易所（"PIRE"）的成立，並將美國房主保險公司（"HOA"）出售給PIRE。
The final terms of the transaction were consistent with expectations, with Porch selling HOA to PIRE for a purchase price equal to HOA's December 31, 2024 expected surplus1 of approximately $105 million, less the existing 2023 surplus note of $49 million and less $9 million of outstanding interest expected to be paid in 2025. This brings the total surplus notes2 held by Porch to approximately $106 million. With this transaction now complete, going forward all insurance policies, premium and related claims, as well as all HOA assets and liabilities will be owned by PIRE. Porch Group will receive commissions and fees for providing operating and other services to PIRE, which is expected to deliver more predictable and higher-margin financial results for Porch Group Shareholders.
交易的最終條款與預期一致，Porch以大約$10500萬的購買價格將HOA出售給PIRE，價格等於HOA截至2024年12月31日預計的盈餘1，扣除現有的2023年盈餘票據$4900萬，並扣除預計將在2025年支付的$900萬未償還利息。這使得Porch持有的總盈餘票據2約爲$10600萬。隨着此次交易的完成，未來所有保險單、保費及相關索賠，以及所有HOA的資產和負債將歸PIRE所有。Porch Group將因向PIRE提供運營和其他服務而獲得佣金和費用，預計這將爲Porch Group的股東帶來更可預測和更高利潤率的財務結果。