Orion180 Insurance OIG

Orion180 is a founder-led technology-focused specialty insurance group delivering innovative insurance solutions across the United States. Since beginning operations in 2018, the company has grown to become the second largest excess and surplus lines homeowners insurance provider by direct written premiums, operating in 14 states with approximately $601 million in managed premiums written for the last twelve months ended June 30, 2026, and over 670,000 policies sold since inception. Orion180 offers a diverse portfolio including excess and surplus and admitted homeowners insurance, private flood insurance, and ancillary products distributed through more than 14,000 active independent agents.

Orion180 generates revenue through two primary streams: Services revenue from commission and fees, and Underwriting revenue from retained risk and investment income. The Services segment earns commission and fees from policy issuance, claims administration, technology subscriptions, and reinsurance participation, while the Underwriting segment captures net underwriting income on retained risk and investment returns on assets backing reserves. Revenue is derived from policyholders, independent agents, and reinsurance partners, with the company converting approximately 35% of managed premiums to Services commission and fees and 11% to Services Adjusted EBITDA for the year ended December 31, 2025.

The company operates through the following segments: Services and Underwriting.

• Services: This segment comprises Orion180 Insurance Services (OIS), Claims Management (CITON), Technology Solutions (OTX), and Reinsurance Participation (OIG). OIS acts as the managing general agent responsible for underwriting, risk selection, and policy administration, housing core operations including sales, marketing, and customer experience. Through OIS, the company earns premium-based commission and policy fees. CITON manages in-house and select third-party claims, earning per-claim administration fees. OTX develops and maintains the proprietary MY180 platform, generating subscription fees from the AWTOS smart home device and inspection fees from PryzmIQ, the AI-powered self-inspection tool. OIG participates in reinsurance revenue sharing and incurs certain corporate expenses.
• Underwriting: This segment consists of the In-House Fronting Carriers, specifically Orion Insurance Company (OIC) and Orion Specialty Insurance (OSI), which provide excess and surplus and admitted program capacity, respectively. These carriers issue insurance policies while reinsuring the majority of risk to a panel of high-quality reinsurance partners. The Underwriting segment retains between 15%-30% of managed premiums written, aligning incentives with quota share reinsurance partners, and partners with approximately 50 excess-of-loss reinsurers for catastrophe protection. This structure allows Orion180 to capture a greater share of the insurance value chain by controlling capacity and avoiding third-party fees.

Orion180 holds a strong position in the specialty property insurance industry as the second largest excess and surplus lines homeowners writer in the United States by direct written premiums as of December 31, 2025, according to S&P Global Market Intelligence. The company competes with national and regional carriers such as Chubb, AIG, and Markel, as well as managing general agents and program administrators. Its competitive advantages stem from the proprietary MY180 platform, which enables real-time data-driven underwriting, rapid product innovation, and efficient claims handling, supported by a direct loss ratio of 36% since inception—30 percentage points better than the industry average.

Orion180 serves mid to upper-market homeowners with home values ranging from $200,000 to over $700,000 and strong credit profiles, evidenced by an average VantageScore above 650 in its operating states. The company’s customer base is predominantly mortgage-based, with approximately 70% of business tied to mortgage financing, and policyholders benefit from a technology-enabled experience through the MY180 platform, including digital self-service tools, real-time claims tracking, and faster resolution times averaging 21 days.