Orion180 Insurance Group (NASDAQ:OIG) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Orion180 Insurance Group (NASDAQ:OIG) issued its quarterly earnings data on Tuesday. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.05, Zacks reports.

Here are the key takeaways from Orion180 Insurance Group’s conference call:

• Third-quarter growth was strong: managed premiums written rose 60% to $204 million, premiums in force increased 72% to $678 million, revenue grew 58% to $53.9 million, and adjusted EBITDA advanced 65% to $25.1 million.
• Underwriting results improved, with the combined ratio falling to 68.8% from 95.8% and the net loss ratio improving to 42.8%. The gross loss ratio rose to 32.8% from 27.3%, which management attributed in part to seasonal storm activity.
• The company is pursuing further growth through expansion in newer states, including Colorado, and new offerings such as FlexLuxe and its landlord product; management also cited technology, product customization, and agent relationships as differentiators.
• The September IPO generated approximately $224 million in net proceeds, which Orion180 used to reduce debt; it ended the quarter with $166 million in cash and cash equivalents and $56 million of debt, and said it intends to pay down debt using excess cash.
• Policy retention eased to 87.6% from 89.6%, and management acknowledged some pricing pressure and near-term macro uncertainty, though it said these had not significantly affected results through the quarter.

Orion180 Insurance Group Price Performance

Shares of Orion180 Insurance Group stock opened at $9.36 on Wednesday. Orion180 Insurance Group has a 12 month low of $7.78 and a 12 month high of $12.06.

Analysts Set New Price Targets

Several brokerages have weighed in on OIG. Royal Bank Of Canada began coverage on shares of Orion180 Insurance Group in a research note on Tuesday, October 13th. They set an “outperform” rating and a $15.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of Orion180 Insurance Group in a research note on Tuesday, October 13th. They issued a “buy” rating and a $13.00 price target on the stock. Citizens Jmp assumed coverage on shares of Orion180 Insurance Group in a report on Tuesday, October 13th. They issued a “market outperform” rating and a $20.00 price objective on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Orion180 Insurance Group in a research report on Tuesday, October 13th. They set a “buy” rating and a $12.90 price objective for the company. Finally, UBS Group initiated coverage on shares of Orion180 Insurance Group in a report on Tuesday, October 13th. They issued a “buy” rating and a $14.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Orion180 Insurance Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.98.

Insider Transactions at Orion180 Insurance Group

In other Orion180 Insurance Group news, major shareholder Craig Darling purchased 6,990 shares of the business’s stock in a transaction on Tuesday, September 22nd. The shares were bought at an average cost of $10.72 per share, for a total transaction of $74,932.80. Following the completion of the purchase, the insider directly owned 5,711,190 shares of the company’s stock, valued at approximately $61,223,956.80. This trade represents a 0.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have bought 10,990 shares of company stock worth $115,797 in the last 90 days.

Orion180 Insurance Group Company Profile

Orion180 Insurance Group, Inc. is a technology-driven property and casualty insurance company focused primarily on personal lines coverage. Through its insurance subsidiaries, the company provides products designed to protect residential properties and personal belongings, including homeowners, renters and related property insurance offerings. The company uses proprietary technology and data analytics to support policy underwriting, pricing, distribution and claims management. Orion180 distributes its products through independent insurance agents and other channels, with an emphasis on simplifying the insurance purchasing and servicing experience for customers and agents.