Porch Group (PRCH) has released an update to notify the public and investors about an entry into a material definitive agreement.
On January 19, 2024, Porch Group, Inc. and its subsidiary entered into a Business Collaboration Agreement with Aon Corp. and Aon Re, Inc., which included a mutual release of claims related to Vesttoo Ltd. Aon will pay Porch $24.65 million in 2024, an additional payment in 2025, and share a portion of revenue from reinsurance contracts placed for Porch’s affiliates through 2028. The Agreement, which allows Porch to pursue claims against non-Aon parties regarding Vesttoo, will remain in effect until December 31, 2028, unless terminated due to breach, in which case Porch may have to refund payments to Aon.
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