Acquisition of Homeowners of America by Porch Group
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(PRNewsfoto/IA Capital Group)
NEW YORK, Jan. 14, 2021 /PRNewswire/ Homeowners of America Holding Corporation (HOA) and Porch Group, Inc. (NASDAQ: PRCH) (Porch) have executed definitive agreements for Porch to acquire HOA and all related subsidiaries. The transaction, which is pending only regulatory approval, is expected to close early in the second quarter of 2021.
Homeowners of America is a Managing General Agent (MGA) and insurance carrier hybrid with high margins and a capital efficient reinsurance strategy which limits retained risk. HOA primarily operates in six states, including Texas, Arizona, North Carolina, South Carolina, Virginia, and Georgia. HOA was founded in 2006 in Texas, a $10 billion homeowners insurance market, and was the 12