The Florida Office of Insurance Regulation (OIR) has approved the Orion180 subsidiaries, Orion180 Select Insurance Co. and Orion180 Insurance Co., to enter the homeowners and wind market.
Recently, FLOIR approved the companies to form property and casualty (P&C) insurers in Florida.
Orion180 is a provider of insurance solutions that was launched in 2018. With this approval, the company expects to begin underwriting insurance on an admitted basis throughout its geographic presence.
These now include Florida along with Alabama, Georgia, Indiana, Mississippi and North Carolina with plans to expand its admitted business throughout the Midwest and West.
Orion180 aims to launch a wind-only product for residential properties in Florida by the end of 2023.
Its regional markets in Florida will include Atlantic coastal properties as well as properties as far north as the Gulf of Mexico.
The product will cater primarily to homes with a replacement cost above $700,000. The company will evaluate offering a Florida homeowners product in 2024.
Kenneth Gregg, CEO and founder of Orion180, commented, “Orion180 has always been focused on providing a premier insurance experience for customers and independent agents. We view Florida as an attractive insurance market for profitable growth over the long term.
“Given our strong capital position, significant reinsurance backstop, and underwriting discipline, we feel we are in a great position to provide Floridians best-in-class insurance solutions. We also thank Florida regulators for their diligent review of our application, and applaud their vision in supporting a company such as Orion180 in its quest to serve this significant market.”
