Orion180 completes XOL reinsurance placement for 2024 hurricane season
Orion180 completes XOL reinsurance placement for 2024 hurricane season | Insurance Business Australia
Reinsurance
Orion180 completes XOL reinsurance placement for 2024 hurricane season
Program represents a 47% increase from the previous year
Reinsurance
By
Kenneth Araullo
Homeowners insurance provider Orion180 has announced the completion of its reinsurance placement for excess-of-loss (XOL) and net quota share agreements for the 2024 hurricane season.
According to the company, the reinsurance program represents a 47% increase from 2023, providing 200-year return period protection for both carriers.
With this placement, Orion180 explained that it aims to continue offering a variety of personalized homeowners insurance products and expects significant growth in its personal lines premium across the United States.
The renewed reinsurance program is also supported by a panel of over 42 reinsurers, each with a financial rating of A- or higher by AM Best or fully collateralized.
Ken Gregg (pictured above), founder and CEO of Orion180, stated that the reinsurance arrangement will help the company continue its mission of providing premier insurance solutions and an excellent customer experience in the United States.
“We appreciate the support of our reinsurance partners, which enables us to provide much-needed insurance capacity in areas experiencing significant disruption in the property insurance market,” Gregg said. “Our independent agency partners and customers can feel secure knowing that, in the event of a severe storm, Orion180 is equipped to fulfill our promise of protection. We are committed to remaining in catastrophe-exposed markets and bringing solutions to those in need.”
Orion180 announced that it is also expanding with a new admitted homeowners product in the Ohio market as of July 9, 2024, and has plans for additional products and market entries throughout the year.
In late April, the firm expanded its homeowners insurance services to Arizona, marking its first foray into the western United States, as part of the company’s broader strategy to develop a comprehensive national presence.
In the state, Orion180 Select Insurance Co, an admitted insurance carrier based in Indiana, will address the specific needs of homeowners.
What are your thoughts on this story? Please feel free to share your comments below.
Keep up with the latest news and events
Join our mailing list, it’s free!
