Obsidian

What Obsidian does

Obsidian Insurance Holdings Inc. is a New York-based specialty insurance holding company founded in 2020 in partnership with private equity sponsor Genstar Capital. The company operates as a hybrid program carrier that exclusively partners with Managing General Agents (MGAs), Managing General Underwriters, and Program Administrators to provide fronting capacity and operational infrastructure for specialty insurance programs, deliberately avoiding direct channel conflict with its partners. Its platform is structured around three A.M. Best 'A-' (Excellent) rated admitted carrier subsidiaries — Obsidian Specialty Insurance Company, Obsidian Insurance Company, and Obsidian Pacific Insurance Company — collectively writing property, casualty, and specialty lines. Each program is supported by an individualized reinsurance panel and is structured with quota-share net retentions that economically align Obsidian with its MGA and reinsurer partners.

The company generates revenue through insurance premiums collected from specialty programs underwritten by its MGA partners, retaining a portion of risk on a quota-share basis while ceding the remainder to its reinsurer panel. Distribution is exclusively channel-based, with no direct-to-insured motion; MGAs bring programs to Obsidian for fronting and the company provides underwriting expertise, actuarial support, regulatory licensing, and reinsurance coordination. An adjunct offering, the Program Analytical Review (PAR) data analytics tool introduced in November 2022, provides program performance transparency to MGAs and reinsurance partners as a value-add integration layer.

Under an agreement announced in April 2026, Protective Life Corporation, a subsidiary of Japan's Daiichi Life Group, is acquiring Obsidian from Genstar Capital, subject to regulatory approvals. Obsidian has reported over 50% premium growth for three consecutive years through November 2025, supported by senior notes issuance and additional equity from Genstar. The company is led by a deeply experienced executive team, including CEO Bill Jewett (formerly President of Endurance Specialty), President/COO Craig Rappaport (formerly of Hanover Insurance Group and AIX Group), CFO Nick Dagenais, and CUO Jeff Wittlich (formerly of Swiss Re America).

Name

Obsidian

Legal name

Obsidian Insurance Holdings Inc.

Website

https://obsidianspecialty.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Specialty Insurance Program Fronting

NAICS

Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

Keywords

• Specialty insurance fronting
• Program carrier services
• MGA partnerships
• Reinsurance capacity
• Insurance program management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Revenue: Obsidian generates revenue through insurance premiums collected from specialty insurance programs underwritten by MGAs and program managers. The company retains risk on programs through Quota Share retentions, creating economic alignment with reinsurance partners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Obsidian Insurance Holdings operates as a hybrid program carrier exclusively partnering with Managing General Agents (MGAs), Managing General Underwriters, and Program Administrators. Through three A.M. Best rated A- insurance carrier subsidiaries, the company provides fronting capacity and operational infrastructure for property, casualty, and specialty insurance programs, with economic alignment achieved through net retention of risk on a quota share basis.

Product overview

Obsidian Insurance Holdings operates as a U.S.-based insurance holding company formed in 2020 in partnership with Genstar Capital. The company offers a unified specialty insurance platform through three A.M. Best rated "A-" (excellent) carrier subsidiaries: Obsidian Specialty Insurance Company, Obsidian Insurance Company, and Obsidian Pacific Insurance Company. The core offering is a Hybrid Program Carrier platform that exclusively partners with Managing General Agents (MGAs), Managing General Underwriters, and Program Administrators to facilitate and support specialty insurance programs across property, casualty, and specialty lines. Each program is supported by an individualized panel of reinsurers and features economic alignment through Obsidian's net retention of risk. The company also provides a Program Analytical Review (PAR) data analytics tool as an add-on to increase transparency and improve program performance for its MGA and reinsurance partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Hybrid Program Carrier Services
• Obsidian Specialty Insurance Company
• Obsidian Insurance Company
• Obsidian Pacific Insurance Company
• Program Analytical Review (PAR) Tool

Quantifiable outcome

• Over 50% premium growth for third consecutive year
• +1 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles1 record

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 core.

• Converge InsurancecoreStrategic or Co-development Partner · 5 February 2025Converge Insurance secured underwriting capacity from Obsidian for companies up to $1 billion in revenue, focused on cyber risk management and underwriting. Supported by a panel of top-tier reinsurers, this partnership reinforces Converge's position as a first-choice partner to wholesale brokers seeking cyber protection.
• LedgebrookcoreStrategic or Co-development Partner · 20 June 2024Ledgebrook, a tech-enabled E&S MGA, expanded its partnership with Obsidian to launch an Architects & Engineers product. Following a successful Series A raise, this partnership expands Ledgebrook's Professional Lines offerings, with Carolyn Pearce joining as A&E Practice Leader.
• DOXA Insurance Holdings (Arris)coreStrategic or Co-development Partner · 13 February 2024DOXA launched Arris, a new insurance program in the E&S commercial property space, written through Obsidian. Arris provides property coverage designed for the excess and surplus commercial property market.
• Reinsurance Partners PanelcoreOthersEach Obsidian program is supported by an individualized panel of reinsurers that are economically aligned with Obsidian and MGA partners. Obsidian commits to Quota Share retentions and works closely with reinsurers and reinsurance brokers to structure bespoke support for each program partner.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Skyward Specialty Insurance Group: Skyward Specialty is a specialty property and casualty insurer that operates a hybrid program carrier model partnering with MGAs and program administrators, directly comparable to Obsidian's fronting-and-retention business model across similar specialty lines.
• Core Specialty Insurance Holdings: Core Specialty operates as a specialty P&C carrier with a dedicated fronting and program management business partnering with MGAs on admitted and excess & surplus lines, closely mirroring Obsidian's MGA-fronting focus and net retention model.
• Trisura Group: Trisura is a specialty insurer providing fronting capacity and program management services to MGAs across the US, Canada, and internationally, with a comparable specialty program carrier structure to Obsidian.
• Velocity Risk Underwriters: Velocity Risk is a specialty program insurance group operating through managing general underwriters, providing fronting and underwriting services to program partners in E&S lines, directly comparable to Obsidian's hybrid program carrier approach.
• SkyCover Insurance Solutions: SkyCover is a specialty program fronting carrier providing capacity to MGAs and program managers across multiple specialty lines, with a similar net retention and partnership-driven business model to Obsidian.

Emerging players

• Accelerant: Accelerant is a tech-enabled specialty insurance platform that provides capital, data analytics, and fronting support to carefully selected MGAs, overlapping with Obsidian's program carrier and PAR analytics capabilities for a similar MGA customer base.
• Ategrity Specialty Insurance Company: Ategrity is a specialty property and casualty insurance carrier focused on providing program capacity to MGAs and program administrators, representing a newer entrant into the same program-fronting space as Obsidian.

Broad incumbents

• Burns & Wilcox: Burns & Wilcox is a major wholesale insurance broker and managing general agent that distributes specialty insurance programs, overlapping with Obsidian's MGA distribution channel and specialty program support, though operating primarily as a broker rather than a carrier.
• WR Berkley Insurance Group: WR Berkley is a large specialty P&C insurer operating multiple program carrier subsidiaries (e.g., Berkley Specialty) that partner with MGAs on specialty programs, representing a much larger incumbent in the same program-fronting space as Obsidian.
• SiriusPoint: SiriusPoint is a global specialty insurer and reinsurer that operates a hybrid fronting and program carrier business for MGAs and program managers, competing with Obsidian in the specialty program capacity market but at significantly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/obsidian-insurance-company

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Obsidian