Investment Builds Balance Sheet for Two Full-Stack Carriers
Orion180, a premier provider of insurance solutions founded in 2016 to enhance the way agents and consumers purchase and manage insurance, has closed on an inaugural $42.5 million senior secured credit facility led by Regions Bank.
“This significant new investment into Orion180 enables us to build on our market presence as an insurance firm that provides outstanding customer experience, competitive product offerings and strong agent relationships”
The senior secured credit facility will add to the capital base of both of Orion180’s carriers: Orion180 Insurance Co., an excess-and-surplus lines insurance carrier that underwrites non-admitted homeowners insurance in the Southeast, and Orion180 Select Insurance Co., formed to provide insurance solutions on an admitted basis throughout the Southeast and Midwest. Orion180 Insurance Co., formed in 2022, had $20 million of equity capital prior to the new capital investment.
Latest Fintech News: Kotak811 Mobile Banking App: Responsive and Easy User Interface
The Indiana-domiciled insurers will use their broader capital base for underwriting growth and product line expansion, as well as geographic expansion beyond their current footprints. Orion180 Insurance Co. holds approvals to do business in Alabama, Indiana, Mississippi, North Carolina and South Carolina, and has approvals filed in Georgia and Tennessee.
“This significant new investment into Orion180 enables us to build on our market presence as an insurance firm that provides outstanding customer experience, competitive product offerings and strong agent relationships,” says Kenneth Gregg, CEO and founder of Orion180. “The new capital supports Orion180’s business strategy, which has already yielded positive revenue and customer growth.”
“This new capital significantly enhances Orion180’s brand, financial position, management and agent distribution strategy,” adds Gregg. “This fresh capital comes at a time when many insurance competitors are cutting back on underwriting capacity and technology investment. It allows us to continue offering competitive pricing and coverage in homeowners and other lines through our agent business partners.”
Latest Fintech News: PayPal Adds New Features to Its Complete Payments Solution for Online Small Businesses
Leo Loughead, head of the Financial Services Group at Regions Bank, said the bank’s support reflects Regions’ strategic and consultative approach toward client service.
“At Regions Bank, our relationship approach to service provides clients with industry-specific advice and capital-raising solutions to serve and grow their business,” Loughead said. “Our service model helps clients meet their financial goals and business objectives. The team of bankers is committed to providing strategic support that is tailored to clients’ success.”
Orion180 Insurance Services, LLC, an affiliate of Orion180 Insurance Co., as a managing general underwriter produced approximately $145 million in written premium in 2022 while providing more than 80,000 policyholders throughout the southeast with valuable, sought-after protection.
Latest Fintech News: ID.me Reaches User Milestone of 100 Million Digital Wallets
[To share your insights with us, please write to sghosh@martechseries.com]
