Obsidian Acquires Western Home Insurance in California

Obsidian Insurance Holdings Inc. has acquired Western Home Insurance Co. from Western National Mutual Insurance Co.

The acquisition supports the company’s growth plans and together with Obsidian’s existing admitted carrier, Obsidian Insurance Co., Western Home will provide Obsidian’s current and existing program managers access to countrywide admitted insurance capabilities, including the California marketplace. Obsidian also offers countrywide E&S capabilities through its surplus lines carrier, Obsidian Specialty Insurance Co. Prior to closing, all remaining liabilities were assumed by Western National, an A.M. Best rated “A+” insurer.

Western Home, a Minnesota domestic insurer, is commercially domiciled in California, and holds certificates of authority in five other states. Western Home is being acquired as a “clean shell” to support the strategy and growth of Obsidian.

Western Home will be renamed post-closing.

Obsidian Insurance Group carries an “A-” financial strength rating from A.M. Best. Throughout the first half of 2021, the company has been building partnerships to expand its hybrid fronting business. Obsidian Insurance Holdings Inc., through its existing insurance carrier subsidiaries, Obsidian Insurance Co. and Obsidian Specialty Insurance Co., is a fronting insurance holding company positioned to issue policies underwritten by managing general agents, managing general underwriters, and program managers. Obsidian was formed in 2020 in partnership with insurance industry executives and Genstar Capital.

Topics
Mergers
California
Homeowners

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