BUZZ-Orion180 Insurance shares fall on first day of trading after US IPO prices below range

September 18 - ** Orion180 Insurance OIG.O shares fell 5% to $11.41 on their first day of trading on Nasdaq, as the US IPO was priced below the offering range

** The stock opened at (link) $11.50 per share, while the IPO was priced at $12 per share

** Melbourne, Florida-headquartered OIG sold 20 million shares at a price (link) below the offering range of $15 to $17 per share (link)

** RBC Capital Markets, UBS Investment Bank, and Raymond James served as joint bookrunners for the offering

** Orion180, founded by Kenneth Gregg in 2018, provides excess and surplus lines homeowners insurance in 14 US states. Its main markets include Texas, California, and Florida

** The company currently focuses on the homeowners and residential flood insurance markets, and managed gross written premiums of about $601 million in the 12 months ended June 30

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