An undisclosed buyer acquired Elite Insurance Group, Llc from Porch Group, Inc. for $12.2 million.
March 06, 2024
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An undisclosed buyer acquired Elite Insurance Group, Llc from Porch Group, Inc. (NasdaqCM:PRCH) for $12.2 million on January 31, 2024. The consideration is subject to post-closing adjustments. In 2023, Elite Insurance Group's Adjusted EBITDA loss was approximately $3 million.
An undisclosed buyer completed the acquisition of Elite Insurance Group, Llc from Porch Group, Inc. (NasdaqCM:PRCH) on January 31, 2024.
Porch Group, Inc. is a provider of a vertical software and insurance platform. The Company offers differentiated products and services, with homeownersâ insurance at the center of this relationship. The Company serves approximately 30,000 companies, such as home inspectors, mortgage companies, and title companies. The Company has two segments: the Vertical Software segment and the Insurance segment. The Vertical Software segment provides software and services to inspection, mortgage and title companies on a subscription and transactional basis. The segment operates several key businesses, including inspection software and services, title insurance software, mortgage software, moving services and others. The Insurance segment provides consumers with insurance and warranty products. The Insurance segment includes Homeowners of America, a wholly owned insurance carrier, Porticus Reinsurance, its Cayman Islands captive reinsurer, and Porch Warranty, among other warranty brands.
PORCH GROUP, INC. 
