Porch Group Inc（PRCH）資訊與事件PRCHPorch Group Inc

B. Riley Raises Porch Group Price Target to $24

B. Riley analyst Timothy D'Agostino raised the firm's price target on Porch Group to $24 from $21 and keeps a Buy rating on the shares. Porch Group and Porch Insurance Reciprocal Exchange agreed to acquire Allied Trust's MGA, captive reinsurer, and insurance carrier for approximately $200M in total consideration, with the deal expected to close in 1Q27 and potentially positioning Porch for over $900M of Reciprocal Written Premium and $180M of adjusted EBITDA excluding Reciprocal in 2027, the analyst tells investors in a research note.

Porch Group Acquires Allied Trust Insurance Carrier for $55M

Porch Group announced that Porch Insurance Reciprocal Exchange and Porch Group have entered into a definitive agreement to acquire Allied Trust's insurance carrier and managing general agency, respectively. Under the terms of the agreements, the Reciprocal will acquire Allied Trust's insurance carrier for an initial base price of $55M in cash, subject to adjustments for the carrier's statutory surplus and indebtedness at closing, plus $50M of deferred consideration payable over the 12 months following closing, which the Reciprocal may elect to pay in cash or the largely non-admitted Porch shares it holds The acquisition is expected to add $200M of reciprocal written premium and $25M of adjusted EBITDA to Porch. "These expected contributions reflect the first full year following closing and planned portfolio optimization. The transaction is also expected to add meaningful scale, more than a decade of claims data, and opportunities to apply Porch's proprietary property data to improve pricing, underwriting and risk selection over time," Porch added. Following closing, Allied Trust is expected to operate under the same structure as Porch Group's existing insurance business.

Porch Group Buys 2.1M Shares for $15M

Porch Group announced that the Porch Reciprocal Exchange sold approximately 2.1M shares of Porch common stock to Porch for an aggregate purchase price of $15M in cash. The Transaction is designed to convert a portion of the Reciprocal's Porch common stock holdings into cash, which increases the Reciprocal's regulatory capital given a large portion of the value of the Reciprocal's Porch shares is instead counted as non-admitted assets in statutory filings. The Reciprocal will continue to hold approximately 16.2M Porch shares, providing continued upside potential should the share price appreciate. For the quarter ended March 31, statutory surplus at the Reciprocal was approximately $165M, which supports capacity for more than $800M in Reciprocal Written Premiums. Growth in statutory surplus at the Reciprocal has continued to be better than expectations since the end of Q1 independent of this transaction. In March, the Company exhausted its Board authorized open market repurchase program and repurchased 0.3M common shares for $2.5M, which represented the maximum amount permitted under the Company's 2028 convertible notes indenture. This Transaction is separate from that open market repurchase authorization and is not an open market repurchase. The parties entered into the securities purchase agreement June 10, following receipt of required regulatory approvals from the Texas Department of Insurance and the Cayman Islands Monetary Authority. The purchase price reflects $7.17 per share, which was the Nasdaq closing price on March 31, the date the parties received the requisite corporate approvals for the Transaction, subject to receipt of regulatory approvals.