Genstar-backed Obsidian launches as new fronting insurance carrier

BMS Capital Advisory, the broker-dealer and capital advisory arm of BMS Group, acted as the co-placement agent, alongside Piper Sandler & Co., for the capitalisation of Obsidian.

Obsidian has received an A- financial strength rating from AM Best and will provide capacity for managing general agents (MGAs), managing general underwriters (MGUs) and delegated authority programmes.

Romulo Braga, CEO of BMS CA, said: “BMS Capital Advisory is pleased to have helped bring Obsidian’s dynamic fronting capabilities to market. Our firm has built its reputation as a nimble, insurance-focused capital advisory business, providing clients with tailored advice. We were pleased to work with Piper Sandler & Co. and an investor of Genstar’s reputation to help launch Obsidian and look forward to further transactions to come.”