Obsidian Increases Surplus to Support Growth and Opportunities

NEW YORK, Nov. 20, 2025 /PRNewswire/ -- To support its third consecutive year of over 50% premium growth, Obsidian Insurance Holdings, Inc. ("Obsidian"), the holding company for Obsidian Specialty Insurance Company, Obsidian Insurance Company, and Obsidian Pacific Insurance Company, has increased surplus in its writing companies raising capital through a successful senior notes issuance and additional capital investment from its existing equity holders, including Genstar Capital.

As a leading program carrier, Obsidian's business continued to expand in 2025 with expected total gross written premium to exceed $1 billion. Strong growth has come from Obsidian's existing relationships as well as new programs onboarded during 2025.  With Obsidian's underwriting and operationally focused business model, programs are supported by a diverse panel of over 200 reinsurers. The organization has continued to scale to support the growth of its business and relationships.

To support this growth, Obsidian issued $40 million in 8% senior unsecured notes due November 15, 2030. The notes received a long term credit rating of "BBB-" from Kroll Bond Rating Agency. In addition, Obsidian received an additional $30 million from its existing shareholders. Obsidian's group capital and surplus now stands at $131.65 million.

William Jewett, CEO of Obsidian, stated, "Since our inception five and a half years ago, Obsidian has become a leading program carrier with a keen focus on underwriting profitability,  operational excellence, and the establishment of strong and enduring relationships with our MGA and reinsurer partners. This additional capital will fuel and support continued profitable growth in the years ahead. We are very appreciative of all of our partners and stakeholders that have contributed to our success."

Craig Rappaport, President, commented, "Our strong support from investors has validated the Obsidian story and the exceptional differentiated business our team has built. We see significant opportunities in the market to continue Obsidian's robust growth and performance and look forward to working with our partners to execute our strategy over the next several years."

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.

Contact: Chris Tofalli   
Chris Tofalli Public Relations  
914-834-4334

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SOURCE Obsidian Insurance Holdings, Inc.