Porch Group's HOA placed under temporary TDI supervision due to Vesttoo fraud

Porch Group, Inc.

HOA placed under temporary supervision by Texas Department of Insurance on Sept 5, 2023.
Vesttoo fraud led to $48.2M charge for doubtful accounts on reinsurance in Q2 2023.
HOA holds $192M unrestricted cash; secured $147M in supplemental reinsurance (84% replacement).
HOA continues day-to-day operations; writing new business, renewals, and paying claims under TDI oversight.
Company expects supervision to last until TDI is comfortable with HOA's post-Vesttoo financial position.

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