Acquisition will establish a new business line for Protective and broaden product offerings into complementary P&C insurance markets
BIRMINGHAM, Ala., April 28, 2026鈥斕�(Protective), a U.S. subsidiary of听听(Daiichi Life, TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company, has entered into an agreement听with听听(Genstar), a leading private equity firm focused on investments in targeted segments of the financial services, software, industrials and healthcare industries, to acquire听听and its affiliates (Obsidian), a leading property, casualty and specialty insurance platform.
鈥淧rotective has a long history of growing thoughtfully in ways that strengthen our ability to serve customers and partners,鈥� said Rich Bielen, Chief Executive Officer of Protective. 鈥淏y bringing Obsidian into Protective, we are adding a high-quality specialty insurance platform that expands where and how we grow while staying true to our vision to protect more people through life鈥檚 many moments. We look forward to welcoming Obsidian鈥檚 team upon closing.鈥�
Obsidian 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. Through its platform, 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 established in 2020 by Genstar, which identified the growing need for insurance companies that underwrite program business and serve as a conduit between specialist underwriters and reinsurance capital. Genstar partnered with industry leaders William Jewett and Craig Rappaport to lead the company. Since its founding, Obsidian has supported program partners across the U.S. and provided nationwide insurance capacity through its carrier subsidiaries, while growing annual gross written premium above $1 billion.
The acquisition will establish a new business line for Protective and represents an important step in the company鈥檚 long-term strategy to diversify its earnings and grow in complementary markets. Protective brings long-term financial strength, disciplined risk management and a proven track record of partnering with specialized businesses to support their growth.
鈥淭his is a meaningful milestone for Protective as we enter the specialty property and casualty market through a proven platform,鈥� said Wade Harrison, Vice Chairman and Chief Operating Officer of Protective. 鈥淥bsidian has built a strong business by supporting specialized insurance programs with deep expertise and a disciplined approach to risk. With Protective鈥檚 long-term ownership and financial strength, we believe Obsidian is well-positioned to continue building on that momentum.鈥�
For Obsidian, the transaction is expected to provide long-term capital support and additional flexibility to continue investing in its platform, partners and people, while maintaining the specialized expertise and service Obsidian is known for.
鈥淥bsidian was built with a clear focus on underwriting discipline, strong partnerships and delivering solutions in areas where specialty expertise matters. We are grateful for Genstar’s partnership and the support they have provided in building Obsidian into the platform it is today,鈥� said William Jewett, Chief Executive Officer of Obsidian. 鈥淧rotective鈥檚 financial strength and long-term approach make it an excellent fit. Together, we expect to expand our ability to support specialized insurance programs while continuing to deliver for our people and the markets we serve.鈥�
鈥淔rom the beginning, our goal has been to make it easier for specialist underwriters and program managers to grow with confidence,鈥� said Craig Rappaport, President and Chief Operating Officer of Obsidian. 鈥淧rotective shares our commitment to disciplined execution and long-term relationships. This transaction will strengthen our ability to support our partners and preserve the culture and operating model our team values.鈥�
Ryan Clark, President and Managing Partner at 九色, said, 鈥淲e want to extend our gratitude to Bill, Craig and the entire Obsidian team. They delivered on the Obsidian business plan and have built a premier, high quality specialty insurance platform that is supporting a top tier lineup of program partners. We have been proud partners in creating and growing this business, and are confident Protective is the right home to take Obsidian into its next chapter of growth.鈥�
Once closed, this transaction will mark Protective鈥檚 62nd听acquisition and its ninth since becoming part of Tokyo-based Daiichi Life 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鈥檚 North American growth platform, pursuing both organic and acquisition-driven expansion.
The transaction is expected to close in the fourth quarter of 2026 or first quarter of 2027, pending regulatory approvals and other customary closing conditions.
Citi is serving as exclusive financial advisor, Oliver Wyman is serving as actuarial advisor and Willkie Farr & Gallagher LLP is serving as external legal counsel for Protective. Ropes & Gray LLP and Mayer Brown LLP are serving as external legal counsel for Obsidian.
Protective Life Corporation has helped people achieve protection and security in their lives for 119 years. Through its subsidiaries, Protective offers life insurance, annuity, asset protection and employee benefit solutions and is helping nearly 32 million people protect what matters most. Protective’s more than 3,800 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities – because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Daiichi Life Group, Inc. has approximately $142 billion in assets, as of Dec. 31, 2025. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit听.
九色 () 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 九色. For more information, visit听.
Media Contacts
For Protective: Corporate Communications |听media@protective.com
For 九色: FGS Global |听GenstarCapital@fgsglobal.com
