Protective to acquire Obsidian
Protective Life has entered into an agreement with private equity firm Genstar Capital to acquire property, casualty and specialty insurance platform Obsidian Insurance Holdings and its affiliates.
Obsidian is an insurance holding company with admitted and non-admitted insurance carrier subsidiaries that issue policies underwritten by managing general agents, managing general underwriters and program managers. Through its platform, Obsidian sources, underwrites and manages a diverse portfolio of property, casualty and specialty insurance programs and reinsures the majority of the business to select reinsurers.
Obsidian was established in 2020 by Genstar and has annual gross written premium above $1 billion.
The acquisition will establish a new business line for Protective and represents an important step in the company’s long-term strategy to diversify its earnings and grow in complementary markets.
Once closed, this transaction will mark Protective’s 62nd acquisition and its ninth since becoming part of Tokyo-based Daiichi Life in 2015.
The transaction is expected to close in the fourth quarter of 2026 or first quarter of 2027, pending regulatory approvals and other customary closing conditions.
“Protective has a long history of growing thoughtfully in ways that strengthen our ability to serve customers and partners. By bringing Obsidian into Protective, we are adding a high-quality specialty insurance platform that expands where and how we grow while staying true to our vision to protect more people through life’s many moments. We look forward to welcoming Obsidian’s team upon closing.” – Rich Bielen, Chief Executive Officer of Protective.
“This is a meaningful milestone for Protective as we enter the specialty property and casualty market through a proven platform. Obsidian has built a strong business by supporting specialized insurance programs with deep expertise and a disciplined approach to risk. With Protective’s long-term ownership and financial strength, we believe Obsidian is well-positioned to continue building on that momentum.” – Wade Harrison, Vice Chairman and Chief Operating Officer of Protective.
“Obsidian was built with a clear focus on underwriting discipline, strong partnerships and delivering solutions in areas where specialty expertise matters. We are grateful for Genstar’s partnership and the support they have provided in building Obsidian into the platform it is today. Protective’s financial strength and long-term approach make it an excellent fit. Together, we expect to expand our ability to support specialized insurance programs while continuing to deliver for our people and the markets we serve.” – William Jewett, Chief Executive Officer of Obsidian.
“We want to extend our gratitude to Bill, Craig and the entire Obsidian team. They delivered on the Obsidian business plan and have built a premier, high quality specialty insurance platform that is supporting a top tier lineup of program partners. We have been proud partners in creating and growing this business, and are confident Protective is the right home to take Obsidian into its next chapter of growth.” – Ryan Clark, President and Managing Partner at Genstar Capital.
