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Orion180 launches IPO roadshow targeting up to $1.68B valuation
The Florida specialty homeowners insurer offered 20 million shares at $15 to $17 each and said underwriters can buy an additional 3 million shares if demand is strong.
Orion180 Insurance Group has kicked off an investor roadshow for its initial public offering, aiming for a valuation of as much as $1.68 billion as it prepares to list on the Nasdaq Global Select Market under the ticker OIG, according to a report by Insurance Business.
The Melbourne, Florida-based excess and surplus homeowners carrier plans to sell 20 million shares of Class A common stock at $15 to $17 each, which would raise about $340 million before fees. Underwriters also have a 30-day option to purchase an additional 3 million shares if demand is strong, the company said when it announced the roadshow launch.
Orion180 says it has expanded largely through organic growth since Kenneth Gregg founded the company in 2018, building what it describes as the second-largest E&S lines homeowners operation in the country by direct written premium. The insurer writes admitted and E&S homeowners policies plus private flood coverage across 14 states, with Texas, California, and Florida as its biggest markets.
Financially, Insurance Business reports that Orion180 posted net income of $13.5 million on revenue of $80.1 million for the six months ended June 30, reversing a $3 million net loss on $50.4 million of revenue in the same period a year earlier. It also reported managed premiums written of roughly $601 million over the trailing 12 months, numbers that the article notes imply high valuation multiples versus established peers.
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