KBRA Assigns BBB+ Insurance Financial Strength Rating (IFSR) to Orion180 Insurance Company
12 Jun 2023 | New York
KBRA Assigns BBB+ Insurance Financial Strength Rating (IFSR) to Orion180 Insurance Company. The Outlook for the rating is Stable.
Orion180 Insurance Company (OIC) is an Indiana domiciled property and casualty company authorized to write surplus lines homeowners’ insurance in Alabama, Mississippi, North Carolina, and South Carolina. It also plans to begin writing in numerous coastal Georgia counties in mid-June. The company received its Certificate of Authority from the state of Indiana on June 16, 2022, and commenced writing policies on December 1, 2022.
The rating is positively impacted by the experienced management team, favorable projected capitalization levels, a business plan benefitting from an existing MGA book with good historical loss experience, minimal legacy issues, and reasonable start-up expenses. These positive factors are offset by exposure to event risk and reinsurance dependence, product and geographic concentration, and some execution risk as a start-up insurer.
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