Orion180 Insurance Group Inc. fell 4.2% in its trading debut after raising $240 million from an upsized IPO. The specialty homeowners insurer opened at $11.50 per share, above its $12 IPO price, after selling 20 million Class A shares marketed at $15 to $17. Based in Melbourne, Florida, the company achieved a market value of about $1.14 billion.

Founded in 2018, Orion180 operates as an insurer and managing general agent, offering excess and surplus, state-regulated, and private flood insurance through over 14,000 independent agents. Excess and surplus lines represent a fast-growing segment of the $187 billion US homeowners market. For the first six months of 2026, Orion180 reported $13.2 million net income on $80.1 million revenue, up from a $3 million loss on $50.4 million revenue a year earlier.

The company wrote $601 million in premiums over 12 months ended June 30 and operates in 14 states. Founder Kenneth Gregg controls the company via Class B shares and received a $55 million dividend earlier this month. IPO proceeds may repay a credit facility funding prior dividends, including a $151 million payout in May.

The offering was led by Royal Bank of Canada, UBS Group AG, and Raymond James Financial Inc. Shares trade on Nasdaq under OIG.