Porch Group Agrees To Acquire Allied Trust's Insurance Carrier, Managing General Agency For Initial Price Of $55M In Cash

Porch Group, Inc. has announced its agreement to acquire Allied Trust's insurance carrier for an initial price of $55 million in cash, with an additional $50 million in deferred consideration. The acquisition will also include Allied Trust's managing general agency for a total of $95 million, comprising $75 million in cash and $20 million in Porch shares. This transaction is anticipated to be approximately statutory surplus neutral for Porch's Reciprocal and represents an acquisition multiple of less than four times based on expected Adjusted EBITDA contributions.