Obsidian Insurance Holdings Acquired by Protective Life | Financial Services M&A Deal

Protective Life has acquired Obsidian Insurance Holdings, a insurance brokerage business in Alabama, for $1 billion. Protective Life acquires Obsidian Insurance Holdings to expand into property/casualty and specialty insurance capacity through Obsidian’s carrier platform, including Obsidian Specialty Insurance Co. (Delaware), Obsidian Insurance Co. (Ohio), and Obsidian Pacific Insurance Co. (Delaware). Obsidian Insurance Holdings sources, underwrites, and manages insurance programs and reinsures most of the business to select reinsurers using managing general agents, managing general underwriters, and program managers. The platform acquisition is a strategic acquisition by Protective Life, a Daiichi Life Group subsidiary with about $142 billion in assets, and is structured as a financial services M&A deal with terms not disclosed.