Porch Group expands insurance operations to Michigan as 22nd state

Porch Group Inc. (NASDAQ: PRCH) announced that its Homeowners of America insurance subsidiary has launched operations in Michigan, bringing the total number of states where the company operates to 22.

The expansion represents part of Porch's strategy to grow its insurance platform distribution and increase premium revenue and cash flow. Homeowners of America focuses on serving independent insurance agents with homeowners insurance products.

"We're pleased to bring HOA's homeowners insurance offering to Michigan and expand our ability to serve independent agents and policyholders in another important market," said Matt Ehrlichman, founder and CEO of Porch Group.

Efram Ware, president of Homeowners of America, said the company is designed around supporting independent agents with clear underwriting guidelines and data-driven insights. The subsidiary provides homeowners insurance products with various features and discounts.

Porch Group describes itself as a homeowners insurance company that uses vertical software solutions in home-related industries and leverages data for underwriting decisions. The company also provides services for homebuyers including moving services.

The information was disclosed in a company press release.

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