Porch Group, Inc. has received $25m following its entry into a strategic business collaboration agreement with Aon.
On top of this, Porch will receive an expected approximately $5m over the following four years.
The collaboration will see both companies join forces in securing reinsurance coverage for 2024 during the upcoming renewal on April 1, 2024.
As part of this arrangement, the involved parties have executed a release of claims stemming from the Vesttoo fraud. It is crucial to note that Porch has not waived any claims against entities not affiliated with Aon in connection to these issues and is determined to actively seek recovery.
Matt Ehrlichman, Chief Executive Officer, spoke enthusiastically on the partnership. He said, “We think Aon is the right partner for us. They are a well-known name in the insurance industry who can provide a variety of important services to help across our business. Porch and our insurance carrier have worked with Aon for many years and we are excited to expand this relationship with Aon as our sole partner for certain services through 2028.”
In recent news related to Aon, the firm recently announced a definitive agreement for a major acquisition of NFP.
Aon, known for its comprehensive professional services, is set to acquire NFP, renowned for its risk, benefits, wealth, and retirement plan advisory solutions. This acquisition signifies a strategic expansion for Aon into the middle-market segment.
The acquisition, valued at an estimated $13.4bn, will be funded with $7bn in cash and $6.4bn in Aon stock.
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