Protective completes Obsidian Insurance acquisition from Genstar Capital

Protective Life Insurance Company, a subsidiary of Daiichi Life Group, has completed its acquisition of Obsidian Insurance Holdings and its affiliates from funds advised by Genstar Capital. The deal establishes Protective's fifth business line, focused on specialty property and casualty insurance, and expands it into the excess and surplus insurance market. No value was disclosed.

Obsidian provides carrier infrastructure, oversight and access to reinsurance capacity for specialty programs underwritten by managing general agents, managing general underwriters and program managers. Protective said the business has different earnings drivers and market cycles from its existing businesses and creates opportunities for organic growth. Lance Black, EVP of Acquisitions and Corporate Development at Protective, will oversee Obsidian. William Jewett is chief executive of Obsidian.