Fronting insurance holding company Obsidian has announced the hiring of program underwriting specialist Dan Larkin as the firms new Chief Underwriting Officer.
Obsidian Insurance Holdings, Inc. was launched last month as a fronting insurance holding company with $100 million of capital and a goal to become a conduit to connect risk with reinsurance and alternative capital.
Obsidian is backed by private equity specialist investor Genstar Capital, who launched the venture in partnership with seasoned industry executives William Jewett and Craig Rappaport.
The fronting specialist will work with property, casualty, and specialty insurance programs, reinsuring the majority of the business to select reinsurance capital providers, including alternative sources.
Dan Larkin was most recently working for insurer Allianz as its Northeast Zone Midcorp Program Director. Prior to that he worked for reinsurance specialist PartnerRe, for 18 years, most recently as Senior Vice President, Head of Programs.
Larkin has also held roles including Senior Property Underwriter for AXA Reinsurance and as Treaty Accountant at his first employer Metropolitan Reinsurance during a 25 year career.
Jewett, Chief Executive Officer of Obsidian, commented on the hire, “We are very excited that Dan has joined Obsidian, where he will be a strong addition to our growing team of executives and will support our growth. His underwriting experience and his strong relationships within the MGA and reinsurance communities are great assets to us as he leads our underwriting efforts and helps position the firm to achieve profitable growth.”
Obsidian’s insurance carrier, Obsidian Insurance Company, was recently assigned a financial strength rating of A- from A.M. Best to issue policies that are underwritten by Managing General Agents, Managing General Underwriters, and program managers.
Fronting and risk transformation carriers, like Obsidian, are an important piece of the market chain for ILS funds and ILS investors, easing their access to reinsurance risk and earning service fees in return.
With an objective of enabling reinsurance capital to access the primary layers of the insurance market, Obsidian is likely to find its services in demand as getting closer to the source of risk continues to be as important as ever.