Protective Life Insurance Company, the principal subsidiary of Protective Life Corporation, has completed its acquisition of Obsidian Insurance Holdings, Inc. and its affiliates (Obsidian) from private equity firm Genstar Capital.
The acquisition, initially announced back in April 2026, will establish a fifth business line for Protective, focused on specialty property and casualty (P&C) insurance, which will broaden the company’s portfolio and create opportunities for organic growth.
This venture also expands Protective’s business into the excess and surplus (E&S) insurance market and adds a business with different earnings drivers and market cycles from Protective’s existing businesses.
“Obsidian brings Protective into an important segment of the insurance market through a business that complements our existing portfolio,” said Paul Wells, President of Protective. “We respect what the Obsidian team has built and the relationships behind its success. Our priority is to give the team the support and capabilities it needs to keep serving customers and partners well.”
Established in 2020, Obsidian operates as a hybrid fronting carrier that backs specialised P&C insurance programs underwritten by managing general agents (MGA), managing general underwriters (MGU), and program managers.
Because many of these initiatives address risks demanding tailor-made insurance solutions and specialized underwriting, Obsidian furnishes the requisite carrier infrastructure, governance, and access to reinsurance capacity to support their operation and growth.
“Having worked closely with the Obsidian team throughout this process, I have seen firsthand the expertise and discipline they bring to the market,” said Lance Black, EVP, Acquisitions and Corporate Development, who will oversee Obsidian as part of Protective. “I’m excited to continue working with Bill, Craig and the broader team and build on the strong foundation they have established.”
“Protective understands our business and values the relationships and underwriting discipline behind what our team has built,” said William Jewett, Chief Executive Officer of Obsidian. “Its financial strength and broader capabilities will help us invest in the business while remaining focused on the customers, partners and programs we serve.”
The transaction is Protective’s 62nd acquisition and its ninth since becoming part of Daiichi Life Group in 2015. Protective serves as Daiichi Life’s US insurance growth platform, focused on driving sustainable growth across a diversified portfolio of businesses.
“We are proud of what the Obsidian team has built since the company’s formation six years ago,” said Ryan Clark, President and Managing Partner at Genstar Capital. “It has been a privilege to partner in creating and growing Obsidian into a premier specialty insurance platform, and we are confident Protective is the right owner for Obsidian’s next phase.”
For Protective, Citi acted as exclusive financial advisor, Oliver Wyman served as actuarial advisor, and Willkie Farr & Gallagher LLP provided external legal counsel.
Obsidian was represented by Ropes & Gray LLP and Mayer Brown LLP as external legal counsel.
