Orion180 Insurance Group Files to Sell Class A Shares
The specialty homeowners insurer said it will use the proceeds as capital to grow the business and for general corporate purposes.
Orion180 Insurance Group Inc. filed a prospectus to sell Class A common stock, a step that would create a public market for the shares and add capital to a specialty insurance group that has grown since 2018.
The company describes itself as a founder-led, technology-focused specialty insurer that has become a major excess-and-surplus homeowners writer in the United States, with a presence in 14 states and a distribution network of more than 14,000 independent agents. It sells E&S and admitted homeowners policies, private flood insurance, and ancillary products. Operations split between services companies that provide managing-general-agent, claims, and other insurance services, and in-house fronting carriers that issue policies and cede most of the risk to a panel of reinsurance partners.
The group said its underwriting runs on a proprietary platform that aggregates data, automates pricing and policy administration, and supports claims. It said it entered private flood insurance in late 2024 after a foundation in homeowners, and that the specialty property market’s evolution, including capacity withdrawal from incumbent insurers, shaped its initial focus on homeowners.
The company said the principal purposes of the offering are to increase capitalization and financial flexibility and to create a public market for the stock. It intends to use net proceeds as capital to grow the business and for other general corporate purposes, and may use a portion to repay outstanding indebtedness under a credit facility. Underwriters of the offering would each receive a material share of net proceeds tied to that repayment, a conflict the prospectus says is being handled under FINRA Rule 5121 with a qualified independent underwriter.
After the offering, founder and chief executive Kenneth Gregg is expected to hold a majority of voting power, making the company a controlled company exempt from certain exchange corporate-governance requirements. Class B shares carry multiple votes per share and convert into Class A shares on certain transfers and other events.