InsurTech Porch Group has acquired insurance carrier Homeowners of America Holding Corporation and all of its subsidiaries for a cool $100m.
The deal comprises $75m in cash at closing and $25m in either cash or Porch Group common stock based on the share price at the time the transaction closes, Insurance Business Magazine reported.
Homeowners of America operates in Texas, Arizona, North Carolina, South Carolina, Virginia and Georgia.
“[Homeowners of America] is a great business with a deep and experienced leadership team who have spent more than a decade building a growing, profitable, and innovative MGA and insurance company hybrid,” said Matt Ehrlichman founder, chairman and CEO at Porch.
“We have spent significant time assessing a large number of companies in the insurance industry to identify the right fit for Porch and we can confidently say that [Homeowners of America] is exceptionally unique.”
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