Transaction adds a fifth business line and expands Protective into the excess and surplus insurance market
BIRMINGHAM, Ala., November 2, 2026—(BUSINESS WIRE)–Protective Life Corporation (Protective), a U.S. subsidiary of Daiichi Life Group, Inc. (Daiichi Life, TSE:8750), today announced that its principal subsidiary, Protective Life Insurance Company, has completed its acquisition of Obsidian Insurance Holdings, Inc. and its affiliates (Obsidian) from funds advised by Genstar Capital.
The acquisition establishes Protective’s fifth business line, focused on specialty property and casualty (P&C) insurance. It expands Protective’s business into the excess and surplus (E&S) insurance market and adds a business with different earnings drivers and market cycles from Protective’s existing businesses. The transaction broadens Protective’s portfolio and creates opportunities for organic growth.
“Obsidian brings Protective into an important segment of the insurance market through a business that complements our existing portfolio,” said Paul Wells, President of Protective. “We respect what the Obsidian team has built and the relationships behind its success. Our priority is to give the team the support and capabilities it needs to keep serving customers and partners well.”
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 that require specialized underwriting and customized insurance solutions. Obsidian provides the carrier infrastructure, oversight and access to reinsurance capacity needed to operate and grow these programs.
“Having worked closely with the Obsidian team throughout this process, I have seen firsthand the expertise and discipline they bring to the market,” said Lance Black, EVP, Acquisitions and Corporate Development, who will oversee Obsidian as part of Protective. “I’m excited to continue working with Bill, Craig and the broader team and build on the strong foundation they have established.”
“Protective understands our business and values the relationships and underwriting discipline behind what our team has built,” said William Jewett, Chief Executive Officer of Obsidian. “Its financial strength and broader capabilities will help us invest in the business while remaining focused on the customers, partners and programs we serve.”
“Our customers and partners will continue working with the Obsidian leaders and teams they know,” said Craig Rappaport, President and Chief Operating Officer of Obsidian. “We remain focused on supporting our programs, delivering reliable service and maintaining continuity through the transition.”
“We are proud of what the Obsidian team has built since the company’s formation six years ago,” said Ryan Clark, President and Managing Partner at Genstar Capital. “It has been a privilege to partner in creating and growing Obsidian into a premier specialty insurance platform, and we are confident Protective is the right owner for Obsidian’s next phase.”
The transaction represents Protective’s 62nd acquisition and its ninth since becoming part of Daiichi Life Group in 2015. Daiichi Life is a global financial services organization with over $462 billion in total assets as of December 31, 2025, serving customers in 10 countries. Protective serves as Daiichi Life’s U.S. insurance growth platform, focused on driving sustainable growth across a diversified portfolio of businesses.
Citi served as the exclusive financial advisor, Oliver Wyman as actuarial advisor and Willkie Farr & Gallagher LLP acted as external legal counsel for Protective. Ropes & Gray LLP and Mayer Brown LLP acted as external legal counsel for Obsidian.
Protective has helped protect people for more than 115 years. Through its subsidiaries, Protective provides life insurance, retirement, employee benefits and asset protection solutions to nearly 32 million people. With a long-term focus, financial stability and commitment to doing the right thing, Protective empowers customers to move forward with confidence — because we’re all protectors℠. Protective Life Corporation, a subsidiary of Daiichi Life Group, Inc., had $148 billion in assets as of June 30, 2026. Headquartered in Birmingham, Alabama, Protective employs more than 3,500 teammates nationwide, including at core sites in the greater Cincinnati region and St. Louis. For more information, visit protective.com.
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 35 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $51 billion of assets under management and targets investments focused on targeted segments of the industrials, software, financial services, and healthcare industries.
Obsidian Insurance Holdings, Inc. is an insurance holding company with admitted and non-admitted insurance carrier subsidiaries that issue policies underwritten by managing general agents, managing general underwriters, and program managers. Obsidian sources, underwrites, and manages a diverse portfolio of property, casualty, and specialty insurance programs, and reinsures the majority of the business to select reinsurers. Obsidian was formed in 2020 in partnership with leading insurance industry executives and Genstar Capital. For more information, visit www.obsidianspecialty.com.
Media Contact
Protective Corporate Communications | media@protective.com
For Genstar Capital: FGS Global | GenstarCapital@fgsglobal.com
