Protecting Life has struck a deal to accumulate Obsidian Insurance coverage Holdings and its associates from Genstar Capital, giving the insurer an entry level into the specialty property and casualty section.
The acquisition shall be carried out by the Protecting Life Insurance coverage Firm, the group’s predominant working subsidiary, and can create a brand new line of enterprise for the corporate.
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Monetary phrases weren’t disclosed.
The transfer is a part of Protecting’s wider plan to broaden its earnings base and broaden into adjoining markets.
For Obsidian, the deal is anticipated to deliver long-term capital backing and better scope to spend money on its platform, accomplice community and workforce.
Genstar based Obsidian in 2020 after figuring out rising demand for insurers that underwrite programme enterprise and act as an middleman between specialist underwriters and reinsurance suppliers.
Obsidian operates as an insurance coverage holding firm with admitted and non-admitted provider subsidiaries.
These models challenge insurance policies underwritten by managing normal brokers, managing normal underwriters and programme managers.
Its platform originates, underwrites and manages a diversified e-book of property, casualty and specialty insurance coverage programmes, whereas ceding most of that enterprise to chose reinsurers.
Obsidian CEO William Jewett stated: “Protecting’s monetary energy and long-term method make it a wonderful match. Collectively, we anticipate to broaden our capacity to help specialised insurance coverage programmes whereas persevering with to ship for our folks and the markets we serve.”
Because it was based, Obsidian has grown its annual gross written premiums to greater than $1bn.
The transaction is scheduled for completion within the fourth quarter of 2026 (This autumn 2026) or Q1 2027, topic to regulatory clearance and customary closing necessities.
As soon as finalised, the deal shall be Protecting’s 62nd acquisition and its ninth because the firm joined Tokyo-based Daiichi Life in 2015.
Protecting serves as the corporate’s North American development platform.
Daiichi Life, a monetary companies group, had greater than $462bn (Y73.84tn) in whole belongings as of 31 December 2025 and operates in ten international locations.
Protecting CEO Wealthy Bielen added: “By bringing Obsidian into Protecting, we’re including a high-quality specialty insurance coverage platform that expands the place and the way we develop whereas staying true to our imaginative and prescient to guard extra folks by life’s many moments. We sit up for welcoming Obsidian’s staff upon closing.”
