Orion180 Insurance Group Inc. Form 424B4 — Sep 18, 2026
Orion180 Insurance Group priced its IPO at $12.00 per share, offering 20,000,000 Class A shares for gross proceeds of $240 million and estimated net proceeds of about $220 million, with listing approved on the Nasdaq Global Select Market under the symbol OIG. RBC Capital Markets, UBS Investment Bank and Raymond James lead the underwriting group, which holds a 30-day option for up to 3,000,000 additional shares. The company is the second largest excess and surplus lines homeowners insurer in the United States by direct written premium, with roughly $601 million of managed premiums written in the twelve months ended June 30, 2026.
Key figures
- Eps
- $0.17 basic/diluted 1H 2026; $0.20 FY2025
- Revenue
- $123.5M FY2025 (+38.3% YoY); $80.1M 1H 2026 (+58.8% YoY)
- Net Income
- $13.5M 1H 2026 (vs -$3.0M 1H 2025); $16.3M FY2025 (vs -$0.3M FY2024)
- Total Debt
- $282M outstanding under New Credit Facility
- Debt Amount
- $282M New Credit Facility (may be partially repaid with IPO proceeds)
- Total Assets
- $911.6M at June 30, 2026 ($1,126.0M pro forma as adjusted)
- Cash Position
- $170.8M actual / $385.2M pro forma as adjusted at June 30, 2026
- Gross Proceeds
- 240000000
- Offering Price
- 12
- Shares Offered
- 20000000
- Shares Outstanding
- 99,032,452 total common post-offering (39,097,192 Class A + 59,935,260 Class B); 102,032,452 with full greenshoe
- Reverse split
- 5-for-2 effected September 4, 2026
- Greenshoe shares
- 3000000
- September dividend
- $55.0M paid September 3, 2026, financed by $49.6M New Revolver borrowings and $5.4M cash
- Shareholders equity
- -$125.0M actual at June 30, 2026; +$39.8M pro forma as adjusted
- Founder voting power
- 93.9% (93.4% with full greenshoe)
- Net proceeds estimated
- ~$220M (~$253M if greenshoe exercised in full)
- Underwriting discounts
- $15.6M total ($0.78 per share)
- Reinsurance recoverable
- $81.2M net of allowance at June 30, 2026
- Statutory capital surplus
- ~$75M (In-House Fronting Carriers, Dec 31, 2025)
- Managed premiums written ltm
- $601M (LTM ended June 30, 2026)
- Policy retention rate 1h2026
- 88.6%
- Managed premiums written 1h2026
- $354.5M (+79.4% YoY)
- Managed premiums written fy2025
- $443.9M (+69.0% YoY)
- Max possible loss per cat event
- under $6M (~2% of managed premiums written) at June 30, 2026
- Net cash from operations 1h2026
- $127.7M
- Direct loss ratio since inception
- 36%
- Consolidated adjusted ebitda 1h2026
- $25.4M (+550.9% YoY)
- Consolidated adjusted ebitda fy2025
- $43.2M (+424.3% YoY)
- Consolidated adjusted ebitda margin 1h2026
- 31.7%
AI analysis
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