Orion180 Insurance Group Inc. filed for a US initial public offering, as the company looks to carve out a bigger share of the fast-growing specialty homeowners and flood insurance market.
The Melbourne, Florida-based insurer had net income of $13.5 million on revenue of $80.1 million for the first six months of 2026, compared with a net loss of $3 million on revenue of $50.4 million a year earlier, according to its filing Thursday with the US Securities and Exchange Commission.
Started in 2018, Orion180 offers excess and surplus lines homeowners insurance, generating $601 million of direct written premiums in the 12 months ended June 30, according to the filing. The company also provides flood insurance and other products distributed through more than 14,000 independent agents.
The excess and surplus segment of the home insurance market has grown at a compound annual rate of 25% over the past five years to $4 billion of premiums as of the end of last year, the filing shows.
The company is led by founder Kenneth Gregg, who will control the company after the IPO through his holdings of Class B shares. Gregg took home $2.6 million in salary and bonus in 2025, the SEC filing shows. This year, his base salary will rise from $1.2 million to $1.8 million.
Royal Bank of Canada, UBS Group AG, Raymond James Financial Inc., Goldman Sachs Group Inc., Deutsche Bank AG, Citizens Financial Group Inc. and Texas Capital Securities are working on the offering, the filing shows. Orion180 expects its shares to trade on the Nasdaq Global Select Market under the symbol OIG.
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Castel also said Magnum, the Amsterdam-based company that has owned Ben & Jerry’s since it was spun off from Unilever last year, will take Unilever’s place as the primary defendant.
The dismissed claims relate primarily to how Ben and Jerry’s operates, while the two claims that survived in full relate to missed payments by Unilever.
Unilever’s 2000 purchase of Ben & Jerry’s had preserved substantial and uncommon freedoms for the ice cream company, relative to most acquisitions.
These included an independent board, and the ability to continue pursuing a social mission and charitable work dating from its 1978 founding by Ben Cohen and Jerry Greenfield.
The relationship began unraveling in 2021, however, when Ben & Jerry’s decided to stop selling ice cream in the Israeli-occupied West Bank.
Lawyers for Ben & Jerry’s independent directors did not immediately respond to requests for comment. Unilever and its lawyers also did not immediately respond.