Press Release|Insurance
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KBRA Affirms Rating for Orion180 Insurance Company

11 Jun 2026   |   New York

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KBRA affirms the BBB+ Insurance Financial Strength Rating (IFSR) for Orion180 Insurance Company (OIC). The Outlook for the rating is Stable.

The rating for OIC reflects its continued adequate risk-based capitalization, conservative investment portfolio, experienced management team, and well-defined underwriting and growth strategy. OIC continues to remain well capitalized and reported an RBC ratio of 430% at year-end 2025. The rating also benefits from OIC’s conservative investment portfolio, which remains heavily concentrated in cash and high-quality fixed income securities. All bond investments are currently classified as NAIC 1 or NAIC 2 category bonds. Additionally, OIC benefits from an experienced management team and a proprietary technology platform that supports data-driven underwriting, real-time portfolio management, and efficient policy administration. The company employs underwriting restrictions, policy sub-limits, annual property inspections, and technology-enabled monitoring tools to control attritional losses and manage risk accumulation. The platform’s real-time visibility into portfolio exposures allows OIC to actively manage geographic and risk concentrations while supporting continued agency growth.

Tempering these strengths are OIC’s exposure to catastrophe risk and reliance on reinsurance. As a homeowners’ insurer with a concentration in southeastern states, OIC remains exposed to severe weather events and maintains dependence on reinsurance protection.

While OIC remains concentrated in both product offerings and geography, KBRA notes that the company continued to diversify in 2025. OIC meaningfully expanded into additional states, including Texas, California, and Florida in 2025 and Colorado in 2026. This expansion is expected to continue to grow the company’s geographic footprint over time. OIC also remains focused on ongoing product expansion initiatives which have helped mitigate some of the risks associated with product concentration.

Factors that could positively impact the rating include sustained profitable growth and stability in earnings, a consistent trend in organic surplus growth, favorable changes to the risk profile and results that materially and consistently exceed projections. Factors that could negatively impact the rating include inability to obtain affordable reinsurance leading to an increase in loss exposure and a drag on earnings, unfavorable changes to the risk profile, results that are consistently and materially below projections, and the departure of key members of the management team without suitable replacement.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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