Updated: Orion180 Insurance valued at 1.14 billion dollars, but stock price falls on first day of trading

Supplemented stock price movements in paragraph 2 and added background details throughout the text.

Reuters, September 18 - Orion180 Insurance (OIG.O) saw its share price fall during its initial public offering (IPO) on Nasdaq last Friday, with the company valued at $1.14 billion.

The Melbourne, Florida-based company priced its IPO at $12 per share, below the offering range of $15 to $17, opened at $11.50, and raised a total of $240 million.

The listing comes at a challenging start to the autumn IPO season, as concerns over artificial intelligence spending, recent Federal Reserve interest rate hikes, and rising bond yields have dampened investor enthusiasm for new listings.

Orion180’s debut is expected to test investor interest in the sector and could set the tone for other insurance firms considering going public later this year, as investors look to increase holdings in insurance stocks.

Bamboo Insurance Services, backed by CVC, also plans to go public next week, targeting a valuation of $3.24 billion (link).

Founded in 2018, Orion180 describes itself as the second-largest excess and surplus lines residential insurance underwriter in the United States, also offering flood insurance and other products through more than 14,000 independent agents.

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