Porch books $48.2mn provision charge in relation to Vesttoo exposure
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Porch books $48.2mn provision charge in relation to Vesttoo exposure

Kyoung-son Song
09 August 2023
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Porch and Homeowners of America logos seattle.jpg

Porch Group booked a charge of $48.2mn in provision for doubtful accounts after subsidiary Homeowners of America (HOA) terminated a reinsurance contract which Vesttoo had arranged capital for.

The agreement with the reinsurer, which was not named in the statement, provided partial quota share coverage up to $175mn in a catastrophic event.

HOA

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Kyoung-son Song
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