Genstar Capital backs formation of new insurance company

Private-equity firm Genstar Capital has announced that it has partnered with insurance industry executives to establish Obsidian Insurance Holdings, a new fronting insurance holding company, with $100 million of capital. Obsidian’s insurance carrier subsidiary, Obsidian Insurance Company, has a financial strength rating of A- from AM Best to issue policies underwritten by managing general agents, managing general underwriters and program managers. Obsidian will source, underwrite, and manage a portfolio of property, casualty, and specialty programs. It will also reinsure the majority of the business to select insurers. Obsidian will be led by CEO William Jewett, who has more than 35 years of industry experience. Prior to joining Obsidian, Jewett served as president and member of the board of directors at Endurance Specialty, a Bermuda-based insurer and reinsurer.