Key Takeaways
- • Protective Life Insurance Company, the principal subsidiary of Protective Life Corporation (a U.S. subsidiary of Daiichi Life Group, TSE:8750), completed its acquisition of Obsidian Insurance Holdings, Inc. from funds advised by Genstar Capital, establishing Protective's fifth business line in specialty property and casualty (P&C) insurance.
- • The deal extends Protective into the excess and surplus (E&S) insurance market, with Obsidian's earnings drivers and market cycles differing from Protective's existing businesses, according to the announcement.
- • Obsidian, founded in 2020, operates as a hybrid fronting carrier supporting specialty P&C programs underwritten by managing general agents, managing general underwriters and program managers, providing carrier infrastructure, oversight and reinsurance access.
- • The transaction is Protective's 62nd acquisition and its ninth since joining Daiichi Life Group in 2015; Daiichi Life reported over $462 billion in total assets as of December 31, 2025.
- • Obsidian's leadership (CEO William Jewett, President and COO Craig Rappaport) remains in place, with Protective's Lance Black overseeing the business.
Summary
Protective Life Corporation, a U.S. subsidiary of Daiichi Life Group, Inc. (TSE:8750), announced that Protective Life Insurance Company has completed its acquisition of Obsidian Insurance Holdings, Inc. and its affiliates from funds advised by Genstar Capital. The transaction establishes Protective's fifth business line, focused on specialty property and casualty insurance, and expands the company into the excess and surplus insurance market. According to the announcement, the business brings earnings drivers and market cycles that differ from Protective's existing operations, and the company expects the transaction to create opportunities for organic growth.
Founded in 2020, Obsidian is a hybrid fronting carrier that supports specialty P&C insurance programs underwritten by managing general agents, managing general underwriters and program managers. Many of these programs cover risks requiring specialized underwriting and customized solutions. Obsidian supplies the carrier infrastructure, oversight and access to reinsurance capacity needed to operate and grow these programs. The company is an insurance holding company with admitted and non-admitted carrier subsidiaries, and it reinsures the majority of its business to select reinsurers.
Protective President Paul Wells said the acquisition brings the company into an important segment of the insurance market through a business that complements its existing portfolio. Lance Black, EVP, Acquisitions and Corporate Development, will oversee Obsidian within Protective. Obsidian CEO William Jewett said Protective's financial strength and broader capabilities will help the company invest in the business, and Craig Rappaport, President and COO of Obsidian, said customers and partners will continue working with existing leaders and teams. Ryan Clark, President and Managing Partner at Genstar Capital, said Genstar was proud to have helped build Obsidian into a premier specialty insurance platform.
The transaction is Protective's 62nd acquisition and its ninth since becoming part of Daiichi Life Group in 2015. Protective, which had $148 billion in assets as of June 30, 2026, serves as Daiichi Life's U.S. insurance growth platform. Citi served as exclusive financial advisor to Protective, Oliver Wyman as actuarial advisor, and Willkie Farr & Gallagher LLP as legal counsel. Ropes & Gray LLP and Mayer Brown LLP advised Obsidian. The announcement did not disclose the purchase price.
Founded in 2020, Obsidian is a hybrid fronting carrier that supports specialty P&C insurance programs underwritten by managing general agents, managing general underwriters and program managers. Many of these programs cover risks requiring specialized underwriting and customized solutions. Obsidian supplies the carrier infrastructure, oversight and access to reinsurance capacity needed to operate and grow these programs. The company is an insurance holding company with admitted and non-admitted carrier subsidiaries, and it reinsures the majority of its business to select reinsurers.
Protective President Paul Wells said the acquisition brings the company into an important segment of the insurance market through a business that complements its existing portfolio. Lance Black, EVP, Acquisitions and Corporate Development, will oversee Obsidian within Protective. Obsidian CEO William Jewett said Protective's financial strength and broader capabilities will help the company invest in the business, and Craig Rappaport, President and COO of Obsidian, said customers and partners will continue working with existing leaders and teams. Ryan Clark, President and Managing Partner at Genstar Capital, said Genstar was proud to have helped build Obsidian into a premier specialty insurance platform.
The transaction is Protective's 62nd acquisition and its ninth since becoming part of Daiichi Life Group in 2015. Protective, which had $148 billion in assets as of June 30, 2026, serves as Daiichi Life's U.S. insurance growth platform. Citi served as exclusive financial advisor to Protective, Oliver Wyman as actuarial advisor, and Willkie Farr & Gallagher LLP as legal counsel. Ropes & Gray LLP and Mayer Brown LLP advised Obsidian. The announcement did not disclose the purchase price.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.