Specialty Insurer Orion180 Files for $340 Million IPO

Orion180 Insurance Group Inc., a specialty homeowners and flood insurer, has filed with the U.S. Securities and Exchange Commission for an initial public offering seeking to raise as much as $340 million. The Florida-based company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "OIG."

Offering Details

According to the Wednesday filing, Orion180 intends to offer 20 million shares of its Class A common stock at a price range of $15 to $17 per share. At the top end of this range, the IPO would reach the $340 million target.

Underwriters for the offering have a 30-day option to purchase up to an additional 3 million shares at the IPO price. The offering is being led by a group of banks including RBC Capital Markets, UBS Investment Bank, and Raymond James.

Business and Financial Performance

Founded in 2018, Orion180 has grown to become the second-largest excess and surplus lines homeowners insurance provider in the U.S. by direct written premiums, with operations in 14 states. The company reported approximately $601 million in managed premiums written for the twelve months ended June 30, 2026.

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Orion180 has demonstrated a significant turnaround in profitability, according to its filing. The company reported key financial figures including:

• Net income of $16.3 million for the year ended Dec. 31, 2025, compared to a net loss of $288,000 in 2024.
• Net income of $13.5 million for the six months ended June 30, 2026, up from a net loss of $3 million in the prior-year period.

Operational Model

The company's business is structured around two main components: service companies that handle managing general agent and claims functions, and in-house carriers that issue policies while transferring the majority of the risk to reinsurance partners. This model is supported by a distribution network of over 14,000 active independent agents.

Orion180's product suite includes excess and surplus homeowners' insurance, admitted homeowners' policies, and private flood insurance. The company reported an average direct loss ratio of 36% since its inception as of Dec. 31, 2025.