Fledgling insurance provider Orion180, launched in 2018, has received the green light from the Florida Office of Insurance Regulation (OIR) for both of its carriers: Orion180 Select Insurance Co. and Orion180 Insurance Co.
This approval paves the way for the company to engage in underwriting insurance on an admitted basis across its geographical scope. This includes Florida, a new addition to its operational domain, in addition to Alabama, Georgia, Indiana, Mississippi, and North Carolina. Beyond this, the company has plans to further expand its admitted business throughout the Midwest and West regions.
Anticipating its progression, Orion180 is set to introduce a wind-only insurance product tailored for residential properties in Florida by the close of 2023. The regional focus of this product encompasses Atlantic coastal properties and extends as far north as the Gulf of Mexico.
Primarily aimed at homes valued at over $700,000 in replacement cost, this offering is expected to cater to a specific market segment. Additionally, Orion180 is contemplating the potential launch of a Florida homeowners product in the year 2024.
“Orion180's unwavering commitment has always been centered on delivering an exemplary insurance experience for both customers and independent agents,” Orion180 CEO Kenneth Gregg said. “We see Florida as an enticing insurance landscape with prospects for sustainable growth. Armed with a robust capital position, substantial reinsurance support, and meticulous underwriting practices, we are well-positioned to offer Floridians top-tier insurance solutions.
“Our appreciation extends to Florida regulators for their thorough evaluation of our application, and we commend their forward-looking approach in endorsing a company like Orion180 to serve this pivotal market.”
The insurer’s entry into the market comes amid positive signs; the Florida OIR recently announced that the state’s insurance market continues to grow, with several reforms further aimed at strengthening the property insurance sector.
What are your thoughts on this story? Please feel free to share your comments below.
