O
Orion180 Insurance
OIGPricedOrion180 Insurance Group Inc. · Nasdaq Global Select Market (proposed) · Specialty homeowners insurance · Research source · S-1 · 2026/08/20 · SEC checked 2026-10-19
Latest filing update · 424B4
As of the September 21, 2026 Form 424B4, Orion180 disclosed a $12 IPO price and Nasdaq approval for OIG.
Research source · S-1 · 2026/08/20Latest analyzed filing · 424B4 · 2026-09-21
Updates and this research have separate source dates; newer facts do not silently replace earlier conclusions.
SummaryWATCHReport source · S-1
Operating momentum is attractive, but terms, catastrophe exposure and founder control remain unresolved
First-half 2026 revenue rose 58.8% to $80.1M and net income reached $13.5M, while LTM managed premiums were about $601M. However, the filing leaves the offer price and shares blank, the founder will retain majority voting power through Class B shares, and insurance results remain exposed to catastrophe losses and reinsurance availability.
- Business and development direction
A technology-led specialty insurance group offering E&S and admitted homeowners, private flood and ancillary products.
Current business Specialty homeowners insurance100%
Future development Insurance growth capital
Credit-facility repayment
DECISION DRIVERS
Key risks
High
Risk 1
Catastrophe losses and reserve estimation can materially change underwriting results.
High
Risk 2
Founder voting control will continue through ten-vote Class B shares.
High
Risk 3
Price, share count, dilution and valuation are not yet published.
OFFERING AT A GLANCE
S-1 ↗Capital raised and seller liquidity
- Issuer proceeds
- Primary IPO
No estimate is substituted for missing offer terms.
BOOKRUNNERS / LEAD UNDERWRITERSUnderwriters named in the prospectus
PRELIMINARY| # | Institution | Underwriting allocation | Ratio | Shares |
|---|---|---|---|---|
| 1 | RBC Capital Markets, LLC | |||
| 2 | UBS Securities LLC | |||
| 3 | Raymond James & Associates, Inc. | |||
| 4 | Goldman Sachs & Co. LLC | |||
| 5 | Deutsche Bank Securities Inc. | |||
| 6 | Citizens JMP Securities, LLC | |||
| 7 | TCBI Securities, Inc. (d/b/a Texas Capital Securities) |
IPO CAPITAL QUALITY
Issuer capital
Selling-holder liquidity
Primary shares
Secondary shares
Basis and evidence
No estimate is substituted for missing offer terms.
Capital quality is not yet quantifiable from the filed terms. IPO177 will calculate it when primary/secondary shares, fees and net proceeds are all disclosed.
Offering structure
Source and calculation
Dilution and valuation
| Calculation | Shares | Value |
|---|---|---|
| Pre-offer weighted shares | 196.98M | Price pending |
| Calculation | Value | Reference |
|---|---|---|
| H1 revenue | $80.1M | +58.8% |
| H1 adjusted EBITDA | $25.4M | 31.7% margin |
Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Share-count comparison | A compatible post-offer share count is needed. Available pre-offer figures remain in the table above. Open filing ↗ |
| Ownership across stages | Comparable ownership figures across stages are unavailable in this report. See Control for holdings on their disclosed basis. Open filing ↗ |
| IPO valuation scenario simulator | Requires a verified offer price and post-offer share count on the same basis. Open filing ↗ |
CONTROLLING PARTYKenneth Gregg
Expected after the offering; share count remains blank
- Voting
- >50%
- As of
- 2026/08/20
!Dual-class: Class B carries 10 votes per shareView source ↗
Relationship filters
ownership / voting rights
share structure
| Entity / holder | Relationship |
|---|---|
| Kenneth Gregg voting powerEconomic ownership: Majority* Voting power / rights: >50% | Controlling party |
| Other existing holders | Major ownership group |
| IPO investors | Public / new investors |
Select for details · Kenneth Gregg voting power
- Kenneth Gregg voting power Majority*
Why control differs from ownership
Class A carries one vote and Class B carries ten votes per share.
Founder Kenneth Gregg will retain majority voting power after the offering.
Orion180 expects to qualify as a Nasdaq controlled company.
Exact post-offer ownership cannot be calculated until shares are filed.
Conditional lock-up timeline
Conditional lock-up timeline
Eligibility is not a sale. Release conditions, holder groups and exceptions remain separate.
Milestones and unconfirmed releases
| Holder / event | Term / date | Conditions |
|---|---|---|
| Insider lock-up | +180 days Substantially all · existing shares | Insider lock-up · Directors, executives and substantially all holders · Not yet published — awaiting the effective or final prospectus. · 180 days after the prospectus, subject to waiver · Cumulative: Substantially all existing shares (Not calculable) · No trading-volume basis is available; calculate after 20 trading sessions. |
Basis and evidence
Insider lock-up
Insider lock-up · Directors, executives and substantially all holders · Not yet published — awaiting the effective or final prospectus. · 180 days after the prospectus, subject to waiver · Cumulative: Substantially all existing shares (Not calculable) · No trading-volume basis is available; calculate after 20 trading sessions.
Lock-up / shares eligible for future sale ↗Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Potential supply pressure | This saved report has no compatible source inputs for this calculation. Open filing ↗ |
Financial quality
| Calculation | Reported value |
|---|---|
| Total assets2025-12-31 · Consolidated | $517,832,000 |
| Total assets2024-12-31 · Consolidated | $356,028,000 |
| Total liabilities2025-12-31 · Consolidated | $490,441,000 |
| Total liabilities2024-12-31 · Consolidated | $341,105,000 |
| Total equity / (deficit)2025-12-31 · Consolidated | $12,108,000 |
| Total equity / (deficit)2024-12-31 · Consolidated | $7,048,000 |
| Cash and cash equivalents2025-12-31 | $6,701,000 |
| Cash and cash equivalents2024-12-31 | $37,845,000 |
| Total assets2025-12-31 | $99,383,000 |
| Total assets2024-12-31 | $113,989,000 |
| Total liabilities2025-12-31 | $71,992,000 |
| Total liabilities2024-12-31 | $99,066,000 |
| Total equity / (deficit)2025-12-31 | $12,108,000 |
| Total equity / (deficit)2024-12-31 | $7,048,000 |
| Total assets2026-06-30 · Consolidated · Unaudited | $911,583,000 |
| Total assets2025-12-31 · Consolidated · Unaudited | $517,832,000 |
| Total liabilities2026-06-30 · Consolidated · Unaudited | $1,036,594,000 |
| Total liabilities2025-12-31 · Consolidated · Unaudited | $490,441,000 |
| Total equity / (deficit)2026-06-30 · Consolidated · Unaudited | ($125,011,000) |
| Total equity / (deficit)2025-12-31 · Consolidated · Unaudited | $12,108,000 |
| H1 revenue | $80.077M |
| H1 net income | $13.547M |
| Adjusted EBITDA | $25.384M |
| Managed premiums | $601M |
| Reinsurance recoverable | $81.2M |
Basis and evidence
Total assets
December 31, 2025; consolidated; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total assets
December 31, 2024; consolidated; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Total liabilities
December 31, 2025; consolidated; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total liabilities
December 31, 2024; consolidated; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Total shareholders’ equity
December 31, 2025; consolidated; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total shareholders’ equity
December 31, 2024; consolidated; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Cash and cash equivalents
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Cash and cash equivalents
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Total assets
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total assets
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Total liabilities
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total liabilities
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Total shareholders’ equity
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total shareholders’ equity
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Total assets
June 30, 2026; consolidated unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
Total assets
December 31, 2025; consolidated unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total liabilities
June 30, 2026; consolidated unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
Total liabilities
December 31, 2025; consolidated unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total shareholders’ equity (deficit)
June 30, 2026; consolidated unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
Total shareholders’ equity (deficit)
December 31, 2025; consolidated unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
H1 revenue
+58.8%
H1 net income
from $(3.042M)
Adjusted EBITDA
+550.9%
Managed premiums
LTM
Reinsurance recoverable
2026/06/30
Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Financial review | Reported financial figures are shown above. A cash-runway estimate needs compatible cash-flow and funding assumptions. Open filing ↗ |
LATEST COMPARISON
Open S-1 ↗Baseline filing — comparison pending
No source-comparable material changes identified in this report.
Why it mattersChanges valuation, proceeds and first-day return assumptions.
Evidence · S-1 · 2026/08/20S-1
• Nasdaq symbol OIG proposed
• Price, shares and proceeds remain blank
Catastrophe losses and reserve estimation can materially change underwriting results.
- Potential impact
- High
- Evidence
- S-1 · 2026/08/20 ↗
Founder voting control will continue through ten-vote Class B shares.
- Potential impact
- High
- Evidence
- S-1 · 2026/08/20 ↗
Price, share count, dilution and valuation are not yet published.
- Potential impact
- High
- Evidence
- S-1 · 2026/08/20 ↗
Reinsurance availability and counterparty recoverability affect capital and earnings.
- Potential impact
- Medium
- Evidence
- S-1 · 2026/08/20 ↗
DocumentS-1SEC registration statement
Filed2026/08/201 public filings identified
Source-bound table inputs20SEC EDGAR
Sources and calculation notes
Business and June financials filed; price, shares, valuation and proceeds remain blank
View the filing's actual first page ＋
