Orion180, a provider of insurance solutions, has closed an inaugural $42.5m senior secured credit facility led by Regions Bank.
Founded in 2016, Orion180 is on a mission to enhance the way agents and consumers purchased and manage insurance.
The fast-growing insurance solutions provider offers a combination of proprietary technology and customer-centric human interactions, simplifying the insurance buying process.
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, formed to provide insurance solutions on an admitted basis throughout the Southeast and Midwest.
Orion180 Insurance, formed in 2022, had $20m of equity capital prior to the new capital investment.
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.
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.
Kenneth Gregg, CEO and founder of Orion180, said, “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 new capital supports Orion180’s business strategy, which has already yielded positive revenue and customer growth.”
The new capital significantly enhances Orion180’s brand, financial position, management and agent distribution strategy, Gregg continued. “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.”
Earlier this year, Orion180 partnered with Nearmap to utilise its aerial imagery to improve its risk selection and streamline the underwriting process.
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