Porch Group announces agreement to acquire Allied Trust
PRCH•Porch Group agreed to buy Allied Trust’s managing general agency and captive reinsurance entity for $95 million. The deal is expected to add $200 million in RWP and $25 million in adjusted EBITDA, excluding the reciprocal, in its first full year.
1. Acquisition terms
Porch Group said it will buy Allied Trust’s managing general agency and captive reinsurance entity for $95 million. Reciprocal will acquire Allied Trust’s insurance carrier for an initial base price of $55 million in cash, plus $50 million of deferred consideration. Porch Group expects to file for an at-the-market equity offering program that would allow Reciprocal or Porch Group to sell PRCH shares.
