Orion180 Group just landed a $42.5 million senior secured credit facility led by Regions Bank.
The Melbourne-based technology-focused insurance company plans to use the funds to boost its Indiana-domiciled insurers — Orion180 Insurance Co. and Orion180 Select Insurance Co. — with new product growth and new states. Orion180 Insurance Co. is currently able to operate in Alabama, Indiana, Mississippi, North Carolina and South Carolina, with approvals filed in Georgia and Tennessee.
Why this matters: New investment can help companies grow and meet their business goals, such as expanding into new markets or adding staff.
Junie Lopez, vice president of marketing for the company, told Orlando Inno that the capital will be used to support Orion180’s two insurance companies as surplus capital. "With the capital infusion, Orion180 will be able to continue its rapid growth, expecting to write more than $250 million of direct written premium this year, while rapidly expanding into additional new states and offering new lines of business to its agency partners and insureds."
In comparison, Orion had $150 million in direct written premiums in 2022. Orion180 Insurance Co., which was started in 2022, had $20 million of equity capital before the new investment.
The new investment comes as Orion180 has plans for a new headquarters building in Melbourne. The project is a six-story, $50 million building in partnership with West Palm Beach developer Hedrick Kirco Properties
Orion180 as of August 2022 had 82 employees in Brevard County and plans to reach 400 employees by 2026, with an average wage of $75,000, according to the Space Coast EDC.
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