Ropes & Gray Advised Genstar Capital in Sale of Obsidian Insurance to Protective Life Corporation

Ropes & Gray represented Genstar Capital in the sale of its portfolio company Obsidian Insurance Holdings and its affiliates to Protective Life Corporation. The transaction was announced on April 28.

Obsidian, a property, casualty and specialty insurance platform, was established in 2020 by Genstar to meet the growing need for insurance companies that underwrite program business and serve as a conduit between specialist underwriters and reinsurance capital. The transaction is expected to provide long-term capital support and additional flexibility for Obsidian to continue investing in its platform, partners and people, while maintaining the specialized expertise and service for which the company is known.

Genstar Capital has invested 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.

The team included private equity partners Liz Gallucci and Reed Harasimowicz, counsel Amy Olson, and associate Anna Park, tax partner Benjamin Rogers, executive compensation & employee benefits partners Kyle Higley, and employment partner Megan Bisk.