Porch Group Files 8-K: Other Events & Financials

TL;DR

PRCH filed an 8-K for other events and financials on 10/25. Details TBD.

AI Summary

Porch Group, Inc. filed an 8-K on October 28, 2024, reporting an "Other Event" and "Financial Statements and Exhibits" as of October 25, 2024. The filing does not contain specific details about the nature of the event or the financial statements themselves, only that they are being reported.

Why It Matters

This filing indicates that Porch Group, Inc. has made a regulatory submission regarding unspecified events and financial information, which could be material to investors.

Risk Assessment

Risk Level: medium — The filing is an 8-K, which typically reports material events, but the lack of specific details in the provided text makes it difficult to assess the immediate impact or risk.

Key Players & Entities

• Porch Group, Inc. (company) — Registrant
• October 25, 2024 (date) — Date of earliest event reported
• October 28, 2024 (date) — Date of Report
• 411 1st Avenue S., Suite 501 (location) — Principal executive offices address
• Seattle, Washington (location) — Principal executive offices city and state

FAQ

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 PRCH The Nasdaq Stock Market LLC Indi
• $10 million — procal, Porch will initially contribute $10 million of cash into the Reciprocal in 2024 in
• $49 million — times HOAIC's end-of-year surplus, less $49 million (which is the principal amount of a sur

Filing Documents

• prch-20241025.htm (8-K) — 40KB
• prch-20241028xexx991.htm (EX-99.1) — 21KB
• logo.jpg (GRAPHIC) — 10KB
• 0001784535-24-000130.txt ( ) — 210KB
• prch-20241025.xsd (EX-101.SCH) — 2KB
• prch-20241025_lab.xml (EX-101.LAB) — 22KB
• prch-20241025_pre.xml (EX-101.PRE) — 13KB
• prch-20241025_htm.xml (XML) — 3KB

01. Other Events

Item 8.01. Other Events On October 25, 2024, the Texas Department of Insurance ("TDI") approved the application of Porch Group, Inc. ("Porch") to form and license Porch Insurance Reciprocal Exchange, a new homeowners insurance reciprocal entity to be owned by its policyholder members ("the Reciprocal"). The approval is subject to the completion of customary administrative closing procedures that are expected to conclude this year. To capitalize the Reciprocal, Porch will initially contribute $10 million of cash into the Reciprocal in 2024 in exchange for a surplus note from the Reciprocal. Porch expects the Reciprocal to acquire its existing homeowners insurance carrier, Homeowners of America Insurance Company ("HOAIC"), on or around January 1, 2025, and commence operations immediately thereafter. As part of this transaction and as consideration for HOAIC, Porch expects to receive an additional surplus note from the Reciprocal equal to an amount to be determined representing the difference between one times HOAIC's end-of-year surplus, less $49 million (which is the principal amount of a surplus note issued by HOAIC to Porch in 2023. As part of the aforementioned transactions, the Reciprocal will become the sole obligor on such $49 million surplus note. Porch will operate the Reciprocal through its new wholly owned subsidiary, Porch Risk Management Services LLC ("PRMS"). The services to be provided by PRMS to the Reciprocal include, but are not limited to, all matters related to underwriting, policy renewal, risk management, insurance portfolio management, financial management, and setting investment guidelines. In addition, PRMS will maintain the Reciprocal's books and records and be responsible for its accounting and financial reporting. In exchange for the services to be provided, PRMS will receive ongoing commissions and policy fees equal to a blended take rate of approximately 20% of the Reciprocal's gross written premium. The Reciprocal will pay all claim

Forward-Looking Statements

Forward-Looking Statements Certain statements in this Form 8-K may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although we, Porch Group, Inc., believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, results of operations, or financial condition, are forward-looking statements. These statements may be, but are not always, preceded by, followed by, or include the words "believe," "estimate," "expect," "project," "forecast," "may," "will," "should," "seek," "plan," "scheduled," "anticipate," "intend," or similar expressions. Forward-looking statements are not guarantees of performance or occurrence. You should not put undue reliance on these statements which speak only as of the date hereof, and include statements relating to our strategic initiatives, timing of administrative procedures to complete and form the Reciprocal, when the Company will receive final approval to form and license the Reciprocal, if the Company will receive final approval to form and license the Reciprocal, the future sale of HOAIC and receipt of surplus note, ability for the Reciprocal to commence operations, the services Porch through PRMS will provide to the Reciprocal, and fees paid to PRMS for services provided to the Reciprocal. You should understand that the following important factors, among others, could affect our future results and condition and could cause those results, condition

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release, dated Oc to ber 28 , 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PORCH GROUP, INC. By: /s/ Matthew Cullen Name: Matthew Cullen Title: General Counsel Date: October 28, 2024