SEATTLE, March 11, 2025--(BUSINESS WIRE)--Porch Group, Inc. ("Porch" or "the Company") (NASDAQ: PRCH), a new kind of homeowners insurance company, today announced the addition of four seasoned insurance industry leaders to its team to strengthen the organization across strategy, sales, reinsurance, underwriting and risk management, as it enters a new phase of expected growth.
Meet the New Hires
Eric Lemieur (Head of Insurance Sales & Distribution): Eric is a sales, strategy, and operations executive with deep expertise in both exclusive and independent agent distribution channels. His experience will be instrumental in driving the high-performing sales team and strengthening third-party agency relationships as Porch focuses on premium growth and distribution. Previously, Eric held sales leadership roles at Farmers Insurance and Foremost.
Chad Mirock (Senior Director, Insurance Product & Strategy): Chad is a seasoned insurance executive specializing in product management, underwriting, and pricing strategies, with a strong track record in transformation and strategic leadership. His passion for innovation, customer experience enhancement, and industry advancement will be crucial in increasing momentum for the new Porch Insurance product. Previously, Chad held product management leadership positions at Country Financial, The Hartford, and Travelers.
Andrea Ferrari (Director, Underwriting): Andrea is a customer-focused and analytical underwriting executive with over 20 years of experience in the insurance industry, specializing in wildfire risk underwriting, catastrophe risk modeling, and loss mitigation. Andrea will be key to optimizing profitability and leading the underwriting team as we grow premiums while maintaining our focus on risk management. Previously, Andrea led underwriting at Kin and Hippo.
Emmanuel Bellegarde (Head of Reinsurance): Emmanuel is a risk management professional with a demonstrated history of success in the reinsurance industry. His expertise will be pivotal in driving the reinsurance strategy, structuring placements, and securing optimal coverage with third-party reinsurance providers. Previously, Emmanuel has led North America Casualty Facultative reinsurance at McGill and Partners, and held reinsurance leadership roles at Aon Benfield, with additional insurance experience at Willis Towers Watson.
A New Kind of Homeowners Insurance Company
After a chapter of strategic focus on profitability, Porch now enters a new chapter centered on growth and margin expansion. In Insurance, Porch is driving revenue growth through a strategic focus on:
"The addition of these leaders comes at a pivotal time for Porch," said Matt Ehrlichman, Porch Group Chief Executive Officer. "We had a strong finish to 2024, delivering $42 million in Adjusted EBITDA and $30 million Net Income in the fourth quarter. Looking toward 2025, we have the Porch Insurance Reciprocal Exchange well-positioned to scale premium and as it does so, our Insurance Services business will benefit with strong and growing profitability."
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 ir.porchgroup.com.
Forward-Looking Statements
Certain statements in this release are considered forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning our financial outlook and guidance, possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. Forward-looking statements in this release also include, but are not limited to, expectations regarding growth and profitability, including the timing or imminency of such growth and profitability; expectations regarding enhanced margins and more predictable earnings as a result of the PIRE structure; Q1 2025 business growth; achieving our $500 million Gross Written Premium target for 2025; scaling premium and strengthening Porch’s leadership in the homeowners insurance market; and expectations regarding whether the reciprocal is the optimal structure for our insurance business and the benefits financial and otherwise thereof. These statements may be preceded by, followed by, or include the words "believe," "estimate," "expect," "project," "forecast," "may," "will," "should," "seek," "plan," "scheduled," "anticipate," "intend," or similar expressions.
Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements:
We caution you that the foregoing list may not contain all the risks to forward-looking statements made in this release.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this release primarily on our current expectations and projections about future events and trends we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described above and elsewhere in this release. We disclaim any obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.
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Contacts
Investor Relations Contact:
Lois Perkins, Head of Investor Relations
Porch Group, Inc.
Loisperkins@porch.com
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