1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Capital Structure
3. Valuation
Discussion
Symbol
OIG
Sector
Financials
Subsector
Insurance
Offer Range
—
Shares Offered
—
Shares Outstanding Pre-IPO
197.58M
197.58M
—
Implied Upside vs Midpoint
Description
Orion180 is a founder-led technology-focused, high growth, high-margin specialty insurance group delivering innovative insurance solutions with a growing footprint across the United States. Since beginning operations in 2018, we have organically grown to become the second largest excess and surplus (“E&S”) lines homeowners insurance provider in the United States by direct written premiums with a presence in 14 states, approximately $601 million in managed premiums written for the last twelve months ended June 30, 2026, and over 670,000 policies sold since inception. Our diverse product offerings across E&S and admitted homeowners’ insurance, private flood insurance, and a range of ancillary products are distributed through a network of more than 14,000 active independent agents as of June 30, 2026. Our group is comprised of (i) our Services Companies, that provide MGA, claims management and other various insurance services and generated approximately 70% of the sum of the Services and Underwriting revenues including intercompany revenue earned through service arrangements in place between the Services segment and the Underwriting segment for the last twelve months ended June 30, 2026, and (ii) our In-House Fronting Carriers that accounted for approximately 30% of the sum of the Services and Underwriting revenues for the last twelve months ended June 30, 2026, including intercompany revenue earned through service arrangements in place between the Services segment and the Underwriting segment, and issue the insurance policies we sell while reinsuring the majority of the insurance risk to our panel of high quality reinsurance partners. Our business is built on four core principles: (i) a relentless focus on innovation, (ii) real-time, data-driven decision making through our proprietary, end-to-end MY180 platform, (iii) ease of doing business, and (iv) long-term partnerships with our distribution providers and reinsurance partners. We are a technology-focused and data-driven organization: everything we do is underpinned by our superior data integrated into MY180. MY180 serves as the digital backbone for our entire operation – aggregating data from external and internal sources, automating underwriting and pricing, streamlining policy administration and claims processes, and providing seamless access for policyholders, agents, and internal teams – all through one technology platform. Our underwriting leverages advanced data science and machine-learning algorithms supported by real-time data and exposure management. We have delivered superior underwriting results compared to the industry average, while rapidly growing our business with an average direct loss ratio of 36% since inception as of December 31, 2025 — an outperformance compared to the homeowners insurance industry average of approximately 30 percentage points. We initially launched in homeowners insurance because we identified a market ripe with opportunity – characterized by capacity withdrawal from incumbent insurers, inflexible products, and inefficient legacy technology. Our underwriting is focused on E&S within the homeowners segment, which offers greater flexibility, fosters innovation, and enables us to rapidly evolve to market conditions while providing the simplicity and coverage quality of traditional admitted policies. Building on our foundation in E&S and admitted homeowners’ insurance, we then entered the private flood insurance market in December 2024 – a nascent but rapidly expanding and profitable market. We believe participating in these markets positions us for significant growth opportunities as the specialty property market continues to evolve. --- Our business is structured to optimize free cash flow to shareholders and capture a greater economic share of the insurance value chain, converting approximately 35% and 11% of managed premiums written to Services commission and fees revenue and Services Adjusted EBITDA, respectively, for the year ended December 31, 2025, and approximately 36% and 12% of managed premiums written to Services commission and fees revenue and Services Adjusted EBITDA, respectively, for the six months ended June 30, 2026. Unlike many typical MGAs, our Services Companies also provide claims management and other various insurance services to our in-house carriers and third parties. Our In-House Fronting Carriers provide capacity to our MGA, both on an admitted and E&S basis. Our In-House Fronting Carriers are comprised of: OIC and OSI, our insurance carriers that provide E&S and admitted program capacity to our MGA, respectively. By controlling our In-House Fronting Carriers, we: (i) eliminate reliance on third parties for program capacity, an existential risk for MGAs, (ii) avoid paying fees to a third party for capacity, which can exceed 5% of managed premiums written for MGAs, and (iii) retain flexibility and control over our product design, underwriting and overall risk management. Our In-House Fronting Carriers seek to retain between 15%-30% of insurance risk managed by OIS, which provides significant alignment of incentives with our 11 high quality quota share reinsurance partners, while facilitating the capital-light nature of our business model. To minimize our retained catastrophe risk exposure, our In-House Fronting Carriers also partner with a panel of approximately 50 XOL reinsurance partners that provide extensive excess-of-loss reinsurance protection for catastrophe events. Our group structure allows us to systematically capture profit pools that traditional MGAs would typically cede to third parties and drive structurally superior unit economics compared to a typical MGA. --- Orion180 Insurance Group Inc. was originally formed as Orion180 Insurance Holding, LLC, a Florida limited liability company, effective May 3, 2018. On January 27, 2022, Orion180 Insurance Holding, LLC converted from an LLC to a Florida corporation under the name Orion180 Group, Inc. and on April 8, 2026 re-domiciled to be incorporated in Texas under the name Orion180 Insurance Group Inc. Our address is 930 S. Harbor City Blvd., Suite 302, Melbourne, Florida 32901 and our telephone number is 321-213-6222. Our website is https://orion180.com.
Post-IPO economic shares by class.
| Class | Shares | % Economic |
|---|---|---|
Class A Common Stock (listed) 1 vote per share | 196.98M | 99.7% |
Preferred Stock | 600K | 0.3% |
| Total economic shares | 197.58M | 100% |