Orion180 started trading on the Nasdaq Global Select Market under OIG and wrapped up Friday at $11.66, a 2.8% dip from its $12 offer price. That came after the company pitched the stock between $15 and $17, with Bloomberg noting the book built ahead of pricing finished oversubscribed. On the share count in its filings, the close puts the company's market value near $1.15 billion.
Founded in 2018 and based in Melbourne, Florida, Orion180 operates both as an insurance carrier and as a managing general agent for other insurers. It sells excess and surplus coverage alongside state-regulated homeowners policies and private flood insurance, reaching customers through a network topping 14,000 independent agents. In its filings, the company cites S&P Global Market Intelligence showing excess and surplus lines make up a small but quickly expanding slice of the $187 billion US homeowners market, insuring properties that traditional carriers view as highly exposed to severe weather or other catastrophes.
Kenneth Gregg - the founder of Orion180 and its controlling shareholder - said, "We tend to come into areas that are more problematic, but there's a need for that, and that's where we can shine." "We are not here to take advantage of disconnects or dislocations to take customers' premiums," Gregg added. "We are finding solutions for customers long-term that meet their needs and wants."
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The IPO brought in $240 million. Earlier this month, Orion180 distributed a $55 million dividend to investors, including Gregg, according to its filings. The company said it may use IPO proceeds to pay down a new credit facility that substantially financed both the September payout and another $151 million distribution in May.
Operationally, in the first half of 2026, Orion180 earned $13.2 million in profit on $80.1 million of revenue, versus a $3 million loss on $50.4 million of revenue a year earlier. With a footprint in 14 states, it produced $601 million in premiums over the twelve months through June 30, either written internally or placed with outside carriers.
Orion180's listing arrives just before an expected debut next week from Bamboo Insurance Services Inc., whose existing holders, including CVC Capital Partners, aim to offload up to $700 million of shares. Bookrunners on Orion180's deal were Royal Bank of Canada, UBS Group AG and Raymond James Financial Inc.
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