Genstar Capital has agreed to sell Obsidian, a New York‑based insurance holding firm, to Protective Life. The deal adds to Protective’s aggressive growth plan, marking its 62nd acquisition and the ninth since the Daiichi Life Group took control in 2015. Obsidian’s portfolio spans property, casualty and specialty programs, most of which are reinsured with select partners. The purchase price was undisclosed.

Founded in 2020 by Genstar, Obsidian underwrites and manages a diversified slate of policies, positioning it as a niche player in a fragmented market. The firm’s strategy of ceding the bulk of risk to reinsurers aligns with industry trends toward capital efficiency. Its reinsurance covers roughly 80% of net premiums, reducing volatility for investors. Protective’s acquisition expands its U.S. footprint and deepens its specialty insurance capabilities.

The transaction is slated to close in the fourth quarter of 2026, subject to customary regulatory approvals. Completion will give Protective a ready‑made platform to cross‑sell its existing life products to Obsidian’s commercial clientele. The move diversifies Protective beyond life insurance amid low rates. For Genstar, the sale recycles capital into new private‑equity opportunities, while investors see further consolidation of the U.S. insurance sector.