Insurance provider Orion180 has announced that it has successfully filled its $455 million excess-of-loss (XOL) reinsurance tower for first- and second-event coverage this hurricane season for its Orion180 Insurance Co. homeowners business.
In addition to the XOL tower placement, Orion180 placed a 75% net quota share agreement. This placement enables Orion180 to continue its personal lines premium growth across the Southeast, the company said.
Orion180 Insurance Co., a subsidiary of the Orion180 Group, underwrites homeowners insurance in Alabama, Mississippi, North Carolina and South Carolina as an E&S lines insurance carrier. Its global reinsurance panel, headed by Arch Re, includes 43 other reinsurers.
“With their dedication to customer satisfaction, personalized 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,” said Matt Dragonetti, president and head of property at Arch Re.
“This reinsurance arrangement supports Orion180’s strategy of aggressively serving Southeastern United States markets with quality homeowners insurance products and outstanding customer experience,” said Kenneth Gregg, founder and CEO of Orion180. “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.
“The additional reinsurance capacity speaks to the financial strength of the company and serves as a signal that Orion180 is open for business and ready to serve customers in these catastrophe-exposed markets, and is on a continued growth track.”
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