Orion180 Insurance Group (NASDAQ:OIG – Get Free Report) posted its earnings results on Tuesday. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates 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 Trading Up 1.2%
Shares of OIG stock traded up $0.11 on Tuesday, reaching $9.36. 166,879 shares of the stock were exchanged, compared to its average volume of 359,302. Orion180 Insurance Group has a twelve month low of $7.78 and a twelve month high of $12.06.
Insiders Place Their Bets
In other Orion180 Insurance Group news, major shareholder Craig Darling purchased 6,990 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The stock was bought at an average cost of $10.72 per share, with a total value of $74,932.80. Following the acquisition, the insider directly owned 5,711,190 shares of the company’s stock, valued at approximately $61,223,956.80. This represents a 0.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 10,990 shares of company stock valued at $115,797 in the last 90 days.
Wall Street Analysts Forecast Growth
OIG has been the subject of a number of recent analyst reports. The Goldman Sachs Group began coverage on shares of Orion180 Insurance Group in a research report on Tuesday, October 13th. They set a “buy” rating and a $13.00 price target for the company. Zacks Research upgraded shares of Orion180 Insurance Group to a “hold” rating in a report on Wednesday, October 14th. UBS Group assumed coverage on shares of Orion180 Insurance Group in a report on Tuesday, October 13th. They issued a “buy” rating and a $14.00 price objective on the stock. Texas Capital raised shares of Orion180 Insurance Group to a “strong-buy” rating in a research report on Tuesday, October 20th. Finally, Raymond James Financial began coverage on shares of Orion180 Insurance Group in a report on Tuesday, October 13th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.98.
View Our Latest Stock Report on OIG
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.
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