Protective Life, a U.S. subsidiary of Tokyo-based Daiichi Life Group, has entered into an agreement to acquire Obsidian Insurance Holdings from Genstar Capital, establishing a new specialty property and casualty business line for Protective. Financial terms of the transaction were not disclosed. The deal is expected to close in the fourth quarter of 2026 or the first quarter of 2027, pending regulatory approvals.
Founded in 2020 by Genstar Capital in partnership with industry veterans William Jewett and Craig Rappaport, Obsidian was built to serve the growing need for insurance companies that underwrite program business and act as a conduit between specialist underwriters and reinsurance capital. Since its founding, the company has grown annual gross written premium above $1 billion, supporting program partners across the United States through its admitted and non-admitted insurance carrier subsidiaries.
Obsidian sources, underwrites, and manages a diverse portfolio of property, casualty, and specialty insurance programs, reinsuring the majority of the business to select reinsurers. The platform serves managing general agents, managing general underwriters, and program managers, providing nationwide insurance capacity through its carrier network.
For Protective, the acquisition represents its 62nd transaction overall and its ninth since becoming part of Daiichi Life in 2015. The deal advances Protective’s long-term strategy to diversify its earnings and expand into complementary markets while leveraging its financial strength and disciplined risk management capabilities to support Obsidian’s continued growth.
Protective serves nearly 32 million people through life insurance, annuities, asset protection, and employee benefit solutions, and holds approximately $142 billion in assets. Daiichi Life is a global financial services organization with more than $462 billion in total assets, operating in 10 countries.
Support: Citi served as exclusive financial advisor, Oliver Wyman as actuarial advisor, and Willkie Farr & Gallagher as external legal counsel for Protective. Ropes & Gray and Mayer Brown served as external legal counsel for Obsidian.
KEY QUOTES:
“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.”
Rich Bielen, Chief Executive Officer, Protective Life Corporation
“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, Protective Life Corporation
“Obsidian was built with a clear focus on underwriting discipline, strong partnerships and delivering solutions in areas where specialty expertise matters. 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, Obsidian
“From the beginning, our goal has been to make it easier for specialist underwriters and program managers to grow with confidence. Protective shares our commitment to disciplined execution and long-term relationships. This transaction will strengthen our ability to support our partners and preserve the culture and operating model our team values.”
Craig Rappaport, President and Chief Operating Officer, 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, Genstar Capital
