Insurance solutions provider Orion180 has announced that it has closed on an inaugural $42.5 million senior secured credit facility led by Regions Bank.
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, and Orion180 Select Insurance Co., that was formed to provide insurance solutions on an admitted basis throughout the Southeast and Midwest.
Formed in 2022, Orion180 Insurance Co., had $20 million of equity capital prior to the new capital investment.
Moreover, the Indiana-domiciled insurers will use their broader capital base to drive underwriting growth and product line expansion, as well as geographic expansion beyond their current footprints.
Orion180 Insurance Co. holds approvals to do business in Alabama, Indiana, Mississippi, North Carolina and South Carolina, and also has approvals filed in both Georgia and Tennessee.
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.
“This new capital significantly enhances Orion180’s brand, financial position, management and agent distribution strategy. 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.”
In addition, Leo Loughead, head of the Financial Services Group at Regions Bank, stated that the bank’s support reflects Regions’ strategic and consultative approach toward client service.
“At Regions Bank, our relationship approach to service provides clients with industry-specific advice and capital-raising solutions to serve and grow their business,” he said.
“Our service model helps clients meet their financial goals and business objectives. The team of bankers is committed to providing strategic support that is tailored to clients’ success.”