Porch Group to acquire Allied Trust for $200M; adds ~$200M reciprocal premium, $25M EBITDA

Porch Group, Inc.

Total consideration $200M: Reciprocal pays $105M for Allied Trust Insurance Company ($55M at close + $50M deferred over 12 months); HOA Holdco pays $95M for MGA and captive reinsurer.
Expected to add ~$200M Reciprocal Written Premium and ~$25M Adjusted EBITDA (Excluding Reciprocal) in first full year; acquisition multiple under 4x.
Adds Louisiana (new state, ~half of Allied Trust's 2025 premiums) plus Texas, South Carolina, North Carolina operations; closes in Q1 2027.
Closing subject to Texas Department of Insurance approval; no earlier than Jan 1, 2027; termination date April 1, 2027; $20M R&W insurance policy.
Assuming Jan 1, 2027 close, Porch targets 2027 RWP >$900M, Reciprocal Policies Written >360k, Adjusted EBITDA (Excluding Reciprocal) >$180M.

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