Obsidian Insurance Holdings has acquired Western Home Insurance Company from Western National Mutual Insurance Company.
The financial terms of the deal were not disclosed.
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The acquired firm, which is commercially domiciled in California, holds certificates of authority in five other states of the US.
Incorporated in 1973, Western Home Insurance Company is a personal and commercial lines insurance subsidiary of Western National Mutual Insurance Company.
As per the agreement, Western Home Insurance Company will be rebranded.
This deal bolsters Obsidian’s strategic growth plans. Western Home will offer Obsidian’s present programme managers access to countrywide admitted insurance capabilities.
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By GlobalDataObsidian CEO William Jewett said: “The addition of Western Home to the organisation’s footprint is an exciting next step for Obsidian, providing the ability to offer its top tier partners and new program administrators with broad admitted access on a countrywide basis.”
Obsidian COO and CFO Craig Rappaport said: “The expansion into the California market is well-timed allowing for the development of Obsidian’s existing and new portfolio partnerships to grow in a robust insurance marketplace.”
The acquirer offers countrywide E&S insurance solutions through its surplus lines carrier, Obsidian Specialty Insurance Company.
It was formed in 2020 in partnership with Genstar Capital, and other industry executives.
