Porch Group said June 11 it bought about 2.1 million of its own shares from the Porch Reciprocal Exchange for $15 million in cash, a transaction priced at $7.17 a share.
The Reciprocal will still hold about 16.2 million Porch shares after the sale. Porch said the move converts part of those holdings into cash and lifts the Reciprocal’s statutory surplus, which stood at about $165 million at March 31, 2026. That surplus level supports more than $800 million in Reciprocal written premiums.
The company also said its surplus has continued to grow better than expected since the end of the first quarter, even before the share sale.
The purchase follows Porch’s earlier capital return activity in March 2026, when it used its board-authorized open-market repurchase program to buy back 0.3 million shares for $2.5 million, reaching the maximum allowed under its 2028 convertible notes indenture.
Porch said the latest transaction was separate from that buyback program. It was executed by Porticus Reinsurance, Porch’s Cayman Islands captive reinsurance subsidiary, after approvals from the Texas Department of Insurance and the Cayman Islands Monetary Authority. The market has reacted to these announcements by moving the company's shares 0.64% to a price of $9.47. For the full picture, make sure to review Porch's 8-K report.
