Obsidian Acquired by Protective | Financial Services M&A Deal

Protective has acquired Obsidian, an insurance brokerage business in the financial services sector in the specialty property and casualty insurance market, for an undisclosed amount. Obsidian provides commercial insurance brokerage services, supporting clients with specialty property and casualty coverage placement and risk advisory. Protective acquisitions aim to extend its platform acquisition strategy into specialty lines through an insurance brokerage acquisition in the same regional market. The strategic acquisition is structured as a platform acquisition, with Protective acting as a strategic buyer in financial services M&A, acquiring Obsidian from Genstar Capital; deal terms and expected close timing were not disclosed.