Porch Group Inc. announced it signed a strategic business collaboration agreement with Aon Corp. and Aon Re Inc. (Aon) to provide a variety of services to Porch Group companies, resulting in payments to Porch of approximately $25 million upfront and an expected approximately $5 million over the following four years. Aon Re Inc. is a leading reinsurance broker and provides a wide variety of services for insurance and non-insurance companies.

Reinsurance brokers are specialists who arrange reinsurance coverage for insurance companies. Porch was seeking a strong partner who could both deliver strong outcomes with reinsurance placements and importantly, provide other services across Porch Group such as data modeling and more. Aon and Porch Group will work together to place 2024 reinsurance coverage at the upcoming renewal on April 1, 2024.

As part of this agreement, the parties also signed a release of claims arising from the Vesttoo fraud. Porch has not released any claims against non-Aon parties related to these matters and intends to vigorously pursue recovery.