Texas Department of Insurance

Porch Group insurance carrier, HOA released from TDI Supervision

Retrieved on:

Thursday, November 2, 2023

Insurance, Home insurance, Texas Department of Insurance, Fraud, Acquisition, TDI

SEATTLE, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced its wholly owned insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), is released from temporary regulatory supervision.

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SEATTLE, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced its wholly owned insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), is released from temporary regulatory supervision.
“We appreciate the time and effort of the TDI, who did a thorough review of HOA’s financials and go-forward business plan.
Our release from supervision reinforces our belief that our insurance business is well positioned for the future.
We remain focused on managing gross written premium and taking underwriting actions to maximize profitability and increase value for shareholders.

Porch Group announces cash investment in HOA, its insurance carrier

Retrieved on:

Wednesday, September 27, 2023

Insurance, Chapter 11, Title 11, United States Code, Texas Department of Insurance, Acquisition, Investment, Fraud, Demotech, TDI, Home insurance, Cryptocurrency, Porch, HOA

SEATTLE, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced a cash investment of $57 million to its insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), in exchange for both a $49 million surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the fraud connected to Vesttoo Ltd. (“Vesttoo”) and others.

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SEATTLE, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced a cash investment of $57 million to its insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), in exchange for both a $49 million surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the fraud connected to Vesttoo Ltd. (“Vesttoo”) and others.
Porch announced on September 5, 2023 that HOA is under supervision by the Texas Department of Insurance (“TDI”) following the release of HOA’s statutory accounts for the quarter ending June 30, 2023.
Porch has worked closely with the TDI to restore surplus to an appropriate level.
At June 30, 2023, the Company held $358 million of unrestricted cash and investments, including $192 million at HOA, and $166 million in other Porch businesses and corporate.

UNITE HERE Releases Real Estate Runaround: How Brookfield’s Insurance Venture Offers Reward for Investors, Risk for Retirees

Retrieved on:

Wednesday, September 27, 2023

So far this year, Brookfield ventures have defaulted on over $1 billion of commercial real estate loans, with over $5 billion more of office and real estate loans having been identified by analysts or lenders as distressed.

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So far this year, Brookfield ventures have defaulted on over $1 billion of commercial real estate loans, with over $5 billion more of office and real estate loans having been identified by analysts or lenders as distressed.
The report, Real Estate Runaround: How Brookfield’s Insurance Venture Offers Reward for Investors, Risk for Retirees , examines the dramatic changes in American National’s investment portfolio since the Brookfield takeover, including over $4.7 billion (book value) of investments in securities originated, structured, or collateralized by Brookfield’s non-insurance affiliates and joint ventures.
Over $1.2 billion of those related-party securities are related to Brookfield’s real estate holdings.
These investments include bonds issued by affiliates of Brookfield Office Properties and Commercial Mortgage-Backed Securities (CMBS) sponsored by Brookfield-owned office buildings and shopping malls.

Porch Group announces an update in HOA, its insurance carrier

Retrieved on:

Tuesday, September 5, 2023

Insurance, White Rock, Texas Department of Insurance, Aon, Investment, White, TDI, Home insurance, Reinsurance, Porch, HOA

SEATTLE, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced that its insurance carrier, Homeowners of America Insurance Company (“HOA”), was placed under temporary supervision by the Texas Department of Insurance (“TDI”).

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SEATTLE, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced that its insurance carrier, Homeowners of America Insurance Company (“HOA”), was placed under temporary supervision by the Texas Department of Insurance (“TDI”).
Porch disclosed in its second quarter 2023 earnings release that HOA had a reinsurance contract with White Rock Insurance SAC Ltd, an Aon subsidiary (“Aon White Rock”) for which Vesttoo Ltd (“Vesttoo”) arranged capital.
While the allegations first surfaced in July, the write-off was made in the June 30, 2023 financials.
We view TDI’s supervision order as a sensible action for a regulator to take given Vesttoo’s wide-spread impact on the insurance industry.

UNITE HERE launches website compiling evidence of Brookfield’s defaulted and distressed commercial real estate for stakeholders, regulators and the public

Retrieved on:

Thursday, August 24, 2023

The financial health of Brookfield’s commercial real estate holdings may be of particular interest to current or potential policyholders of American National Insurance Group, the Texas-based insurer acquired by Brookfield in 2022.

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The financial health of Brookfield’s commercial real estate holdings may be of particular interest to current or potential policyholders of American National Insurance Group, the Texas-based insurer acquired by Brookfield in 2022.
UNITE HERE’s research has uncovered over $1 billion in debt instruments that appear to be related to Brookfield’s real estate holdings on American National’s 2022 sworn Annual Statement.
“In the absence of guidance from regulators, we believe current and future policyholders should have as many of the facts as possible.
American National has at least $1 billion of Brookfield-related real estate debt on its investment books backing its customers’ policies.

Porch Group announces catastrophic weather events impact for Q2 2023, and will release second quarter 2023 earnings on August 8, 2023

Retrieved on:

Friday, July 21, 2023

Wind, Insurance, Texas Department of Insurance, Weather, Q&A, Risk

SEATTLE, July 20, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, ahead of its second quarter 2023 earnings, today announced an estimated $18 million catastrophic weather (“cat”) impact in the second quarter of 2023, due to extreme weather events in June.

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SEATTLE, July 20, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, ahead of its second quarter 2023 earnings, today announced an estimated $18 million catastrophic weather (“cat”) impact in the second quarter of 2023, due to extreme weather events in June.
The second quarter is often the worst and riskiest weather quarter of the year for Porch.
The second quarter 2023 was on track until extreme weather events occurred, including wind, thunderstorm and hail events in Texas in mid and late June, which resulted in an estimated $5.0 billion1 in combined industry-wide claims.
These were uncommon cat weather events compared to historic trends and therefore not included within our full year 2023 guidance.

UNITE HERE Calls on Department of Labor to Update Guidance on Pension Risk Transfer, Highlights Recent Activity of Brookfield Reinsurance as Latest Reason

Retrieved on:

Monday, July 17, 2023

The Council’s open meeting is pursuant to a consultation mandated by last year’s bipartisan SECURE 2.0 Act.

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The Council’s open meeting is pursuant to a consultation mandated by last year’s bipartisan SECURE 2.0 Act.
UNITE HERE’s comment called for updated guidance in light of the growth of private equity-backed life insurers offering PRT.
However, the majority of these were listed as “unaffiliated.” TDI has refused to release documents explaining the rationale for granting Brookfield Asset Management (NYSE: BAM) a Disclaimer of Affiliation with American National in 2022.
The issue of how Brookfield-owned insurance companies report their related party investments is all the more critical in light of Brookfield Reinsurance’s (NYSE: BNRE) pending deal to acquire Des Moines-based annuity provider American Equity (NYSE: AEL).

Porch Group announces changes to existing Independent Board member appointments

Retrieved on:

Tuesday, June 13, 2023

Insurance, Lead, Aviva, Audit committee, Texas Department of Insurance, Risk management, Independent director, Committee, Independent Board for Presbyterian Foreign Missions, Knowledge, Professional Football Compensation Committee, Compensated emancipation, Nomination, Management, Porch

SEATTLE, June 13, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced changes to existing Independent Board member appointments.

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SEATTLE, June 13, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced changes to existing Independent Board member appointments.
The Nomination and Corporate Governance Committee (the "Committee") regularly reviews the composition of each Board Committee, including skills, knowledge, experience, and diversity.
Alan Pickerill (previously Chair of the Audit Committee) has been appointed as Lead Independent Director and will step down from the Audit Committee.
Sean Kell (previously a member of the Compensation Committee) becomes Chair of the Compensation Committee and joins the Audit Committee as a member.

Porch Group Reports First Quarter 2023 Results

Retrieved on:

Wednesday, May 10, 2023

Insurance, Texas Department of Insurance, GAAP, ISN, EBITDA, Investment, Growth, Adjustment, Software, Video game, Reinsurance

SEATTLE, May 10, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today reported first-quarter results for the Company as of March 31, 2023, with total revenue of $87.4 million, which increased 37% compared to $63.6 million in the first quarter of 2022.

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SEATTLE, May 10, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today reported first-quarter results for the Company as of March 31, 2023, with total revenue of $87.4 million, which increased 37% compared to $63.6 million in the first quarter of 2022.
Already in 2023 Porch Group has filed an application for a Reciprocal Exchange to move our insurance business forward and raised $333 million with a new convertible note alongside other key operational successes.
The Porch team achieved this while producing solid results despite a 26% year-over-year decline in home sales and the hardened reinsurance market.
As expected, reinsurance markets have hardened, which resulted in a reduction in Revenue less cost of revenue by approximately $15 million in the first quarter of 2023 compared to the same quarter prior year.

Ramtech's Roland Brown Inducted into Modular Building Institute's Hall of Fame

Retrieved on:

Tuesday, May 9, 2023

Housing, Texas Department of Licensing and Regulation, State Government Affairs Council, Building, King Abdullah Design and Development Bureau, Bellagio (resort), Development, International Building Code, Texas Department of Insurance, Conference, MBI, Hotel, Prefabrication

MANSFIELD, Texas, May 9, 2023 /PRNewswire-PRWeb/ -- Design-build modular construction firm Ramtech Building Systems of Mansfield, Texas has announced that Roland Brown, the company's former Vice President of Design and Development was inducted into the Modular Building Institute's Hall of Fame at the 2023 MBI World of Modular Conference held March 29 - April 1 at the Bellagio Hotel in Las Vegas. Mr. Brown was honored for his contributions as both an innovative designer of modular buildings for the public and private sectors, along with his career-long efforts in shepherding and helping to define the building codes in support of the commercial modular construction industry.

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Former Ramtech VP of Design and Development Roland Brown was inducted into the Modular Building Institute's Hall of Fame at the 2023 MBI World of Modular Conference held March 29-April 1 at the Bellagio Hotel in Las Vegas.
MANSFIELD, Texas, May 9, 2023 /PRNewswire-PRWeb/ -- Design-build modular construction firm Ramtech Building Systems of Mansfield, Texas has announced that Roland Brown, the company's former Vice President of Design and Development was inducted into the Modular Building Institute's Hall of Fame at the 2023 MBI World of Modular Conference held March 29 - April 1 at the Bellagio Hotel in Las Vegas.
Many of these innovative and unique designs went on to make significant contributions to the technical evolution of the commercial modular building industry.
Mr. Brown was also a member of the International Code Council where he was an active advocate for addressing code and compliance issues that affected the commercial modular building industry.