Porch Group invests $57M in HOA insurance carrier; receives $49M surplus note and Vesttoo claim rights

Porch Group, Inc.

Porch invested $57M cash in HOA, receiving a $49M surplus note and HOA's rights to claims stemming from Vesttoo fraud.
HOA remains under Texas Department of Insurance supervision; Demotech withdrew its financial stability rating.
Porch holds $358M unrestricted cash and investments; $192M at HOA as of June 30, 2023.
Company appointed to Vesttoo unsecured creditors committee, intends to pursue recovery.
HOA continues actions on premiums, price increases, and non-renewal of high-risk policies.

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