Orion180 Insurance Group Inc. has filed for a US initial public offering, aiming to expand its presence in the rapidly growing specialty homeowners and flood insurance market. The Melbourne, Florida-based insurer seeks to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol OIG. This move comes as the company looks to capitalize on the excess and surplus (E&S) segment of the home insurance market, which has grown at a compound annual rate of 25% over the past five years to reach $4 billion in premiums by the end of last year.
The company, founded in 2018 and led by founder Kenneth Gregg, reported significant financial growth. For the first six months of 2026, Orion180 had net income of $13.5 million on revenue of $80.1 million. This compares favorably to a net loss of $3 million on revenue of $50.4 million in the same period a year earlier. For the 12 months ended June 30, 2026, the insurer generated $601 million in direct written premiums. Orion180 offers excess and surplus lines homeowners insurance, private flood insurance, and other products, distributed through over 14,000 independent agents across 14 states.
Kenneth Gregg, who will retain control of the company post-IPO through Class B shares, received a salary and bonus of $2.6 million in 2025, with his base salary increasing from $1.2 million to $1.8 million this year. The offering is being underwritten by Royal Bank of Canada, UBS Group AG, Raymond James Financial Inc., Goldman Sachs Group Inc., Deutsche Bank AG, Citizens Financial Group Inc., and Texas Capital Securities. The company's diverse product offerings position it within the broader US property insurance market, which was valued at approximately $513 billion in 2025, with homeowners and residential flood insurance accounting for $192 billion of that total.
