Porch Group signs strategic agreement with Aon; receives $25M upfront

Porch Group, Inc.

Porch Group entered a Business Collaboration Agreement with Aon Corp. and Aon Re, Inc., effective through 2028.
Aon will pay Porch $24.65M cash in January 2024 plus additional payment in 2025; expected total ~$30M in upfront and future payments.
Parties released claims related to Vesttoo fraud; Porch retains ability to pursue non-Aon parties.
Aon will place reinsurance for Porch’s insurance carrier affiliates from 2025–2028 and share brokerage revenue.
Porch may need to refund certain amounts if it breaches exclusivity provisions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Porch Group, Inc. entered into Business Collaboration Agreement with Aon Corp. and Aon Re, Inc. valued at $24.65 million (effective 2024-01-19).

Action: entry
Agreement: collaboration
Counterparty: Aon Corp. and Aon Re, Inc.
Value: $24.65 million
Effective: 2024-01-19

Exact text from the filing

On, January 19, 2024, Porch Group, Inc., together with its subsidiary, Porch.com, Inc. (collectively, “ Porch ”), entered into a Business Collaboration Agreement (the “ Agreement ”) with Aon Corp. and Aon Re, Inc. (“ Aon Re ” and together with Aon Corp., “ Aon ”).

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Porch Group, Inc. filing history →

Source: SEC EDGAR

accession 0001784535-24-000006

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