Orion180 Insurance Group Inc. filed for a US initial public offering, as the company looks to carve out a bigger share of the fast-growing specialty homeowners and flood insurance market.
The Melbourne, Florida-based insurer had net income of $13.5 million on revenue of $80.1 million for
the first six months of 2026, compared with a net loss of $3 million on revenue of $50.4 million a year earlier, according to its filing Thursday with the US Securities and Exchange Commission.
Started in 2018, Orion180 offers excess and surplus lines homeowners insurance, generating $601 million of direct written premiums in the 12 m
onths ended June 30, according to the filing. The company also provides flood insurance and other products distributed through more than 14,000 independent agents.
The excess and surplus segment of the home insurance market has grown at a compound annual rate of 25% over the past five years to $4 billion of premiums as of the end of last year, the filing shows.
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The company is led by founder Kenneth Gregg, who will control the company after the IPO through his holdings of Class B shares. Gregg took home $2.6 million in salary and bonus in 2025, the SEC filing shows. This year, his base salary will rise from $1.2 million to $1.8 million.
Royal Bank of Canada, UBS Group AG, Raymond James Financial Inc., Goldman Sachs Group Inc., Deutsche Bank AG, Citizens Financial Group Inc. and Texas Capit
al Securities are working on the offering, the filing shows. Orion180 expects its shares to trade on the Nasdaq Global Select Market under the symbol OIG.
Independent reinsurance platform BMS Re, US, part of BMS Group, is focused on property/casualty, with expertise in complex lines including property catastrophe, medical malpractice and workers’ compensation. It offers reinsur
ance and capital solutions with local market expertise, and a strong client base across regional and superregional carriers, and MGA and programs.
“This is a transformational acquisition for Willis Re and one that strongly supports our global growth strategy and greatly accelerates our expansion into the US,” said Lucy Clarke, Willis Re board member, in a statement.
“Combined with Willis Re’s existing specialty expertise and international platform, we are extremely well positioned to deliver exceptional outcomes for clients and pursue attractive long-term growth opportunities,” Clarke added.