Orion180 Insurance (OIG) Lines Up $320 Million IPO After Rapid Premium Growth

Orion180 Insurance Group Inc. (OIG) is preparing to sell 20.0 million shares of Class A common stock on the Nasdaq Global Select Market at an expected price of $15.00 to $17.00 per share. At the $16.00 midpoint, the offering would raise $320.0 million and value the company at approximately $1.58 billion. RBC Capital Markets and UBS Investment Bank are serving as joint book-running managers, with Raymond James also listed prominently on the prospectus cover. 

Orion180 is a founder-led, technology-focused specialty insurance group that began operations in 2018. The company primarily serves the homeowners market through excess and surplus lines, admitted homeowners insurance, private flood coverage and related products. It operates in 14 states and distributes its policies through more than 14,000 active independent agents.

The company has grown rapidly as traditional carriers have reduced their exposure to catastrophe-prone property markets. Orion180 reported approximately $601 million in managed premiums written during the 12 months ended June 30, 2026 and described itself as the second-largest U.S. excess and surplus lines homeowners insurer by direct written premiums.

Orion180 combines a managing general agent with two in-house insurance carriers. Its Services Companies provide underwriting, policy administration, claims management and other insurance services, while its carriers issue policies and retain a portion of the associated risk. Orion180 generally seeks to retain between 15% and 30% of the insurance risk managed by its MGA, ceding the majority to a panel of 11 quota-share reinsurance partners. More than 40 excess-of-loss reinsurance partners provide additional catastrophe protection.

The company’s proprietary MY180 platform serves as the operating system for the business. It handles agent onboarding, quoting, binding, underwriting, policy administration, documents, claims and business intelligence. Orion180 uses internal and third-party data, including aerial imagery and self-inspection information, to adjust pricing and manage geographic exposure. The platform is also designed to allow agents to quote and bind many policies without manual review.

Gross premiums written increased 68.9% to $443.9 million in 2025 from $262.8 million in 2024. Total revenue rose 38.3% to $123.5 million, while the company moved from a $288,000 net loss to net income of $16.3 million. Consolidated adjusted EBITDA climbed to $43.2 million from $8.2 million.

Growth accelerated during the first half of 2026. Gross premiums written increased 79.4% to $354.4 million, managed premiums written rose 79.4% to $354.5 million and total revenue advanced 58.8% to $80.1 million. Net income improved to $13.5 million from a $3.0 million loss, while consolidated adjusted EBITDA increased to $25.4 million from $3.9 million.

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The underwriting results also improved meaningfully between 2024 and 2025. Orion180’s gross loss ratio declined to 30.3% from 32.8%, helping the company convert its premium growth into profitability. The gross loss ratio increased modestly to 38.3% during the first half of 2026 from 37.8% a year earlier, although it remained well below the levels historically reported by the broader homeowners insurance industry.

Orion180’s rapid expansion is supported by a growing agent network. The company ended 2025 with 10,414 active independent agents, up from 4,950 in 2024 and 828 in 2022. It reported a policy retention rate of 88.6% during the first half of 2026, compared with 87.1% during the prior-year period.

The balance-sheet story is more complicated. In May 2026, Orion180 borrowed under a new credit facility and paid approximately $151.0 million to its existing common shareholders. It also used borrowed funds to repurchase $15.0 million of preferred stock. In September, the company paid another $55.0 million dividend, including $49.6 million funded through its revolving credit facility.

Those transactions increased total borrowings to approximately $281.5 million on a pro forma basis and reduced shareholders’ equity to a pro forma deficit of approximately $180.0 million before giving effect to the IPO. The company expects the offering to restore shareholders’ equity to approximately $116.2 million.

Orion180 expects approximately $296.0 million in net proceeds at the midpoint. The company intends to use the funds to support growth and for general corporate purposes, but it may also repay approximately $281.5 million under the new credit facility. Because that borrowing helped finance the May and September shareholder distributions, the prospectus notes that any IPO proceeds used for repayment would effectively fund those pre-IPO distributions rather than provide additional operating liquidity.

The debt repayment also creates an underwriting conflict. Affiliates of RBC Capital Markets, UBS and Raymond James are lenders under the credit facility and may each receive at least 5% of the offering proceeds. Goldman Sachs is serving as the qualified independent underwriter.

At the midpoint, Orion180 would have approximately 99.0 million shares outstanding and an equity value of approximately $1.58 billion. Using pro forma cash and debt following the September dividend, the company’s estimated enterprise value is approximately $1.70 billion. That represents approximately 13.8 times 2025 revenue, 39.4 times 2025 adjusted EBITDA and 97 times 2025 net income.

Orion180’s closest public comparisons span several different insurance models. Goosehead Insurance operates an independent personal-lines insurance agency platform, while Palomar Holdings and Kinsale Capital are profitable specialty insurers with established underwriting records. Hippo and Root provide comparisons for technology-led insurance distribution and underwriting, although their product mixes and operating histories differ from Orion180.

Founder and Chief Executive Officer Kenneth Gregg will hold all outstanding Class B shares after the offering. Each Class B share will carry 10 votes, leaving Gregg with approximately 93.9% of the company’s voting power. Orion180 will therefore qualify as a controlled company under Nasdaq rules, substantially limiting public shareholders’ influence over director elections and other corporate matters.

Orion180 is entering the public market with several attributes investors typically reward: premium growth approaching 70%, improving profitability, a scalable technology platform and exposure to insurance markets where traditional capacity has become constrained. Its combination of an MGA and internally controlled carriers may also allow it to capture more of the insurance value chain than a conventional agency platform.

The principal questions are valuation, catastrophe exposure and capital allocation. Homeowners insurance results can change quickly following hurricanes, severe storms or changes in reinsurance pricing. The company remains heavily dependent on third-party reinsurance, and its geographic expansion must be managed carefully to avoid excessive concentration.

The pre-IPO distributions add another consideration. Orion180 is asking new investors to provide capital shortly after more than $200 million was distributed or used to repurchase securities for existing owners, with much of that activity financed through borrowings. The company’s growth and improving underwriting results are notable, but the $1.58 billion midpoint valuation requires investors to balance that operating momentum against a leveraged pre-IPO recapitalization and unusually concentrated founder control.