--- title: "Obsidian Insurance Review [Updated 2026]" description: "Obsidian Insurance operates three carriers rated A- by A.M. Best, serving MGAs and program administrators across property, casualty, and specialty lines. Founded in 2020 with backing from Genstar Capital, the company expects to exceed $1 billion in gross written premium in 2025." canonical: "https://www.coveragecat.com/reviews/obsidian" last-updated: "2026-08-13" --- # Obsidian Insurance Review [Updated 2026] Obsidian Insurance Holdings emerged in 2020 with a clear mission: to build a better fronting carrier for managing general agents (MGAs) and program administrators in the specialty insurance market. While most consumers have never heard of this New York-based company, Obsidian plays a critical behind-the-scenes role in delivering [homeowners insurance](https://www.coveragecat.com/insurance-types/homeowners-insurance), [auto insurance](https://www.coveragecat.com/insurance-types/car-insurance), [umbrella insurance](https://www.coveragecat.com/insurance-types/umbrella-insurance), and other coverage through specialized programs across the United States. The company operates three distinct carriers—two admitted and one surplus lines—all rated A- (Excellent) by A.M. Best. With backing from private equity firm Genstar Capital and an experienced management team, Obsidian has posted impressive growth numbers. The company expects gross written premium to exceed $1 billion in 2025, marking its third consecutive year of over 50% premium growth [(PR Newswire, "Obsidian Increases Surplus to Support Growth", 2025)](https://www.prnewswire.com/news-releases/obsidian-increases-surplus-to-support-growth-and-opportunities-302621272.html). This review examines Obsidian's business model, financial strength, product offerings, and market position to help consumers understand the company behind many specialty insurance programs. ## What Is Obsidian Insurance? Obsidian Insurance Holdings operates as a hybrid fronting carrier, meaning it issues insurance policies underwritten by MGAs, managing general underwriters (MGUs), and program administrators, then cedes most of the risk to reinsurance partners [(Obsidian Insurance Holdings, "About Us", 2026)](https://www.obsidianspecialty.com/about/). The company was formed in 2020 through a partnership between insurance industry veterans and Genstar Capital, which contributed $100 million in initial capital [(Genstar Capital, "Genstar Capital in Partnership with Management Announce Formation of Obsidian", 2020)](https://www.gencap.com/genstar-capital-in-partnership-with-management-announce-formation-of-obsidian/). Rather than selling insurance directly to consumers, Obsidian provides the licensed carrier infrastructure that allows specialized underwriting organizations to bring products to market. The company maintains relationships with over 200 reinsurance partners to distribute risk across a diverse panel [(Insurance Business America, "Obsidian boosts capital as it eyes further growth", 2025)](https://www.insurancebusinessmag.com/us/news/breaking-news/obsidian-boosts-capital-as-it-eyes-further-growth-557455.aspx). The holding company operates three licensed carriers: - **Obsidian Insurance Company**: An admitted carrier domiciled in Ohio - **Obsidian Pacific Insurance Company**: An admitted carrier acquired in 2021, formerly Western Home Insurance Company, domiciled in Minnesota and commercially domiciled in California - **Obsidian Specialty Insurance Company**: A surplus lines carrier domiciled in Delaware All three carriers share the same A- (Excellent) financial strength rating from A.M. Best [(Obsidian Insurance Holdings, "About Us", 2026)](https://www.obsidianspecialty.com/about/). ## What Kinds of Insurance Does Obsidian Offer? Obsidian supports a diverse portfolio of property, casualty, and specialty insurance programs through its partner MGAs and program administrators. While the company does not sell policies directly to consumers, its carrier platforms enable programs across multiple lines of business. According to A.M. Best's 2025 company report, general liability and auto insurance represent close to 70% of Obsidian's premium mix [(A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). The company also supports programs in professional liability, property, and other specialty lines. Recent partnerships and program launches demonstrate Obsidian's breadth: - Personal [umbrella insurance](https://www.coveragecat.com/insurance-types/umbrella-insurance) with limits up to $5 million [(PR Newswire, "Monarch E&S Insurance Services Partners with Obsidian for Enhanced Personal Umbrella Coverage", 2024)](https://www.prnewswire.com/news-releases/monarch-es-insurance-services-partners-with-obsidian-for-enhanced-personal-umbrella-coverage-302254754.html) - Cyber insurance for companies up to $1 billion in revenue [(Converge Insurance, "Converge Secures Underwriting Capacity from Obsidian", 2025)](https://www.convergeins.com/blog/converge-secures-underwriting-capacity-from-obsidian-for-companies-up-to-1b-in-revenue) - Architects and engineers professional liability [(Obsidian Insurance Holdings, "Press", 2026)](https://www.obsidianspecialty.com/press/) - Hired and non-owned [auto insurance](https://www.coveragecat.com/insurance-types/car-insurance) for delivery businesses [(Platinum Specialty Underwriters, "IPC Announces HNOA Program with Obsidian", 2023)](https://platinumspecialtyunderwriters.com/ipc-announces-hnoa-program-with-obsidian/) - Miscellaneous professional liability [(Obsidian Insurance Holdings, "Press", 2026)](https://www.obsidianspecialty.com/press/) - Excess and surplus property coverage [Ibid.](https://www.obsidianspecialty.com/press/) The company targets risk retention of 5-10% on each program, with the balance ceded to reinsurance partners [(A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). | Coverage Line | Premium Share | Key Characteristics | |---------------|---------------|---------------------| | General Liability | ~35% | Commercial programs through MGA partners | | Auto Insurance | ~35% | Hired/non-owned auto, commercial programs | | Professional Liability | Significant | A&E, miscellaneous professional liability | | Personal Umbrella | Emerging | Up to $5M limits, nationwide availability | | Cyber Insurance | Emerging | Companies up to $1B revenue | | Property | Moderate | E&S commercial property programs | ## Geographic Footprint and State Availability Obsidian's three carriers provide countrywide coverage capabilities through a combination of admitted and surplus lines platforms. Financial data from the second quarter of 2024 shows the company's top five states by direct premium were Florida ($48.6 million), California ($31.7 million), Texas ($26.6 million), Washington ($9.2 million), and New Jersey ($8.5 million) [(Florida Surplus Lines Service Office, "Obsidian Specialty Insurance Company Insurer Financial Report", 2024)](https://www.fslso.com/docs/default-source/uploadedfiles/reports/insurer-financial-reports/2q24-insurer-financial-reports/obsidian-specialty-insurance-company_16871_2q2024.pdf). The acquisition of Western Home Insurance Company in 2021 specifically enhanced Obsidian's admitted carrier capabilities in California and five additional states [(PR Newswire, "Obsidian Acquires Western Home Insurance Company", 2021)](https://www.prnewswire.com/news-releases/obsidian-acquires-western-home-insurance-company-301326676.html). The surplus lines platform provides broader national reach for programs that require non-admitted capacity. State regulatory records confirm Obsidian Specialty Insurance Company holds active licenses as a surplus lines carrier in multiple jurisdictions, including Missouri where it has maintained a clean compliance record since January 2021 [(Missouri Department of Insurance, "Obsidian Specialty Insurance Company", 2026)](https://insurance.mo.gov/CompanyAgentSearch/CompanySearch/compSearchDetails.php?id=56727698). ## How Does Obsidian Work? Unlike traditional insurance companies that market directly to consumers, Obsidian operates exclusively through partnerships with specialized underwriting organizations. The company describes itself as taking a "differentiated approach to program business" by working closely with reputable MGAs with whom management has established lasting business relationships [(A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). For consumers, this means Obsidian serves as the licensed carrier behind insurance programs marketed under different brand names. When you purchase coverage through an MGA or program administrator, you might find an Obsidian entity listed as the actual insurer on your policy documents, even though you applied through a different company. The business model relies heavily on reinsurance to manage risk. Obsidian maintains relationships with 101 reinsurance partners, up from 45 when the company launched [Ibid.](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). The company's top 10 reinsurers comprise 55% of ceded premium, and 52% of reinsurance recoverables come from parties rated A or higher by rating agencies. All reinsurance partners rated below A are fully collateralized [Ibid.](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). This structure provides several advantages for the specialty programs Obsidian supports: - **Regulatory compliance**: Licensed carriers in multiple states - **Financial strength**: A- rating from A.M. Best provides confidence to consumers and regulators - **Risk distribution**: Reinsurance partnerships spread risk across numerous well-capitalized entities - **Capital efficiency**: Program managers can focus on underwriting rather than maintaining carrier infrastructure For claims and customer service, policyholders typically interact with the MGA or program administrator that underwrote their coverage, though Obsidian provides oversight and maintains ultimate responsibility as the licensed carrier. ## Leadership and Management Team Obsidian's executive team brings deep insurance industry experience to the fronting carrier space. William Jewett serves as Chief Executive Officer with over 35 years of industry experience, including his previous role as President at Endurance Specialty [(Genstar Capital, "Genstar Capital in Partnership with Management Announce Formation of Obsidian", 2020)](https://www.gencap.com/genstar-capital-in-partnership-with-management-announce-formation-of-obsidian/). Craig Rappaport was promoted to President in July 2023 after serving as Chief Operating Officer and Chief Financial Officer since the company's founding. He brings more than 20 years of experience, including previous roles at Hanover Insurance Group [(PR Newswire, "Obsidian Names Craig Rappaport President", 2023)](https://www.prnewswire.com/news-releases/obsidian-names-craig-rappaport-president-and-nick-dagenais-chief-financial-officer-301883520.html). Other key executives include: - **Nicholas Dagenais**, Chief Financial Officer, promoted from VP Finance in 2023 [Ibid.](https://www.prnewswire.com/news-releases/obsidian-names-craig-rappaport-president-and-nick-dagenais-chief-financial-officer-301883520.html) - **Jeff Wittlich**, Chief Underwriting Officer with 30+ years of experience, formerly Head of Regional and National MGA practice at Swiss Re [(PR Newswire, "Jeff Wittlich Joins Obsidian as Chief Underwriting Officer", 2023)](https://www.prnewswire.com/news-releases/jeff-wittlich-joins-obsidian-as-chief-underwriting-officer-301874425.html) - **Emily Canelo**, Chief Legal Counsel, with extensive insurance and reinsurance experience from Endurance Services Ltd. [(Genstar Capital, "Genstar Capital in Partnership with Management Announce Formation of Obsidian", 2020)](https://www.gencap.com/genstar-capital-in-partnership-with-management-announce-formation-of-obsidian/) - **Andrew Kempen**, FCAS, MAAA, Chief Actuary [(Obsidian Insurance Holdings, "Team", 2026)](https://www.obsidianspecialty.com/theteam/) - **Stacy Armstrong**, CPCU, ARe, Chief Reinsurance Officer with 25+ years experience, formerly at Maiden Re and Cranmore/Enstar Group [Ibid.](https://www.obsidianspecialty.com/theteam/) The board includes representation from Genstar Capital alongside industry veterans with experience at York Risk Services and Distinguished Programs Group [(Genstar Capital, "Genstar Capital in Partnership with Management Announce Formation of Obsidian", 2020)](https://www.gencap.com/genstar-capital-in-partnership-with-management-announce-formation-of-obsidian/). According to PitchBook data, the company employs 48 total staff members, reflecting its lean operational structure focused on program oversight rather than direct policy administration [(PitchBook, "Obsidian Insurance Company 2026 Profile", 2026)](https://pitchbook.com/profiles/company/343481-23). ## Financial Strength and Stability Obsidian's financial profile reflects both its rapid growth and strong backing from private equity. The company maintains an A- (Excellent) financial strength rating from A.M. Best for all three of its carriers, with a stable outlook [(A.M. Best Company, "AM Best Assigns Credit Ratings to Obsidian Insurance Company", 2020)](https://news.ambest.com/newscontent.aspx?AltSrc=23&RefNum=224363). A.M. Best categorizes Obsidian's balance sheet strength as "very strong," supported by risk-adjusted capital well above required levels and a conservative investment portfolio dominated by high-quality fixed-income instruments [(Ibid., "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). Kroll Bond Rating Agency (KBRA) provides additional perspective with its BBB- issuer rating for Obsidian Insurance Holdings and A- insurance financial strength ratings for the three operating carriers [(KBRA, "KBRA Affirms Ratings for Obsidian Insurance Holdings and Subsidiaries", 2026)](https://www.kbra.com/publications/sSzxRWkf). KBRA notes the company's hybrid fronting model and ownership by Genstar Capital with significant insurance experience. The rating agency affirmed these ratings with a stable outlook, recognizing experienced management, attractive market opportunities in fee-based business, and a conservative investment portfolio [(KBRA, "KBRA Affirms Ratings for Obsidian Insurance Holdings and Insurance Subsidiaries", 2025)](https://www.kbra.com/publications/YqvQqRpv). Recent financial metrics demonstrate consistent growth: - Capital and surplus reached $76.1 million in Q2 2024, up from $55.9 million in Q1 2023 [(Florida Surplus Lines Service Office, "Obsidian Specialty Insurance Company Insurer Financial Report", 2024)](https://www.fslso.com/docs/default-source/uploadedfiles/reports/insurer-financial-reports/2q24-insurer-financial-reports/obsidian-specialty-insurance-company_16871_2q2024.pdf) - Direct premium totaled $111.6 million in Q2 2024 [Ibid.](https://www.fslso.com/docs/default-source/uploadedfiles/reports/insurer-financial-reports/2q24-insurer-financial-reports/obsidian-specialty-insurance-company_16871_2q2024.pdf) - Group capital and surplus stands at $131.65 million following a November 2025 capital raise [(PR Newswire, "Obsidian Increases Surplus to Support Growth", 2025)](https://www.prnewswire.com/news-releases/obsidian-increases-surplus-to-support-growth-and-opportunities-302621272.html) The company raised $70 million in new capital in November 2025 through a combination of $40 million in senior unsecured notes (rated BBB- by KBRA) and $30 million in equity from existing shareholders including Genstar Capital [Ibid.](https://www.prnewswire.com/news-releases/obsidian-increases-surplus-to-support-growth-and-opportunities-302621272.html). The senior unsecured notes carry an 8% interest rate and mature on November 15, 2030 [(Insurance Business America, "Obsidian boosts capital as it eyes further growth", 2025)](https://www.insurancebusinessmag.com/us/news/breaking-news/obsidian-boosts-capital-as-it-eyes-further-growth-557455.aspx). Reinsurance recoverables grew to $510 million in 2023 from $268 million in 2022, reflecting the company's expansion and reliance on its reinsurance panel to manage risk [(A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). ## Regulatory Standing and Compliance State insurance department records show Obsidian maintains clean regulatory compliance across its operating jurisdictions. Missouri Department of Insurance records for Obsidian Specialty Insurance Company show active licensing status with no complaints on file, no market conduct examinations or investigations, and no enforcement actions in the past three years [(Missouri Department of Insurance, "Obsidian Specialty Insurance Company", 2026)](https://insurance.mo.gov/CompanyAgentSearch/CompanySearch/compSearchDetails.php?id=56727698). The company holds federal authorization as an insurance filer with the Federal Motor Carrier Safety Administration, confirming regulatory compliance for commercial auto insurance programs [(Federal Motor Carrier Safety Administration, "OBSIDIAN SPECIALTY INSURANCE COMPANY", 2026)](https://li-public.fmcsa.dot.gov/LIVIEW/pkg_carrquery.prc_insfiler_details?pv_inser_id=28874). Obsidian Specialty Insurance Company received its certificate of authority in Delaware in September 2020. The surplus lines carrier was capitalized with a $30 million cash contribution plus 100% of the capital stock of Obsidian Insurance Company [(Insurance Journal, "Obsidian Specialty Insurance Company Receives A- Rating from AM Best", 2020)](https://www.insurancejournal.com/news/east/2020/11/16/590837.htm). Ohio and Delaware Departments of Insurance approved consolidated group agreements for administrative services, tax sharing, and pooled reinsurance to facilitate the company's operational structure [Ibid.](https://www.insurancejournal.com/news/east/2020/11/16/590837.htm). ## Pros and Cons
### Pros **Strong Financial Ratings**: All three carriers maintain A- (Excellent) ratings from A.M. Best, indicating excellent financial strength and ability to meet policyholder obligations (A.M. Best Company, "AM Best Assigns Credit Ratings to Obsidian Insurance Company", 2020). **Experienced Leadership**: Management team brings decades of insurance industry experience from respected carriers and reinsurers (Genstar Capital, "Genstar Capital in Partnership with Management Announce Formation of Obsidian", 2020). **Rapid Growth**: Three consecutive years of 50%+ premium growth demonstrates market confidence and strong demand for the company's fronting platform (PR Newswire, "Obsidian Increases Surplus to Support Growth", 2025). **Diverse Reinsurance Panel**: Relationships with over 200 reinsurance partners provide robust risk distribution and reduce concentration risk (Insurance Business America, "Obsidian boosts capital as it eyes further growth", 2025). **Clean Regulatory Record**: No complaints, enforcement actions, or market conduct issues in state insurance department records (Missouri Department of Insurance, "Obsidian Specialty Insurance Company", 2026). **Nationwide Coverage**: Combined admitted and surplus lines platforms provide coast-to-coast capacity for specialty programs (Obsidian Insurance Holdings, "About Us", 2026).
### Cons **Not Consumer-Facing**: Obsidian does not sell insurance directly to consumers, making it difficult for policyholders to research or evaluate the company independently (Ibid., "About Us", 2026). **Limited Public Information**: As a privately held company focused on B2B relationships, Obsidian provides minimal consumer-oriented information on its website or in public forums. **Young Company**: Founded in 2020, Obsidian lacks the long operating history of established carriers, though management brings extensive industry experience (Genstar Capital, "Genstar Capital in Partnership with Management Announce Formation of Obsidian", 2020). **Reinsurance Dependency**: Business model relies heavily on reinsurance partners, with reinsurance recoverables reaching $510 million in 2023 (A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025). **Limited Direct Customer Support**: Policyholders must typically work through MGAs or program administrators rather than contacting Obsidian directly for service needs. **Small Staff**: With 48 total employees, the company maintains a lean organizational structure (PitchBook, "Obsidian Insurance Company 2026 Profile", 2026).
## Ratings and Customer Feedback Obsidian's B2B business model means traditional consumer review platforms contain limited information about the company. The table below summarizes available ratings from various sources: | Rating Source | Rating | Notes | |--------------|--------|-------| | A.M. Best | A- (Excellent) | Financial strength rating for all three carriers with stable outlook [(A.M. Best Company, "AM Best Assigns Credit Ratings to Obsidian Insurance Company", 2020)](https://news.ambest.com/newscontent.aspx?AltSrc=23&RefNum=224363) | | KBRA | A- | Insurance financial strength rating for operating carriers [(KBRA, "KBRA Affirms Ratings for Obsidian Insurance Holdings and Subsidiaries", 2026)](https://www.kbra.com/publications/sSzxRWkf) | | KBRA (Holding Company) | BBB- | Issuer rating for Obsidian Insurance Holdings [Ibid.](https://www.kbra.com/publications/sSzxRWkf) | | Better Business Bureau | Not Rated | Profile exists but not BBB accredited [(BBB, "Obsidian Insurance Holdings, Inc.", 2026)](https://www.bbb.org/us/ny/new-york/profile/insurance-companies/obsidian-insurance-holdings-inc-0121-87173367) | | Trustpilot | No Reviews | No company profile found | | Google Reviews | No Reviews | No public reviews of headquarters location | | Missouri DOI | Clean Record | No complaints, examinations, or enforcement actions [(Missouri Department of Insurance, "Obsidian Specialty Insurance Company", 2026)](https://insurance.mo.gov/CompanyAgentSearch/CompanySearch/compSearchDetails.php?id=56727698) | The absence of consumer reviews reflects Obsidian's role as a fronting carrier rather than a direct-to-consumer insurer. Policyholders typically interact with the MGA or program administrator that underwrote their coverage, not with Obsidian directly. ## Get Customer Support or File a Claim Because Obsidian operates as a fronting carrier, policyholders typically contact the MGA or program administrator that issued their policy for customer service and claims support. The company's official website provides limited consumer-facing contact information: - **Email**: info@obsidianspecialty.com - **Website**: www.obsidianspecialty.com [(Obsidian Insurance Holdings, "Contact Us", 2026)](https://www.obsidianspecialty.com/contact/) For claims and policy servicing, check your insurance documents to identify the program administrator or MGA that manages your specific coverage. Contact information for your program manager should appear on your policy declarations page. Federal motor carrier records list additional phone numbers: (800) 684-5428 and (732) 385-3257 [(Federal Motor Carrier Safety Administration, "OBSIDIAN SPECIALTY INSURANCE COMPANY", 2026)](https://li-public.fmcsa.dot.gov/LIVIEW/pkg_carrquery.prc_insfiler_details?pv_inser_id=28874). The company's headquarters are located at: 1330 Avenue of the Americas, Suite 23A New York, NY 10019 [(Obsidian Insurance Holdings, "About Us", 2026)](https://www.obsidianspecialty.com/about/) ## Frequently Asked Questions **Is Obsidian Insurance Holdings, Inc. good insurance?** Yes. Obsidian Insurance Holdings operates three licensed insurance carriers rated A- (Excellent) by A.M. Best and A- by Kroll Bond Rating Agency [(A.M. Best Company, "AM Best Assigns Credit Ratings to Obsidian Insurance Company", 2020)](https://news.ambest.com/newscontent.aspx?AltSrc=23&RefNum=224363), [(KBRA, "KBRA Affirms Ratings for Obsidian Insurance Holdings and Subsidiaries", 2026)](https://www.kbra.com/publications/sSzxRWkf). The company maintains clean regulatory standing and strong financial backing from Genstar Capital, which has invested $170 million total in the enterprise [(PitchBook, "Obsidian Insurance Company 2026 Profile", 2026)](https://pitchbook.com/profiles/company/343481-23). **Who owns Obsidian Insurance?** Obsidian Insurance Holdings is a privately held company owned by Genstar Capital in partnership with management. Genstar contributed $100 million in initial capital when the company formed in 2020 [(Genstar Capital, "Genstar Capital in Partnership with Management Announce Formation of Obsidian", 2020)](https://www.gencap.com/genstar-capital-in-partnership-with-management-announce-formation-of-obsidian/). **Can I buy insurance directly from Obsidian?** No. Obsidian operates as a fronting carrier that works exclusively with MGAs, MGUs, and program administrators. Consumers purchase coverage through these program managers, with Obsidian serving as the licensed carrier [(Obsidian Insurance Holdings, "About Us", 2026)](https://www.obsidianspecialty.com/about/). **What types of insurance does Obsidian provide?** Obsidian supports programs across property, casualty, and specialty lines. General liability and auto insurance represent close to 70% of premium, with additional programs in professional liability, [umbrella insurance](https://www.coveragecat.com/insurance-types/umbrella-insurance), cyber insurance, and other specialty coverages [(A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). **How do I file a claim with Obsidian Insurance?** Contact the MGA or program administrator listed on your policy documents. They handle claims processing for policies written on Obsidian's carrier platforms. Your policy declarations page should include specific claims contact information. **Is Obsidian Insurance financially stable?** Yes. The company maintains A- (Excellent) financial strength ratings from A.M. Best with a stable outlook and very strong balance sheet strength [Ibid.](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). Group capital and surplus reached $131.65 million in 2025 following a successful capital raise [(PR Newswire, "Obsidian Increases Surplus to Support Growth", 2025)](https://www.prnewswire.com/news-releases/obsidian-increases-surplus-to-support-growth-and-opportunities-302621272.html). **What is a fronting carrier?** A fronting carrier provides the licensed insurance company infrastructure that allows MGAs and program administrators to issue policies. The fronting carrier typically retains a small percentage of risk (5-10% for Obsidian) and cedes the majority to reinsurance partners [(A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). **In what states does Obsidian operate?** Obsidian's combined admitted and surplus lines platforms provide nationwide coverage. Top markets include Florida, California, Texas, Washington, and New Jersey [(Florida Surplus Lines Service Office, "Obsidian Specialty Insurance Company Insurer Financial Report", 2024)](https://www.fslso.com/docs/default-source/uploadedfiles/reports/insurer-financial-reports/2q24-insurer-financial-reports/obsidian-specialty-insurance-company_16871_2q2024.pdf). **Has Obsidian had any regulatory issues?** State insurance department records show no complaints, market conduct examinations, investigations, or enforcement actions [(Missouri Department of Insurance, "Obsidian Specialty Insurance Company", 2026)](https://insurance.mo.gov/CompanyAgentSearch/CompanySearch/compSearchDetails.php?id=56727698). **How many reinsurance partners does Obsidian work with?** Obsidian maintains relationships with 101 reinsurance partners, up from 45 when the company launched in 2020 [(A.M. Best Company, "BEST'S COMPANY REPORT - Obsidian Insurance Group", 2025)](https://www.obsidianspecialty.com/wp-content/uploads/2025/03/OL_18956.pdf). The company's programs are supported by a diverse panel of over 200 reinsurers, providing robust risk distribution [(PR Newswire, "Obsidian Increases Surplus to Support Growth", 2025)](https://www.prnewswire.com/news-releases/obsidian-increases-surplus-to-support-growth-and-opportunities-302621272.html). ## Market Position and Competitive Landscape Obsidian operates in a competitive but consolidating fronting carrier market. CEO Bill Jewett predicted in 2023 that the number of fronting carriers could shrink by half within three to five years, with an estimated 30 carriers potentially condensing to 10-15 players due to consolidation pressures [(Insurance Insider US, "Fronting consolidation could halve number of players in 3-5 years: Obsidian CEO", 2023)](https://www.insuranceinsiderus.com/article/2cg9mv6lhw8sy9umfr6dc/specialty-lines/fronting-consolidation-could-halve-number-of-players-in-3-5-years-obsidian-ceo). This outlook reflects the increasing market share of MGAs and the growing demand for fronting platforms that can efficiently connect risk with reinsurance and alternative capital. The company launched with a clear vision to serve as a conduit between MGAs and reinsurance markets, including insurance-linked securities (ILS) funds [(Artemis.bm, "Obsidian launches as fronting conduit to reinsurance & alternative capital", 2020)](https://www.artemis.bm/news/obsidian-launches-as-fronting-conduit-to-reinsurance-alternative-capital/). Hardening rates in the excess and surplus lines market and increased MGA activity drove the strategic decision to form Obsidian Specialty as a dedicated surplus lines platform [(Insurance Journal, "Obsidian Specialty Insurance Company Receives A- Rating from AM Best", 2020)](https://www.insurancejournal.com/news/east/2020/11/16/590837.htm). The company's growth trajectory positions it well in this consolidating landscape. With expected gross written premium exceeding $1 billion in 2025 and continued investment in technology tools like the Program Analytical Review (PAR) data analytics platform introduced in 2022, Obsidian demonstrates both scale and operational sophistication [(Obsidian Insurance Holdings, "Press", 2026)](https://www.obsidianspecialty.com/press/). ## Conclusion Obsidian Insurance Holdings has established itself as a growing force in the specialty insurance fronting space since its 2020 founding. The company's A- ratings from A.M. Best and KBRA, experienced management team, strong financial backing from Genstar Capital, and clean regulatory record provide a solid foundation for continued growth. For consumers, Obsidian remains largely invisible despite its role as the licensed carrier behind numerous specialty insurance programs. This B2B focus means policyholders typically interact with program administrators rather than Obsidian directly, though the company's financial strength and reinsurance relationships ultimately backstop many of these programs. The company's rapid growth trajectory—with gross written premium expected to exceed $1 billion in 2025—demonstrates strong market demand for its hybrid fronting model [(PR Newswire, "Obsidian Increases Surplus to Support Growth", 2025)](https://www.prnewswire.com/news-releases/obsidian-increases-surplus-to-support-growth-and-opportunities-302621272.html). Relationships with over 200 reinsurance partners provide risk distribution capabilities that benefit both program managers and policyholders. If you find Obsidian listed as the carrier on your insurance policy, you can take confidence in the company's A- financial strength rating and clean regulatory record. For customer service and claims, work through the program administrator or MGA listed on your policy documents rather than contacting Obsidian directly.