Orion180 Insurance Group Inc. (OIG)

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AI: Fair-priced

Price checkOIG Class A closed/quoted at $9.02 on October 21, 2026 at 3:59:27 p.m. EDT, below its $12 IPO price.

SEC filings verify Orion180 Insurance Group Inc., CIK 0002124472, Class A common stock, ticker OIG, Nasdaq Global Select Market. A separate unlisted Class B has ten votes per share and substantially identical economic rights. Insurance subsidiaries are not the public issuer. Historical OIG prices before September 2026 may refer to an unrelated former ticker holder. Timestamped quote is $9.02; another feed reports $9.01 close.

Big pictureCalculated basic equity capitalization is about $893 million, or 5.8 times trailing revenue and 27 times trailing net income.

The IPO prospectus reports 39.10 million Class A plus 59.94 million Class B shares, 99.03 million total. At $9.02 this implies $893.3 million equity value. Class B must be counted despite not trading publicly. Adding outstanding options and IPO RSUs gives an illustrative 101.3 million fully issued shares, not a current certified diluted count. TTM revenue calculated from revised 2025 and first-half 2026 figures is $153.1 million. Fair-priced balances strong growth and profitability against catastrophe risk, underwriting losses, leverage and concentrated voting control.

Business strength2Q26 consolidated revenue grew 56% to $46.2 million and net income was $9.7 million, but underwriting remained unprofitable.

Latest reported quarter is unaudited 2Q26 in the September IPO prospectus. First-half gross premiums written rose 79.4%; consolidated adjusted EBITDA was $25.4 million. Underwriting segment adjusted EBITDA was negative $7.1 million and combined ratio 124.7%, still above break-even. At June 30 cash was $170.8 million, debt about $231.9 million principal, and reported shareholders’ deficit $125.0 million. First-half operating cash flow was positive but reflects insurance premium and reinsurance timing, not simply distributable recurring cash.

What could change the storyPremium growth, improved combined ratios, new products and IPO-funded debt reduction could improve the outlook; catastrophe losses and reinsurance costs are key risks.

Management reported 88.6% first-half policy retention and $601 million managed premiums, which is a production metric rather than GAAP revenue. 3Q26 results were scheduled for November 10, 2026, not yet reported. FlexLuxe launched for high-value Florida and Texas homes, with no sales contribution disclosed. A September dividend was funded largely with new revolving debt; the prospectus estimated $220 million net base IPO proceeds, but actual debt repayment was unverified. Founder Kenneth Gregg retained about 93.9% voting power through Class B. Catastrophe losses, reinsurance conditions, debt and governance can materially affect equity value.

AI: News

October 19, 2026: Orion180 launches FlexLuxe for high-value homesThe company introduced homeowners insurance for selected Florida and Texas properties with dwelling coverage up to $5 million.

FlexLuxe expands its product range and agency opportunities; it includes water shut-off technology and optional coverages. No sales, premium commitments or profitability were disclosed. Higher insured values also increase claim severity and require sound pricing and reinsurance.

September 21, 2026: Orion180 completes $240 million Nasdaq IPOOrion180 issued 20 million Class A shares at $12 each, raising $240 million gross and listing under OIG.

The final prospectus estimated $220 million net proceeds. An additional 3 million share underwriter option was available, but exercise was not verified. Post-base offering shares totaled 99.03 million across Class A and B. Founder Kenneth Gregg retained approximately 93.9% voting power through ten-vote Class B shares. Financing improved flexibility but diluted owners and established controlled-company governance.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$7.2M	$6.6M
Net income	−$6.4M	$601,000
Net profit margin	−88.41%	9.15%

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Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Orion180 Insurance Group Inc. (OIG)

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