Protective Life has agreed to acquire Obsidian Insurance Holdings and its affiliates from Genstar Capital, giving the insurer an entry point into the specialty property and casualty segment.

Obsidian, founded by Genstar in 2020, operates as an insurance holding company with admitted and non-admitted carrier subsidiaries that originate, underwrite, and manage a diversified book of property, casualty, and specialty insurance programmes, ceding most business to reinsurers and generating over $1bn in annual gross wr...