Porch Group’s $48.6 Million Acquisition of CSE Insurance

Debevoise & Plimpton advised Covéa Insurance on the deal while Sidley Austin LLP advised Porch Group, Inc.

Covéa Insurance plc closed its definitive agreement to sell CSE Insurance to Porch Group, Inc. for $48.6 million in cash. The deal is expected to close in the second quarter of 2022. 

The agreement, which falls perfectly in line with the Porch group’s industrial strategy, offers CSE and its employees new opportunities within a growing business, in particular in CSE’s core markets.

Covéa is a French mutual insurance group focused on providing property and liability insurance to 11.6 million policyholders. CSE is a California-based personal lines insurer focused on property and auto insurance.

The Debevoise team was led by insurance M&A partner Drew Dutton (Picture) and included associates Douglas Kim, Susie Kim and Kristen Matthews, benefits partner Meir Katz, and tax partner Daniel Priest and associate Cameron Rotblat.

The Sidley deal team is being led by Joshua DuClos (M&A and Private Equity); Kirk Lipsey and Jack D. Yamin (Insurance); and Matthew D. Stoker (M&A); with assistance from Monica A. Norzagaray Pedraza, Tiffany A. Kong, and Michael L. Rosenfield (Insurance); Jonathan M. Westreich and Rachel D. Kleinberg (Tax); Matt Johnson, Christian E. Pilhofer, and Julia M. Sprangers (Employee Benefits and Executive Compensation); Mark Prior (Privacy and Cybersecurity); and Jason G. Marsico (Labor, Employment and Immigration).

Involved fees earner: Drew Dutton – Debevoise & Plimpton; Meir Katz – Debevoise & Plimpton; Douglas Kim – Debevoise & Plimpton; Kristen Matthews – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Cameron Rotblat – Debevoise & Plimpton; Joshua DuClos – Sidley Austin LLP; Matthew Johnson – Sidley Austin LLP; Rachel Kleinberg – Sidley Austin LLP; Kirk Lipsey – Sidley Austin LLP; Jason Marsico – Sidley Austin LLP; Monica Norzagaray Pedraza – Sidley Austin LLP; Christian Pilhofer – Sidley Austin LLP; Mark Prior – Sidley Austin LLP; Michael Rosenfield – Sidley Austin LLP; Julia Sprangers – Sidley Austin LLP; Matthew Stoker – Sidley Austin LLP; Jonathan Westreich – Sidley Austin LLP; Jack Yamin – Sidley Austin LLP;

Law Firms: Debevoise & Plimpton; Sidley Austin LLP;

Clients: Covéa; Porch Group Inc;

Author: Sonia Carcano