Latest news with #MattEhrlichman
Business Wire
8 hours ago
- Business
- Business Wire
Porch Group Announces a Renewed Partnership with Goosehead Insurance
SEATTLE--(BUSINESS WIRE)--Porch Group, Inc. ('Porch' or 'the Company') (NASDAQ: PRCH), a new kind of homeowners insurance company, announced today a renewed partnership with Goosehead Insurance ("Goosehead") (NASDAQ: GSHD). Scaling Porch Reciprocal Exchange insurance premiums in a profitable manner is a key strategic priority for Porch. The renewed partnership with Goosehead represents a tangible step forward in the Company's efforts to re-activate agency partnerships and further extend its distribution channels. 'After a couple of years of managing premiums to roughly flat, the launch of the Porch Reciprocal Exchange at the start of 2025 marks the time where we have moved back to offense. Now as a high margin, commission and fee-based operator, we are thrilled to be growing premiums and leveraging our unique data to ensure better risk selection at the Reciprocal,' said Matt Ehrlichman, Founder and CEO of Porch Group. 'We have long considered Goosehead as both an important partner and an innovator in the industry, and we are excited to have the opportunity to deepen the relationship on a go-forward basis." 'We're renewing our partnership with Homeowners of America and expanding it to include the new Porch Insurance product,' said Mark Miller, President and CEO of Goosehead Insurance. 'This collaboration allows us to enhance product offerings for our clients, starting with the Porch Insurance product launch in Texas. By aligning our efforts, we're creating a path forward that should deliver unique home protection and innovative pricing solutions.' About Porch Group Porch Group, Inc. ('Porch') is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit About Goosehead Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit or
Yahoo
9 hours ago
- Business
- Yahoo
Porch Group Announces a Renewed Partnership with Goosehead Insurance
SEATTLE, June 18, 2025--(BUSINESS WIRE)--Porch Group, Inc. ("Porch" or "the Company") (NASDAQ: PRCH), a new kind of homeowners insurance company, announced today a renewed partnership with Goosehead Insurance ("Goosehead") (NASDAQ: GSHD). Scaling Porch Reciprocal Exchange insurance premiums in a profitable manner is a key strategic priority for Porch. The renewed partnership with Goosehead represents a tangible step forward in the Company's efforts to re-activate agency partnerships and further extend its distribution channels. "After a couple of years of managing premiums to roughly flat, the launch of the Porch Reciprocal Exchange at the start of 2025 marks the time where we have moved back to offense. Now as a high margin, commission and fee-based operator, we are thrilled to be growing premiums and leveraging our unique data to ensure better risk selection at the Reciprocal," said Matt Ehrlichman, Founder and CEO of Porch Group. "We have long considered Goosehead as both an important partner and an innovator in the industry, and we are excited to have the opportunity to deepen the relationship on a go-forward basis." "We're renewing our partnership with Homeowners of America and expanding it to include the new Porch Insurance product," said Mark Miller, President and CEO of Goosehead Insurance. "This collaboration allows us to enhance product offerings for our clients, starting with the Porch Insurance product launch in Texas. By aligning our efforts, we're creating a path forward that should deliver unique home protection and innovative pricing solutions." About Porch Group Porch Group, Inc. ("Porch") is a new kind of homeowners insurance company. Porch's strategy to win in homeowners insurance is to deploy leading vertical software solutions in select home-related industries, provide the best services for homebuyers including important moving services, leverage unique data for advantaged underwriting, and provide more protection for policyholders. To learn more about Porch, visit About Goosehead Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit or View source version on Contacts Investor Relations Contact: IR@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Geek Wire
07-05-2025
- Business
- Geek Wire
Porch swings to surprise profit after latest business remodel — stock soars 68%
A screenshot of Porch Group's investor relations page showing its huge stock jump. Porch Group's stock shot up nearly 68% on Wednesday, a day after the company reported a surprise profit and raised its outlook for the year — a sign that the latest overhaul of its business is starting to show results for the Seattle-based provider of home services software and insurance products. The key was strong performance in Porch's insurance-related operations, following a shift away from directly selling policies, earning fees by managing them instead. Matt Ehrlichman, Porch founder and CEO. (Porch Group Photo) 'I've never been more excited to report on quarterly earnings as I am here for Q1 2025,' said Matt Ehrlichman, the company's CEO, on the company's conference call Tuesday. In January, Porch sold its insurance carrier (Homeowners of America) to a new member-owned reciprocal exchange, which it now manages for fees and commissions rather than owning directly. The change was designed to generate more stable, high-margin revenue without the financial risks from storms and other costly disasters. Ehrlichman, who founded Porch in 2012 as a home services marketplace, said the quarter 'marks a special time for the company,' moving away from covering costly weather-related claims while still benefiting from the steady growth of the homeowners insurance market. Porch posted a profit of $8 million in the first quarter, compared with a loss of $24.4 million a year earlier. Revenue totaled $84.5 million, with gross profit of $69.1 million and an 82% gross margin. Earnings were 2 cents per share, beating analyst expectations of a 7 cent loss. Citing stronger-than-expected performance, particularly in insurance, Porch raised its full-year forecast and now expects up to $70 million in adjusted EBITDA for 2025. Porch started in 2012 as a marketplace connecting homeowners with local service professionals, later expanding into software tools for home inspectors, mortgage lenders, and other real estate businesses. Over time, it added insurance and warranty products to its lineup. The company went public in late 2020 — part of a broader wave in which startups bypassed traditional IPOs by merging with special-purpose acquisition companies (SPACs) in an era of easy capital and bullish investor sentiment. As of December 31, 2024, Porch Group had 733 employees, down from 895 a year earlier, according to its annual regulatory filings.
Yahoo
07-05-2025
- Business
- Yahoo
Porch Group Inc (PRCH) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and Positive Net ...
Q : Can you clarify why the take rate was so high this quarter and discuss your willingness to accelerate growth given the strong start to the year? A : (Matt Ehrlichman, CEO) The reciprocal written premium converted to revenue at about 50%, which we expect to be the ongoing rate. This includes policy fees from policyholders and management fees from the reciprocal. The reciprocal is in a healthy spot with almost $200 million of surplus. We are investing in growth, focusing on agency distribution and new geographies, and leveraging our data for pricing sophistication. We see opportunities for price increases and are making midterm investments to scale towards our $3 billion premium target. Porch Group Inc ( NASDAQ:PRCH ) is investing more aggressively, which may impact short-term profitability as it aims for faster growth in 2026 and beyond. Q2 adjusted EBITDA is expected to be $5 million to $7 million lower than Q1 due to changes in reinsurance contracts. The company faces potential mid-single-digit adjusted EBITDA impact from tariffs, although this has been factored into guidance. For the complete transcript of the earnings call, please refer to the full earnings call transcript . Story continues Q: How does the replacement value increase due to tariffs or market changes affect your pricing strategy? A: (Matthew Neagle, COO) We regularly update replacement values, which can increase prices due to higher coverage. Our data advantage allows us to target lower-risk segments with attractive pricing. We believe our data and pricing sophistication will enable us to pass through premium increases effectively. Q: What percentage of consumers in Texas are selecting HOA versus Porch Insurance, and how does this compare to expectations? A: (Matt Ehrlichman, CEO) We don't provide specific metrics, but we focus on segments like homebuyers and new construction, where we convert well. Our products are positioned for these segments, and we are seeing good growth in new business premium. Q: Can you explain the surplus figures and how they relate to the reciprocal's financial health? A: (Shawn Tabak, CFO) As of March 31, 2025, the surplus combined with non-admitted assets was $198 million, the highest ever for the reciprocal. This includes some share value, and the statutory surplus is around $105 million. The surplus is expected to fluctuate due to weather claims but remains in a healthy position. Q: What steps are needed for Porch to report GAAP financials without consolidating the reciprocal? A: (Shawn Tabak, CFO) The consolidation is due to the surplus note relationship. We are pleased with the current structure, including the 15% coupon surplus note. While we could sell the surplus note in the future, we are not in a rush to change the current setup. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
