Obsidian is a program insurance fronting platform that partners exclusively with managing general agents (MGAs) and program administrators to provide tailored fronting solutions. By retaining risk on programs and leveraging strong underwriting expertise, Obsidian addresses the specific needs of MGAs while ensuring efficient operations without the legacy costs of traditional carriers.
Funding
$100M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Managing General Agents (MGAs) and program administrators often face challenges in finding suitable fronting solutions due to the complexities of risk management and the operational overhead associated with traditional carriers. Channel conflicts and the need for specialized underwriting expertise further complicate the process.
Solution
Obsidian is a program insurance fronting platform focused on providing tailored solutions exclusively to MGAs and program administrators. By retaining risk on the programs they support, Obsidian aligns its economic interests with its partners, fostering long-term relationships. The platform leverages underwriting and actuarial acumen to assess portfolio profitability and offers efficient operations without the legacy costs associated with traditional carriers. Obsidian's model eliminates channel conflicts, allowing for specialization and a high level of service to its program managers and reinsurance partners.
Target Audience
Obsidian's primary target audience consists of Managing General Agents (MGAs) and program administrators seeking specialized fronting solutions and long-term program partnerships.
Features
- Exclusive partnerships with MGAs and program administrators
- Risk retention on programs to ensure economic alignment
- Strong underwriting and actuarial expertise for risk assessment
- Efficient operations without legacy expense structures
- Specialization to meet the specific fronting needs of MGAs and reinsurers
- No channel conflicts due to a singular focus on fronting
- "A-" AM Best Rating