Protective to Acquire Obsidian from Genstar Capital, Expanding into Specialty Property & Casualty Insurance

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Apr 28, 2026--

Protective Life Corporation (Protective), a U.S. subsidiary of Daiichi Life Group, Inc. (Daiichi Life, TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company, has entered into an agreement with Genstar Capital (Genstar), a leading private equity firm focused on investments in targeted segments of the financial services, software, industrials and healthcare industries, to acquire Obsidian Insurance Holdings, Inc. and its affiliates (Obsidian), a leading property, casualty and specialty insurance platform.

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“Protective has a long history of growing thoughtfully in ways that strengthen our ability to serve customers and partners,” said Rich Bielen, Chief Executive Officer of Protective. “By 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’s many moments. We look forward to welcoming Obsidian’s team upon closing.”

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’s 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.

“This is a meaningful milestone for Protective as we enter the specialty property and casualty market through a proven platform,” said Wade Harrison, Vice Chairman and Chief Operating Officer of Protective. “Obsidian has built a strong business by supporting specialized insurance programs with deep expertise and a disciplined approach to risk. With Protective’s long-term ownership and financial strength, we believe Obsidian is well-positioned to continue building on that momentum.”

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.

“Obsidian 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,” said William Jewett, Chief Executive Officer of Obsidian. “Protective’s 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.”

“From the beginning, our goal has been to make it easier for specialist underwriters and program managers to grow with confidence,” said Craig Rappaport, President and Chief Operating Officer of Obsidian. “Protective 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.”

Ryan Clark, President and Managing Partner at Genstar Capital, said, “We 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.”

Once closed, this transaction will mark Protective’s 62 nd 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’s 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.

About Protective

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 protective.com.

About Genstar Capital

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.

About Obsidian

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.

Protective to Acquire Obsidian from Genstar Capital, Expanding into Specialty Property & Casualty Insurance

Every morning before opening, Ocean Park staff tend to the coral display near the entrance of the Grand Aquarium – brushing algae off coral fragments, moving them to better positions and feeding them with care.

Expert care: The Chinese University of Hong Kong collects coral fragments in Hong Kong waters and hands them over to Ocean Park for restoration. Image source: www.news.gov.hk

These corals were formerly in the sea, where they faced threats such as bleaching, caused by higher ocean temperatures, and human activity. At Ocean Park they are being rehabilitated, and also serve as a living teaching aid for marine conservation.

The tanks are fitted with lighting and filtration systems specially designed for corals, and fish can be seen swimming inside. Accompanied by educational panels and videos, they draw visitors to linger and watch. From Wednesday to Friday at designated times, interactive guided sessions are provided on coral care, biodiversity and restoration work.

Coral conservation

Awarded a grant of more than $3.5 million from the Environment & Conservation Fund (ECF), Ocean Park launched the exhibition earlier this year. Showcasing 12 species of hard and soft corals found in Hong Kong waters, it has attracted more than a million visitors to date.

The funding also covered renovations to other facilities at the aquarium and the establishment of the Coral Ecology & Conservation Discovery Centre, now a key venue for coral rehabilitation and public education.

“This project combines coral conservation, public awareness and education,” said Ocean Park Lead Conservation Manager Ashley Kwok.

Immersive experience: Jarvis Ng (left) and Jit So take part in a workshop to learn about different coral species and how cultivation tanks work. Image source: www.news.gov.hk

Ms Kwok explained that the park works closely with Chinese University of Hong Kong (CUHK) School of Life Sciences Assistant Professor Apple Chui and the Coral Academy founded by her. CUHK provides coral fragments collected in Hong Kong waters and professional advice on local coral cultivation, while Ocean Park provides the facilities to ensure quality care.

Immersive learning

The discovery centre, located in the back-of-house area of the Grand Aquarium, is equipped with professional coral care facilities and runs STEAM (science, technology, engineering, arts and mathematics) workshops and public guided tours.

On a recent visit, a group of primary school pupils took part in an on-site workshop, gaining an immersive introduction to coral restoration and other aspects of marine conservation.

“Are corals animals?” a coral care worker asked. The children eagerly raised their hands to answer “yes”, as they touched coral specimens under guidance and learned about what is needed to set up a cultivation tank.

Coral revival: Ocean Park Lead Conservation Manager Ashley Kwok says cultivated, restored coral fragments will be transplanted back to Hong Kong waters to rebuild coral communities and enrich local marine ecology. Image source: www.news.gov.hk

Jit So, who is in Primary Six, drew a picture with his classmates showing how different coral species are placed in various positions in a tank according to their habits and requirements, which involve aspects such as shading needs and water flow strength, so that they can grow well.

Jarvis Ng, from Primary Four, said he had seen corals while snorkelling before but had not known previously that coral polyps live inside corals and feed on plankton. He also put on virtual reality glasses to glimpse a coral habitat, saying it really felt like being underwater.

Ocean Park says the workshops, launched just a month ago, have already engaged more than 100 pupils, while the guided visits have involved over 1,600 participants.

The park also plans to run a teacher training programme in the first half of next year so that primary school teachers can bring conservation knowledge back to the classroom.

Coral fragments that have been cultivated and restored to health will be transplanted back to southern Hong Kong waters to rebuild coral communities and enrich the marine ecology of restoration sites.

Proud record: Environment & Conservation Fund Committee Chairman Eric Cheng says the fund has supported more than 7,200 environmental projects and activities since its establishment. Image source: www.news.gov.hk

Green transition

ECF Committee Chairman Eric Cheng said the coral project showcases innovative local restoration techniques, promotes environmental awareness and encourages people to take action to protect the environment.

“When corals can live healthily, it also indirectly proves that Hong Kong has excellent water quality and that the natural environment is well protected,” he remarked.

Mr Cheng outlined that the ECF has funded more than 7,200 environmental projects and activities over its 32-year history, disbursing a total of over $4.7 billion in funding. He added that many of the projects are closely related to people’s daily lives, covering areas such as waste reduction at source, recycling, biodiversity, carbon neutrality, low-carbon living, clean shorelines and clean air.

Citing food waste pre-treatment system projects as an example, he said the ECF had approved about $73 million as of September to fund about 25 premises, including private housing estates and universities, in adopting the locally developed “Food TranSmarter” system.

The technology converts food waste into slurry, which is then sealed and sent to government central treatment facilities, reducing door-to-door collections to once or twice a week and significantly lowering carbon emissions and total costs. The projects also encourage different sectors to actively participate in food waste recycling.

Discovering corals: Ocean Park’s coral exhibition, backed by the Environment and Conservation Fund, has attracted over one million visitors to date. Image source: www.news.gov.hk

Mr Cheng remarked that in future the ECF will steer its approvals towards local and national green transition initiatives, in particular the Hong Kong Climate Action Plan 2050 and the development of the Northern Metropolis. He said the ECF fully supports the Government’s policy direction and welcomes applications from eligible local organisations for funding related to environmental protection and nature conservation.