Orion180 Insurance shares opened at $11.50 on Nasdaq, below the company’s $12 initial public offering price and its marketed range of $15 to $17. The Melbourne, Florida-based specialty insurer sold 20 million Class A shares, raising $240 million, and was valued at $1.14 billion. Orion180 also granted underwriters a 30-day option to purchase up to 3 million additional shares at the IPO price, less discounts and commissions. The offering is expected to close on September 21, 2026, subject to customary conditions. Founded in 2018 by Kenneth Gregg, Orion180 provides excess and surplus lines and admitted homeowners insurance, private flood insurance and ancillary products across 14 U.S. states, including Texas, California and Florida. Gregg said the company is targeting the broader homeowners market and will expand opportunistically beyond its core footprint. The listing comes as investor concerns about artificial-intelligence spending, a recent Federal Reserve interest-rate hike and rising bond yields weigh on the fall IPO market. Insurers are benefiting from demand linked to more frequent and costly floods and wildfires, while higher claims have prompted property insurers to raise premiums. CVC-backed Bamboo Insurance Services is also scheduled to go public the following week, targeting a $3.24 billion valuation.