Porch Group files reciprocal exchange, contributes 18.3M shares; Q2 rev $110.8M (+12%), loss narrows to $64.3M

Porch Group, Inc.

Filed updated application with Texas Department of Insurance to form a reciprocal exchange; if approved, HOA would be sold to Reciprocal.
Contributed 18.3M newly issued common shares (18.3% of outstanding) to HOA to bolster surplus and support premium growth.
Q2 total revenue $110.8M, up 12% YoY; Insurance segment revenue $78.3M (+22%), Vertical Software $32.6M (-5%).
GAAP net loss $64.3M, improved from $87.0M in Q2 2023; Adjusted EBITDA loss $34.8M, improved from $43.1M.
Insurance attritional loss ratio improved to 21% from 35%; gross combined ratio improved to 124% from 180% despite Houston wind event.

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