Obsidian Insurance

What Obsidian Insurance does

Obsidian Insurance Holdings, Inc. is a US specialty property and casualty insurance platform that sources, underwrites, and manages specialty insurance programs through admitted and non-admitted carrier subsidiaries. Founded in 2020 by private equity firm Genstar Capital, the platform provides nationwide insurance capacity to managing general agents (MGAs) and program partners operating in the US surplus lines market and had grown to over $1 billion in annual gross written premium by 2026. The operating model is B2B channel-based: Obsidian supplies carrier capital and regulatory licensing, while MGAs and program administrators originate and service specialty risks across verticals including cyber, trucking liability, and other specialty lines.

Revenue is generated through specialty P&C insurance premiums, with the company scaling its surplus in 2025 through a combination of senior notes issuance and additional equity investment to support continued growth. The company's go-to-market emphasizes program partner and MGA relationships, with no direct retail consumer distribution in the US. In March 2026, Obsidian expanded its cyber capacity partnership with Converge, raising policy limits to $10 million for middle and upper middle market accounts with revenues up to $5 billion. The disclosed technology stack for the core underwriting business is not detailed beyond this partnership; core proprietary technology is not publicly described.

In April 2026, Protective Life Corporation, a US subsidiary of Tokyo-based Daiichi Life Group, agreed to acquire Obsidian from Genstar Capital in what would be Protective's first specialty P&C business line and its 62nd overall acquisition. The transaction is expected to close in Q4 2026 or Q1 2027 subject to regulatory approvals. (Note: The input dataset also references an unrelated small NZ-based insurance broker operating under the Obsidian Insurance name in Tauranga, with 1-10 employees; that entity is distinct from Obsidian Insurance Holdings and is not the subject of this analysis.)

Name

Obsidian Insurance

Legal name

Obsidian Insurance Holdings, Inc.

Website

https://obsidianinsurance.co.nz

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Obsidian Insurance Holdings is a US specialty property and casualty insurance platform founded in 2020 by Genstar Capital, providing admitted and non-admitted carrier capacity to MGAs and program partners nationwide, with over $1 billion in annual gross written premium and agreed to be acquired by Protective Life.

Ownership category

akta.pro rank

Product category

Insurance Brokerage and Specialty P&C Underwriting

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Property and Casualty Insurance Carriers (524126), Insurance Agencies and Brokerages (524210)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411), Insurance Carriers, Nec (6399)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

akta.pro secondary industry

Marine Specialty (Hull/P&I/Cargo) (FSAJAGAJ)

Keywords

• Commercial insurance brokerage
• Specialty property casualty
• Professional indemnity coverage
• Cyber liability insurance
• Personal lines insurance

Headquarters

HQ city

Tauranga

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Insurance Premium Revenue: Obsidian Insurance Holdings generates revenue through specialty property and casualty insurance premiums. The company has grown to over $1 billion in annual gross written premium since its founding in 2020, writing coverage through admitted and non-admitted carrier subsidiaries across the United States.
2. Insurance Brokerage Commissions: As an insurance broker/adviser, Obsidian Insurance (NZ) earns commissions from placing insurance policies with insurer partners including Allianz, QBE, Zurich, Vero, Chubb, AIG, and others. Revenue is generated through policy placements and ongoing policy servicing.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels3 records

Core offering

Obsidian Insurance is a locally owned New Zealand insurance broker providing personal and commercial insurance products and risk advisory services as a member broker of Insurance Advisernet, placing coverage with major insurer partners including Allianz, QBE, Zurich, Vero, Chubb, and AIG. The associated Obsidian Insurance Holdings US entity is a specialty P&C insurance platform that sources, underwrites, and manages specialty insurance programs through admitted and non-admitted carrier subsidiaries serving program partners and managing general agents across the United States.

Product overview

Obsidian Insurance is a locally-owned insurance broker based in Bay of Plenty, New Zealand, operating as a member of Insurance Advisernet. The company provides a comprehensive portfolio of personal and commercial insurance products including Business Insurance, Professional Indemnity, Directors & Officers / Management Liability Insurance, Property Insurance, Motor Insurance, Home & Contents Insurance, Cyber Insurance, Business Interruption Insurance, Marine & Hull Insurance, Plant & Equipment Insurance, Body Corporate Insurance, Contract Works Insurance, Liability Insurance, and Rural Insurance. As an Insurance Advisernet member broker, the company has access to over 200 advisers across New Zealand and Australia and partnerships with major insurers including Allianz, QBE, Zurich, Vero, Chubb, AIG, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Insurance General insurance cover providing protection against risk events including equipment and asset damage and legal liability for businesses.
• Professional Indemnity Specialized insurance covering liability arising from the professional services provided by a business, extending beyond traditional occupations such as Engineers, Accountants, Doctors, Lawyers, Architects, and Insurance Brokers to modern business contexts.
• Directors & Officers / Management Liability Insurance Policy covering claims from management liabilities including directors and officers liability, company reimbursement, company liability, and employment practice liability for small to medium sized private companies.
• Property Insurance Financial protection for business premises against damage or destruction from one-off events.
• Motor Insurance / Commercial / Heavy Motor Insurance Vehicle insurance protecting business fleets against theft and accident costs, covering cars, motorbikes, vans, trucks, buses, and heavy motor vehicles.
• Home & Contents Insurance Insurance protection for family homes and their contents against damage or loss for individual policyholders.
• Cyber Insurance Coverage addressing cyber risk factors arising from digital technology and potential exploitation, protecting businesses against data breaches and cyber threats.
• Business Interruption Insurance Coverage for loss of income when businesses cannot operate due to crucial assets being damaged or destroyed by events such as fire, flood, storm damage, or earthquakes.
• Marine & Hull Insurance Insurance for pleasure craft and cargo movement across water, land, or air, providing point-to-point coverage between premises.
• Plant & Equipment Insurance Coverage for mobile plant and equipment including earthmoving machines and fixed or mobile cranes, protecting both equipment and associated liabilities.
• Body Corporate Insurance Liability coverage for injuries on common property including lifts, pools, car parks, stairwells, gardens, wiring, balconies, walls, windows, ceilings, and floors.
• Contract Works Insurance Insurance covering physical damage and loss of building materials during construction projects, from excavation through completion, including fire and malicious damage.
• Liability Insurance General liability coverage protecting businesses against legal liabilities arising from accidents.
• Rural Insurance Coverage protecting farm assets including buildings, contents, farm machinery, vehicles, and other day-to-day operational assets.
• US Specialty Property & Casualty Insurance Program Capacity Specialty property, casualty, and specialty insurance program capacity delivered through admitted and non-admitted carrier subsidiaries for managing general agents and program partners across the United States.
• Cyber Insurance Capacity via Converge Partnership Cyber insurance capacity delivered through the Converge cyber risk management and underwriting partnership, providing coverage for middle and upper middle market companies up to $5 billion in annual revenue with policy limits up to $10 million.

Quantifiable outcome

• Grown to over $1 billion in annual gross written premium since founding in 2020

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• Protective Life Corporation (Daiichi Life Group)flagshipStrategic or Co-development Partner · 28 April 2026Protective Life Corporation, a U.S. subsidiary of Tokyo-based Daiichi Life Group, agreed to acquire Obsidian Insurance Holdings from Genstar Capital. The deal establishes Protective's first specialty property and casualty business line, representing Protective's 62nd overall acquisition and ninth since becoming part of Daiichi Life in 2015. Expected to close in Q4 2026 or Q1 2027 pending regulatory approvals.
• ConvergecoreStrategic or Co-development Partner · 30 March 2026Obsidian Insurance Group expanded its existing partnership with Converge, a cyber risk management and underwriting company, to provide additional cyber insurance capacity. The expansion enables coverage for companies with annual revenues up to $5 billion and raises policy limits to $10 million for middle and upper middle market companies. Both CEOs characterized this as validation of Converge's technology-enhanced underwriting model and a significant growth milestone.
• Insurance Advisernet New ZealandcoreChannel Partner/ Reseller/ DistributorObsidian Insurance (NZ) is a Member Broker of Insurance Advisernet New Zealand Ltd, a network of more than 200 advisers across New Zealand and Australia. Insurance Advisernet is a principal member of the Insurance Brokers Association of New Zealand Inc. and the largest member of AUB Group.
• Insurance Brokers Association of New Zealand Inc.minorOthersInsurance Advisernet is a principal member of the Insurance Brokers Association of New Zealand Inc. Obsidian Insurance (NZ) benefits from this association through its Insurance Advisernet membership.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/obsidian-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Obsidian Insurance