Florida’s Orion180 secures $455m XoL reinsurance amid hard market
In the midst of a hard market, Orion180, an insurance provider based in Florida, has filled its excess-of-loss (XoL) reinsurance tower totalling $455 million to support its “aggressive” growth strategy in the Southeast personal lines market.
The XoL tower placement is for first- and second-event coverage this hurricane season for its Orion180 Insurance homeowners business. In addition to the placement, Orion180 was able to place a 75% net quota share agreement.
Orion180 Insurance, a subsidiary of the Orion180 Group, underwrites homeowners insurance in Alabama, Mississippi, North Carolina, and South Carolina as an excess-and-surplus lines insurance carrier. The global reinsurance panel, led by Arch Re, encompasses 43 other reinsurers, including multiple Lloyd’s syndicates.
Kenneth Gregg (pictured), CEO and founder of Orion180, said: “This reinsurance arrangement supports Orion180’s strategy of aggressively serving Southeastern United States markets with quality homeowners insurance products and outstanding customer experience.”
“The recent and continued upheaval in the property insurance markets, especially in the Southeast, makes this new reinsurance capacity meaningful for our independent agency partners,” he added. “The additional reinsurance capacity speaks to the financial strength of the company and serves as a signal that Orion180 is open for business ready to serve customers in these catastrophe-exposed markets, and is on a continued growth track.”
Matt Dragonetti, president and head of property for Arch Re, commented: “With their dedication to customer satisfaction, personalised policyholder solutions and a focus on innovation, Orion180 is a partner to whom we have dedicated our time and capital in this challenging property cat reinsurance market.”
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