---
schema_version: "secwatch.filing_event.v1"
accession: "0001784535-25-000003"
form_type: "8-K"
ticker: "PRCH"
cik: "0001784535"
company_name: "Porch Group, Inc."
filed_at: "2025-01-07T23:59:59+00:00"
generated_at: "2026-05-28T08:50:56.076669+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Porch Group completes formation of reciprocal exchange, sells HOAIC for ~$105M surplus value

## Summary
- Porch Insurance Reciprocal Exchange formed; HOAIC sold to it for HOAIC's estimated $105M surplus less $58M surplus note.
- Porch receives total surplus notes of ~$106M; new note $105M at SOFR+9.75%, 10-year term.
- Porch will manage reciprocal via AIF agreement, earning ~20% blended take rate on gross written premium.
- Transaction shifts insurance liabilities to reciprocal; Porch expects more predictable, higher-margin results.

## SEC filing metadata
- accession: 0001784535-25-000003
- form_type: 8-K
- ticker: PRCH
- cik: 0001784535
- company_name: Porch Group, Inc.
- filed_at: 2025-01-07T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1784535/000178453525000003/0001784535-25-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1784535/000178453525000003/prch-20250101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001784535-25-000003
- JSON: https://secwatch.observer/filing/0001784535-25-000003.json
- Plain text: https://secwatch.observer/filing/0001784535-25-000003.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.