Key facts
- Orion180 Insurance priced its US IPO below its targeted range, raising $240 million.
- The company sold 20 million shares at $12 each.
- The indicated price range for the IPO was $15 to $17 per share.
- Orion180 Insurance provides excess and surplus lines homeowners insurance across 14 U.S. states.
- The company was founded in 2018 by Kenneth Gregg.
- Orion180 Insurance will begin trading on the Nasdaq on Friday under the symbol "OIG".
Orion180 Insurance priced its US initial public offering on Thursday below its targeted range, raising $240 million as it joins a growing pipeline of insurers testing investor appetite. The Melbourne, Florida-based company sold 20 million shares at $12 apiece, falling short of its indicated price range of $15 to $17. The fall IPO season is seeing activity rebound as insurers prepare to go public. CVC-backed Bamboo Insurance launched its roadshow this week seeking to raise as much as $700 million, while Hellman & Friedman-backed Hub International confidentially filed papers in June. Founded in 2018 by Kenneth Gregg, Orion180 provides excess and surplus lines homeowners insurance across 14 U.S. states, with key markets including Texas, California and Florida. Nicholas Einhorn, vice president, research, at Renaissance Capital, noted that both Orion180 and Bamboo cite lower-than-average loss ratios driven by their underwriting platforms and are growing quickly, which should appeal to investors. However, he added that investors in insurance IPOs scrutinize companies closely and they have sometimes had to prove themselves post-IPO. RBC Capital Markets, UBS Investment Bank and Raymond James are lead book-running managers. Orion180 is set to begin trading on the Nasdaq on Friday under the symbol "OIG".